Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
U.S. Congressman Brad Sherman says Bitcoin has “no social value,” is only suitable for tax evasion and facilitates crime.
- U.S. Congressman Brad Sherman criticizes Bitcoin again
- Says cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. has “no social value”
- Claims it serves tax evasion and facilitates crime
- But he acknowledges that it is difficult to ban at the present time.
California U.S. Congressman Brad Sherman has long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. been a critic of cryptocurrencies. In 2019, he called for the to prohibit its use in your country . Also, this year he was among the signatories of a letter calling for increased scrutiny of cryptomining in the U.S., due to the environmental problems it generates.
Now, he once again criticized Bitcoin, claiming that the first and largest cryptocurrency “has no social value.” In an interview with CNBC, indicated, the lack of intrinsic value and the ability to facilitate crime.
In the interview, Sherman dismissed the potential of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. to become a future currency, stating that it will only has an advantage over the dollar because it can aid crimes such as tax evasion. He also suggested that Bitcoin has no backing to help improve the economy. These were his words on Bitcoin:
“Suppose it becomes a currency. In that case, it will be only because it can compete with the dollar in some pretty big markets, especially in the tax avoidance market, and that’s why it has no social value. We want people to invest investing is when you put money in a financial scheme with the intent of making a gain. in assets that will build the American economy.” .
Difficult to ban
As we said earlier, Sherman has been one of the congressmen pushing for a ban.
Now, although it does not change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. its position against Bitcoin, admitted that it’s actually almost impossible to ban it at this point, but pointed out that with the regulations, the government can recover “some control”.
“The key thing is to impose know-your-customer and anti-money laundering laws on cryptocurrencies. Once it’s clear that those laws are in place, cryptocurrencies lose the only thing they aspire to be, and that’s to compete successfully with the dollar by having an advantage over the dollar” he added.
According to the legislator, if Bitcoin is successfully regulated, it could lose some of its interest because the laws will expose the asset’s inability to match the dollar.
Sherman, too, thinks that the problem is that there are “too much power and money “ behind cryptocurrencies and that is why the government currently cannot ban it.
“I don’t think we’re going to get to [a ban] anytime soon. Lobbying money and money for campaign contributions works, or people wouldn’t do it; and that’s why we haven’t banned cryptocurrencies. We didn’t ban it at first because we didn’t realize it was important, and we don’t ban it now because there’s too much money and power behind it. “, Dijo.
Version of DiarioBitcoin
Imagen de Unsplash