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RE: USA wants.. Travelers to Declare Bitcoin at the Border!
This is an absolutely ridiculous bill. I hope they make some bills to give people financial freedom. Guess who HIRES these senators into office.
Well, if you look at the bright side, immigration police now have to learn about bitcoin and cryptocurrencies :)
LOL. There is going to be a steep learning curve to this...which is my main reason these dinosaurs will never effectively regulate it.
I fully agree, they can't even get the "old school" method of pen & paper to PC to work, how are they going to check crypto currencies which is based on algorithms that the normal person can't understand? This is just another form of control that they want to implement, but they don't realize that it's not something that can be controlled by a simple policy or law.
the danger is not now the danger is in the future, if you ever come under gov scrutiny or run for public office and they start digging into your past, and them viola they can say he you left the country in 2017 with your phone(nobody is going to leave the country without it) and you had 50k in crypto so now we can do a civil assets forefiture and you are screwed , thats how they work and that is their ultimate goal, resistance is futile.
They can pull a civil assets forfeiture for you running a red light. Lots of cases of this happening. Crypto is just another excuse. You could spit on the sidewalk in Oklahoma and the cops could take your car, house and anything else they wanted. There are over 4 million laws in this country. Breaking any of the least of them can and will result in civil asset forfeiture if they decide to go after you or me. Being involved in Crypto doesn't give them anymore of an excuse than they have already. Just My Honest Opinion.
are you from oklahoma
That's right , this is not going to effect everyday life unless they decide they want some leverage on you later. Better safe than sorry , you could send the bitcoin to a friend in the country you are visiting ahead of time.
How would they even know how to check your balance ?
Wallets are encrypted or protected and no matter what you answer, it would be almost impossible for them to confirm
If you use Coinbase or if you use any crypto debit card there is a link to your identity and they are tracking every transaction the same as if you were using a bank account. This is true even if you are not a U.S. citizen. The IRS has already gained access to all transactions on Coinbase from the past 3 years.
Also most cryptos are not anonymous and can be traced including steem.
If they can check Coinbase for your Bitcoins then it would be bad for Coin base as it would be better for people not to have an account there. I don't think the US government can check all the bitcoin exchanges. Only US based ones like Coin base
dinosaurs is Right, Didn't one of the top players in the political game have major issues with a simple email.....ha ..maybe BlockChain will even speed up the removal of the old heads for these reasons.
ROFL, steep learning curve, that's an understatement!
^One hundred percent yes!
If they ask for help just tell them "Git good" bruh
this is nothing but another media campaign. they don't really have the resources to regulate cryptos.
There is no way they can trace what you have...
So either they don't know that yet
or they're trying to scare the people who don't understand
into thinking their crypto can be traced.
That is going to be wrong in many cases, crypto is not anonymous. Anybody that has ever cashed crypto for fiat using an exchange or a debit card is being tracked.
When its cashed in they can track it, when its crypto they can't.
The IRS has already gained access to every transaction on Coinbase
this does not stop more money from fleeing USD into cryptocurrency every day, or at all diminish the gargantuan untapped market that exists for crypto. the US govt is a complete disaster politically and effectively, even worse on the "underbelly" from what can be gleaned. they can't stop the crypto revolution, meanwhile the rest of the world abandons the US petrodollar as the global standard and humanity enters a new age of economics. when they limit their citizens abilities to use crypto, those who understand the "why" will adopt even faster.
agree with you, followed ;)))
I truly hope you are right!
I agree with you but, the mild threat is still a threat... In time they (the feds) will be better informed, and smarter about how they go about trying to keep tabs on whom has what...
It is hard enough explaining the chip on a credit card. Where do you begin with bitcoin??
Bitcoin is omnipresent and therefore maybe not real and therefore you can say you do not have any because you cannot have something that is everywhere
I upvoted your message ... I believe you are right. You only claim what you are bringing with you. It my friend is not with you. Do the rich claim their bank accounts that the US has no jurisdiction over. The bankers do NOT regulate bit coin. Do you concur @kingscrown?
exactly
Makes sense.
You are right , its basically like forcing you to declare your bank account balance.
I agree with you too, but that argument wouldn't hold up in court if you somehow did get caught holding BTC.
Isn't it by fact money that you don't really own? It's virtual. At the time you have these numbers "related" (and nothing more) to your "account" there is no real, existing value in your possession. You only REALLY have any capital, if your transact into mainstream currency.
It's like charging you at the air port for holding microsoft stocks.
Or am I missing something? I don't think it suceeds.
Crypto is definitely an asset that you own and is regulated either as a commodity or as a currency depending on where you live. But you are correct that it is ridiculous and similar to asking you your bank account balance.
there is no bright side if we have to declare crypto assets to a central authority, that's bizarre
Seems like regulators are always on the defensive. They cannot stop innovation from happening.
check out what GDAX coinbase is doing about that crash!!
https://steemit.com/gdax/@austinsandersco/gdax-reversing-margin-calls
yeah, +1 follower ;))
They will most likely get it wrong :/
i sure hope so
True Dat!
ya, but they are all so tied into the "system" I am certain they will be good employees of the state and do their utmost best at smashing anyone who believes in Bitcoin or other cryptos
@codebreader, Good time to spread more in public...let police explain what it is..in case public asks ...LOL
This is just silly... How could they find who is not declaring their holdings? Pretty tricky I think to regulate...
But oh well... America is the land of prohibition.
Lets see how this unfolds
this bill is nothing but a weak PR campaign. intelligent crypto users will not be intimidated by it. this is the same media spin that has been blowing up in their faces lately with everything, and citizens are waking up. it will only spur more crypto adoption.
In reality, there is no way they can enforce this bill! Just another piece of government propaganda!!
They can. You already have to say what Facebook etc. accounts you have (You, because terrorist always state their attacks weeks before on facebook), so other accoutns are not that different.
+1
It can't possibly be enforced.
This sort of thing is just growing pains while the world adapts to these currencies.
Non western countries are handeling this situation way better, instead of trying enforce something they can't control.
the problem is its just another tool to separate you from wealth, if they decide to mess with you and , lets say you traveled outside of the US two years ago and you had 50.000 in crypto at the time and you took your phone, computer, or whatever with you anything that would give you access to your accounts, they go back 2 years see that you didnt declare anything and bam civil assets forfeiture and now you are broke.
That's assuming that you have only the same devices that you started out with. You could easily use other devices while you're away and rid yourself of them before you return. After all access is private.
but if down the road you come under some type of gov scrutiny and they discover you were out of the country in the past and you had over 10.000 in crypto they can seize all of your assets and you are screwed.
You are right, this will not effect most people but if they decide they want to nail you for some reason they have this at their disposal.
Plus jail time,
Be careful what you put in your brain wallet...extraction could get messy in a back room at the border or airport...FEMA camp?
Indeed. That's what they do.
Another Bill created by Gov Mafia , but there is always a way to go around it...
Communists and Globalists are trying to get their hands on cryotos...something that they can't control or put a tax on...hmmm looks like a war on Cryptos begin
Did you ever notice that when a politician does get an idea he usually gets it all wrong.
-Don Marquis-
Grassley with fake Clinton smile like snake
Haha...good one
Blame your President, of course!!
This is quite very serious. Is it possible to declear such? The is a need for goverment to learn more about how the crypto world works.
hahahahaha. So true. So damn true!
I don't know how many people get the pic, but think it's funny as hell.
Oh shit, he has a Commodore 128!
I'd rather avoid US and still make money on bitcoins :)
This is ridiculous!!! I'm screaming like a little girl!
I even made $80 on 1 comment recently!
This shows how much they are technologically behind!
Let's just stop the internet and go living nomadic lifestyle. That will certainly help humankind..
Agree @joseph things are getting unreal...
I can't agree more. How they will be able to confirm if I will say I have 2BTC? Are they going to check my "Wallet".
Interesting to watch this law if they will pass.
Follow me @yehey
Thank you.
government is not suppose to see any of our money in the first place not to mention Bitcoin
You are not supposed to use any government provided services - streets, lights, police, fire fighters, food security - in the first place!
Which they could somehow check your wallet or make them reveal how much a client has will put them out of business. From everyone leaving their company and they ain't going to allow that to happen.
It has already happened to Coinbase.
@yehey, yeah exactly how they will know and assure that everyone will declare cryptocurrency that is crazy, I rather not intering US, there's a lot more beautiful country than US.
The next step will be them asking for your wallet adress. Not that that will help them in any way but they don't know that yet.