U.S. Lawmakers Are Realizing They Can’t Ban Bitcoin

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Gold was made illegal to own in the US in 1933. What if they did that with Bitcoin today?

In 1933, President Roosevelt signed an executive order requiring all citizens to turn in their gold for cash.
As (or, if) Bitcoin grows in popularity and becomes more mainstream, how likely is it that governments around the world- seeing Bitcoin as a potential threat to their control over the economy- do the same thing with Bitcoin?
I understand that nobody can ban Bitcoin, but could they make it illegal to own, and if so, what do you think would be the consequences?
This is purely hypothetical. I'm not saying I think this is likely (I don't even know if it's legal), it was just something that came up in a conversation with a friend. Neither of us are very knowledgeable about these kinds of things, so I'm interested to hear other people's opinions.
My response was that a government attempting to make owning Bitcoin illegal is exactly the reason why Bitcoin is so important. You own that Bitcoin, and nobody can tell you what to do with it. But if owning it made you a criminal, it would certainly make things more complicated and may leave you with a moral dilemma on whether or not to comply.
submitted by crypto_grandma to CryptoCurrency [link] [comments]

Gold was made illegal to own in the US in 1933. What if they did that with Bitcoin today? (x-post from /r/cryptocurrency)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

05-25 08:24 - 'The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid...' by /u/_kessete removed from /r/Bitcoin within 11-21min

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The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid fees when transferring money internationally, and to avoid sanctions. With Bitcoin you can buy drugs on dark net markets anonymously and across borders, transfer money to countries sanctioned by the US through blocking the use of SWIFT (Venezuela, Russia, Iran) and avoid the effects on fiat currencies caused by Fed policy (such as QE and potentially negative interest rates). While Gold can be used as alternative store of value, it isn't as easy to transfer over large distances. And as seen in the UK, countries can deny transferring gold for political reasons. [link]1 I personally believe that if the US continues to sanction countries by using SWIFT in blocking crossborder financial payments, cryptocurrencies and foreign CBDCs (digital yuan) will grow in influence as the US's international financial power diminishes. Especially if its traditional allies (EU, UK) do not agree with the sanctions that are applied to foreign countries. The use of cryptocurrencies could accelerate at an even greater rate if there is an economic and/or cold war between the US and China. [link]2
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Author: _kessete
1: **w.b*oomberg.c*m/news/*rt*cle*/*019-01-2**u-k*said-to*deny-**duro-s-***-t*-pull-1***b*llio*-of-g**d 2: *o*nt*le*raph.*om/ne*s/jp*morga*-cbdc**h*ea**ns-**ge*on*-of-us-dollar
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Julian Assange: My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50000% return.

Julian Assange: My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50000% return. submitted by Jeyhawker to WikiLeaks [link] [comments]

The US government under Trump is trying to kill bitcoin. I dont give a fuck how much some in this sub hate illegal hispanics we need a new president. I am sure the democrat is more crypto friendly at this point. Conservatives are usually the ones that are old school hate science and technology

After all that is what conservative means right conserve the status quo. Hopefully Yang brings up crypto in debates so we can bear Bernie, Warren, Tulsi Gabbard, and every other person running to be president and their take on crytocurrency
submitted by melonman464 to Bitcoin [link] [comments]

Still far from adoption: My neighbor never heard of Crypto, and our babysitter just said, "Bitcoin is illegal in the US"

Yes, she actually said that.
I understand if someone never heard of Crypto Currency. After all our neighbor is in his late 50s .
Seriously though, on my way out our baby sitter overheard my wife and I talking about Bitcoin . that's when she said it was illegal.
She was dead serious about it. Before I can explain that it wasn't she insisted ...
"You can get in alot of trouble doing that stuff, I was watching this documentary on it a while back"
I showed her a CNBC news clip talking about BTC , then showed her how you can buy bullion with BTC. She quickly nodded her head...
well I don't know, I heard it was illegal, and the government is cracking down on it"
ME: when did they say that?
HER: Just recently they said all over the news of strict regulations
I came to a conclusion this is some sort of confirmation biasm that maybe she got it all in her head. She probably watch some anti Bitcoin video years ago, and whenever she hears "regulation" or "government cracking down on illegal transactions with crypto" she thinks "yup, its probably illegal"
She's not dumb either . just blinded.
This is the problem with following the system people have a preconception if something is officially approved by a credible source like NY times that it must not be legit.
This is how we were raised as children we were raised to believe that you should trust the government and they're there to protect you when the truth is... Government officials, agencies, police departments, mayors have all been involved in corruption scandals .
The government has a very long history of dirty doings. However none of this is discussed in our Common Core school system. You have to find all this out for yourself.
We grow up being taught that the Easter Bunny and Santa Claus is real. Christopher Columbus discovered America.
Its a dam shame.
So I browse through my friends list on Facebook about 600 people. Turns out only about 10 are talking about Crypto.
But I like this because that just means if 10% of the people on my Facebook friends list are talkin about crypto that's six times the amount.
Maybe that means 6 times the market cap. I'm happy with 10%
Peace
submitted by JuicySpark to CryptoCurrency [link] [comments]

Julian Assange - "My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50000% return."

Julian Assange - 50000% return."" title="Julian Assange - "My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50000% return."" /> submitted by jbhewitt12 to CryptoCurrency [link] [comments]

US Secretary of the Treasury Says Bitcoin is Used in Illegal Activities But Not Cash

submitted by cryptoallbot to cryptoall [link] [comments]

Julian Assange: My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50,000% return.

Julian Assange: My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50,000% return. submitted by sockpuppet2001 to btc [link] [comments]

My deepest thanks to the US government for erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50,000% return.

My deepest thanks to the US government for erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50,000% return. submitted by kybarnet to conspiracy [link] [comments]

Julian Assange: My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50000% return

Julian Assange: My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin -- with > 50000% return submitted by ronn00 to Bitcoin [link] [comments]

Contact Senator Coburn and tell him you want to bid in the US Marshalls Bitcoin Auction, but need clarification whether Bitcoins are 'illegal' as Ken Hess has concluded from his statement. If he replies they are 'not illegal', Ken Hess is finished. It's time we stand up to corrupt journalism.

submitted by STOP_BAD_JOURNALISM to Bitcoin [link] [comments]

500 Bitcoins confiscated from Iranians living in Iran where it is illegal to own Bitcoin. Fundamentals are still safe boys: "Iranians gave their Bitcoins to the US Government, because it is impossible to seize them"

500 Bitcoins confiscated from Iranians living in Iran where it is illegal to own Bitcoin. Fundamentals are still safe boys: submitted by RandomAccount_045 to Buttcoin [link] [comments]

Spending Bitcoin From Personal Wallet will be Illegal in the US, Wyoming Bill Criticized

Spending Bitcoin From Personal Wallet will be Illegal in the US, Wyoming Bill Criticized submitted by Ranzware to BitNewsLive [link] [comments]

Spending Bitcoin From Personal Wallet will be Illegal in the US, Wyoming Bill Criticized - Ethereum World News

Spending Bitcoin From Personal Wallet will be Illegal in the US, Wyoming Bill Criticized - Ethereum World News submitted by ulros to fbitcoin [link] [comments]

Spending Bitcoin From Personal Wallet will be Illegal in the US, Wyoming Bill Criticized - BtcIndex

submitted by Dronmm to u/Dronmm [link] [comments]

Spending Bitcoin From Personal Wallet will be Illegal in the US, Wyoming Bill Criticized

Spending Bitcoin From Personal Wallet will be Illegal in the US, Wyoming Bill Criticized submitted by leftok to atbitcoin [link] [comments]

"A small percentage of Bitcoin transactions are illegal, but the majority of illegal goods are bought with US dollars, the primary currency used in the international trade in illicit goods"

submitted by bitkeef to Bitcoin [link] [comments]

If the US or Chinese government were to ban bitcoin outright, how would they go about it and make it illegal to buy or trade in the currency?

submitted by solwyvern to Bitcoin [link] [comments]

In the news • Another US Bitcoin Trader Faces Prison for Illegal Money Transmission - by Jamie Redman

submitted by btcforumbot to BtcForum [link] [comments]

Assisting in Bitcoin Purchases for Ransomware May Be Illegal in the US

submitted by liliiaolivia to Bitcoin [link] [comments]

Is double-spending bitcoins illegal in the US?

Backstory: see https://np.reddit.com/Bitcoin/comments/40iktd/peter_todd_suspended_from_reddit/
Basically, someone bought reddit gold with bitcoin, then before the payment confirmed, send a different payment, which overrode the original one, so that the money never got to the processor. This was to prove a point, which is that unconfirmed transactions are easily reversible.
My question is whether this was illegal on his part. Please only answer if you understand how bitcoin works, because that might be relevant. If you have questions about how it works, I can answer them if that helps.
The argument for is just fraud, the argument against is that he never agreed to pay the money, he just sent money and then sent it somewhere else instead. Also, how does the fact that the good transacted was virtual change anything?
Note: I have nothing to do with the story, I'm just watching the debate in /bitcoin and noticed that neither side seems very knowledgeable about the law.
submitted by itisike to legaladvice [link] [comments]

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