12 votes

U.S. Government Shuts Down Bitcoin "Mint"

This guy was making physical Bitcoins and was shut down for "transmitting money"
http://www.wired.com/wiredenterprise/2013/12/casascius/




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This is BS by the DOJ and

This is BS by the DOJ and Dept of Treasury. If we allow this to continue then we all -BitCoin supporters and BitCoin detractors- will be in for a world of hurt. Whether we support BitCoin on not we all have a stake in the outcome of this.

I personally do not like BitCoin, but if the USG can just make-up rules as they go along without even a whimper from us -limited to no government supports- we would have sealed our own fates to that of subjugation. Limiting our options, for bringing about a small to no government solution, to be a Revolution.

Your title is confusing. You

Your title is confusing. You might want to change it a bit. "Shutdowns" is plural. You want "shuts down". I thought your post was about multiple government shutdowns.

Thank you

it's been corrected

Please subscribe to smaulgld.com

I Hope They Don't Find Out

I hope they don't find out I sold my Zorkmid on eBay. (It had a better claim to "money" than FRN's, as a store of value.)

What do you think? http://consequeries.com/

maybe Smaulgld should get a job as a Chinese or US regulator

He sides with governments that are trying to shut down free exchange.

The Red Coats are coming!

Smaulgld is a bitcoin troll

Smaulgld sells gold and silver through his website. Buyer beware. He is only touting his own interest.

The Red Coats are coming!

Similiar to a credit card...

Can one create a bitcoin wallet, that is scannable within a coin like this? The coin would be worth...1 bitcoin! We could have trade able physical coins, because lets face it, there are too many people out there that just won't be in the bitcoin movement.

I guess the problem would be, if one were to receive the physical bitcoin, (as crazy as that sounds) one with savvy could remove the value from it by depleting a percentage of the bitcoin wallet stored within the physical coin. Unless a central agency took the "control" of each of the encryption codes for the "wallet" of each coin (Maybe like the fed!, just kidding) The value of the coin would remain (because it is within in it), but a central agency would hold the password or encryption key to each coin. It's like a truly redeemable coin, the value is within, it's just untouchable. You can verify it's value, you just can't move it. Like GOLD! Scary power right, that central agency with the encryption codes?

The parallels to a central bank are incredible. It makes you realize just how advanced and well planned these guys were/are. They do this everyday and have been doing it since the 1600's. If those codes have some sort of constitution guaranteeing they won't be depleted, and then, the codes could be stored in a well protected facility (like fort knox), would be good, right? Has fort knox been tampered with? Are we being lied to about the value of our gold? I'm wandering if there is a way to cross check the value of each coin to ensure it's value is still contained within it.

Anyone with saavy of Bitcoin chime in, but, this is an interesting thought trail. It's like a currency whose value is completely market driven (at least the best we could hope for), and at least now each coin could be traced, contain value that is real, and one that is not centrally planned. Thoughts? Would you buy one?

***Edit additional paragraph

One could have a "bitbank" of sorts that would convert your bitcard into cash or whatever currency you want. That bank has maybe some codes, or a partial code, or some allowance to trade the coins/cards for value. You could have denominations 1, 5, 10 bit cards. Once again, the value is verifiable with a scanner, the "wallet" just can't be moved.

What happens if the card is destroyed, like paper money. What happens if gold is destroyed, or somehow taken out of the system. I'm thinking in this case it would probably more manageable in an electronic system vs a physical one (similar to today). Your trust is not only in the full faith and credit of the people using bitcards, you can actually verify it's value, on the spot. Also, an algorithm I'm sure exists to average damage of cards. A slush factor could be added in to ensure redeem-ability is always guaranteed.

Does the government even have

Does the government even have a definition of money at this point?
What a circus.

Southern Agrarian