"Will Bitcoin Undermine the U.S. Dollar?" -- Well, considering that $85 Billion a month is doing a fine job of that already, Bitcoin will just have to pick up the pieces after its all said and done. Of course Barron's wouldn't say it would, they're beholden to the very financial system that they cover every day.
Exactly, the Fed is handling undermining the U.S. Dollar quite nicely. Bitcoin won't do it on its own, but it will let millions of people protect themselves. |
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I am glad that they are only seizing the bank accounts. At least the real estate and the bullion assets are safe (aren't they?).
Yep it is "ONLY" for bank accounts... So far. In the US, Roosevelt made it illegal to own gold, didn't let people withdraw from safety deposit boxes. With the authoritarian statists, no matter what they say now, eventually they'll want the fruits of your labor and will be happy to use their guns to take them. :-) |
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most likely,They find bitcoins dangerous because they can't confiscate it.
I think you hit the nail on the head there! ;-) |
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at this point, hundreds of millions isn't even that much, but it could have a huge impact.. at least on speculation.
Hundreds of millions of dollars of liquidity pumped into the main exchanges would have a huge impact on price. Don't forget the price at exchanges is *only* the price of people buying and selling bitcoins. A tiny proportion of the 12M bitcoins in circulation. Exactly. Prices are set at the margin. At about 3600 new bitcoins per day (6*24 * 25) at ~$1000 per bitcoin that is $3.6 million of new supply per day IF all miners sell it all (unlikely in the extreme). At hundreds of millions that is all of the supply for maybe 3 months, even spread out over a full year, that is a huge percentage of any new supply. This is assuming the price doesn't change which is also very unlikely. If this is ends up being accurate, it will be big news. |
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The link says that the Cyprus Central Bank warned against using bitcoin. This is Irony, it is not nearly as dangerous as what happened to depositors there, in case they forgot. Perhaps they mean "dangerous to the central bank monopoly." http://www.cna.org.cy/webnewsEN.asp?a=6920172fd6f140dbb55eba24d5ddef2bCyprus Central Bank has warned that using the virtual currency Bitcoin is dangerous.
Replying to a CNA question on the matter, the Central Bank notes that “it considers the use of any kind of virtual money as particularly dangerous, given that it is not under any regulatory system and its operation is unchecked”.
At the same time, other CNA sources say that the government feels that the virtual currency is too risky at present. |
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Sometimes it pays to read speculation forum. My fiat on bitstamp has magically transformed itself into BTC.
Is the btc transferred to your own address? If it were me, I would worry that if they freeze their bank accounts, the might get a clue and freeze their hot and cold wallets (or just turn off transfers out). Better to have it out since you can transfer it in later than not. I agree, but when you actively trade, you have no choice. You have to accept this possibility Definitely true, but if they are really worried about something this weekend, it might be prudent to take a break. :-) Edit: sickpig makes a good point. |
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Sometimes it pays to read speculation forum. My fiat on bitstamp has magically transformed itself into BTC.
Is the btc transferred to your own address? If it were me, I would worry that if they freeze their bank accounts, the might get a clue and freeze their hot and cold wallets (or just turn off transfers out). Better to have it out since you can transfer it in later than not. |
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The article says: Speaking on Tuesday night at a private dinner for Bitcoin cognoscenti in New York, Silbert said he was astonished by the BIT's performance. "We launched six weeks ago and we're up to $70 million. That blows my mind. We were hoping to get to $10 million by the end of the year." I presume it should say $100 million? So $30 million more in 3 weeks? |
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I think it happens to everyone. ;-) I just figured you'd like to join the discussion already in progress. Well darn, I thought I had something new. That'll teach me to search before posting.
Sorry for the duplicate thread.
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people, once they have power, all generally all the same. nothing will change
:-) The solution then is to not give people power over others. They have power over themselves and no one else. Then if they mess up or do something, they pay the price. When people in power screw up today, everyone in the political jurisdiction pays the price. |
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I wouldn't call this guy a "notable" press mention either.
Me neither, but The Coinion did a joke piece about him. :-) He definitely is the fool. |
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Face it, this should happen. The rich get ever richer and screw over the poor. The poor are paying for the failures of the banks whilst the rich earn ever more. They will tell us to be outraged, but why do we care if they take 25% of all wealth of everyone with over 5 million? It would only be a benefit to the masses, the 99% fight back!
Imagine, an end to austerity, national debts back to normal, lower taxes and it won't hurt anyone. Sounds good to me.
That would be quite horrible. For some reason 99% thinks that when a rish persoon has, say, $50mil, they are sitting on a huge pile of money bags with tons of paper in it. In truth, all that wealth is stored in various assets, like realestate, factories, machinery, and other business related stuff (even cash used to run the business). If you seize 25% of all the wealth from the 1%, you will likely force them to shut down and sell off 24.9% of all the businesses, and thus jobs, in the whole country. How much is that wealth really in property or goods? I belive most of it is in stocks etc. Which is just like having 10k BTC and saying you are worth 10 millions. Try to get rid of those and see the result... Probably most is invested in assets, so to pay an asset tax as you point out would cause a large drop in prices. |
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If its a lot of coins..i'd say no. Nothin out there is safe, and the only method would be to store it offline in wallet form.
This. You can make a paper wallet relatively easily. Take the time to do so because if properly secured they are safe. Mother big exchanges etc are prime targets for thieves and it only takes one mistake to have many stolen. |
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And then probably wrapped into bitcoin once the alt coin test works. There was a good discussion about this in the dev section.. :-) |
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I wouldn't call this guy a "notable" press mention either.
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I don't think it matters the sites let you gamble in BTC. They will probably start getting their domains seized and stuff soon.
If the domains are seized they'll just either move to one outside US control/influence or to TOR. It is too bad too, the US is frittering away its lead in many areas. Although after the NSA scandal, perhaps that is a positive for the world if not the US |
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Article: Bottom line: Bitcoin has made a fraction of people very rich. And then there's the rest of us. So far. The economic benefits of taking the control of currency out of the hands of a few power-hungry central bankers and giving ordinary people easy means of protecting themselves from the hidden inflation tax and the threat of seizure of their assets by the power-hungry politicians has the potential to make a lot of other people rich, and safe from the predatory nature of those in power. The article neglects to mention how early we are in this process and the other benefits of bitcoin and instead wants to concentrate on envy. Regarding the volatility issue, I seriously doubt it is caused by most of these early adopters. Prices are set at the margin and the day trader, fast money crowd is much more likely to be the cause of volatility than the strong-handed, true believing early adopters. |
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Of course with a brain wallet the random number generator is not an issue. Proper randomness of the phrases is a different, and difficult issue. So, I wonder if he used a brain wallet or what. Or whether he had paper wallets or just an encrypted wallet.
Perhaps we'll find out eventually.
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Nice. Cyprus is a great place for it and probably ripe for it given the events of this spring.
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