Looks like the banks have given their minions at the US Treasury...

[Sean]

...their orders to protect the cartel.
http://www.newscientist.com/article...ate-bitcoin-currency-at-its-alltime-high.html

 

[trysail]

It's always fascinating to observe someone who doesn't have the foggiest idea in hell what they're talking about.


The opportunity for fraud is so massive that every two-bit con man with any knowledge of the web will be drawn to it. The credulous and the gullible are easy marks.

 

[JohnnySavage]

I'll stick with my Linden dollars!

 

[Wat_Tyler]

I'd say it looks more like the Treasury wants its cut . . .


and that the op doesn't have a dog in this scrap.

 

[kbate]

I'll stick with barter, gold, silver and horse trading. BitCoin trading is fraught with peril.

I've always wanted to have a place to use the phrase "fraught with peril", so thanks for this thread Sean.

 

[Sean]

I'll stick with barter, gold, silver and horse trading. BitCoin trading is fraught with peril.

I've always wanted to have a place to use the phrase "fraught with peril", so thanks for this thread Sean.

There has only been one recorded exploit since its inception, and they jumped on that pretty quickly. You're far more likely to be passed a dodgy ten dollar bill in your change.

 

[kbate]

There has only been one recorded exploit since its inception, and they jumped on that pretty quickly. You're far more likely to be passed a dodgy ten dollar bill in your change.

mmh huh.

how about when a 'software glitch' dropped the value by 25% instantly - two weeks ago? That makes investing in Cyprus appear as a bargain.

 

[Sean]

mmh huh.

how about when a 'software glitch' dropped the value by 25% instantly - two weeks ago? That makes investing in Cyprus appear as a bargain.

And it recovered within two hours. And it can't happen again. Victim of its own success in that case.

 

[RobDownSouth]

It's always fascinating to observe someone who doesn't have the foggiest idea in hell what they're talking about.

^^^the gold standard for lack of self-awareness.

 

[Desiremakesmeweak]

At the same time, I can see how the OP can have reached the position of thinking that governments are not playing things entirely straight these days...

There is probably a better way of opening the mind of those who would love to believe in salvation appearing via something like BitCoin, because frankly, I have to agree with the second poster that BitCoin represents a number of risks to participants. Yes, it's perfectly true that there is a world of modern-era people who deal in a cyber exchange of value, some of which constitutes a form of money. And yes, 'regulation' by people who can't even regulate themselves is a touch hard to take.

But BitCoin is a flawed process as far as being a type of money goes, and I personally think the reason younger people think that it is not flawed is partly because they earnestly want something like BitCoin to exist, and because they also want to have a powerful ownership claim over anything cyber-anything!

BitCoin is wa-a-ay too convoluted to really stay very long as a type of money. Indeed young people themselves are wa-a-a-y too complicated to even stay very long as 'young people;' they grow up and become old soon enough, even though they think it will never happen. It does happen.

The funny thing about money is that you can't force it 'to be so.' Governments try to, young people try to, even the developers of BitCoin also try to. 'Make' it so.

Things change, times change, and people change.

Money never does.

 

[koalabear]

^^^the gold standard for lack of self-awareness.

^^^the gold standard for lack of personal responsibility.

 

[BotanyBoy]

I'd say it looks more like the Treasury wants its cut.

^ this...

If it were not money being exchanged without their getting a cut each time there wouldn't be a word mentioned about it.....zero fucks would be given across the board.

 

[cjh]

I've read read an explanation of how the regs are supposed to apply to Bitcoin and concluded that I'm better served simply stuffing my money under my mattress.

The regs are ostensibly intended to prevent money laundering and to make transactions more traceable. That does not bother me.

 

[JohnnySavage]

^ this...

If it were not money being exchanged without their getting a cut each time there wouldn't be a word mentioned about it.....zero fucks would be given across the board.

The treasury gets a cut each time currency is exchanged? Color me surprised.

 

[islandman]

Bitcoin isn't money, it's an investment vehicle and an unregulated one at that. That's why its exchange rate jumped on the news of a Cyprus default, why it can drop double-digit percentages in a matter of hours - aka, a 'currency' flash-crash - and why its exchange rate is all over the map.

Most importantly, it's not liquid enough to serve as a currency. Not yet, in any case.

Finally, just like any currency - virtual or otherwise - it is subject to counterfeiting. Only difference is that whereas paper currency takes time and effort, Bitcoins can be counterfeited with little more than a few hijacked servers.

 

[KingOrfeo]

Does anyone really give a rat's ass about this?

 

[koalabear]

Sounds a lot like Carbon Credits.

 

[BotanyBoy]

The treasury gets a cut each time currency is exchanged? Color me surprised.

So if they don't get anything out of it why do you suppose they are soooo fucking concerned about possible money laundering going on?

They wouldn't have ANY interest in making sure people pay their taxes to the point you will serve a lesser sentence for child molestation than tax evasion would they???

I wonder why they are even bothering with this since they couldn't possibly have any interest in the gov (and thus their bank) having more money... I mean what the fuck would they ever want more money for? That's just crazy talk!!

Dumbass....

 

[islandman]

Does anyone really give a rat's ass about this?

Anyone who doesn't think that the government should regulate and tax everything that moves does.

 

[BotanyBoy]

Anyone who doesn't think that the government should regulate and tax everything that moves does.

Explaining KO's question....

 

[KingOrfeo]

Anyone who doesn't think that the government should regulate and tax everything that moves does.

That's quite a lot of people. Of course, those who think government should not regulate money are a small, cranky and irrelevant subset of that group.

 

[BotanyBoy]

That's quite a lot of people. Of course, those who think government should not regulate money are a small, cranky and irrelevant subset of that group.

They are small but considering they are the richest/most powerful individuals on the planet I would hardly consider them irrelevant....put the kool-aid down derpina.... psychosis is setting in.

 

[John Doe]

That's quite a lot of people. Of course, those who think government should not regulate money are a small, cranky and irrelevant subset of that group.

Who said anything about money?

 

[HAL_9000]

I think bit coins might work if they gave you some type of physical item to prove ownership.

Some type of paper note, for instance.

 

[Sean]

I think bit coins might work if they gave you some type of physical item to prove ownership.

Some type of paper note, for instance.

Some miners do actually issue notes.