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WV Senator Calls For Ban On All Unregulated Cryptocurrencies

Posted by timothy on from the and-you-can't-trade-with-your-neighbors-either dept.

An anonymous reader writes "Sen. Joe Manchin of West Virginia, a member of the Senate Banking Committee, has called for for heavily regulation of Bitcoin. Reached for comment, his staff confirmed Manchin is seeking a 'ban' that would apply to any cryptocurrency that's both anonymous and unregulated."

1 of 240 comments (clear)

  1. Re:Phew! Thank goodness Bitcoin is not anonymous by LordLucless · · Score: 4, Informative

    Then using a credit card is anonymous too. Until someone decides to trace back the transaction, and subpoena VISA for evidence of a connection to a person. There is no real technical difference between a VISA card number, and a Bitcoin wallet id - just that generally, VISA requires you to tell them who you are when you create an account. But that's not a technical feature of the payment system, just of the rules VISA happens to place around it.

    Bitcoin is pseudonymous - all transactions are tied to a publicly-visible unique identifier. If it was anonymous (like cash is) then transactions would be tied to nothing identifiable.

    --
    Just because you're paranoid doesn't mean there isn't an invisible demon about to eat your face