Bitcoin gets the FBI, Homeland treatment

[ZombieApocolypse]

I havent really been following this whole "Bitcoin" thing, nor do i really understand it (virtual currency?).
LOL@ "it also warns that its "near anonymous and decentralized nature has also attracted criminals who value few things more than being allowed to operate in the shadows"."

Bitcoin gets the FBI, Homeland treatment

 

[HeadlessRoland]

Whether you like or utilize BitCoin - or not - it's too late to stop it now.

Too many people have bought into it already, are already transacting business in it, and aside from the cash-in/cash-out (and this can be worked around via 'mining' for BitCoin) it's actual currency according to Austrian principles of economy. It's electronic and thus susceptible to certain kinds of attacks, but it's really not different from having imaginary numbers on a bank server.
Transactions are confirmed via the blockchain, and online transactions are confirmed via banks. Not much difference.

It will be especially difficult to stop considering that the darknets have been utilizing BitCoin 'laundries' to obscure the sources and destinations of BitCoin gained via unsavory or even illegal activities.

Even if the LOLBRBFBI manages to effectively crack down on BitCoin like legal authorities the world over cracked down on TPB, et. al., there are still yet other alternatives: LiteCoin comes to mind. The time is come for alternative currencies. They truly are a disruptive technology, and barring technical errors, I think they'll continue to grow in adoption with more and more people utilizing them to transact business. I won't, and probably won't for some time, but there exist multitudes who use these methods of payment precisely to circumvent conventional credit-card processors/banks/paypal/etc. and there's no way they're going away anytime soon.

 

[buckstopshere]

I'm sure this has been passed around on INGO already but, dang, it's always great to see someone tell congress to their faces they're thieves....Rob Gray AOCS

http://youtu.be/14fl2hVHI7Q

 

[HeadlessRoland]

Rob Gray is going to be found dead somewhere.
He owes far too many people far too much money.
I'll be very surprised if Republic Metals sticks to a 'legal' process and decides not to dip into 'extralegal' means.
Also serves as a potent reminder never to go full Kokesh.

 

[Jomibe]

Just another scam that someone somewhere is benefiting from. In the end, a bunch of saps will be out some money and there will be a bunch of youtube videos and forum posts crying about it.

I'll keep my greenbacks.

 

[HeadlessRoland]

Just another scam that someone somewhere is benefiting from. In the end, a bunch of saps will be out some money and there will be a bunch of youtube videos and forum posts crying about it.

I'll keep my greenbacks.

To be fair, it's ALL a scam.
BitCoin and modern banking.

If you happen to dispute the bank about the imaginary numbers stored on their server, good luck to you trying to get them to replenish your imaginary number back to where it should be. Especially with wire transfers or direct deposits. God forbid the bank server and its backup get fried. Then prove you had ANY money in the bank beyond what your checkbook says. Even that might not get it back. It's all a scam. Soon they're coming for your 401(k) and Roth IRAs and they'll get every last red cent. Look at Cyprus. They were going to loot the whole thing and then licked their chops a little and calmed themselves down and limited it to 40% of the excess over 100,000 euros. But they could have nabbed the whole enchilada of national deposits and neither the national government nor banks of Cyprus would have done a damn thing to stop it. They didn't, after all, stop the toned-down looting and pillaging and theft of people's bank accounts, why would they stop it if it were on a larger scale? It's all a scam.

Fiat and electronics are not to be trusted: too much can go wrong with them at any time.

 

[BogWalker]

BitCoin isn't the first virtual currency. It certainly has been profitable for some, but I see it falling apart eventually. If people choose to invest their money in it that is their choice.

One could just as easily use baseball cards for currency.

 

[deal me in]

Just another scam that someone somewhere is benefiting from. In the end, a bunch of saps will be out some money and there will be a bunch of youtube videos and forum posts crying about it.

I'll keep my greenbacks.

You don't think "greenbacks" are a scam that someone, somewhere is benefiting from? I'll give a hint. It's the people who create money out of thin air and the people that newly create money is transferred to. I'm not endorsing Bitcoin here, just pointing out that it can't possibly be worse than greenbacks at this point.

 

[HeadlessRoland]

BitCoin is Declared Legitimate Currency, Bloomberg Establishes Ticker Symbol (XBT), NY Subpoenas Everyone

 

[BogWalker]

BitCoin is Declared Legitimate Currency, Bloomberg Establishes Ticker Symbol (XBT), NY Subpoenas Everyone

Government wants to get their cut?

 

[HeadlessRoland]

Government wants to get their cut?

More like government wants to stomp its boot on the competition in the name of decency and the children.