Current Events > New infrastructure bill is basically going to heavily regulate crypto in the US

(+) Yeah! (+)

https://decrypt.co/77841/biden-crypto-infrastructure-bill-amendments

The real kicker? An amendment was added to protect proof-of-work systems, the literal outdated form of crypto that includes mining and has an extreme negative impact on the environment.

Instead, they are choosing to tax proof-of-stake systems, that work as a zero net energy solution.

Literally forcing people in crypto to adapt to more harmful solutions to the environment. Good fucking job Congress.

Nice.

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HagenEx posted...

Nice.

Nice? Why do you say nice? This bill is literally going to cause more harm to the environment.

Anthony_Rizzo posted...

Nice? Why do you say nice? This bill is literally going to cause more harm to the environment.

We're all gonna die before any real "harm" we caused to the planet bites us in the ass.

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HagenEx posted...

We're all gonna die before any real "harm" we caused to the planet bites us in the ass.

What about future generations?

Isn't mining a much slower and more expensive process that requires significant spending on infrastructure for good ROI? Doesn't seem rational to get all butthurt about taxes and regulation just to go back to that

Oh no, not the cryptos! Those poor crypto miners! Won't someone think of them!?

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treewojima posted...

Isn't mining a much slower and more expensive process that requires significant spending on infrastructure for good ROI? Doesn't seem rational to get all butthurt about taxes and regulation just to go back to that

You'd think that with the added caveat of destroying the environment, the democrats would be all in favor of using this new gold mine of money to actually fund this country's infrastructure.

Instead, they are going after the system that has lead so many people out of poverty within the past 4 years.

Southernfatman posted...

Oh no, not the cryptos! Those poor crypto miners! Won't someone think of them!?

Re-read what I said. The crypto miners are the ones being protected. They will not have to pay taxes.

Anthony_Rizzo posted...

What about future generations?

Im talking about humankind. A mass extinction will happen eventually, and there's nothing we can do.

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HagenEx posted...

Im talking about humankind. A mass extinction will happen eventually, and there's nothing we can do.

It will happen a lot quicker based off the damage we are doing to our own environment.

Anthony_Rizzo posted...

Re-read what I said. The crypto miners are the ones being protected. They will not have to pay taxes.

Yeah, I read that wrong and am dumb. :(

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What makes crypto great is it's unregulated...wait a second ..

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Does the US even mine that much crypto? Everyone always talks about overseas having taken it up in recent years.

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Jiek_Fafn posted...

Does the US even mine that much crypto? Everyone always talks about overseas having taken it up in recent years.

There's been an influx of miners that have moved to places like New Hampshire after China banned mining.

Anthony_Rizzo posted...

Instead, they are going after the system that has lead so many people out of poverty within the past 4 years.

this is a statement

treewojima posted...

this is a statement

Proof of stake systems comprise the majority of DeFi. Retail investors and struggling independents have successfully gotten out of debt and made something of themselves because of it.

Proof of work systems rewards corporations, and are backed by tokens that are predominantly controlled by Wall Street.

oh my god the poor crypto miners whatever will they do

this is long overdue btw, crypto has been a vehicle for shady shit for too long

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Doom_Art posted...

oh my god the poor crypto miners whatever will they do

this is long overdue btw, crypto has been a vehicle for shady shit for too long

Anthony_Rizzo posted...

Re-read what I said. The crypto miners are the ones being protected. They will not have to pay taxes.

Why do people try so hard to save a planet that tries to kill us? The oceans drown us, the deserts dehydrate us, the tundra freezes us. If you try to leave the planet your head explodes. Earth is basically a dictator.

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Anthony_Rizzo posted...

Instead, they are going after the system that has lead so many people out of poverty within the past 4 years.

Also lol

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Doom_Art posted...

Also lol

Anthony_Rizzo posted...

Proof of stake systems comprise the majority of DeFi. Retail investors and struggling independents have successfully gotten out of debt and made something of themselves because of it.

Proof of work systems rewards corporations, and are backed by tokens that are predominantly controlled by Wall Street.

It's just cringe to hype up crypto as some great equalizer miracle pulling the lower classes out of poverty lol

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no, i'm saying it's a stretch to say that any form of crypto has lifted "many people out of poverty", given that: you need a computer w/ internet access, initial investment and banking ability to actually turn that into usable cash, the free time to daytrade given its volatility, and the ability to absorb the loss. it's similar to saying poor people should just invest in the stock market

then again, bootstraps and such

Put the landlords in to do a better job. Have pitbulls run the police situation

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Doom_Art posted...

It's just cringe to hype up crypto as some great equalizer miracle pulling the lower classes out of poverty lol

You have refused to read anything I said three times now.

Stop concern trolling.

treewojima posted...

no, i'm saying it's a stretch to say that any form of crypto has lifted "many people out of poverty", given that: you need a computer w/ internet access, initial investment and banking ability to actually turn that into usable cash, the free time to daytrade given its volatility, and the ability to absorb the loss. it's similar to saying poor people should just invest in the stock market

then again, bootstraps and such

People have lifted themselves out of poverty with a smart phone and $200 thanks to DeFi.

cryptocurrency should be outlawed whole sale. its counterfeit

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Mr Hangman posted...

Without going into the weeds on cryptocurrency, regulations like this obviously have no place in an infrastructure bill. It's completely unrelated.

Any tax laws related to cryptocurrency should be limited in scope to conversions back to dollars. Until there's actually significant economic activity happening solely through cryptocurrency, better to stay out of it as it's an immature technology that's changing fast.

There needs to be a constitutional amendment prohibiting bills that contain hidden amendments that have nothing to do with the principle of the bill.

hsvhighlife posted...

cryptocurrency should be outlawed whole sale. its counterfeit

Fislat is counterfeit

try not to make the trolling so obvious next time, bruh, it makes people lose interest

Fiat*

treewojima posted...

try not to make the trolling so obvious next time, bruh, it makes people lose interest

Ah yes, deflect to calling me a troll when you have no idea what you're talking about.

Anthony_Rizzo posted...

they are going after the system that has lead so many people out of poverty within the past 4 years.

Thats why.

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Tbh seems like bad regulations made by people that don't understand what they're regulating. As per usual.
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Anthony_Rizzo posted...

You have refused to read anything I said three times now.

Stop concern trolling.

Pot meet kettle
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Just remember more people lost money on crypto than gained

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User Info: Anthony_Rizzo
New User
User Since: Aug 2021
Karma: 4
Active Posts: 130

the whole bill is going to be nothing more than rich getting richer. fraud and deception. It doesn't matter if you vote R or D none of them give a fuck about any of us.

Biden also told everyone taxes only go up for the rich. Guess what that means? They tax the big corps more, and then you end up paying more for their products. LOL. As someone with a brain it sounds to me like the only one paying more and getting taxed at the end of the day is the lower/middle class consumer. Taxes are and will continue to skyrocket for the lower/middle class, they just hope everyone's too dumbed down to not realize it.

Sorry, plenty of us out there with good brain function.

sktgamer_13dude posted...

Pot meet kettle

Okay, explain?

And he was never seen from again

treewojima posted...

User Info: Anthony_Rizzo
New User
User Since: Aug 2021
Karma: 4
Active Posts: 130

Pretty sure its a Kanjo alt.

Just another garden variety troll who doesnt get enough attention on the dying sports boards so he has to go to the social boards to get his attention fix.
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Just by skimming it seems like a move from the financial industry to protect or enhance their early steps into bitcoin. Goes to show that btc can easily become illegal if large financial institutions belive it will hurt their profits. Because Crypto is so poorly understood, most legislation on it will be from lobbyists attempting to rig the game for their profits.

That being said, riders are just part of how US politics work, partly because the system is designed to be so inefficient.

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Care to keep to the topic?

Proof that your legislators pass laws on things they know absolutely nothing about, all the time.

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Smashingpmkns posted...

Tbh seems like bad regulations made by people that don't understand what they're regulating. As per usual.

oh don't get me wrong, it's not appropriate legislation, esp in an infrastructure bill. we shouldn't be striving to make everything omnibus, it's fucking stupid trying to lump "gotcha" riders on

but the premise and intent as posed by TC? that ain't it, chief

shiby with it posted...

Proof that your legislators pass laws on things they know absolutely nothing about, all the time.

Well yeah they just do whatever their donors want

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I like how the people who haven't read anything in this topic and have peak shitposted are the same people who blindly pledge allegiance to corporate neoliberals like Biden and Pelosi, the very same ones that are refusing to read enough about the shit they are regulating to realize they're passing a bill that gives miners a free pass to wreck the environment.

Anthony_Rizzo posted...

Stop concern trolling.

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Just destroy crypto. Literally destroying the planet for super imaginary tokens.

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