2 votes

Beginning of the End for Bitcoin?

Looks like Bitcoin won't be quite as anonymous as it once was. This development could seriously hamper the services that have recently developed to cater to Bitcoin users.

http://www.freebanking.org/2013/03/19/us-treasury-updates-bi...

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Thanks for providing more

Thanks for providing more evidence of how much of a jerk you are.

I've researched bitcoin for over a year and just recently got interested in it again. Yet still no one can explain how bitcoin is useful to people without electricity or the internet, or how to prevent a market from being cornered. But pretty much everyone admits that bitcoin is not really anonymous.

Fact is they can't. And certainly no one can explain how the current market actions are not creating a bubble, because, well, they are.

Now maybe I can get you to answer a personal question. Do you use bitcoins for purchases while the price increases 100% in the course of a month? Why or why not? Wouldn't it make more sense just to hold onto them if the market isn't going to crash?

So in a year, or should I

So in a year, or should I say, more recently, you asked your questions over at the main bitcoin forums, and nobody was able to answer you? I'd like to see your post proving that "Yet still no one can explain ..." have merit. Because you and I know how much you are pulling this out of your ass. And yes, I am a jerk to you. As I said(and apparently have to repeat myself) I have no obligation to be nice to an obvious troll.

Hey, I have my own concerns, should I ask you all of my questions on the Daily Paul, or should I actually go to the source(which is ready and available to anyone). Hmmmm? Internet fail. Obvious troll is obvious.

I'm sorry you seemed to have

I'm sorry you seemed to have the answers. I apologize for asking questions to which you obviously do not have the answer.

I'm sorry you couldn't back

I'm sorry you couldn't back your claims up. I guess you really didn't try to find the answers. A big pet peeve of mine, is when individuals try to coerce others into doing their homework for them.

Claims? I make no claims. I

Claims? I make no claims. I posited questions as to how Bitcoin would survive specific scenarios. You are the one that made claims. Claims that bitcoin can survive anything, that it is indestructible.

Why don't you backup your assertions. Or would you rather leave this questions unanswered for the DP community.

I'm just asking you your opinions. Seems you have none regarding the bitcoin bubble, the market being cornered, and wide spread internet outage.

So stop proclaiming bitcoin to be the end all be all. Be realistic about it.

Like I said, I'm not an enemy of bitcoin, I would use it, but I won't buy any knowing this bubble exists.

Do you not believe there is a bubble? Can you explain the price increases happening right now? Are you spending your bitcoins into this price rise?

The floor is yours, but you refuse to address the concerns.

I never though bitcoin was a ponzi scheme like others have, but given your reaction to any mention of possible flaws in bitcoin makes we wonder what kind of spell it has put you under.

OK simple question for you. I want YOUR personal opinion. Does bitcoin have any flaws? What are they? This is your chance to redeem yourself and not put the burden onto others. I'm asking YOU, directly.

Nerp...

My prior point still stands. Nice dodge on all accounts. I didn't make any such claims. But you claimed to have searched the net for answers, therefore I asked you to prove it. So please prove that you actually looked. Show me a post on the bitcointalk forums asking these questions that YOU want answers for. That would be proof that backs up your claims.

So I should take your silence

So I should take your silence to mean there are no flaws with bitcoin?

Bitcoin is perfect?

I'd like to know your opinion.

Maybe you've just been trolling me, acting like you know about bitcoin, when in reality your just trying to push people into it to support the price of your own wallet?

well

If you want my opinion, back your claims up. It's not too much to ask, as you DID make those claims, and not me acting utterly desperate and assuming you made those claims somehow.

Read the Scenarios

I didn't make any claims except for one, that bitcoin is in a bubble.

Why do I think that? Well because the chart looks just like it did back in June of 2011 when bitcoin crashed. History has a way of rhyming and I'm just making a guess about the future based on the past. We all do that everyday. You can tell me I'm wrong, you are allowed a different opinion, but so far you've refused to give your opinion of why it's not a bubble.

As for the other scenarios, You are way too quick to judge people's intentions. I posed scenarios that well, people who are hesitant to invest in bitcoins worry about.

What's wrong with that?

I posed scenarios that people are curious about and all you've done is berate me for posing them. Do you know how that makes bitcoin supporters look? It makes it look like you are avoiding, because, well, you are avoiding and instead choose to call me a troll for asking questions that thousands of people interested in bitcoin but a little scared of bitcoin ask.

It's simple. If you understand bitcoin, and you know why those scenarios don't pose any threat to bitcoin then explain it for everyone who might come across this thread. It should be easy for you to do. It would go a long way toward increasing peoples comfort level with bitcoin. The opportunity is yours, take it away.

I appreciate both sides of the story

Therefore I appreciate both the Pro-bitcoin, and anti-bitcoin folks being able to post and comment freely to each other. As for bitcoin, I don't know for sure but it seems neither necessarily good or necesarily bad right now. I like that it is not centrally controlled, but I do not see why the idea cannot be copied thus devaluing it. Then again even if there were many knock-offs eventually they would dwindle to only several that would survive. All-in-all i think it is a move in a good direction, but far too speculative for me to put any money into it right now, maybe after it pulls back, which I suspect it will do afte rthe recent parabolic move upward.

Josh Brueggen
Engineer
Entrepreneur
Gardener
Jack of all Trades
Precinct Commiteeman Precinct 5 Rock Island Co Illinois

upvote

well said

Agreed.

Why would any true lover of freedom choose to be against a new experiment in currency? Nothing is (and likely never will be) perfect. To me, it seems that with more diversity and experimentation comes an increase in the likelihood of establishing a strong and healthy structure. That's my perspective, others are free to choose their own.

You're not really a liberty supporter

if you hold dollars.

Garan's picture

Am I grasping this correctly?

Wouldn't this only negatively impact Americans?
If so, we would be slightly worse off compared to the rest of the world.

Also, assuming this is enforceable, it would only apply to people who exchange bit coins for dollars?

Is that the gist of it?

Regular BC users come off

Regular BC users come off lightly with this regulation. It's the American exchanges (and potentially the miners as well) that may have to pay up money to get money transmitter licenses in order to lawfully operate. These licenses cost ten thousands of dollars and you need to get a license for each state you plan to service.

It would significantly hike up the transaction costs for BC users that go to American exchanges in order to use their services.

Here's a link going at it in detail:

http://bitcoinmagazine.com/fincen-bitcoin-users-not-regulate...

egold vs. bitcoin

Years ago there was egold. Egold had a gold bank account and ATM system. The federal government shut them down because they were operating as unlicensed money exchangers. They seized the assets for a couple years before that too. Why is bitcoin different? Wont bitcoin dealers ultimately have to be licensed and regulated?

BitCoin is decentralized, as

BitCoin is decentralized, as well as designed for anonymity from tyrants. Anyhow, BitCoins are regulated by the market.

Wrong and wrong...

1) Bitcoin is decentralized - certain aspects of bitcoin are DISTRIBUTED but not decentralized. The code that manages the chain is designed by a central authority. The distributed processes must check back in with each for agreement. The use of the term "decentralized" is meant to imply "freedom" and "independence". This is absolutely not true.

2) Bitcoin is anonymous - absolutely not. Not even bitcoin developers claim it is anonymous. They say it is PSEUDO-anonymous. "Pseudo" means "not really".

The chain contains a unique address for every bitcoin account and a record of every transaction ever made. Although at first this may cause someone to go "Aha! they only know me by a number and not my name or address!", but the science of "temporal aggregation" of digital streams is well advanced by decades and in common use by law enforcement and intelligence agencies around the world.

Temporal aggregation correlates digital stream patterns over time to identify users and content. It has been proven by several groups that the names and physical addresses of bitcoin users can often be gleaned with little effort using temporal aggregation. See http://anonymity-in-bitcoin.blogspot.com/

Law enforcement agencies big and small all over the world long ago developed Tor tracing. Tor is the primary transport for bitcoin transactions. Tor is currently nearly solely funded by the US STATE DEPT and was developed by the US MILITARY.

The weight of the evidence points to bitcoin being designed specifically for tyrants to track it and its users...

.
~wobbles but doesn't fall down~

Where are the victims

and how have they suffered from using this tool of the tyrants? Is there really any evidence or are your statements closer to projections? Maybe you have an opinion and you've looked out onto the chaos information and found evidence to support your views? No worries. We all do it whether knowingly or not. Though, I am curious as to why you seem so passionately anti-bitcoin, are you a big sports fan?

Other than...

implying that I have mental, emotional and social problems do you have any comments on the technical nature of my comments?

All of my comments were purely technical statements. :)

.
~wobbles but doesn't fall down~

You

say your statements are purely technical, but I don't think you are being objective. Your emotions rise to the surface exposing what seems to me to be an irrational negativity toward bitcoin. Do you believe that your mind contains ALL of the information? I've attempted to offer some questions to you in order to perhaps point your attention toward other possibilities. I don't wish to control your beliefs. You are free to conduct yourself as you please. Maybe I'm trying to remind you that it isn't necessary to back yourself into the corner of "knowing."

I feel good about you, weebles. I've bumped into you a few times on here. I recognize your patterns. And no, I have not implied that you have mental, emotional, or social problems. I've only pointed to the difficult and tricky territory that every human is subject to.

Yeah man old news...

Of course governments will try to regulate it and or monitor it.

GOOD LUCK!!!

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

This is actually a good thing

Regardless of what laws they pass, bitcoin is going to be around for a long time. Since it is truly a peer to peer currency, nothing is to stop two people meeting in person to trade bitcoins.

The fact that they have been forced to acknowledge its existence means that more and more people are becoming aware of it and seem to like the idea.

The truth of the matter is, the exchanges are already complying with most of these rules.

What I really see is a desperate establishment system trying to control yet another aspect of your life; your money. They would destroy bitcoin tommorow if they could, but they CANT... so they have to try and regulate it out of existence, which by bitcoins very design cannot happen.

If I were you I'd be long and bullish on bitcoin atm..