Bitcoin: The fastest growing currency in the world

[drgrey]

The people behind Bitcoin speak to the Guardian's James Ball at their home in a squat in central London.

http://www.guardian.co.uk/technology/video/2013/mar/22/bitcoin-currency-video

 

[DreamZ55]

Very interesting...great post!

 

[johname]

Dont be holding a big bag when the bitcoin bubble burst

 

[Ronald Regging]

Bitcoin will dry up as soon as the governments get involved. It's already a major target on the radar of the Feds and likely the government of Cyprus and the whole Euro Zone who wish to prevent a mass exodus of wealth being transferred out of the Euro. They may not be able to regulate the currency itself, but they'll regulate every business that interacts with the currency... Then, the currency seizes to be anonymous and has nothing unique to offer and goes back into the obscure hole it crawled out of. Don't get me wrong, I love the idea of Bitcoin, but like everything good in the world, the governments will destroy it.

 

[south]

Bitcoin success attracts hacking, phishing, and fraud

http://news.netcraft.com/archives/2...cess-attracts-hacking-phishing-and-fraud.html

 

[Ronald Regging]

Bitcoin success attracts hacking, phishing, and fraud

http://news.netcraft.com/archives/2...cess-attracts-hacking-phishing-and-fraud.html

Which, is the precursor to regulation! I'd be surprised if the hackers weren't the Feds...

 

[ngenme]

I do not think government can topple this one. It's like fighing a fight. We got an awesome soldier here. And here we are pessimistically say look the enemy is going to win and beat us up anyway.

No they won't. They can't. We can keep supporting those soldiers and win this war against tyranny.

 

[Ronald Regging]

I do not think government can topple this one. It's like fighing a fight. We got an awesome soldier here. And here we are pessimistically say look the enemy is going to win and beat us up anyway.

No they won't. They can't. We can keep supporting those soldiers and win this war against tyranny.

It's not pessimism, it's reality. The fact is, you've already lost. MtGox claims that as of July 2011, they handle over 80% of all Bitcoin trade. That's 80% of transactions for an anonymous currency that are now reported to the government. Any company that trades Bitcoins is required by their government to collect your information to attempt to prevent money laundering and funding of terrorism. So how much of that other 20% of trade is handled by other companies who also report? And how much of it is peer to peer trading?

Bitcoin was designed to be a peer to peer, anonymous currency. It exceled in that sense. However, once the companies, who are regulated by governments got involved, it all started going south. So, when 99% of transactions handled end up being through companies who report to the government, how long do those other 1% truly stay anonymous? How much of the system is required to be compromised before anonymity is completely lost?

 

[Theo Goodman]

"Which, is the precursor to regulation! I'd be surprised if the hackers weren't the Feds...
Yesterday 03:35 PM
south Bitcoin success attracts hacking, phishing, and fraud"


How long before there is a story linking Al-Quada to bitcoin? :cy:

Bitcoin success attracks goverment regulation, phishing and terror!:yell:

 

[eurorealtor]

May be off the topic.... is it new fashion style in London, or is the Bitcoin "founder" a homeless guy?

 

[Theo Goodman]

He is not homeless but they claim that the office is a squat in the article. It might very well be and the owners tolerate them living there. AND that is a kind of hipster style

 

[MicroGuy]

Bitcoin success attracts hacking, phishing, and fraud

http://news.netcraft.com/archives/2...cess-attracts-hacking-phishing-and-fraud.html

MicroGuy to the rescue! I will crush hackers! Lol

[ame]http://youtu.be/VibFhG3nW1A[/ame]

 

[Ronald Regging]

MicroGuy to the rescure! I will crush hackers! Lol

http://youtu.be/VibFhG3nW1A

Respectful and kind and real... otherwise, you'll delete me and make a video about how to buy Bitcoins through Paypal, which 100% reports to the government??? Seriously, is this the Fed Help Line?? I think everyone forgets the entire point of an anonymous currency. An anonymous currency is meant to sustain and perpetuate the underground/grey market... Taxpayers need not apply!

 

[MicroGuy]

I think the mainstream should have an opportunity to participate in Bitcoin. Then once they get turned on to its usage they can ditch PayPal and fiat currencies. It's already "above ground". But that's just my opinion.

But thanks for the reality check though I need that from time to time.

 

[Ronald Regging]

It's not about reality checks or being "above ground", if you're trying to be "above ground" then you've already sold out... "Government Slave" will read upon your tombstone...

 

[MicroGuy]

It's not about reality checks or being "above ground", if you're trying to be "above ground" then you've already sold out... "Government Slave" will read upon your tombstone...

I'm opting for cremation. But Thanks for the uplifting chat. Lol

 

[Ronald Regging]

I'm opting for cremation. But Thanks for the uplifting chat. Lol

Satan loves denial!

 

[ngenme]

You think if government wants to seize it they can. This is your mistake. Government ALWAYS want to enslave. The reason why they don't is because their power is limited. Government is just another mafia. You don't fear every criminal organization do you? Yes they can kill you. Yes there is a risk. There are always risk.

Now I am not suggesting that you should evade tax or whatever. However, if your issue is fear, remember this. There are far more things worth fearing more. Within our life time, so many will evade tax that government will be forced to lower tax for everyone to reduce incentive of evading. Nowadays, google only pay 2% income tax. That's legal. Governments give up.

If I want to be blunt, most murderers get away anyway.

Cyprus government can't stop bitcoins. What makes you think US government can? The arab, the chinese, they are sick of being dominated by US government. Soon, they too will use bitcoins instead of oils to trade. People is sick of government.

So they have to report. So what? It's only the case once when you buy and sell that to dollar. Once in bitcoin it's hard to track.

Things go wrong if you get caught. Well, I used to be scared. Then I see how almost everything is illegal anyway there is little point in fearing anymore.

Recently in Indonesia somebody goes to jail for selling iPad without indonesian's language instruction. He is accused of comitting fraud against consumer, that don't feel being frauded at all.

Corruption run deep. When somebody bribe cops $20 and put the video on youtube, cops want to capture that one guy for "bribing". Every body knows it's common to bribe cops. What's not common is somebody putting it on youtube. Recently some people get killed for being ahmadiyah member. Cops do nothing. [ame="http://www.youtube.com/watch?v=UgY6N6Qe5EA"]Anti-Ahmadiyah Violence in Cikeusik - YouTube[/ame]

Why fear government if so many thing can harm you far more cruely and far more likely? You can get rob on the bus and nobody, not even police, will bother helping you.http://www.firearmsandliberty.com/kasler-protection.html

Google cops obligation to protect and you'll see a long legal tradition that nobody has obligation to protect you, including cops.

Now you want to obey the law by not owning your own gun. Remember what happened to jews when they were obeying gun laws. Many kids in unsafe neighborhood will be better of buying gun legally and protect themselves even if it means risking jail time for gun violation. The alternative is risking being shot to death.

In US, somebody got 8 years for importing lobster on clear plastic bag. Only less than 1% of the lobster imported is "underage". Yet his millions of dollars of lobster is confiscated and he got 8 years in the slam.

http://www.talkleft.com/story/2004/01/06/181/65493/crimepolicy/The-Lobster-Police

Harmless things, like ganja is illegal. It's just a matter of time before government control anything we wants to eat.

 

[Ronald Regging]

You got me all wrong, I don't really fear anything, because I'm a free man and I'm ready to go when the good Lord takes me. I'm just saying... Anything that threatens the monopoly of power of the US government isn't going to end up nicely. Ask Gaddafi and his plans to create a gold-backed currency. Just a mafia, but one with tremendous power and resources, at least for now.

 

[ngenme]

So that's the real reason qadafi is outed. Well, bitcoins are here to stay. Google pays only 2% tax. It's only a matter of time the rest follow. After all, basic needs are getting less and less.

Tax will be lower. I am optimist. Bitcoins will pressure government to lower tax.

Food is getting cheaper and cheaper relative to our wealth. Government doesn't need a lot of money to provide basic needs. All they need to do is to stop creating stupid need. We don't need government regulated education. I see no reason why government should encourage welfare recipients to breed and breed and breed. We do not need government to regulate marriage. Legalizing ganja will save money.

 

[Theo Goodman]

the 2 main things are that its anonymous AND its not debt based, meaning there is a limited ammount of bitcoin. Anthough paypal is not anonymous such a "bitcoinbrokerfornormalpeople" is not a bad idea since most are totaly overwelmed with the tech aspect of even creating a wallet not to mention downloading mining software and getting it to work.

 

[ngenme]

Most people will see this as just another money to trade with. What can we buy with bitcoins anyway? I know we can buy paypal balance. I know we can turn it into cash. The exchange rate is not very friendly. What can we buy?

 

[Theo Goodman]

you can buy a lot of things including domains, hosting, ad space, gambling, artwork ....

 

[Ted.T]

you can even pay your restaurant bill already. I've read about a restaurant in NY that accepts bitcoins

 

[CosmotownVP]

I guarantee the governments will want to regulate this .. It's only a matter of time. As soon as it gets widespread enough, and/or people use bitcoins to fund illegal activities, the governments will get involved.

Teguh, I admire your passion. But I think it's unrealistic to think that bitcoins will pressure governments to lower taxes. Governments worldwide need the extra revenue .. There is already a huge budget deficit in the US, and the government will eventually need to raise taxes if anything.