Why many USA senator against bitcoin? - page 2.

Leviathan.007

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Quote from: laredo7mm on February 17, 2022, 08:01:20 AM

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

They should fear bitcoin and bitcoin power, not just the senators but all the political men who care about USD and their traditional currency are worried about bitcoin because bitcoin came to become borderless and global they all want to have their own currency (USD) to be more often used by in the world by all the people who use online shops and many in many other platforms while demanding bitcoin can be scary for them in this situation.

evilgreed

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Probably both. I wouldn't be surprised if even politicians that are on different or opposite political parties maks the same stand owards bitcoin and the entire crypto industry since they all want control not just in their own country but also on the other countries as well. The influence of the USD is vital not just for the country schemes but also for personal ones. Also, there maybe other politicians that only go against bitcoin due to not being able to understand it fully. Bottom line is that bitcoin will have a hard time becoming legal in the US. In fact, it may even be entirely impossible.

JohnBitCo

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Quote from: laredo7mm on February 17, 2022, 12:44:02 PM

Quote from: pinggoki on February 17, 2022, 09:23:58 AM

Because they're old and they are still stuck in 60s where they're still young and they still don't feel any ache in their joints and that they came from a generation that think that they're the best generation and that they believe that we've peaked and they don't like new technology as they deem it blasphemous to their beliefs. I think that's the only reason for why the US senators heavily oppose bitcoin, other than being lobbied by banks.

I think it's not that simple. These old senators may be technologically not that advanced but they are not dumb either. They know how fed increase the money supply from thin air and manipulate the economy by controlling USD. If bitcoin took the place of USD then they will lose control because anyone can protect the bitcoin network by running a full node. They just don't want to hand over the control of the economy to people.

This is very much true and it is not only limited to the senators of the US but everyone in the government sector round the world hates and want to disallow Bitcoin usage across the country.
If bitcoin becomes the mainstream currency then these people will not be able to manipulate the money and they will not be able to make free money due to the paper money free printing.

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I would guess that there are too many of them leveraged their investments against bitcoins success, that could be a big reason. Not that they would short it or anything like that but they just invested heavily on stocks and finance world and if bitcoin goes up then there would be less need for those companies and their stock value would go down which will make these senators lose money. Remember, senators do not work for the people, they work for their own greed, and whatever makes the more money will be the thing they will defend, it has always been like that.

We have seen plenty of senators who talk to public about being against X and then go back and buy X stocks and vote in favor of it. So, do not consider their stance as some altruist good thing to protect people, it is all about their own money.

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Quote from: laredo7mm on February 17, 2022, 08:01:20 AM

We have seen there are miscellaneous reactions about bitcoin among US senators. On one side Colorado Governor Jared Schutz Polis announced that "his state will begin accepting Bitcoin for tax payments starting this summer" on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

Old man prefer old methods so expect that this new technology on financing system will not be good to them since they cannot relate on it and maybe they always look at its downside. Maybe in next batch of US senator if they elect new generation one maybe we can see a open minded people dealing up with new economic changes. For now for sure we can see majority of them prefer fiat over anything else in the world.

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Quote from: laredo7mm on February 17, 2022, 08:01:20 AM

We have seen there are miscellaneous reactions about bitcoin among US senators. On one side Colorado Governor Jared Schutz Polis announced that "his state will begin accepting Bitcoin for tax payments starting this summer" on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

Perhaps they have interest that are in opposition to the aims of bitcoin. For example they may be in the boards of banks or their lobbies that pay for the campaigns and supply them with information and means to win election may be linked to the banking or the traditional investment sector. There is not much more that I can think of, unless they have been victims of scams and now think everything in crypto is bad.

qwertyup23

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Quote from: laredo7mm on February 17, 2022, 08:01:20 AM

We have seen there are miscellaneous reactions about bitcoin among US senators. On one side Colorado Governor Jared Schutz Polis announced that "his state will begin accepting Bitcoin for tax payments starting this summer" on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

I think it has something to do with financial freedom and control. With the transaction of BTCs involving anonymity, the government will lose control over its transactions especially on the fact of the nature/origin of the funds. I guess they really want to avoid any transactions that will compromise their country's security.

Overall, I do also feel that the positive effects of transacting BTCs outweigh the negative effects of it on the market. Its potential and opportunities is just too good to be slept on and to be ignored by the government- I just hope they find that sweet spot and compromise to at least implement it into their transactions.

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Quote from: laredo7mm on February 17, 2022, 08:01:20 AM

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

I have said this a couple of times already, but i do not mind reiterating at all, i think the problem all stems from Bitcoin being decentralized, of course it is expected that a 'centralized' government will be indifferent to a decentralized network, i am afraid it is not just the U.S., but many other countries out there as well do not at all appreciate the idea of Bitcoin.

I mean, having many more people be their own banks is a worry for the government, they want to continue printing more more, causing inflation and launching CBDC's to deceive people that it actually works like Bitcoin. Having said that it does not really matter how many government officials are against Bitcoin, the thing is that sooner or later as inflation continues to rise, more people would understand the importance/benefit of financial freedom Bitcoin offers, and hence more adoption notwithstanding bans/regulations and sanctions from numerous governments.

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Quote from: Reid on February 17, 2022, 09:22:15 AM

Fear of the unknown or fear of losing money straight in their pockets.
I don't see why they are so against it while Bitcoin had been valued for years. People will buy it and it's still their money which is going to be used for that purchase. The other concern I see is why do they allow digital payments which are also prone to be corrupted just showing numbers with nothing to back it up and they cost fees that makes you think about just going straight in the payment center rather than use their services.

I think this will be the most efficient answer to their very aggressive behavior hence, they can't gain advantage of it if it is in the blockchain it's easy to detect where they have their money came from. Although, it's most likely not going to happen but if approved then it's useful too though they have already released their CBDC then I don't think they wanted Bitcoin to be part of their plan.

And yes, they can't stop people from buying it even if they ban Bitcoin from their country since it's not controlled by someone or any single entity.

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Quote from: laredo7mm on February 17, 2022, 08:01:20 AM

on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

I guess you are talking about this press release?

As President Bukele answered: Ok, boomers... you have no jurisdiction in a sovereign and independent country. We are not your colony (...). Stop trying to control something you can't control.

tippytoes

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Quote from: Finestream on February 17, 2022, 05:45:47 PM

Quote from: mobilestrike on February 17, 2022, 02:44:35 PM

Quote from: Questat on February 17, 2022, 01:13:41 PM

Of course, if bitcoin will be widely accepted, it will reduce the influence of the dollar which is the most powerful currency in the world. Senators are representative of a country, their job is to support the state and its interest, so it's normal to see that they will hate something that would destroy their interest.

If they will accept bitcoin and along with that they also digitalize their dollar then it will have a good impact on their economy and they will not face any harm fro that adoption but their dollar will also get a value in the crypto market.

But US senators are mostly against bitcoin so we cannot expect that they will accept bitcoin as a currency because if that happens, it will bring threat to their own official currency. And to think that the state constitution does not allow other currency other than its official currency to act as a medium of exchange, so maybe that's one of the reasons why most of the senators are very firm on their decision against bitcoin.

We can't expect them to easily like bitcoin because even if they have their own researchers, most of them still have no good grasp on what bitcoin really is. Do you think if they experience using btc as payment method to merchant or shop, they won't like bitcoin if the fees are low and the transaction is fast? We can't aim btc to replace USD because that's not gonna happen. But if they will accept btc as one of the payment methods, that would be great. So in my opinion, they just need to experience how btc works in order to change their stance towards btc.

Finestream

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Quote from: mobilestrike on February 17, 2022, 02:44:35 PM

Quote from: Questat on February 17, 2022, 01:13:41 PM

Of course, if bitcoin will be widely accepted, it will reduce the influence of the dollar which is the most powerful currency in the world. Senators are representative of a country, their job is to support the state and its interest, so it's normal to see that they will hate something that would destroy their interest.

If they will accept bitcoin and along with that they also digitalize their dollar then it will have a good impact on their economy and they will not face any harm fro that adoption but their dollar will also get a value in the crypto market.

But US senators are mostly against bitcoin so we cannot expect that they will accept bitcoin as a currency because if that happens, it will bring threat to their own official currency. And to think that the state constitution does not allow other currency other than its official currency to act as a medium of exchange, so maybe that's one of the reasons why most of the senators are very firm on their decision against bitcoin.

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Quote from: kryptqnick on February 17, 2022, 01:49:10 PM

I think Bitcoin is something generally easier to accept if you live in a country with a fairly bad fiat currency, prone to significant inflation, and a pretty weak economy, desperate for new investments and jobs. The US is a proud nation and a #1 economy in the world. Many countries hold reserves in the USD and measure their own currencies against the USD. So with everything being alright without Bitcoin, Bitcoin introduces a potential risk. A change always means that something might go wrong and things might get worse. It's a risk worth taking when there's a high demand for a change, but it's not attractive when there is no strong feeling that a change is actually required.

US senators know exactly that bitcoin could create a massive adoption to its citizens because they have seen that US dollar isn't working at all in favor of the people, but its more being used by the government officials. And US dollar is highly affected with inflation so it only decreases the purchasing power of the people. So bitcoin becomes a threat to the government as it brings more transparency that the government doesn't want to. And maybe because they believe that bitcoin has created opportunities to scam investors, assist criminals that may worsen the climate crisis, that makes them do not want bitcoin at all.

Gyfts

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Special interest groups and lobbyist from the credit card processing companies buy their votes. If not for lobbyist, their own incompetency can usually explain it away. They don't understand the technology behind it and see Bitcoin as a competitor to USD, therefore they believe it must be regulated through taxation. Not a large secret, Washington D.C. being pro-corporation and anti-consumer has always been the norm, you wouldn't expect Bitcoin to be any different surely.

mobilestrike

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Quote from: Questat on February 17, 2022, 01:13:41 PM

Of course, if bitcoin will be widely accepted, it will reduce the influence of the dollar which is the most powerful currency in the world. Senators are representative of a country, their job is to support the state and its interest, so it's normal to see that they will hate something that would destroy their interest.

If they will accept bitcoin and along with that they also digitalize their dollar then it will have a good impact on their economy and they will not face any harm fro that adoption but their dollar will also get a value in the crypto market.

kryptqnick

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I think Bitcoin is something generally easier to accept if you live in a country with a fairly bad fiat currency, prone to significant inflation, and a pretty weak economy, desperate for new investments and jobs. The US is a proud nation and a #1 economy in the world. Many countries hold reserves in the USD and measure their own currencies against the USD. So with everything being alright without Bitcoin, Bitcoin introduces a potential risk. A change always means that something might go wrong and things might get worse. It's a risk worth taking when there's a high demand for a change, but it's not attractive when there is no strong feeling that a change is actually required.

Questat

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Of course, if bitcoin will be widely accepted, it will reduce the influence of the dollar which is the most powerful currency in the world. Senators are representative of a country, their job is to support the state and its interest, so it's normal to see that they will hate something that would destroy their interest.

laredo7mm

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Quote from: pinggoki on February 17, 2022, 09:23:58 AM

Because they're old and they are still stuck in 60s where they're still young and they still don't feel any ache in their joints and that they came from a generation that think that they're the best generation and that they believe that we've peaked and they don't like new technology as they deem it blasphemous to their beliefs. I think that's the only reason for why the US senators heavily oppose bitcoin, other than being lobbied by banks.

I think it's not that simple. These old senators may be technologically not that advanced but they are not dumb either. They know how fed increase the money supply from thin air and manipulate the economy by controlling USD. If bitcoin took the place of USD then they will lose control because anyone can protect the bitcoin network by running a full node. They just don't want to hand over the control of the economy to people.

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Quote from: laredo7mm on February 17, 2022, 08:01:20 AM

We have seen there are miscellaneous reactions about bitcoin among US senators. On one side Colorado Governor Jared Schutz Polis announced that "his state will begin accepting Bitcoin for tax payments starting this summer" on the other hand Senators Jim Risch, Bill Cassidy, and Bob Mendez look aggressive against any step towards bitcoin implementations.

Some said using bitcoin as payments instead of US dollars will demolish the sanction power of the USA towards other countries. Do they fear bitcoin for losing control over the world economy or do they know the adoption of bitcoin will diminish the unchallenged sovereignty of USD?

Differences of opinion between each senator in the US on bitcoin have long been heard...

but from what I have noticed, those who are against bitcoin are the ones pros against the dollar, they love the dollar too much and don't want any other currency to interfere with the dollar's power. we don't need to worry too much about it because the pros and cons of bitcoin will always appear.

ChiBitCTy

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They simply don't understand bitcoin nor care to learn to understand it. Bitcoin goes against what they are used to and it's outside their comfort zone. Andreas said it best, as to why people like this don't like bitcoin..
"I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved. There are critics who criticize this technology primarily based on their world view. It is politically inconsistent with their world view. It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is. “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"- Andreas Antonopoulos.

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