3 votes

About Bitcoin

I don't know anything about bitcoin or how it works. I have tried to read stuff about it but have a hard time seeing exactly how virtual money works. Anyway, I read the article by Mike Adams that says that the Wallstreet rats are buying up the bitcoins to drive up the value only to crash it later and use that as an excuse to outlaw it. My question is, is there no way to make bitcoins available only to average people that make less than a certain amount of money so it can't be manipulated by rich rats that want to do away with it? I know, who would regulate it, is it right to regulate it, etc. But I mean, how do people fight this?




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Buy silver and gold, you actually need to physically mine it!

wrap your mind around that for a little...

Me Too

I've been confused about Bitcoin ever since I heard of it. At first I thought it was some sort of hard commodity because all the Ron Paul people were talking about it, so I figured there was precious metal involved. :)

Did some reading this week and I was confused about what gives it its value. Really, it's just consumer faith when you boil it down. Which doesn't make sense at first. Then you realize this identical to what gives money its value in the US monetary system as well.

If Bitcoin gets outlawed, we should outlaw dollars then, too, right? Right?

www.standardexcellence.net - Bringing you Oklahoma, Texas and national news & opinion that matters for liberty.

not all Ron Paul people...

it's fine and dandy to support the free markets but be cautious of what you are getting into...The golden rule in investing is if you cannot comprehend how the apparatus of a specific investment works don't play. That's how not to lose money.

This is identical to the precious metals market...

The solution s steady accumulation. I buy Bitcoin and precious metals regularly. The Price goes up, the price goes down. my holdings just go up.

www.SuccessCouncil.com
Protect your assets and profit from the greatest wealth transfer in history.

You fight it by not buying in..

I will not buy in to it.

There are better mechanisms to gamble with than bitcoins in my opinion.

If the kings of the world decide to turn the Internet off.. how exactly are bitcoins to be traded?

Who owns the licenses for ISP's? Governments..

I could go on, but why should I?

Ron Paul supporters should know better.. if they don't, they will learn by paying the price for their mistakes.

my2cents..

www.youtube.com/truefictions

I try to change people every day. Do You?

No, IMO it's better to

No, IMO it's better to support BC, but not own BC. You do this by buying and selling the very same day. That way, if it fails, it won't have any effect on your wealth, but you will still be able to profit from BC.

Because while I believe that there are certainly reasons to believe that BC will permanently tank one day, it IS a decentralized system and undermines banker monopolies. For that reason alone, it deserves our support. It's just that NOBODY and I say NOBODY should have their wealth stored in BC, unless they already bought into it very early.

Supporting a ponzi scheme can be lucrative no doubt..

It's just not my way. I vote with my wallet and these "folks" who are doing an amazing job marketing this BS to suckers will not get my support.

Note that I am not making any moral stand except in defense of my own wealth. Anyone is free to "invest" in these unique combinations of bits and bytes, I choose not to do it.

I almost feel obliged to buy in to at least one for the entertainment factor though, for reading all about it.. LMAO.

my2cents..

www.youtube.com/truefictions

I try to change people every day. Do You?

But that's the thing. I've

But that's the thing. I've looked into it and I can't say it resembles any ponzi scheme I've seen before. But whatever. The only way to know for sure is if you can actually read the code. As long as you don't do that, any speculation about it being a ponzi scheme is but a mere guess. If it's NOT a ponzi scheme, but a genuine challenge to monopoly currencies, that would change things.

$FRN is an unbacked paper fraud.

Will all the fraud monies fail at once?

Free includes debt-free!

Mike Adams is a charlatan.

That is the first problem here.

If Mike Adams knows as much about crypto-currency and finance as he does about medicine, he is the last person I would ever take advice from. He is far more interested in preaching sensationistic conspiracy theories than anything else. Just because he says things occasionally that overlap with libertarianism does not make him trustworthy.

In all likelihood...

the Banksters and/or the intelligence agencies (is there a difference?) have been running MtGox since the early days.

Adi Shamir, the co-creator of RSA encryption, did extensive analysis and noticed:

1) 70-80% of all bitcoins are owned by a handful of concerns (7 or 8 -- mostly exchanges -- additionally MtGox hosts 80% or so of all bitcoin traffic)

2) The majority of bitcoin transaction historically exhibit strange structured and related fork-remerge patterns that cannot be valid commerce or even valid speculation (other than racketeering style price manipulation)

http://www.loper-os.org/?p=1009

The fraud in the bitcoin system started early, remains endemic, and is sophisticated.

At the end of the day it is kind of silly to think that the Banksters would NOT be involved in bitcoin early and hard even if it is not their creation. Why would they not be? They are experts at sophisticated gaming of financial system and it would be like a fun and profitable toy for them (pump and dump repeatedly until the other players run home crying). And what would anybody do to them? Sue them? :p

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~wobbles but doesn't fall down~

wow

completely unsubstantiated tripe.

???

The Adi Shamir analysis is tripe? Or you are saying that the Banksters knowing about and sending in goons to manipulate the system is tripe (that's what they do)?

You do realize that intelligence agencies in both the US and Europe AND the Big Banks started doing analysis and research into bitcoin years ago? Much of it contracted out to universities and prominent technologists (such as Adi Shamir).

The Big Banks have the largest armies of networked financial transactions software and systems engineers anywhere in the universe! And the US military developed Tor and the US Dept provides about 90% of Tor's current funding.

You SERIOUSLY don't think they've been monkeying around and controlling bitcoin since early on??? ;)

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~wobbles but doesn't fall down~

Yes

the analysis is tripe.

There is no way to know "70-80% of all bitcoins are owned by a few interests."

With bitcoin all you can see is wallet addresses, and the coins in each address. There is no way to know who an address belongs to (unless they publish they own it), and one person can have multiple addresses. So while you can see every bitcoin in existence on the system there is no way to completely know who owns what.

Similarly, the statement about analyzing and finding transactions can't represent valid commerce is baloney too. I've personally paid for things like domain names and web hosting using bitcoins. That's real commerce.

Complete tripe.

There is a decades old...

technique called "temporal aggregation" that is highly refined and is used to correlate networked transactions. The wallet, that contains EVERY address of every bitcoin user and a record of EVERY TRANSACTION makes it even easier.

Using temporal analysis on the blockchain augmented by realtime monitoring of bitcoin transactions on Tor nodes, a Scottish University, funded by Citicorp, gleaned login id's, passwords and even home addresses.

http://anonymity-in-bitcoin.blogspot.com/

Your disdain of unpleasantness is causing you to deny the empirical evidence.

The US Military, the western intelligence agencies, and the Banksters of the West have the largest, highest paid armies of networked system and financial transaction system developers in the world! And they have not been sitting by the past few years ignoring bitcoin. They are on top of it. And it's not like those groups have not been TOTALLY FREE to set up mining ops, to purchase bitcoins, to bribe the owners of MtGox under threat of prosecution or worse if they don't play along, and to game the system since day one.

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~wobbles but doesn't fall down~

Yeah

whatever.

They have "the largest, highest paid armies of networked system etc." in the world and they still can't shut down Silk Road like Senator Charles Schumer asked the DOJ to do almost 2 years ago.

http://www.nbcnewyork.com/news/local/Schumer-Calls-on-Feds-t...

Why...

would the intelligence agencies and law enforcement shut down an intelligence gathering operation? I guarantee you many of the Silk Road sellers are government operations. That's the way they work. Intelligence agencies embed themselves in the systems they plan on prosecuting and shutting down for years and decades ahead of time.

Also, what do you think the the govt intelligence and federal law enforcement agencies has been doing in the past TWO YEARS since Schumer whined in Congress? Nothing? Not engaging themselves in or analyzing the bitcoin system at all? None of them have thought to buy bitcoins or set up mining ops? And not recruiting the finest technologists who will act as mercenaries for $$$ for them? And no Banksters have had the thought of making a killing they can't be prosecuted for? C'mon bro! ;)

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~wobbles but doesn't fall down~

Many

of the Silk Road sellers are govt. operations? So government agents are accepting bitcoins and mailing out crack to customers.

Okay. I know the govt does stupid illegal stuff, but, well, never mind.

US court records...

are chock full of DEA agents getting to the top of drug dealing ops all over the world and finding CIA agents running the show. The CIA tells the DEA people to go away and they are untouchable.

Great Britain used to run the global drug trade and they used it to rule entire nations. The US inherited it from Great Britain when their economy collapsed between the beginning of the 20th century and WW2.

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~wobbles but doesn't fall down~

You're asking

about volatility.

When the Bitcoin market grows large enough it will begin to stabilize more. I was around Bitcoin when you could crash the price, which was around $5-8, with about $10K using 8 to 1 leverage (or about $80K) on the forex trading site Bitcoinica (now closed).

You can't crash the price now with only $100K, because the market is so much larger. Bitcoin has a market cap now of over 1 billion dollars, so it takes many hundreds of thousands or more to really manipulate the price.

Volatility won't matter too much anyway because bitcoins can/will be used in the future as a transactional currency, where people only hold them a few seconds to do a transaction, then they are changed right back into something less volatile like USD, or, even better, gold.