7 ms·

Senate Rejects Revised Crypto Tax Provisions in Infrastructure Bill

13 points by donsupreme 5y ago

Flatcircle 5y ago
It's so confusing to understand what this means exactly, you'd think the market of crypto would crash on this news, and if anything, it went up a little right after the news broke? A great example of how hard it is to trade.
- cdiddy2 5y ago
  Bitcoin is down 3% and dropping since it was rejected. Could get worse over time
  - paul_f 5y ago
    If I were you, I'd quickly go to cash. However, a run on crypto exchanges would get real ugly, real fast.
- rvz 5y ago
  > A great example of how hard it is to trade. The way to win at this game... ...Is to not play it at all; especially during the hype. Even at this time since 'anything' can happen. Too many things in the crypto industry is already happening which could move the markets either way. So sit back, relax, and watch the chaos and hype die away, with out any emotion, then jump back in.
- anyfoo 5y ago
  Crypto markets are not exactly known for being rational.
  - cblconfederate 5y ago
    as opposed to other rational markets
    - anyfoo 5y ago
      There is certainly a gradient.
      - cblconfederate 5y ago
        not sure really. crypto markets dont seem to have been less rational than other markets in recent years.
- deleted 5y ago
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- deleted 5y ago
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donmcronald 5y ago
> Instead, Sen. Richard Shelby (R-AL) tried to piggyback consideration of his own amendment, which would have added $50 billion in military spending, to the crypto amendment. Sen. Toomey, who had risen to ask the room for unanimous consent, allowed it, but Sen. Bernie Sanders (I-VT) would not. Sen. Shelby then killed the cryptocurrency amendment. So he kills the amendment because he didn't get his $50 billion? Just ignore the crypto end of it and tell me how crazy that is. Wow!
- PenguinCoder 5y ago
  Glad for Sen. Sanders standing up to this kind of pork bullshit. Bills should be different for each reason/topic and stand or fall on their own merits. Tired of this bullshit that allows for "give my state/corp sponsor a tax break with this bill too, or else".
nonameiguess 5y ago
> The amendment failed after Senator Richard Shelby attempted to tack on $50 billion in military infrastructure spending to it. Having no idea who this guy is and looking him up, he's apparently 87 years old, used to be a Democrat known for working with Reagan to get huge defense bills passed, decided he was now a Republican after Newt Gingrich's Republican Revolution against Clinton, he's leaked classified information to Fox News when he was on the Senate Intelligence Committee and the Justice Department decided to not prosecute so the Senate could police its own, but they did nothing, he once held up court appointments until Obama agreed to fund the Stratotanker, he has apparently paid himself and his wife fractional millions from his PAC and somehow hasn't been arrested for that, he once sponsored a bill that would have made it a crime punishable by 20 years in prison to boycott Israel. He sounds like absolutely everything wrong with the US Senate. Look. I honestly can't stand cryptocurrency. I think much of the scene is everything wrong with get rich quick technobabble hype hijacking of what should have been legitimately useful ideas. But this was a totally commonsense amendment that somehow got scuttled by a near 90 year-old who almost certainly has no idea what the bill is about and doesn't care, but he exists for the sole purpose of funneling defense money to Huntsville and needed his cut, and he probably should have been in prison decades ago but instead he's making laws. Makes it feel like our country is being run by the Mafia.
- deleted 5y ago
  [deleted]
- uncoder0 5y ago
  Not to come off ageist but(famous last words), making a decision that impacts the lives of 330m people when you're 40's, 50's even 60's is a lot different than at 87. At the more advanced age you don't really have to live with the consequences of your decisions and the people effected by them for very long. Feels like misaligned incentives.
  - paul_f 5y ago
    LOL. What happened to the wisdom of age? We live in a representative democracy. If the people of Alabama want to elect him, his age no business of yours, he has a vote.

13 points by donsupreme 5y ago

It's so confusing to understand what this means exactly, you'd think the market of crypto would crash on this news, and if anything, it went up a little right after the news broke? A great example of how hard it is to trade.

cdiddy2 5y ago
Bitcoin is down 3% and dropping since it was rejected. Could get worse over time
- paul_f 5y ago
  If I were you, I'd quickly go to cash. However, a run on crypto exchanges would get real ugly, real fast.
rvz 5y ago
> A great example of how hard it is to trade. The way to win at this game... ...Is to not play it at all; especially during the hype. Even at this time since 'anything' can happen. Too many things in the crypto industry is already happening which could move the markets either way. So sit back, relax, and watch the chaos and hype die away, with out any emotion, then jump back in.
anyfoo 5y ago
Crypto markets are not exactly known for being rational.
- cblconfederate 5y ago
  as opposed to other rational markets
  - anyfoo 5y ago
    There is certainly a gradient.
    - cblconfederate 5y ago
      not sure really. crypto markets dont seem to have been less rational than other markets in recent years.
deleted 5y ago
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deleted 5y ago
[deleted]

donmcronald 5y ago

> Instead, Sen. Richard Shelby (R-AL) tried to piggyback consideration of his own amendment, which would have added $50 billion in military spending, to the crypto amendment. Sen. Toomey, who had risen to ask the room for unanimous consent, allowed it, but Sen. Bernie Sanders (I-VT) would not. Sen. Shelby then killed the cryptocurrency amendment. So he kills the amendment because he didn't get his $50 billion? Just ignore the crypto end of it and tell me how crazy that is. Wow!

PenguinCoder 5y ago
Glad for Sen. Sanders standing up to this kind of pork bullshit. Bills should be different for each reason/topic and stand or fall on their own merits. Tired of this bullshit that allows for "give my state/corp sponsor a tax break with this bill too, or else".

nonameiguess 5y ago

> The amendment failed after Senator Richard Shelby attempted to tack on $50 billion in military infrastructure spending to it. Having no idea who this guy is and looking him up, he's apparently 87 years old, used to be a Democrat known for working with Reagan to get huge defense bills passed, decided he was now a Republican after Newt Gingrich's Republican Revolution against Clinton, he's leaked classified information to Fox News when he was on the Senate Intelligence Committee and the Justice Department decided to not prosecute so the Senate could police its own, but they did nothing, he once held up court appointments until Obama agreed to fund the Stratotanker, he has apparently paid himself and his wife fractional millions from his PAC and somehow hasn't been arrested for that, he once sponsored a bill that would have made it a crime punishable by 20 years in prison to boycott Israel. He sounds like absolutely everything wrong with the US Senate. Look. I honestly can't stand cryptocurrency. I think much of the scene is everything wrong with get rich quick technobabble hype hijacking of what should have been legitimately useful ideas. But this was a totally commonsense amendment that somehow got scuttled by a near 90 year-old who almost certainly has no idea what the bill is about and doesn't care, but he exists for the sole purpose of funneling defense money to Huntsville and needed his cut, and he probably should have been in prison decades ago but instead he's making laws. Makes it feel like our country is being run by the Mafia.

deleted 5y ago
[deleted]
uncoder0 5y ago
Not to come off ageist but(famous last words), making a decision that impacts the lives of 330m people when you're 40's, 50's even 60's is a lot different than at 87. At the more advanced age you don't really have to live with the consequences of your decisions and the people effected by them for very long. Feels like misaligned incentives.
- paul_f 5y ago
  LOL. What happened to the wisdom of age? We live in a representative democracy. If the people of Alabama want to elect him, his age no business of yours, he has a vote.