Senate Banking Committee Bashes Bitcoin’s ‘Phony’ Populism

[64K]

Senator Elizabeth Warren said the industry needs tighter regulation. She painted the industry as a fraud-ridden, accountability-dodging, digital slot machine that enriches its creators and burns everyone else. She also said bitcoin decentralization is a fantastical narrative because the network’s true power brokers – miners and corporations – have the leverage to achieve false moral supremacy over big banks.

The Committee Chairman answered his own hearing’s titular question, “Cryptocurrencies: What are they good for?” – with a resounding “nothing.” Also said,“There’s nothing democratic or transparent about a shady diffuse network of online funny money,” Brown said. He called for “smart regulations” that protect consumers from crypto “extortionists” and their “phony populist marketing.”

Senate Banking Committee Bashes Bitcoin's 'Phony' Populism

The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.

www.coindesk.com

With these kind of things being said by lawmakers it's clear that crypto isn't going to gain the traction here in the USA that some might think. Even Amazon has said they won't be accepting Bitcoin for purchases.

 

[mtcn77]

;.; when the first transaction is for pizza and it goes by the rate of 3000 bitcoins. You got to reevaluate your life decisions.

 

[ThrashZone]

Hi,
Crap this is whack I agree lol

 

[Space Lynx]

Senator Elizabeth Warren said the industry needs tighter regulation. She painted the industry as a fraud-ridden, accountability-dodging, digital slot machine that enriches its creators and burns everyone else. She also said bitcoin decentralization is a fantastical narrative because the network’s true power brokers – miners and corporations – have the leverage to achieve false moral supremacy over big banks.

The Committee Chairman answered his own hearing’s titular question, “Cryptocurrencies: What are they good for?” – with a resounding “nothing.” Also said,“There’s nothing democratic or transparent about a shady diffuse network of online funny money,” Brown said. He called for “smart regulations” that protect consumers from crypto “extortionists” and their “phony populist marketing.”

Senate Banking Committee Bashes Bitcoin's 'Phony' Populism

The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.

www.coindesk.com

With these kind of things being said by lawmakers it's clear that crypto isn't going to gain the traction here in the USA that some might think. Even Amazon has said they won't be accepting Bitcoin for purchases.

it will be interesting to see if the regulations/extra taxes/whatever moves they implement will be enough to stop bitcoins growth.

 

[ThrashZone]

it will be interesting to see if the regulations/extra taxes/whatever moves they implement will be enough to stop bitcoins growth.

Hi,
Well you got one hint above
Other side usually goes towards free market so there's the not likely going to do anything.
Maybe "phone and pen" will happen by someone higher up the chain lol

 

[Bones]

Senator Elizabeth Warren said the industry needs tighter regulation. She painted the industry as a fraud-ridden, accountability-dodging, digital slot machine that enriches its creators and burns everyone else. She also said bitcoin decentralization is a fantastical narrative because the network’s true power brokers – miners and corporations – have the leverage to achieve false moral supremacy over big banks.

The Committee Chairman answered his own hearing’s titular question, “Cryptocurrencies: What are they good for?” – with a resounding “nothing.” Also said,“There’s nothing democratic or transparent about a shady diffuse network of online funny money,” Brown said. He called for “smart regulations” that protect consumers from crypto “extortionists” and their “phony populist marketing.”

Senate Banking Committee Bashes Bitcoin's 'Phony' Populism

The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.

www.coindesk.com

With these kind of things being said by lawmakers it's clear that crypto isn't going to gain the traction here in the USA that some might think. Even Amazon has said they won't be accepting Bitcoin for purchases.

Well....... Hate to say it (NOT ) but I must agree and I'm not a Commiecrat either.
Not trying to be political here but Warren CAN say and do some weird/crazy/"Out there" stuff but she's right about most of this and I agree 100% with the chairman about what it is.

Of course many will disagree and I'm fine with that, it's even expected but that's where I stand and how I see it.
I do know one thing, if I had a business I would never accept it either.

 

[dorsetknob]

BitCoin is to unstable for Rich people to want to Hide their ill gotten loot so they want it to be illegal or legalized and regulated
to the Hilt.
However if it was stable and they can hide their loot Regulation would be lighter.

ps seeing as that market is dominated by Chinese Players..... i'm surprised that they have not raised the National interest Card
as its a Traded commodity ( and under the influence of Non US Nationals ).

 

[MentalAcetylide]

Senator Elizabeth Warren said the industry needs tighter regulation. She painted the industry as a fraud-ridden, accountability-dodging, digital slot machine that enriches its creators and burns everyone else. She also said bitcoin decentralization is a fantastical narrative because the network’s true power brokers – miners and corporations – have the leverage to achieve false moral supremacy over big banks.

The Committee Chairman answered his own hearing’s titular question, “Cryptocurrencies: What are they good for?” – with a resounding “nothing.” Also said,“There’s nothing democratic or transparent about a shady diffuse network of online funny money,” Brown said. He called for “smart regulations” that protect consumers from crypto “extortionists” and their “phony populist marketing.”

Senate Banking Committee Bashes Bitcoin's 'Phony' Populism

The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.

www.coindesk.com

With these kind of things being said by lawmakers it's clear that crypto isn't going to gain the traction here in the USA that some might think. Even Amazon has said they won't be accepting Bitcoin for purchases.

That's like the pot calling the kettle black. I mean, what is the Federal Reserve? Sure, its "regulated" but not by the US citizens or even directly by the US government. Technically, neither crypto or USD is backed by anything. The only difference I see is crypto is unstable and doesn't fall under control of the FTC or Federal Reserve.

 

[lexluthermiester]

Senator Elizabeth Warren said the industry needs tighter regulation. She painted the industry as a fraud-ridden, accountability-dodging, digital slot machine that enriches its creators and burns everyone else. She also said bitcoin decentralization is a fantastical narrative because the network’s true power brokers – miners and corporations – have the leverage to achieve false moral supremacy over big banks.

Can't see any problems with that statement. Seems spot-on to me.

That's like the pot calling the kettle black. I mean, what is the Federal Reserve?

That's like comparing the Sun to a 40w light bulb.

 

[R-T-B]

Funny. This is the same hearing with quite some different version of the coverage:

Senators warm up to crypto's utility in latest hearing, despite continued potshots at bitcoin mining

A hearing before the Senate Banking Committee on July 27 found the committee much more up to speed on crypto than it has historically shown itself.

www.theblockcrypto.com

Do note, this is a pro-crypto publication, but so was yours. Hard to tell whos telling the truth anymore...

Not trying to be political here

Cool. Please leave the fun lingo at the door then.

;.; when the first transaction is for pizza and it goes by the rate of 3000 bitcoins. You got to reevaluate your life decisions.

The guy who bought that pizza had been interviewed and told reporters "I have no regrets. It was good pizza."

Feel free to google verify.

Even Amazon has said they won't be accepting Bitcoin for purchases.

Uh... not from what I hear.

Amazon Job Posting Hints at Plan to Accept Cryptocurrency

Amazon.com Inc.’s payments team is exploring letting customers use cryptocurrencies to pay for their orders -- a development that’s roiling digital currency markets.

www.bloomberg.com

 

[64K]

Uh... not from what I hear.

Amazon Job Posting Hints at Plan to Accept Cryptocurrency

Amazon.com Inc.’s payments team is exploring letting customers use cryptocurrencies to pay for their orders -- a development that’s roiling digital currency markets.

www.bloomberg.com

You're going from a rumor started by a London Tabloid. Amazon has denied they plan to accept Bitcoin for purchases.

Amazon denies report of accepting bitcoin as payment

Amazon.com Inc (AMZN.O) on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year.

www.reuters.com

 

[R-T-B]

You're going from a rumor started by a London Tabloid.

Bloomberg? I'dve thought they'd cite sources better but it is 2021...

These articles seem unrelated, in actuality. Bloomberg one is citing a real job ad, and nothing else... though they do claim it is from a report by "Insider" which could be the tabloid. *shrugs*

 

[Bones]

Cool. Please leave the fun lingo at the door then.

No prob but note that wasn't meant to be fun because it's the truth.
Considering who's involved I must say I'm actually suprised.... Yet at the same time I'm not and had to make it clear "Why" I said it.

I'm done here - Carry on.

 

[sepheronx]

Ah yes, Pocahontas and her Native heritage.

Anyone who likes her or believes her BS deserves everything bad they get.

Americans. Full of themselves and blight for rest of us.

I'm done.

 

[Outback Bronze]

Ahh the good old Crypto Scams. Gees what about all the Credit Card/Cash scams we don't hear about. They would be endless. Hell my phone still doesn't stop with scams trying to get my money.

Funny thing is they have never asked for my BTC

 

[R-T-B]

No prob but note that wasn't meant to be fun because it's the truth.

A lot of people disagree which makes it inherently political.

 

[R0H1T]

BitCoin is to unstable for Rich people to want to Hide their ill gotten loot so they want it to be illegal or legalized and regulated

Rich people don't care, they have literally trillions of other avenues to make them even more rich. Hey did you see that Musky tweet last night, you know the one cut your *coin networth in half

 

[R-T-B]

Ah yes, Pocahontas and her Native heritage

It was DNA tested out to be real.

Can we stop?

Rich people don't care, they have literally trillions of other avenues to make them even more rich. Hey did you see that Musky tweet last night, you know the one cut your *coin networth in half

He didn't cut mine in half because I ain't sellin'

 

[sepheronx]

It was DNA tested out to be real.

Can we stop?


He didn't cut mine in half because I ain't sellin'

Yeah, her 0.00001%

Lol

American politicians are a joke and blight.

 

[64K]

Bloomberg? I'dve thought they'd cite sources better but it is 2021...

These articles seem unrelated, in actuality. Bloomberg one is citing a real job ad, and nothing else... though they do claim it is from a report by "Insider" which could be the tabloid. *shrugs*

I don't understand your point. I said that Amazon doesn't plan to accept Bitcoin and you replied "uh not from what I hear".

If you look at the times of the articles you will see that the Bloomberg article was posted in the AM and the Reuters article denying the rumor was posted in the PM after presumably contacting Amazon.

 

[Outback Bronze]

I don't understand your point. I said that Amazon doesn't plan to accept Bitcoin and you replied "uh not from what I hear".

If you look at the times of the articles you will see that the Bloomberg article was posted in the AM and the Reuters article denying the rumor was posted in the PM after presumably contacting Amazon.

Yes correct, but they are looking for somebody to employ with blockchain experience. What does this tell you?

 

[R0H1T]

He didn't cut mine in half because I ain't sellin'

But that's just you, I bet there's 5-10x as many who would freak out over this & even if half of them sell I'd say mission accomplished? Anyone (relatively) new to crypto is in it mostly for the quick buck, that DOGE millionaire or SHIBA billionaire aren't necessarily rooting for these *coins to replace $ but sure as hell will take every $ coming their way!

 

[64K]

Yes correct, but they are looking for somebody to employ with blockchain experience. What does this tell you?

It tells me they are exploring possibilities. They could easily decide against accepting Bitcoin as payments on purchases but it's smart to take a serious look at it and make an informed decision.

 

[Bones]

Yeah, her 0.00001%

Lol

American politicians are a joke and blight.

Same as anywhere else in the world I'm afraid - Nothing special to see here along those lines, move along guys.

I don't know what they have planned or what they'll propose but I can bet they'll be trying to get their dirty hooks into it somehow to control it "Legally".
They just gotta figure out the angle to attack it with for max self-profit.

 

[R-T-B]

I don't understand your point. I said that Amazon doesn't plan to accept Bitcoin and you replied "uh not from what I hear".

If you look at the times of the articles you will see that the Bloomberg article was posted in the AM and the Reuters article denying the rumor was posted in the PM after presumably contacting Amazon.

My "point" you are quoting was a concession that you may be correct.

Yes correct, but they are looking for somebody to employ with blockchain experience. What does this tell you?

Blockchain can mean a lot, not just currency related.