Crypto and HR 3684 - urgent attention needed from all!

[njdevilsfan87]

That’s fine, but if you can’t tell people why it’s useful then that makes my point for me.

So this isn't good enough for you:

To lose technology that makes information open and transparent while being completely trusted in that its not possible to tamper or change the ruleset (unless consensus agrees upon it) is a huge, huge loss. Literally every problem, scandal you read about in the news today comes from the following: breaking the rules, database compromises, not being transparent about what is being done and keeping things behind closed doors, deleting records, incomplete records, sources that can't be trusted, etc. Blockchain fixes ALL of these at once. Let me repeat that: ALL of these. That is why you should care. And that is how this tech will make the world a better and more fair place for everyone.

So I will once again leave you with this:

But if you ignore this, then don't ever complain about another politician, billionaire, or Wall Street pulling any shady **** in the future when we "had" the tech foundations to to start changing all of that right now.

 

[Fanatical Meat]

I still don’t get WIIFM
What’s
In
It
For
Me

 

[nickqt]

I saw Brian's tweet on Saturday and already sent my email to Jon Ossoff, who is my Congressman. But you're wasting your time trying to inform the people here. They are not rational people. They're more like pack of rabid dogs without the ability to learn or think. They are happy to be chained up wage slaves forever. They don't care about their freedom. They only care about more government handouts and more government control. It's ironic and sad they're supporting the very elites who are trying to keep them down. And people here are padding themselves on the back while doing it not even realizing the harm they're causing to themselves.

The smart people will figure out way around this roadblock. Too many smart people are devoting their lives to advancement of crypto to let this fully stop them.

https://twitter.com/x/status/1423744994444206092

Ossoff is a Senator.

Before you start calling people irrational and rabid dogs and categorizing yourself as smart because you bought TESLA and 0.002 of a bitcoin back in January, perhaps you can proofread your essays before padding (sic) yourself on the back.

Thanks in advance, champ.

 

[Lost_in_the_HTTP]

Congressmanember can refer to either Senators or Representatives.

 

[nickqt]

Congressmanember can refer to either Senators or Representatives.

Congressman refers to, uh, Congressmen, while Senators refer to, well, Senators.

Thanks for the opportunity to make that clear I guess.

 

[UNCjigga]

I read through OP again, and I looked at this again:
"The problem with this bill is this: anyone transacting anything over $10K on any blockchain would need to KYC/AML report the transaction to the IRS. This would mean that you could no longer sell something like a NFT to someone in another country for say $20K worth of Ethereum, unless you KYC/AML that person and then report that transaction to the IRS: This is simply is not possible on trustless smart-contracts networks right now. It may be in the future if our identities become digitized onto these networks. However, one of the great things about crypto is the ability to transact with billions of other people while remaining pseudo-anonymous. "

I'm supposed to be upset about people making transactions over $10k with crypto having to report that transaction to the IRS? Or I'm supposed to be upset because not all crypto can do that right now, but maybe it can later? Frankly, I see exactly zero value in a "great thing" about crypo being that I can transact with billions of other people while remaining pseudo-anonymous.

I guess we’ll just have to go back to buying elections with Rubles. Sigh.

 

[Lost_in_the_HTTP]

Congressman refers to, uh, Congressmen, while Senators refer to, well, Senators.

Thanks for the opportunity to make that clear I guess.

Senators and Representatives are both Members Of Congress.

 

[nickqt]

Senators and Representatives are both Members Of Congress.

Do you see how this is getting away from you, or are you going to keep trying to turn this into a win?

 

[Amol S.]

So with the new law I can still mine crypto on my own computer?

 

[s0me0nesmind1]

Id be for crypto but...
1. Incentivizing server farms is moronic.
2. There's tons of people not paying their capital gains on them through underground means of transacting them.
3. We hear nonstop about how everything can be "traced" but reality has proven otherwise.

I also, just personally don't believe in the general philosophy of it. I won't crap on it though, if it truly is the future then so be it - I just don't believe it will be the case.

 

[Amol S.]

Wait a minute...... Wouldn't it be impossible to implement this tax crypto currency holders for prexisting crypto currencies in the new law. It would require back tracking and forward traking which is impossible. This law is impossible to implement, as people may not report they have crypto. Etherium is saved.

 

[njdevilsfan87]

Some more:



And guess what Generation 3.0 blockchains do? Allow participants and stakeholders do directly to vote yay or nay on update proposals, and then they are designed to automatically enforce/push the update when mass consensus is reached. They are working examples of how rules or should I say laws at all sorts of levels - city, state and even federal could literally be recorded on (undisputable tamper-proof, fraud proof) blockchains in the future, and directly voted for by the people connected to them from your computer, phone, or tablet. Oh and while you are at it - you can make some income from running a (low power) validator node on the network if you wish. Can someone please enlighten me on why you wouldn't want this?

So Lummis is right - it's time to educate. It's time to move beyond the decade old argument of crypto is only used by criminals. I'll do my part and write up a more coherent post as to why this does effect you - maybe not right this second, but in ~10 years onward sure.

 

[IronWing]

Some more:

View attachment 48501

And guess what Generation 3.0 blockchains do? Allow participants and stakeholders do directly to vote yay or nay on update proposals, and then they are designed to automatically enforce/push the update when mass consensus is reached. They are working examples of how rules or should I say laws at all sorts of levels - city, state and even federal could literally be recorded on (undisputable tamper-proof, fraud proof) blockchains in the future, and directly voted for by the people connected to them from your computer, phone, or tablet. Oh and while you are at it - you can make some income from running a (low power) validator node on the network if you wish. Can someone please enlighten me on why you wouldn't want this?

So Lummis is right - it's time to educate. It's time to move beyond the decade old argument of crypto is only used by criminals. I'll do my part and write up a more coherent post as to why this does effect you - maybe not right this second, but in ~10 years onward sure.

Could you tell us about Senator Lummis' background pertinent to this technology?

 

[Lost_in_the_HTTP]

^^^^ She's .... orange. All I need to know about her 'credibility'.

 

[njdevilsfan87]

^^^^ She's .... orange. All I need to know about her 'credibility'.

Ted Cruz stepped up to defend crypto - it makes me second guess my political preferences. Except that this issue goes beyond parties. Both sides have those who agree and disagree.

And just to add to how ridiculous this all is:

According to Forbes, Senator Richard Shelby (R-Ala.) objected to Senator Toomey’s request for unanimous consent on the amendment, which prevented the amendment from being adopted. However, Forbes reported Shelby would waive his objection if the senators would tie in an unrelated amendment to increase military spending by $50 billion. Senator Bernie Sanders (I-Vt.) struck down that proposal out of concern for the climate.

That guy is 87 years old. 87. And 87 year old potentially determining the fate of a new technology driven and adopted by the 20s and 30s crowd mostly. The youngest candidates get my vote from now on, regardless of party.

 

[FelixDeCat]

I say table this nonsense for a separate bill so all due consideration can be given to actual implementation of proposed rules. Trying to sneak in squirrelly tax regs into an infrastructure bill is not the way to do this.

 

[NTMBK]

Ban crypto

 

[Fanatical Meat]

I say table this nonsense for a separate bill so all due consideration can be given to actual implementation of proposed rules. Trying to sneak in squirrelly tax regs into an infrastructure bill is not the way to do this.

Besides greater tax collection on real estate and oil investments by eliminating 1031 exchanges, we need to drastically cut spending across the board on all programs, especially the military. We need financial austerity and balanced budgets. No more spending ourselves into oblivion for the sake of "feel good" politics and nonsense pork barrel garbage.

Did you know we first started spending on rollout of high speed internet to rural areas almost 20 years ago? Billions of dollars have been spent. Where did it all go? Now we want to spend billions more? Elon Musk is building a network of satellites to provide internet access all over the world. Just buy that infrastructure and be done with it for good.

Where were you the last four years?

 

[fskimospy]

So this isn't good enough for you:



So I will once again leave you with this:

The idea that blockchain currency leads to less crime is kind of belied by the fact that blockchain currency has clearly and demonstrably led to more crime.

Also the idea that fancy people are somehow deleting records indicates to me that you don’t understand how the financial system works. When people engage in financial shenanigans it’s not about deleting the record of transactions, it’s about making those transactions look like something else, something that cryptocurrency would do nothing to alleviate.

EDIT: in fact the entire reason money laundering exists as a concept is because deleting transactions like you claim is so hard to do in our current system! Anonymous transactions like cryptocurrency make this sort of crime much easier though, so this further proves my point that it has no use other than crime.

 

[Fenixgoon]

Where were you the last thirty years?

ftfy

 

[cytg111]

The mere fact that you have to burn calories to mine, everything that follows from there results in : Sorry, but it has to stop.
I mean how many stars are you gonna snuff out with dyson spheres before enough is enough?
And you all worry about ONE degree on this little shitty planet. Tsk tsk.

 

[Greenman]

I am still waiting for any use of cryptocurrency that’s better than what we have except for crime. It seems to lose on stability, energy efficiency, transaction costs, etc.

It’s also weird to me that Bitcoin enthusiasts get excited by price increases. To me this indicates they view it as a speculative investment and not a currency because increases in price mean it’s undergoing a massive deflationary spiral, which is a catastrophe for any real currency.

The radical price swings prove it's not a currency, how could it be? How could a merchant deal with a currency who's value is unknown? Stability is an absolute requirement for any currency.

 

[fskimospy]

The radical price swings prove it's not a currency, how could it be? How could a merchant deal with a currency who's value is unknown? Stability is an absolute requirement for any currency.

Exactly - stability is the #1 most important requirement for any currency. How could you possibly bid a job if you had no idea if tomorrow your bid's price could increase 30%, in which case it's uncompetitive, or decline 30% in which case you lose money?

Blockchain technology as a concept is a good and potentially useful thing. Cryptocurrency is stupid. It's not just useless, it's actively harmful.

 

[njdevilsfan87]

Exactly - stability is the #1 most important requirement for any currency. How could you possibly bid a job if you had no idea if tomorrow your bid's price could increase 30%, in which case it's uncompetitive, or decline 30% in which case you lose money?

Blockchain technology as a concept is a good and potentially useful thing. Cryptocurrency is stupid. It's not just useless, it's actively harmful.

Stablecoins!?!

And oh look - you can lend your USDC directly (fully backed 1:1 unlike Tether - which I will agree needs to go) from your hardware wallet without third party for true market rates! https://defirate.com/ (Compounds, dydx). Or you can keep your dollar in your bank where it earns 0.01% interest. Oh and when Bitcoin was pushing $50-60K, the demand for loans was high, those lending rates were as high as 10-30%. Free market.

Blockchain technology as a concept is a good and potentially useful thing. Cryptocurrency is stupid. It's not just useless, it's actively harmful.

Again you don't understand because you never did your research. I can full on tell from both of your responses. How much time did you spend trying to read into and understand really understand all of this? 20 minutes?

You are not likely to have blockchains without some currency or form of payout, because the infrastructure costs money to setup and run and do the work required to keep it secure. It's a built in rewards mechanism, and now the "rewards tokens" such as Bitcoin and Ethereum have become valuable because the networks are valuable, and you need them to keep processing and paying for transactions. Call it "cryptographically secure rewards tokens" if that sounds more friendly to you than "cryptocurrency".

Oh and you know what else is actively harmful? The internet. So let's ban it too, since people are still falling for Nigerian scam emails or getting phished some other way. Or forming groups of conspiracy theory groups on social media to push their agenda causing a complete failure of pandemic response, etc.

 

[darkswordsman17]

Can average Joe go take out a loan at the same rate that an elite can in our traditional markets? No? How about in DeFi land? Are they both subject to the same liquidation rules? What's that - yes?! So the game is more fair in crypto land?!? Sit down.

Oh FWIW - I've already "got mine", bill or no bill, because I had the foresight to see this back in 2013, and especially once Ethereum came along. This is partly to help educate you on what you're losing out on because you're too simple to DYOR and understand why some individuals are calling it the Internet 2.0. And yes I've got my own agendas too - as I stated in the OP I plan to launch a new business that takes advantage of smart contract technology either late this year or early next year. A business that has nothing to do with pump and dump shitcoins.

But hey, you keeping doing what works (or hasn't been working) for you. Keep skimming those headlines and seeing Bitcoin and money-laundering. If you actually did your own research you'd see that there's a lot more to crypto than pump and dump shitcoins. Because I'm sure you know - good news isn't what gets the clicks.

I forgot you're the "dudes I just got my first loan via crypto, now I'm on the same level as Jeff Bezos!!!!!! Crypto saved my marriage, cured cancer, and is going to usher in the Age of Aquarius!!!" from other subforums. JHumeC, dude, you're living in fantasyland based on the posts you've made.

Uh, what in the fucking fuck are you talking about? Oh yeah, all the poor people aren't just getting zero interest loans but are actually making money from it? Which that's what the wealthiest people are doing, you know, right? And not a little bit of money either. Either you really are completely clueless (I do find it amusing that you just in like the last year took out a crypto loan and admit you knew jack shit but now are trying to lecture people about financial markets...) or you're knowingly spreading lies. Oh what's that, you're full of shit yet again? Sit down and shut up, no way! Again, if you don't think the wealthy are profiting from you crypto evangelists boosting crypto you're a monumental moron. Crypto is doing absolutely nothing for income inequality and anyone claiming otherwise is either straight up lying, delusional, or an idiot.

Uh...k? I have no clue where you think I'm being critical of crypto for people making money via it. Where did I mention money laundering? Oh I didn't? How about you argue based on what I actually said and not nonsense that I didn't? The fact that you're so defensive about money laundering tells me everything I need to know though.

I like how you tried to be a dick pulling an FYGM, yet you're the one freaking out that you're gonna have to pay taxes on it. You remind me of the idiots that thought they could get away with buying tons of shit online and not claiming it (and not paying taxes on it) because it was online and somehow in their head didn't count as a real transaction (I knew people that even tried to claim that shit as business expense and try to write it off, it didn't work out well for them in the end). The dumbest part is you have no clue if I have anything invested in crypto. For all you know I've got more in it than you do. I'm just not a moron trying to bring attention to it and wondering why the government is looking at taxing it. You're the type of clown that after declaring how crypto is pure because the huge investment banks weren't involved, then turned around and claimed them getting involved in it legitimizes it.

The weirdest part is you apparently expect us to back you still even after you tried gloating and simultaneously whining about how its ruining your entire future because your business is in jeopardy now!

I'd have less of a problem with you if you were just honest that you made money and would rather not pay taxes on it, and also that you want to keep boosting its value, while building a business where you make money but don't pay taxes. Because that's literally all you've actually argued that magically people can make more money if they just don't have to pay taxes on it. And also without paying taxes that means all the money is free from government (which makes it good and pure)!!! Wait til you find out about Libertarianism from your local "Sovereign Citizen"!

The funniest part is how you crypto evangelists are trying to simultaneously sell both a Libertarian and Communist utopia and legit cannot see how absurd and silly you come off. It does help explain how so many people became cultists of Capitalism because that's basically what Capitalism did is claim that it would free the world's poor by equalizing wealth (which, as we've seen because of you arguing it, it did no such thing).