{"id":390232,"date":"2019-07-17T20:00:59","date_gmt":"2019-07-17T20:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=390232"},"modified":"2019-07-17T19:11:45","modified_gmt":"2019-07-17T19:11:45","slug":"us-congressman-you-cant-kill-bitcoin-libra-and-others-trying-to-mimic","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/us-congressman-you-cant-kill-bitcoin-libra-and-others-trying-to-mimic\/","title":{"rendered":"US Congressman: You Can\u2019t Kill Bitcoin, Libra And Others Trying to Mimic"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">All eyes are on <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, Facebook\u2019s Libra, and the entire cryptocurrency market this week, following a tweet from the United States President Donald Trump, a Senate hearing on<a href=\"\/tag\/libra\" rel=\"nofollow\"> Libra<\/a>, and an abundance of financial industry chatter as the crypto market takes its first steps towards serious regulation and legitimacy.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But before it happens, Bitcoin still has growing pains to go through. The asset has been performing well since it\u2019s bear market bottom, but the sudden fear over the coming regulation has caused the entire market to panic and a sell off has begun. However, one United States Congressman offers some reassurance to Bitcoin investors: \u201cthere\u2019s no capacity to kill Bitcoin.\u201d<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">U.S. State House Representative Patrick McHenry: You Can\u2019t Kill Bitcoin <\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">The talk across the financial space and corporate world is currently about Facebook, Mark Zuckerberg, and the corporation\u2019s plans to launch its own digital currency called Libra. The company has formed a consortium with other major corporations to launch what they envision to be the future of money: a fiat-backed cryptocurrency in the vein of Bitcoin, but with additional controls and centralization &#8211; the complete opposite of what Bitcoin stands for.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/16\/facebook-libra-distrust-crypto\/\">The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The emergence of Facebook Libra has brought a nasty rain cloud over the crypto industry that had just shed its \u201ccrypto winter.\u201d Now, as another storm is on the horizon, many are preparing for the worst &#8211; such as the destruction of Bitcoin and cryptocurrencies.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But Bitcoin cannot be killed, according to North Carolina House Representative Patrick McHenry, who defended the first ever cryptocurrency on a segment of the CNBC\u2019s Squawk Box says that he thinks \u201cthere\u2019s no capacity to kill Bitcoin.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&quot;I think there&#39;s no capacity to kill bitcoin&quot; says <a href=\"https:\/\/twitter.com\/PatrickMcHenry?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@PatrickMcHenry<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#btc<\/a> <a href=\"https:\/\/t.co\/DY70tx2TvV\" rel=\"nofollow\">pic.twitter.com\/DY70tx2TvV<\/a><\/p>\n<p>&mdash; Squawk Box (@SquawkCNBC) <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/82216194?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 17, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cI think there\u2019s no capacity to kill Bitcoin. Even the Chinese with their firewall and extreme intervention in their society could not kill Bitcoin,\u201d he added.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The comment was made in response to <a href=\"https:\/\/www.cnbc.com\/josh-lipton\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">CNBC technology correspondent Josh Lipton<\/a> who had asked the politician if regulators like himself would \u201callow the emergence of these new types of currencies if they don\u2019t look a lot like the regulations and guardrails we currently have around fiat currency and money.\u201d<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Altcoins Are Not As Safe From Regulation or Destruction<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">McHenry believes that as a first mover in the space, and because Bitcoin\u2019s distributed ledger it\u2019s decentralized, it cannot be stopped, as its creator had intended.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">As for altcoins, the policy maker says that \u201cnew iterations of\u201d Bitcoin are trying to \u201cmimic it,\u201d but because they aren\u2019t fully open source or completely decentralized, there\u2019s \u201cmechanism\u201d to destroy or control them that just don\u2019t exist in altcoins.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/16\/bitcoin-blasts-below-10k-following-senate-hearing-on-facebook-crypto\/\">Bitcoin Blasts Below $10K, Following Senate Hearing on Facebook Crypto\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Lipton poses the example of what if \u201cCoinbase cannot accept money from a US citizen,\u201d suggesting such regulation would be incredibly harmful for Bitcoin.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cI\u2019m not saying you you will shut down Bitcoin, it will exist somewhere, and be sort of in a dark web kinda situation, but it would effectively make it difficult for the mainstream to use it.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">McHentry argues that it isn\u2019t yet mainstream, and that even if <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> may be forced to live in the \u201cshadows,\u201d it\u2019ll live on. He added that it\u2019s something that people once \u201cgave away fro free\u201d and now it\u2019s worth nearly $10,000 per coin and something that companies like Facebook and others are trying to \u201cmimic.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All eyes are on Bitcoin, Facebook\u2019s Libra, and the entire cryptocurrency market this week, following a tweet from the United States President Donald Trump, a Senate hearing on Libra, and an abundance of financial industry chatter as the crypto market takes its first steps towards serious regulation and legitimacy. But before it happens, Bitcoin still has growing pains to go through. The asset has been performing well since it\u2019s bear market bottom, but the sudden fear over the coming regulation has caused the entire market to panic and a sell off has begun. However, one United States Congressman offers some reassurance to Bitcoin investors: \u201cthere\u2019s no capacity to kill Bitcoin.\u201d U.S. State House Representative Patrick McHenry: You Can\u2019t Kill Bitcoin The talk across the financial space and corporate world is currently about Facebook, Mark Zuckerberg, and the corporation\u2019s plans to launch its own digital currency called Libra. The company has formed a consortium with other major corporations to launch what they envision to be the future of money: a fiat-backed cryptocurrency in the vein of Bitcoin, but with additional controls and centralization &#8211; the complete opposite of what Bitcoin stands for. Related Reading | The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto\u00a0 The emergence of Facebook Libra has brought a nasty rain cloud over the crypto industry that had just shed its \u201ccrypto winter.\u201d Now, as another storm is on the horizon, many are preparing for the worst &#8211; such as the destruction of Bitcoin and cryptocurrencies. But Bitcoin cannot be killed, according to North Carolina House Representative Patrick McHenry, who defended the first ever cryptocurrency on a segment of the CNBC\u2019s Squawk Box says that he thinks \u201cthere\u2019s no capacity to kill Bitcoin.\u201d &quot;I think there&#39;s no capacity to kill bitcoin&quot; says @PatrickMcHenry #btc pic.twitter.com\/DY70tx2TvV &mdash; Squawk Box (@SquawkCNBC) July 17, 2019 \u201cI think there\u2019s no capacity to kill Bitcoin. Even the Chinese with their firewall and extreme intervention in their society could not kill Bitcoin,\u201d he added. The comment was made in response to CNBC technology correspondent Josh Lipton who had asked the politician if regulators like himself would \u201callow the emergence of these new types of currencies if they don\u2019t look a lot like the regulations and guardrails we currently have around fiat currency and money.\u201d Altcoins Are Not As Safe From Regulation or Destruction McHenry believes that as a first mover in the space, and because Bitcoin\u2019s distributed ledger it\u2019s decentralized, it cannot be stopped, as its creator had intended. As for altcoins, the policy maker says that \u201cnew iterations of\u201d Bitcoin are trying to \u201cmimic it,\u201d but because they aren\u2019t fully open source or completely decentralized, there\u2019s \u201cmechanism\u201d to destroy or control them that just don\u2019t exist in altcoins. Related Reading | Bitcoin Blasts Below $10K, Following Senate Hearing on Facebook Crypto\u00a0 Lipton poses the example of what if \u201cCoinbase cannot accept money from a US citizen,\u201d suggesting such regulation would be incredibly harmful for Bitcoin. \u201cI\u2019m not saying you you will shut down Bitcoin, it will exist somewhere, and be sort of in a dark web kinda situation, but it would effectively make it difficult for the mainstream to use it. McHentry argues that it isn\u2019t yet mainstream, and that even if Bitcoin may be forced to live in the \u201cshadows,\u201d it\u2019ll live on. He added that it\u2019s something that people once \u201cgave away fro free\u201d and now it\u2019s worth nearly $10,000 per coin and something that companies like Facebook and others are trying to \u201cmimic.\u201d<\/p>\n","protected":false},"author":517,"featured_media":390233,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,2752,3631,4287],"class_list":["post-390232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-libra","tag-regulation","tag-united-states"],"acf":[],"yoast_head":"\n<title>US Congressman: You Can\u2019t Kill Bitcoin, Libra And Others Trying to Mimic<\/title>\n<meta name=\"description\" content=\"All eyes are on Bitcoin, Facebook\u2019s Libra, and the entire cryptocurrency market this week, following a tweet from the United States President Donald\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/us-congressman-you-cant-kill-bitcoin-libra-and-others-trying-to-mimic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Congressman: You Can\u2019t Kill Bitcoin, Libra And Others Trying to Mimic\" \/>\n<meta property=\"og:description\" content=\"All eyes are on Bitcoin, Facebook\u2019s Libra, and the entire cryptocurrency market this week, following a tweet from the United States President Donald\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/us-congressman-you-cant-kill-bitcoin-libra-and-others-trying-to-mimic\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-17T20:00:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-17T19:11:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/bitcoin-crypto-libra-shutterstock_1322134658.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5184\" \/>\n\t<meta property=\"og:image:height\" content=\"3456\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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