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Bitcoin [BTC] proponent Tone Vays calls new Texas crypto bill ‘weird’

Akash Anand

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Bitcoin [BTC] proponent Tone Vays calls new Texas crypto bill 'weird'
Source: Pixabay

Bitcoin [BTC]’s rise and fall in the cryptocurrency market has also resulted in the other top coins witnessing a drop in market cap and volume. Despite the comments by critics and naysayers, the updates and developments from the cryptoverse have not stopped. In his latest video, Tone Vays, a popular Bitcoin proponent and trader, gave his comments along with a panel, on the latest crypto bill raised in Texas.

On March 11, Republican Phil Stephenson proposed a bill that, if approved, would require citizens to verify their identity to continue using digital assets. The bill stated:

“Crypto assets that allow the true identities of the sender and the receiver to be known before a person has access to another person’s digital wallet.”

In response to this, Vays stated that Texas is the first state in the United States to ban the anonymous transfer of cryptocurrencies. He claimed that there are certain things you can’t do because it is not possible. In his words:

“This entire bill is weird actually. On one hand, you have so-called socialist states like California promoting crypto while apparent anti-socialist states like Texas are banning Bitcoin and such transactions. Weird.”

To shed more light on the topic, one of the panelists, Stephen Palley, a lawyer at the Washington State legal team, stated that the issue with the bill was the propagation of the use of a heavy hand across many states. He commented that people who do not understand the technology are the ones who have made the bill and it is evident. Palley also said:



“This is something just like the Vermont Statuette, you cant really understand it. The good part is that it is still a bill and not a law. People should not freak out about every dumbass bill.”

The bill had drawn the ire of the cryptocurrency community when it was announced, as it contradicted the fundamentals of virtual assets which strive for ‘censorship resistance’. Drew Hinkes, a popular crypto enthusiast, and Adjunct Professor, tweeted:

“#Texas HB 4371 would require prior verification of #identity for any transaction paid for via #digital currency, only allow the state to operate with a verified identity digital currency, defined as one where identity if sender is known prior to transaction.”

The thread continued:

“This is the first bill of it’s kind. This would make illegal a transaction in any “digital currency” (as defined, not too bad) if the party accepting digital currency did not identify the buyer, and restrict the state from accepting digital currency unless it is. ‘verified identity digital currency,’ def. as “digital currency that allows the true identities of the sender & the receiver to be known before a person has access to another person’s digital wallet,”encourages state dept of banking, securities board and others to collaborate.”





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Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content

Priya

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Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content
Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency in the world has gained a lot of mainstream media attention over the years. However, most media houses have often failed to deliver the message to the masses, with the main reason being lack of research and knowledge of the subject. The cryptocurrency was thrown back into the spotlight after CBS released a teaser to their latest “60 Minutes” episode, unveiling a few influencers of the industry, speaking about their experience.

The episode, which released on 19 May 2019, immediately grabbed the attention of the cryptocurrency space, with a majority wondering whether the media channel would nail it or fail it. Interestingly, there was a poll conducted on Bitcoin Talk, where the question was ‘CBS 60 Minutes 5/19/19 on Bitcoin. Will it cause FOMO or FUD?’

Source: Bitcoin Talk

Source: Bitcoin Talk

60 Minutes, broadcast on the CBS Network is one of the oldest and most-watched American television programs, with the focus being “the real story on America’s most prevalent issues”. According to CBS, 60 Minutes has an average of 11.4 million viewers and about a million people who listen to its radio broadcast and podcast.

The show titled ‘Bitcoin’s Wild Ride’ aired hours ago, and covered the story of Charlie Shrem, the founder of BitInstant, Laszlo Hanyecz, the famous pizza guy who is recognized as the first person to make a real-world transaction with Bitcoin, and Marco Streng, the CEO of Genesis Mining. The segment also had Neha Narula, the Director of Digital Currency Initiative at MIT Media Lab, answering questions pertaining to the coin, and Lael Brainard, a member of the US Federal Reserve, speaking about why not Bitcoin.

The show was briefly explained by a Redditor, EternitySphere,

Source: Reddit

Source: Reddit

Unlike other mainstream Bitcoin segments, this segment was well-received by the Bitcoin community after a majority agreed that it did not spread FUD and that it was an unbiased episode, contrary to expectations. However, there were few concerns pertaining to a lack of content, with some believing that it failed to explain key information; which includes how it derives it value, albeit there was no FUD.



Franky1 commented on Bitcoin Talk,

“[…] next was the whole describing mining segment involving genesis mining.(facepalm) ASIC’s do not store records(asics have no hard drive).. so saying the mining done by genesis is the location where records are kept can be misguiding people to think genesis mining are ‘the bank’ and user software just ‘watches the numbers and letters'[…]”

Source: Reddit

Source: Reddit

Rdbase also remarked on the Bitcoin forum,

“The whole segment was about charlie shrem known as bitcoin moses and his fall into bad luck with taking a payment which was used to buy illegal things on the dark web. It did have some good points but overall it was just directed towards the public view about it. As a skeptical thing to use and banks were safer with its fiat financial system”





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