Bitcoin Forum

Ludicrous. This does not bode well for BitCoin.

Why not?  It seems a major design goal for Bitcoin was to resist being shut down.  Seems to me, crap like this is exactly why Bitcoin was invented.

“Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” U.S. Attorney Anne Tompkins said. “While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country."

Haha...  I think she's been reading too much Tom Clancy.

Anne Tompkins needs to find a dictionary and look up 'terrorism'. Printing money, allegedly counterfeit or not, is not terrorism.

As mentioned in the other thread on the topic, terrorism means whatever those in power want it to mean. It's why I always say, those not in power should resist using the term, and call out those who do use the term. If you automatically assume that anyone who uses the term is speaking crap, until demonstrated otherwise, you can resist the propaganda of the powerful.

On the actually topic, the person was just asking for trouble. Minting coins which are very similar to actual USA coins was always going to cause a hassle for them. They should have had a long talk with a lawyer before they went ahead with the enterprise. (And that's what it was, a business.)

Seen this on infowars earlier today. 'Domestic Terrorism' LMAO Give me a break. Competing currencies is actually a wonderful idea. Like the old saying goes "Don't put all your eggs in one basket". And with the state of the dollar right now that statement is truer than ever when it comes to currency.

The USD is worth what people think it's worth.

Is Bitcoin any different?

Yeah it's good for us to diversify but not the state haha, of course they don't want it.
The USD is worth what people think it's worth.

Exactly, and the world doesn't think too highly of the Dollar right now. I remember Timothy Geithner was giving a speech to some Chinese students, and when he said the dollar is strong, they all burst out laughing.

Yeah that's funny as hell, the dollar might not be strong but what's backing the dollar is.
Obviously not gold but the U.S. military.

Today, in the face of possibly the greatest economic catastrophe in the history of the world, Americans are beginning to show an aptitude for independence. We are becoming unpredictable, and this frightens government.

They are moving to call us terrorists, because they truly are terrified of alternative market systems. They have tipped their hand. Which means, we must keep doing exactly what we are already doing.

by TraderTimm
on Fri, 03/25/2011 - 19:31
#1101593

May I suggest bitcoin?

http://www.bitcoin.org/

Advantages:

• Encrypted transactions
• Peer-to-Peer Robustness
• Incentive for 'miners' to process transactions and raise the complexity level where organized attack is prohibitive. (Using botnets, etc..)
• Route around Central Bank, Federal Reserve, Political Policy bungling
• No arbitrary limits or 'minimums' - divisible to fractions if necessary
• Geometric curve which limits total 'minted' - limit to be hit in about 130 years at current rate
• Transparency via the blockchain for transactions to be verified
• One-way transactions - you cannot spend bitcoins again and again (nor can you 'print' them by any means)

That about covers it. I hold a small amount of bitcoins and that is the extent of my involvement.

Route around manipulated fiat currency like a defective node on the internet.

Other links:

Charts - http://mtgox.com/trade/history (click 'last' or 'all time')

http://bitcoincharts.com/charts/

Don't like the federal reserve?

Don't like central banks?

Do something about it.

Cheers.

When a US citizen creates money, in the form of physical precious metals, and that money becomes successful, he gets prosecuted.

This is not "off topic" by any stretch of the imagination.

When private banks print their own money, backed by nothing but accounting fraud, and that money ultimately fails, they get bailed out by taxpayers.

When a US citizen creates money, in the form of physical precious metals, and that money becomes successful, he gets prosecuted.

Keep in mind the gov had no problem with his notes. But the coins bear a close resemblance to US money

“We are determined to meet these threats through infiltration, disruption and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government,” Tompkins said.

For Immediate Release
March 18, 2011    United States Attorney's Office
Western District of North Carolina
Contact: (704) 344-6222

Defendant Convicted of Minting His Own Currency

STATESVILLE, NC—Bernard von NotHaus, 67, was convicted today by a federal jury of making, possessing, and selling his own coins, announced Anne M. Tompkins, U.S. Attorney for the Western District of North Carolina. Following an eight-day trial and less than two hours of deliberation, von NotHaus, the founder and monetary architect of a currency known as the Liberty Dollar, was found guilty by a jury in Statesville, North Carolina, of making coins resembling and similar to United States coins; of issuing, passing, selling, and possessing Liberty Dollar coins; of issuing and passing Liberty Dollar coins intended for use as current money; and of conspiracy against the United States. The guilty verdict concluded an investigation which began in 2005 and involved the minting of Liberty Dollar coins with a current value of approximately $7 million. Joining the U.S. Attorney Anne M. Tompkins in making today’s announcement are Edward J. Montooth, Acting Special Agent in Charge of the FBI, Charlotte Division; Russell F. Nelson, Special Agent in Charge of the United States Secret Service, Charlotte Division; and Sheriff Van Duncan of the Buncombe County Sheriff’s Office.

According to the evidence introduced during the trial, von NotHaus was the founder of an organization called the National Organization for the Repeal of the Federal Reserve and Internal Revenue Code, commonly known as NORFED and also known as Liberty Services. Von NotHaus was the president of NORFED and the executive director of Liberty Dollar Services, Inc. until on or about September 30, 2008.

Von NotHaus designed the Liberty Dollar currency in 1998 and the Liberty coins were marked with the dollar sign ($); the words dollar, USA, Liberty, Trust in God (instead of In God We Trust); and other features associated with legitimate U.S. coinage. Since 1998, NORFED has been issuing, disseminating, and placing into circulation the Liberty Dollar in all its forms throughout the United States and Puerto Rico. NORFED’s purpose was to mix Liberty Dollars into the current money of the United States. NORFED intended for the Liberty Dollar to be used as current money in order to limit reliance on, and to compete with, United States currency.

In coordination with the Department of Justice, on September 14, 2006, the United States Mint issued a press release and warning to American citizens that the Liberty Dollar was “not legal tender.” The U.S. Mint press release and public service announcement stated that the Department of Justice had determined that the use of Liberty Dollars as circulating money was a federal crime.

Article I, section 8, clause 5 of the United States Constitution delegates to Congress the power to coin money and to regulate the value thereof. This power was delegated to Congress in order to establish and preserve a uniform standard of value and to insure a singular monetary system for all purchases and debts in the United States, public and private. Along with the power to coin money, Congress has the concurrent power to restrain the circulation of money which is not issued under its own authority in order to protect and preserve the constitutional currency for the benefit of all citizens of the nation. It is a violation of federal law for individuals, such as von NotHaus, or organizations, such as NORFED, to create private coin or currency systems to compete with the official coinage and currency of the United States.

Von NotHaus, who remains free on bond, faces a sentence of up to 15 years’ imprisonment on count two of the indictment and a fine of not more than $250,000. Von NotHaus faces a prison sentence of five years and fines of $250,000 on both counts one and three. In addition, the United States is seeking the forfeiture of approximately 16,000 pounds of Liberty Dollar coins and precious metals, currently valued at nearly $7 million. The forfeiture trial, which began today before United States District Court Judge Richard Voorhees, will resume on April 4, 2011 in the federal courthouse in Statesville. Judge Voorhees has not yet set a date for the sentencing of von NotHaus.

“Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” U.S. Attorney Tompkins said in announcing the verdict. “While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country,” she added. “We are determined to meet these threats through infiltration, disruption, and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government.”

The case was investigated by the FBI, Buncombe County Sheriff’s Department, and the U.S. Secret Service, in cooperation with and invaluable assistance of the United States Mint. The case was prosecuted by Assistant United States Attorneys Jill Westmoreland Rose and Craig D. Randall, and the forfeiture trial is being prosecuted by Assistant United States Attorneys Tom Ascik and Ben Bain Creed.

Of course they had no problem with his notes.  His notes were just fraudulent fractional reserve banking bullshit just like that sponsored by the US government. 

tl;dr, His notes where 100% backed by the bullion coins. they where not fraudulent or fractional.

Does bitcoin look like the US dollar to you?

Id like to see them try that argument in court  :D

Mr State Prosecutor, I bought these bitcoins under the impression that they were backed by US dollars, since I used real dollars in paypal to pay for them.  Then I find out that these bitcoins are mathematical digital figments, with no bearing to reality, and are backed by nothing!  Please, sir, could you lock up these evil deceitful scammers who tricked me into a ponzi scheme!

Sorry I have not read this whole thread, nor do I know the complete story, but to me it is quite clear that the guy made a fondamental mistake in putting the word "dollar" in the name of his currency.

(...) present danger to the economic stability of this country.(...)