# Senate Banking Committee Bashes Bitcoin’s ‘Phony’ Populism



## 64K (Jul 27, 2021)

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.


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## mtcn77 (Jul 27, 2021)

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


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## ThrashZone (Jul 27, 2021)

Hi,
Crap this is whack I agree lol


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## Space Lynx (Jul 27, 2021)

64K said:


> 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.”
> 
> ...



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


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## ThrashZone (Jul 27, 2021)

lynx29 said:


> 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


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## Bones (Jul 27, 2021)

64K said:


> 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.”
> 
> ...


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.


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## dorsetknob (Jul 27, 2021)

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 ).


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## MentalAcetylide (Jul 28, 2021)

64K said:


> 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.”
> 
> ...


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.


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## lexluthermiester (Jul 28, 2021)

64K said:


> 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.



MentalAcetylide said:


> 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.


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## R-T-B (Jul 28, 2021)

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...



Bones said:


> Not trying to be political here


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



mtcn77 said:


> ;.; 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.



64K said:


> 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


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## 64K (Jul 28, 2021)

R-T-B said:


> Uh...  not from what I hear.
> 
> 
> 
> ...



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


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## R-T-B (Jul 28, 2021)

64K said:


> 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*


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## Bones (Jul 28, 2021)

R-T-B said:


> 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.


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## sepheronx (Jul 28, 2021)

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.


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## Outback Bronze (Jul 28, 2021)

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


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## R-T-B (Jul 28, 2021)

Bones said:


> 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.


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## R0H1T (Jul 28, 2021)

dorsetknob said:


> 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


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## R-T-B (Jul 28, 2021)

sepheronx said:


> Ah yes, Pocahontas and her Native heritage


It was DNA tested out to be real.

Can we stop?



R0H1T said:


> 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'


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## sepheronx (Jul 28, 2021)

R-T-B said:


> It was DNA tested out to be real.
> 
> Can we stop?
> 
> ...


Yeah, her 0.00001%

Lol

American politicians are a joke and blight.


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## 64K (Jul 28, 2021)

R-T-B said:


> 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.


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## Outback Bronze (Jul 28, 2021)

64K said:


> 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?


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## R0H1T (Jul 28, 2021)

R-T-B said:


> 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!


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## 64K (Jul 28, 2021)

Outback Bronze said:


> 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.


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## Bones (Jul 28, 2021)

sepheronx said:


> 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.


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## R-T-B (Jul 31, 2021)

64K said:


> 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.



Outback Bronze said:


> 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.


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## ThrashZone (Jul 31, 2021)

R-T-B said:


> It was DNA tested out to be real.


Hi,
The dna test was negative 0.0000001 the claim was false and she apologized is the only "real" part.


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## Deleted member 24505 (Jul 31, 2021)

Unless you can go into a bank and get some of said currency in paper or coin format, it is not real money


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## R-T-B (Jul 31, 2021)

ThrashZone said:
			
		

> Hi,
> The dna test was negative 0.0000001 the claim was false and she apologized is the only "real" part.



Nope.









						Warren DNA Analysis Points to Native American Heritage
					

The analysis on the Massachusetts Democrat was done by Stanford University professor Carlos D. Bustamante.




					www.snopes.com
				




Not continuing this BS further other than to say my great grandmother was black feet tribe and you'd never know it by looking at me.



Gruffalo.Soldier said:


> Unless you can go into a bank and get some of said currency in paper or coin format, it is not real money


I can do that at my crypto exchange straight to my bank, so yeah.

I can actually ATM withdraw my ethereum to dollars with my coinbase card, lol.

I'll say it again:  There is so much more to know that many users aren't making an effort to know.


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## Solaris17 (Jul 31, 2021)

claes said:


> Someone should probably close this thread



Pruned, we will try 1 more time to stay on the straight and narrow.


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## Solaris17 (Jul 31, 2021)

Mr.Scott said:


> Thread title ' Senate Banking Committee' makes this thread political. Your straight and narrow is already skewed right from the get go.
> Let people speak their mind or close the thread.



didn’t remove anything for being political. Removed comments of people bickering back and fourth. Nothing of substance was lost trust me.


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## Solaris17 (Jul 31, 2021)

mtcn77 said:


> Crypto believers can talk nonsense and derail the thread without repercussion, but responding gets injuncted, got it. *shill harboring site achievement unlocked.*



Your right. You an RTBs lack of decorum should be something everyone suffers for.

Thread locked.


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