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U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
41–50 of 174 posts
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#42Earlier quoted context omitted.
You do understand that nobody forces anyone to gamble or speculate with cryptocurrencies, right?
You do understand that everyone is forced to endure the consequences of people gambling or speculate with cryptocurrencies, right? See: Nvidia ship shortage, Bitcoin CO2 emissions, tons of ASICS destruction because miners are literally stealing electricity, .... It's the same reason why psychoactive drugs are forbidden: no one forces you to use them, but everyone has to deal with the negative consequences of their us…
Nvidia chip shortage? It only leads to cheaper prices long term, innovation, etc. sorry you are sad about not gaming in 4k.
Bitcoins co2 will get better, its also less than the energy used in trafitional finance (buildings, employee's, security, mining, etc). If anything crypro mining is encouraging green energy and able to locate itself to use otherwise wasted energy.
The war on drugs is one of the most useless and innefective policies EVER. It was created on racist terms to combat hippies and black activists, to protect monopolies (tabacco, big pharma) and it has led to the largest non violent prison state in history and made criminal cartels immensely wealthy. Not to mention the billions wasted and the millions dead. Look at Portugal, making drugs legal is the way forward.
Prohibition doesnt work. If you are afraid of cheats, gambling and pollution.. look no further than the big banks caught over and over laundering money for cartels and arms dealers the world over and to the largest polluter peotecting them, the military.
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#43Earlier quoted context omitted.
No, and I hate that people shorten cryptocurrency to crypto.
The term “derivatives” is widely used for financial derivatives like options and swaps. It’s gained such widespread adoption that it by far dwarfs the original meaning of the instantaneous rate of change in calculus. I think the simpler answer is that when a word has two meanings, one a widely used category of financial instruments and the other a narrowly defined branch of advanced mathematics, the former will almos…
>that it by far dwarfs the original meaning of the instantaneous rate of change in calculus.
That's not even the original meaning. According to etymology section on wiktionary, it dates back to middle french and latin, before issac newton was even born.
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#44I've been following this discussion in Washington and on Hacker News. I'm moderately anti-crypto--I don't buy the pitch but am open to being wrong and believe folks should be free to do what they want with it. I've also been struck by the proliferation of bank-like services without bank-like obligations. This stretches from fractional-reserve and maturity-transforming services like Tether to exchanges/dealers like Bi…
> Wyden's amendment is a result of reasonable concerns expressed by miners
I'm honestly kind of surprised Wyden's amendment didn't get accepted. I guess I misunderstood the level of support it actually had; it seemed reasonable to me and I thought that most of the interest groups had gotten onboard with it.
Maybe that's an area where I'm just in a bubble.
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#45I've been following this discussion in Washington and on Hacker News. I'm moderately anti-crypto--I don't buy the pitch but am open to being wrong and believe folks should be free to do what they want with it. I've also been struck by the proliferation of bank-like services without bank-like obligations. This stretches from fractional-reserve and maturity-transforming services like Tether to exchanges/dealers like Bi…
What makes you anti-crypto specifically?
Edit: see my sister comment for much more info
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#46The only winner? Senate
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#47The only winner? Senate.
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#48I've been following this discussion in Washington and on Hacker News. I'm moderately anti-crypto--I don't buy the pitch but am open to being wrong and believe folks should be free to do what they want with it. I've also been struck by the proliferation of bank-like services without bank-like obligations. This stretches from fractional-reserve and maturity-transforming services like Tether to exchanges/dealers like Bi…
What makes you anti-crypto specifically? Edit: see my sister comment for much more info
Not OP, but the absence of AML/KYC appears to be (very explicitly) one of their points against cryptocurrencies.
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#49If you think all cryptocurrencies are scams or think blockchains do nothing useful, please skip this comment. If you think things like decentralized finance, storage and identity have the potential to improve our lives and offer some of the only genuine alternatives to an increasingly privacy-hostile status quo, please look into the shambolic legislative process that threatens the entire blockchain industry in the Un…
How does being required to track data about taxation challenge the existence of the builders you mention? I can see how it might for the companies - people who use crypto for tax and authority avoidance seem likely to stop using any service that complies with this law. I don't see how this bill threatens any human's existence.
> I don't see how this bill threatens any human's existence.
It doesn't.
> How does being required to track data about taxation challenge the existence of the builders you mention?
Suppose US law says that it is illegal to "mine" a block of bitcoin unless you keep records of the true name, address, and social security number of every person whose transaction occurs within that block and provide that information to US banking regulators on demand.
Since the information available to miners does not include true name, address, and social security number, the only way to comply with such a requirement would be to not mine blocks for bitcoin.
(There's another option -- go ahead and violate this law. If the US government doesn't have a beef with you then they'll just choose not to prosecute you. If they DO have a beef with you then you can try arguing in court that the law is unconstitutional. This will take years and extremely large legal fees and it might or might not be successful.)
I don't have a problem with requiring Coinbase or Biance to maintain records of information available to them. I DO have some concerns with mandating that no transactions may be done anonymously except those done in cash -- although I understand that some may disagree on this. But I strongly oppose imposing impossible-to-meet requirements on those who write code for cryptocurrencies, perform "mining" of cryptocurrencies, or who hold and/or spend cryptocurrencies themselves.
Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry
#50I don't really follow any cryptocurrency news but wasn't one of the main appeals early on that it would be independent from any governments? Specifically that it could be a currency not subject to the oversight and sanctions of the US treasury? I guess "cryptocurrency" is different from "cryptocurrency industry", but it still seems like the ecosystem as a whole should be more resilient to actions from the US government. Otherwise what's the point?