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Kablooie

(19,107 posts)
Mon Jul 25, 2022, 10:57 PM Jul 2022

Texas GOP Seeks to Enshrine Cryptocurrency in the State's Constitution

The Texas GOP seeks to enshrine cryptocurrency in the state's constitution. The state is already an important cryptocurrency mining hub, and Republican officials are poised to try and capitalize on that momentum.

The Texas GOP platform calls for the state’s Bill of Rights to include a clause allowing citizens to own, hold, and use whatever medium of exchange they choose, including digital currency, according to Coindesk. “The right of the people to own, hold and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency or scrip, when trading and contracting for goods and services shall not be infringed,” begins the clause Texas Republicans would like to see added to the state's Bill of Rights.

“No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency,” the platform continues. “Explicit protections [are needed] for the natural right of Texans to keep and exchange and store their wealth in the mediums of exchange of [their] choice.”

Many Republican officials in the state want Texas to solidify its status as a cryptocurrency hub, despite concerns from some lawmakers that the industry could overwhelm an already overburdened power grid. “I would like to see Texas become the center of the universe for bitcoin and crypto,” U.S. Sen. Ted Cruz (R-Texas) said at the Texas Blockchain Summit last October in Austin.

https://www.tesmanian.com/blogs/tesmanian-blog/texas-gop-seeks-to-enshrine-cryptocurrency-in-the-state-constitution
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WTF ????

What's this all about? The only thing I know it that it's bad for the country because Republicans want it.


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Texas GOP Seeks to Enshrine Cryptocurrency in the State's Constitution (Original Post) Kablooie Jul 2022 OP
O, Great. Do we have to bail them out when it goes bust? Deuxcents Jul 2022 #1
Bring on the pesos! Lol LeftInTX Jul 2022 #2
Stupid amendment. roamer65 Jul 2022 #3
And there's the problem this "solution" is looking for gratuitous Jul 2022 #17
Please proceed, this couldn't possibly go wrong? Brainfodder Jul 2022 #4
Dumber than Louie Gohmert HelpImSurrounded Jul 2022 #5
State sponsored pyramid schemes. SergeStorms Jul 2022 #6
"and use a mutually agreed upon medium of exchange"... It's called barter. keithbvadu2 Jul 2022 #7
Some folks in TX are about to get robbed. Bristlecone Jul 2022 #8
Some hard Right folks in TX are going to get robbed. As Martha S. used to say "it's a good thing!" machoneman Jul 2022 #13
Ok prodigitalson Jul 2022 #9
I love your proposed economy! SergeStorms Jul 2022 #11
will i be required to accept bitcoin as legal tender or as wages? rampartc Jul 2022 #10
It's another direct attack on Federal authority nuxvomica Jul 2022 #12
Yes. Stick it to the libs and the Federal Gov. Watch: they will mandate business accept bitcoin. machoneman Jul 2022 #14
They also love it because mining for bitcoin requires alot Ilsa Jul 2022 #15
So everyone can just invent their own money now? Awesome. Bartering, here we come Lettuce Be Jul 2022 #16
And then the Texas power grid failed... Again. BlueIdaho Jul 2022 #18
Bringing back the barter system In It to Win It Jul 2022 #19
It's fool's gold! And it's worse for the environment than actual paper money is. Initech Jul 2022 #20

roamer65

(37,953 posts)
3. Stupid amendment.
Mon Jul 25, 2022, 11:12 PM
Jul 2022

People already have the right to own them, but businesses will have the right to refuse all of them except the United States dollar. It is the only one with true legal tender status in TX.

gratuitous

(82,849 posts)
17. And there's the problem this "solution" is looking for
Tue Jul 26, 2022, 11:14 AM
Jul 2022

Despite the language of the proposed amendment, that parties would "use a mutually agreed upon medium of exchange," you can damn betcha that the next step will be that anyone who doesn't agree to deal in the various iterations of vaporcoin will be subject to a higher tax rate, or forced to deal in it, or be labeled an America-hating commie, or worse.

The grift is forging ahead at breakneck speed to ensnare every last available sucker.

Brainfodder

(7,781 posts)
4. Please proceed, this couldn't possibly go wrong?
Mon Jul 25, 2022, 11:16 PM
Jul 2022

Protecting the people of Texas is none of my fucking business! I stay out of yours, you stay out of mine, I thought that was common sense and practically THE LAW OF THE LAND?

*Well besides high gas and would now cost $400 each way in just gas, and that is a big HELL NO!

Good luck ya'll may need it, sooner rather than later?



Drought and heat, damn we all got some serious issues.

Arctic shelf melting was indicator I was watching, so I am less surprised than most, maybe?



These leaders must not give a shit about anyone else, even their families, because you can have tons of money, but if not livable, you dead, they dead, all dead, value be gone, and you just as dead and death is broke AF.

HelpImSurrounded

(560 posts)
5. Dumber than Louie Gohmert
Mon Jul 25, 2022, 11:23 PM
Jul 2022

Sure, Tx economy is all about generating energy, now let's waste it on crypto mining while our citizens die from exposure when the grid fails again.

I can't wait for the final crypto crash

SergeStorms

(20,591 posts)
6. State sponsored pyramid schemes.
Mon Jul 25, 2022, 11:26 PM
Jul 2022

Crypto-currencies were invented by "anarchists" (who have no idea what anarchy actually is) as a way to avoid paying taxes and keep the government from knowing how much money you have. Of course they want the use of everything tax dollars pay for in their "anarchist" utopia.

This entire movement is going to crumble one day when the inventor(s) of the "block chain" (which can never be destroyed as long as one computer is up and running, right? ) cleans everyone out using a backdoor he/they installed.

People are so freaking gullible. 🙄

But you go ahead, Texas. You're smarter than everyone else in the world combined.

keithbvadu2

(40,915 posts)
7. "and use a mutually agreed upon medium of exchange"... It's called barter.
Tue Jul 26, 2022, 12:05 AM
Jul 2022

What about taxes such as sales and income?

machoneman

(4,128 posts)
13. Some hard Right folks in TX are going to get robbed. As Martha S. used to say "it's a good thing!"
Tue Jul 26, 2022, 08:40 AM
Jul 2022

SergeStorms

(20,591 posts)
11. I love your proposed economy!
Tue Jul 26, 2022, 08:15 AM
Jul 2022

You have a very bright future in economics, prodigitalson.

Of course no one will ever get up off the couch, but what a peaceful world it will be.

rampartc

(5,835 posts)
10. will i be required to accept bitcoin as legal tender or as wages?
Tue Jul 26, 2022, 03:01 AM
Jul 2022

do you know how much electricity is required to mine that stuff? bitcoin is killing the planet.

nuxvomica

(14,092 posts)
12. It's another direct attack on Federal authority
Tue Jul 26, 2022, 08:24 AM
Jul 2022

This time, it's control of the money supply. Besides being an ecological hazard, crypto is an attack on every nations' sovereignty.

machoneman

(4,128 posts)
14. Yes. Stick it to the libs and the Federal Gov. Watch: they will mandate business accept bitcoin.
Tue Jul 26, 2022, 08:43 AM
Jul 2022

News flash: they won't as it's near worthless. Banks won't touch it nor will mortgage companies, utilities and local governments.

Ilsa

(64,371 posts)
15. They also love it because mining for bitcoin requires alot
Tue Jul 26, 2022, 09:27 AM
Jul 2022

of electricity to support and cool the computers.

I won't touch cryptocurrency. I might regret it in five years, but it seems very risky.

Lettuce Be

(2,355 posts)
16. So everyone can just invent their own money now? Awesome. Bartering, here we come
Tue Jul 26, 2022, 11:06 AM
Jul 2022

Hard to tax all these new "currencies" but doubt they've thought that far ahead.

BlueIdaho

(13,582 posts)
18. And then the Texas power grid failed... Again.
Tue Jul 26, 2022, 11:24 AM
Jul 2022

Farming Crypto is hazardous to your air conditioning.

Initech

(108,783 posts)
20. It's fool's gold! And it's worse for the environment than actual paper money is.
Tue Jul 26, 2022, 11:49 AM
Jul 2022

Oh wait, it's the Texas GOP. They have the wrong answer to everything.

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