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This is a new bill that was introduced on the floor of the US Senate entitled, “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”

It basically says everything is evil..

  1. Cash is Evil

  2. Bitcoin/Crypto is Evil

  3. Prepaid Phones are Evil

  4. Gift Cards/Vouchers/Coupons are Evil

These people are certifiably insane. Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”.

Civil Asset Forfeiture rules allow the government to take whatever they want from you, without a trial or any due process.

This new bill adds a laundry list of offenses for which they can legally seize your assets… all of which pertain to money laundering and other financial crimes.

Here’s the thing, though: they’ve also vastly expanded on the definition of such ‘financial crimes’, including failure to fill out a form if you happen to be transporting more than $10,000 worth of ‘monetary instruments’.

Have too much cash? You’d better tell the government.

If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts.

They even go so far as to specifically name “safety deposit boxes” among the various assets that they can seize if you don’t fill out the form.

This is unbelievable on so many levels.

It’s crazy to begin with that these people are so consumed by the fact that someone has $10,000 in cash.

But it’s even crazier that they’re threatening to take EVERYTHING that you own merely for not filling out a piece of paper, without any due process whatsoever.

CALL YOUR CONGRESS MEN AND SENATORS TO TELL THEM TO NOT SIGN THIS EMAIL WORKS ASWELL https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

Oh, and on top of civil asset forfeiture penalties, there are also criminal penalties.

Right now according to current law they can imprison you for up to FIVE YEARS for not filling out the form. Five years.

But apparently that doesn’t go far enough so this bill aims to double the criminal penalty to TEN years in prison.

Further, their bill wants to pull any business which “issues” cryptocurrency under the anti-money laundering regulatory umbrella.

Here’s where these people demonstrate that they have no idea what they’re talking about.

No one “issues” Bitcoin. There’s no Bitcoin central bank. There’s no Chairman of Bitcoin who decides on a whim to increase the supply.

Bitcoin is created automatically amounts that are predetermined by its code. It’s software.

So the Senate is essentially trying to force the Bitcoin core software to comply with money laundering regulations.

The bill also attempts to drop a major bomb on Bitcoin by including it in the list of monetary instruments that must be reported when entering or leaving the US.

<!-- SC_ON --> submitted by /u/KlugReeOlympic
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Why I sold all my ethereum today and converted it all into Bitcoin

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It was a very hard moment for me, but I was minded by the great Andreas Antonopoulos, it takes discipline to be a good trader.

Buying when everything feels down is tough, but necessary if you want to profit. This is the most important mantra: buy when most people are selling, sell when most people are buying.

I was trying to figure out why it was so hard. I made a very good multiple on my original ethereum investment. I should be happy realizing those profits. I realized it was my greed to follow everybody else. Otherwise I'd be missing out.

What we're seeing today is our generation's .com bubble. When people are throwing hundreds of millions of dollars at eight pages of white paper, it doesn't take a genius that maybe, just maybe, each of those pages aren't worth $25 million each.

I do believe that one day, ethereum will be the transformative vehicle for new companies that will mint the next Google and Facebook. It'll be the agent that will change our lives as we know it.

But that day is not today. Fortunes will be lost and lives will be ruined.

There are so many obstacles that ethereum has yet to tackle. Enacting a transformative change from Proof-of-Work to Proof-of-Stake, the chances of finding a show stopping bug in smart contracts, even just a whiff of one of the giant ICO companies imploding is enough to get weak hands to fold.

And there are so many weak hands in ethereum.

The vast majority of people investing in ethereum and ICO's haven't had the bitter taste of an equity dropping to 10% and having the discipline to hold on.

How do you have confidence a bridge will hold when a 200-ton semi truck drives across? When 200 of those trucks have already driven across.

Bitcoin has been around for 8 years. It has weathered attacks from the most determined hackers, gone through 3 of the largest crashes in equities, stood under scrutiny by the US government and yet it stands.

I know this for a fact. Bitcoin will be around post BIP-148. Bitcoin will be around next year. Bitcoin will be around the next decade. I'll sleep easy tonight knowing that my Bitcoin stored in my trusty Trezor is mine to keep, out of the 21 million that will ever exist in human history.

To plagiarize one of my favorite quotes:

Ethereum is the fancy McMansion in Sarasota that starts falling apart in a few months. Bitcoin is the old stone building that stands for centuries. I cannot respect someone who doesn't see the difference.


EDIT: I've been getting some very kind messages from you guys and have been encouraged to write more. I've set up a new Twitter account that'll post short thoughts and will let you know when more meaty writing is available.

Short form: https://twitter.com/uncapslock

Long form: https://medium.com/@uncapslock


Thoughtful readings for your consideration

<!-- SC_ON --> submitted by /u/uncapslock
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When did you guys decide that you had bought enough coins?

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What are you expecting out of your investment?

<!-- SC_ON --> submitted by /u/RoidedBread
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New mining pool Waterhole.io is signalling for SegWit!

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Pool stats: https://btc.waterhole.io/poolstats

The pool mined its first SegWit signalling block on the 6th of June (block #470036) and has been signalling ever since!

<!-- SC_ON --> submitted by /u/si1as
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