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Senator Elizabeth Warren has introduced a bill to ban Bitcoin and cryptocurrencies in the US, gaining support from almost 20% of the Senate. She claims it aims to strengthen anti-money laundering requirements, but lacks understanding of digital assets. This legislation is seen as an attempt to kill cryptocurrencies and promote a central bank digital currency. Senator Roger Marshall, the lead Republican sponsor, admits the bill was crafted by the American Bankers Association. Despite bankers like Jamie Dimon opposing cryptocurrencies, his company operates its own blockchain network. This highlights regulatory capture in Washington DC. It's important for the US to lead in advanced technologies and not be influenced by special interest groups.

One of the reasons I really don't like Bitcoin is because Bitcoin has become the currency of choice for espionage around the world. If you're a North Korean trying to recruit an American scientist, you're you're gonna pay them in Bitcoin. Well, if you're a Chinese person trying to report to American intelligence, you're probably also getting paid in Bitcoin.

I sold all my Bitcoin because I don't trust it anymore. The mainstream adoption is a red flag. When whales start selling, it will crash, freezing retail trading. The system is rigged, and big investors control it. I made money and left. It's sketchy. Get out unless you can afford to lose. Don't gamble with essential money. Stay safe. Peace.

Losing cash and relying solely on central bank digital currencies would give authorities the power to predict and control our actions. They could prevent us from doing things like buying a bottle of water if it goes against their rules, such as not leaving our house beyond a certain distance. This is why it's important to keep cash. It's concerning that politicians think they have the right to access all our information.

I'm being extradited from Spain to the US to face 109 years in prison for tax evasion, even though I'm not a US citizen during the period in question. I believe this isn't about taxes; it's about my defiance. I was the first to invest in Bitcoin and promote its use globally as an alternative to government-controlled currencies. This threatened governments, and I knew it was dangerous. I renounced my US citizenship in 2014 and became a citizen of Saint Kitts, believing this would protect me. Despite meticulously following tax laws, I was arrested shortly after publishing a book exposing the hijacking of Bitcoin. My arrest is retaliation for promoting cryptocurrency as a competitor to the US dollar and other established currencies. Effectively, they want me dead in prison. As the founder of several major cryptocurrency companies, I seeded the first generation of cryptocurrency firms, and my actions directly challenge the status quo.

I have a simple suggestion: a crypto tax. Crypto wants to be legal and regulated, so why not charge every transaction in the U.S. a tiny 0.01% tax, just 1 basis point, in its native currency? If you trade Solana for Ethereum, the government would take a modest tax in the native crypto and put it in a stockpile. This seems like a very reasonable way to get crypto regulated. That's how taxes always start, very modest. When income tax began, it only applied to a thousand Americans, with legislators promising it would never affect the middle class. I don't like new taxes, even if they are promised to not affect people very much, this sounds burdensome.

Bitcoin was created by John McCarthy to catch criminals. It is centralized and every transaction can be seen. McCarthy also reveals that Moderna is involved in criminal activities. He emphasizes that Bitcoin is worthless and that Monero is the only currency that is actually used. He dismisses the idea of adding privacy features to Bitcoin, stating that it is old, slow, and cannot support smart contracts. He challenges anyone who believes Bitcoin is worth more than 5¢ to explain their reasoning.

I've always been against crypto, especially Bitcoin, because it is mainly used by criminals for activities like drug trafficking, money laundering, and tax evasion. Its anonymity and instant money transfers allow it to bypass systems like know your customers, sanctions, and OFAC. If I were in power, I would shut it down. On September 12th, Jamie Dimon called Bitcoin a fraud and threatened to fire any trader buying it. This caused a 24% drop in Bitcoin's value. Interestingly, Morgan Stanley and JPMorgan, companies led by Dimon, were the largest buyers of a Bitcoin fund in Europe. It's unethical for Dimon to criticize Bitcoin while his own company is investing in it.

Speaker 0 expresses opposition to cryptocurrency. Speaker 1 mentions that Jamie, who supports blockchain, helped launch JPMorganCoin. They explain that JPMorgan created its own blockchain protocol based on Ethereum, allowing private transactions. Speaker 0 suggests that the only use case for blockchain is criminal activity. Speaker 2 states that JPMorgan was involved in Ethereum from the beginning and played a major role in the Enterprise Ethereum Alliance. Speaker 0 comments on shutting down blockchain if they were the government. Speaker 3 compares the Mt. Gox scandal to Bernie Madoff's Ponzi scheme, where JPMorgan was involved. JPMorgan account holders sued the bank and recovered over $2 billion, but no executives went to jail.

I am against central bank digital currencies as they can be used for control and power. In China, a low social credit score can restrict your spending ability. The government could limit where your credit cards work, only allowing purchases at nearby grocery stores. This control over spending could prevent travel and purchasing goods outside your local area, causing significant issues for individuals.

One of the reasons I really don't like Bitcoin is because Bitcoin has become the currency of choice for espionage around the world. If you're a North Korean trying to recruit an American scientist, you're gonna pay them in Bitcoin. Well, if you're a Chinese person trying to report to American intelligence, you're probably also getting paid in Bitcoin.

The speaker expresses skepticism towards central bank digital currency (CBDC) and questions its purpose. They highlight that existing platforms like Venmo can already perform transactions efficiently. The speaker challenges the notion that CBDC would improve financial inclusion or cross-border remittances, and questions the lack of evidence supporting these claims. They also mention that CBDC could enable monitoring of transactions, imposition of negative interest rates, and direct taxation of customer accounts, which is why China might be interested. However, the speaker questions why the American people would support such measures.

The speaker claims the individual credited with inventing Bitcoin, Santoshi, denied creating the technology in an interview. The speaker suggests three-letter agencies are actually behind Bitcoin and cryptocurrency, giving it a false origin story of a rebel fighting the system. They question how Santoshi would have acquired the necessary technology and infrastructure, given the fate of historical figures who opposed the system. The speaker implies Bitcoin may have a backdoor and notes Google possesses decryption technology developed before the cryptocurrency boom, suggesting this is not coincidental.

We must not rely solely on central bank digital currencies because they could control and restrict our actions. Keeping cash is crucial to maintain privacy and freedom. It's concerning that politicians think they have the right to access all our information.

I am against SAB 121 because it discourages experienced players from custodying crypto, which is not investor-friendly. I support more people entering the custody space in an organized manner. Having experienced players from other industries join crypto is positive. Governments should not drive interested players away. More participants in custody and crypto would be beneficial.

I am against the U.S. Government issuing a digital currency directly to citizens. It would give the government too much power and control, potentially leading to the elimination of cash and complete control over our lives. I warned the people of Italy about this when they were considering vaccine passports and central bank digital currencies. In China, if you don't meet a certain social credit score, the government can restrict your spending abilities. They can limit your credit cards to only work at nearby grocery stores, preventing you from buying gasoline, traveling, or purchasing items and food from other parts of the country or abroad. This kind of government control is concerning and could lead to serious consequences for all of us.

Doge is effective at eliminating waste and fraud, which overwhelmingly originates from left-wing NGOs. These NGOs are funded and exploit loopholes, but Doge is preventing them from taking advantage. The biggest concern is that Doge will stop fraudulent entitlement payments, including Social Security, Medicare, unemployment, disability, Small Business Administration loans, from going to illegals. This is the core reason why people are against Doge.

The speaker expresses skepticism about the need for a Central Bank Digital Currency (CBDC). They question what problem a CBDC solves, as they can easily send money with Venmo. They dismiss the arguments of financial inclusion and cross-border remittances, asking for evidence to support these claims. The speaker acknowledges that China may have reasons to implement a CBDC, such as monitoring transactions, imposing negative interest rates, and directly taxing customer accounts. However, they question why the American people would be interested in a CBDC.

The speaker expresses skepticism towards central bank digital currency (CBDC) and questions its purpose. They highlight that existing platforms like Venmo can already perform financial transactions efficiently. The speaker challenges the notion that CBDC would improve financial inclusion or cross-border remittances, as there is no evidence to support these claims. They suggest that CBDC could be used by governments to monitor transactions, impose negative interest rates, or directly tax customer accounts, which is why China may be interested. However, the speaker questions why the American people would need CBDC.

Speaker 0: If you knew who was really behind Bitcoin, you would run as fast as you fucking could to sell it. I know. 100%. And when the real founder of Bitcoin comes out, it is my humble opinion and there's nothing humble about me. Bitcoin will go to fucking zero. One day. And microsecond.

There is a lot of optimism and political naivete surrounding Bitcoin, but it's important to understand the challenges it faces. The financial government complex will try to keep the technology at bay, but they won't completely kill it. They want people to see what they've done without causing too much disturbance. Their strategy is to throw little bits of sand in the engine of Bitcoin until it becomes too difficult and cumbersome for most people to use. Then they can dismiss it as an interesting idea that didn't work out as people wanted.

XRP is criticized as a scam that will deplete your wealth. Despite its current surge, it is believed to be a centralized system, which is why I dislike it.

The speaker strongly opposes cryptocurrencies like bitcoin, stating that their only real use is for criminals involved in drug trafficking, money laundering, and tax evasion. This is because cryptocurrencies offer some level of anonymity and allow for instant money transfers without going through established systems like know your customer protocols, sanctions, and OFAC. The speaker suggests that if they were in the government's position, they would shut down cryptocurrencies.

The main use of Bitcoin is mostly for underground economy activities if you're a criminal criminal. Useless as a payment mechanism and ridiculous as a store of valid Bitcoin is a bubble. Okay? Bitcoin is a bubble. Stupid enough to buy, you'll pay the price for it one day. Blockchain is real. It's a technology. Bitcoin's not a security. Reminds me of Oscar Wilde's definition of fox hobby, the pursuit of the uneatable by the unspeakable. You're gonna see the Bitcoin network go from a trillion dollar network to a 10 x that to a 100 x that, And there really is nowhere else to go. It is the apex property of the human race. Whoever gets the most bitcoin wins.

The speaker criticizes the idea of the digital ruble, dismissing claims that it will be voluntary and highlighting the Russian government's history of contradicting itself. They argue that the digital ruble is similar to other centralized digital currencies being developed by the EU and the US, controlled by the Russian Central Bank and obedient to the IMF. The speaker expresses concern about the potential for abuse and the creation of a control grid, where every aspect of people's lives will be monitored. They believe it is unacceptable for any government to introduce such a currency. The transcript ends with a question about the BRICS common currency.