U.S. Senator Wants To Ban Bitcoin? Hypocrisy?



US Senator Joe Manchin of West Virginia said this week that he wants Bitcoin all-out band i'm ben swann with your truth in media moment thanks so much for watching the senator who actually sits on the Senate Banking Committee sent a letter to Treasury secretary Jack Lew and to the new Federal Reserve Chairman Janet Yellen as well as two other financial regulators now mansion says quote this virtual currency is currently unregulated and has allowed users to participate in illicit activity while also being highly unstable and disruptive to our economy in quote I consider for a moment what the senator is saying first he points to the Silk Road the online black market where people were able to purchase illegal drugs using Bitcoin mansion says quote the site operated for years in supplying drugs and other black market items to criminals in quote a mansion also attacked how volatile Bitcoin has become pointing to the collapse of Bitcoin exchange Mount gox so where is mansions logic here really flawed well mansion says the Bitcoin again is used for illicit and illegal activity and that's true but so are u.s. dollars why is it mansion calling for a ban on the dollar which is used to buy and sell illegal drugs used to pay for prostitution you know more professional hitmen take dollars then Bitcoin last I checked you see the idea that bitcoins should be banned because it's used to pay for illegal activity it's almost laughable okay so how about that other claim because bitcoin is volatile that's also true but so was the stock market so is Wall Street dimension want to ban stocks after 2008 how about banning home loans since the housing market collapsed was a huge factor in the so-called Great Recession no see what Senator Joe Manchin who again sits on the banking committee is really upset about is that right now the US government doesn't control Bitcoin nor does the Federal Reserve nor do large banks that is his real objection to the Bitcoin phenomenon for stories that affect your Liberty you can find me online at ben swann calm where humanity is greater than politics you

45 thoughts on “U.S. Senator Wants To Ban Bitcoin? Hypocrisy?”

  1. I think this is a good ideea. the analogy that you can pay for illegal activities with any curency is flawed. Most curencies can be controlled by the government, tracked, and easily confiscated, well, bitcoin is the exception. It's a comoditty for money laundring and criminals, because, last i checked, having bitcoin doesn't help the majority of the people, it does not make life easier for the average man, yet the publicity it had in the last years made a lot of people jump in and invest in it with the expectation that they will become rich one day out of it.

  2. The government is not afraid that criminals are using bitcoin.  They are afraid that you and I will be using it.

  3. If a child's un permitted lemonade stand scares you, you know you're an evil banker!
    If people trading goods between themselves angers you, you know you're an evil banker!
    If someone paying for everything with cash makes you shudder, you know you're an evil banker!
    If you have a problem with people creating value for themselves, you know you're an evil banker!
    If war turns you on, you know you're an evil banker!

  4. Let's ban the US dollar because not only you can pay for illegal drugs/weapons/protitutes/hitman with it but you can also buy Bitcoin that serves to pay for illegal drugs/weapons/protitutes/hitman, as you can see, the dollar is the ultimate evil…

  5. The statists don't like it because they have yet to find a way to get their hands on it.  They don't like freedom.

  6. I was raised in West Virginia and lived there my whole life. I promise you, very few of us like Manchin. The only reason Manchin made it to office was because we have 3 counties that make up most of the states population. I'm quite embarrassed.

  7. Don't even kid yourself. Bitcoins are purchased using high interest credit cards which will eventually create another bubble and market crash. Who do you think runs the banks that underwrite these exchanges?

  8. What a f***ing tool.  US dollars buy more illegal drugs and guns than any other unit of exchange on earth.  And the dollar is about as stable as Lindsay Lohan's mom.

    I've got an idea… BAN JOE MANCHIN.  After snuggling up to the gun-grabbers, he lost his usefulness and ethical credibility anyway.  2014… pack your bags Joey.

  9. Lol "illicit activity" well the dollars been used for that as well. Let's ban that too. Hell why don't we just go on a ban everything campaign.

  10. Yeah, cause burying your money under the mattress really brings in some big returns… might as well call the mattress a bank as they have the same profit margin for the consumer. No one wants to keep money in a bank for the same reason. Banks are bloated versions of bitcoin, but banks make a trillions off of the people who actually work… and bitcoin is more of a consumer friendly version that helps everyone.

    Get over it, go play banker, & save the world from having anything that's worthwhile.

    Everything they touch turns to crap & it's helping everyone just fine without Joe meddling with it.

  11. Thinking banning Bitcoin would end cryptocurrencies is like thinking banning Napster would end illegal downloads.

  12. Ben, I love your short to the point vids. They inform more then the other dragged out vids.TY. BTW, I know some towns in the USA that have their own currency and it works fine.

  13. It may bee as good as banned now since they hacked another bitcoin site. We must find a way to have money that they can not hack. Well, they can hack any site, so we need money that is not connected to the net but at same time can be traded online.

  14. I've been hearing a lot about bitcoin lately. At it's worst, it seems to be little more than a brand new product that people are cautiously investing in. Frankly, this senator has given me new faith in bitcoin. If the state hates it, it must be doing something right.

  15. I think you are wrong to assume that the real reason he doesn't like bitcoin is because the government has no control over it.  while it may very well be true, thats not journalism.  other than that, thanks for the story.

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