There has been a HUGE news out today about a money laundering bust which is beside the point.
But there are some massive warning signs that you should take seriously. When you see Post, NYtime, USATODAY etc etc. (conventional Washington wisdom) are talking about the same thing it is usually because there is a leak directed by the administration to them, but obv there is also a great connection with the news in this case. This is how government usually prepare the ground work for actions that are about to follow in the future. It might take 1-5 years. But I have a great feeling that they are coming for Bitcoins.
I have not ever dealt with Bitcoin and I was always very skeptical. The way I personally interpret the law, I believe Bitcoins are illegal and they are just like printing your own money out of nothing and calling it "a currency." But also it is very obv that very very shady stuff can happen with BitCoins. So take this with a grain of salt.
Article I, section 8, clause 5 of the United States Constitution delegates to Congress the power to coin money and to regulate the value thereof. This power was delegated to Congress in order to establish and preserve a uniform standard of value and to insure a singular monetary system for all purchases and debts in the United States, public and private. Along with the power to coin money, Congress has the concurrent power to restrain the circulation of money which is not issued under its own authority in order to protect and preserve the constitutional currency for the benefit of all citizens of the nation. It is a violation of federal law for individuals, such as von NotHaus, or organizations, such as NORFED, to create private coin or currency systems to compete with the official coinage and currency of the United States.
Yea mainstream news will try and demonize Bitcoins as much as possible to the public eye.
Nice little doc about bitcoins in Argentina i watched, dude to forbes news actually.
I wish one of your guys had children if I could kick them in the fucking head or stomp on their testicles so you can feel my pain because thats the pain I have waking up everyday -- Mike Tyson
On April 16 2011 02:54 Arirang wrote:
You know, this bitcoin thing may become something really incredible as years to come. But right now, it feels like fantasy money, like rupees. I'm also interested to know how it would grow to compete in a commercial setting. It seems that bitcoin is very ... uh.. "for the people" kind of thing. My question is, can the gov't and banks make money off of this new currency in some shape or form.. because the introduction of bitcoins sounds like it's going to hurt a lot of ways businesses make money (like transfer fees and such).
1 rupee isn't worth 220 euros, a swedish guy (was it ?) bought 5000 BTs a couple of years back, the value had increased to 600k (real euros not virtual) when he sold them. Bitcoin is kind of an experiment, based on people using it, which means it should be considered as an investment and like investments, the market can go up (as it did for the last couple of years) or it can go down (when people stop using it which will trigger a devaluation of its value). If i could make a jump back in time I'd load myself with Bitcoins and I'd probably be typing this in my brand new 1 mirrion dollars home now ...
Some people said it was a ponzi scheme, which is not entirely false, the whole system is based on more people joining/using it thus increasing the value of bitcoins as a currency.
edit: didn't pay attention to the fact that it was an old thread which was unburried, anyway the last part stands true
On November 13 2013 10:09 Achoo wrote:Some people said it was a ponzi scheme, which is not entirely false, the whole system is based on more people joining/using it thus increasing the value of bitcoins as a currency.
Just to clarify, bitcoin price going up is indeed "based on more people joining/using it", however system itself won't implode, just because there is no more people joining. And that stands for pretty much any asset on Earth: gold, water, real estate, you name it.
Last edit: 13/11/2013 14:34
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Gnarly United States. Nov 13 2013 15:30. Posts 1723
I don't know... something is weird about bitcoins. Part of me think that the smart money is trying to make bitcoins so expensive, it's only for those with money. Kinda like the DJI.
Whos buying up this shit? Or is it the same guys pumping up the price?
So sick genjix gave me 5 btc long ago just to test it
Anyway im done with get rich quick thoughts. Lol
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