Feds Support Bitcoin - Price Soars

Discussion in 'Too Hot for Swamp Gas' started by G8trGr8t, Nov 19, 2013.

  1. G8trGr8t
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    G8trGr8t Premium Member

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    surprised. makes me wonder what their angle is. either NSA is tracking it all or they think it is a good way to hide their own actions. thoughts???

    http://online.wsj.com/news/articles/SB10001424052702304439804579205740125297358


    http://hackingdistributed.com/2013/11/19/why-da-man-loves-bitcoin/

  2. HallGator
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    Bitcoin is the payment choice of those who use programs to hijack files on computers and hold them for ransom.
  3. geauxgator1
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    geauxgator1 Well-Known Member

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    I thought they arrested the bitcoin people...
  4. G8trGr8t
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    then why are the feds supporting it???
  5. G8trGr8t
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    G8trGr8t Premium Member

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    they busted silk road which was one of the major black market exhange points for bitcoin

  6. HallGator
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    I don't know that Bitcoin is an illegal enterprise in itself. It's just hard to track and the choice of payment for illegal operations.
  7. orangeblueorangeblue
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    orangeblueorangeblue Well-Known Member

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    Because it has a lot of merit - guaranteed scarcity, anonymous transactions.

    These things are also what makes it appealing to criminals.
  8. G8trGr8t
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    odd that the government and the criminals find the same things appealing isn't it?? opposite sides of the same bitcoin?
  9. orangeblueorangeblue
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    orangeblueorangeblue Well-Known Member

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    I don't think the government finds it "appealing" per se, but they're being honest about its value as an exchange for work, particularly in global commerce.

    It's not really valid now because it's a speculative thing, but at some point it could be.

    I can't imagine the howling people who believe that currency must be backed by tangible, shiny goods will do when this stuff catches on.
  10. HallGator
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    I should have added that MoneyPak is also used as an exchange medium.
  11. G8trGr8t
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    is such a currency what will replace the $ as the world currency and what happens to demand and related value of $$ then?
  12. HallGator
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    That kind of speculation is above my pay grade and/or area of knowledge. Maybe some others will chime in on it.

    I will add, in order to clear things up, that I was doing some reading on a certain type of Malware and found out that Bitcoin is hard to use for a lot of people. Seems MoneyPak is what people prefer to use when paying ransoms to get their files unlocked.

    I just added a thread in Gator Bytes where this is discussed a little within the wider range of a malicious ransomware called CryptoLocker.

    It's here for anyone that may be interested.
  13. corpgator
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    corpgator Well-Known Member

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    Pyramid scheme. The first guys to mine them are now very rich.
  14. RealGatorFan
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    Actually, Bitcoin is the future. It might not be the future, but virtual currency will be the future. No borders, no printing, no entrenched fiat paper, easily exchangeable. It's being pushed by Asia as an alternative to the dollar. If it succeeds, and the Fed is really nervous about this, say goodbye to the Dollar as the world's reserve currency. With it goes the ability to print your way out too. The US Government is very concerned Bitcoin can succeed and yank their power along with it.
  15. geauxgator1
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    geauxgator1 Well-Known Member

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    Nice synopsis. This may kill the fed?
  16. demosthenes
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    demosthenes Well-Known Member

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    How is that a pyramid scheme?
  17. RealGatorFan
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    Here's an excerpt from a newsletter I get from a guy who is considered the Godfather of Expatriates. He has passports in over 3 dozen countries and spends all year going from one of the globe to the other looking for places people can start businesses.

  18. RealGatorFan
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    It could very well end the Fed and the EU, IMF, and the World Bank.
  19. geauxgator1
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    geauxgator1 Well-Known Member

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    Might be just what we need to get our financial house in order.
  20. corpgator
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    corpgator Well-Known Member

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    Because no one gets anything without others investing. The first guy convinces others to give to him, he gets rich, the next do the same and so on. The money has no intrinsic value aside from what others put into it.

    The US Dollar is backed by the US government and its value is in the labor that supports it. It is trending towards pyramid scheme territory too, but the first guys to mine bitcoins got money simply for being first. That's not the same as being first to invent something because they invented nothing.

    Someone will just make an alternate currency soon, and bitcoin will collapse:

    http://www.slate.com/articles/news_...heme_the_internet_currency_will_collapse.html

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