Feds could allow Bitcoin campaign donations

Attorneys for Conservative Action Fund PAC asked the agency decide if political candidates and outside groups are allowed to accept the digital currency, in addition to U.S. dollars.

Read more: http://www.politico.com/story/2013/09/bitcoin-campaign-donations-96301.html#ixzz2dyJ7fAdf

A link to the actual request:
http://saos.nictusa.com/aodocs/1245451.pdf

** not true.  Doug Jackson of e-gold had a legal opinion from his attorneys that said they were 100% certain what he was doing was not illegal.  He was still indicted

http://www.justice.gov/opa/pr/2007/April/07_crm_301.html

+1

And if you don't thing the US has reach beyond its boards, read this.

http://www.nytimes.com/2013/09/01/business/in-treasurys-war-missiles-for-a-financial-battlefield.html?ref=books&_r=1&

Ok. I am ignorant. Enlighten me. Assume I've never used bitcoin before. So enumerate the use cases. If you feel this exercise is beneath you then well just move on.   

My intention is clarity and understanding.

If you assume the I know (or should know a thing) then I assume I know what you assume I know then where is the real communication. Where is the understanding. Having strong opinions (or differences of opinions) is fine. That is why I engage here.  I'm truly interested in understanding the logic and the reasoning behind those opinions. But we get nowhere when you treat this inquiry with contempt. Why do you bother responding. Clearly you have an opinion and it matters to you. I'm just asking you to share it.

Carlton

Personal attacks do not make a good debate. I'm not going to advance your opinion for you. You make counterpoints but don't provide any support. You ask the reader to "guess."  So again Ill ask you to enumerate your use cases.

a series of financial weapons developed after 9/11, and used mostly by the Treasury Department, have given the United States opportunities to weaken terrorists and rogue states as never before.

http://www.nytimes.com/2013/09/01/business/in-treasurys-war-missiles-for-a-financial-battlefield.html?ref=books

Instead of asking everyone to guess why don't you enumerate your use cases.

Bitcoin too has regulatory costs which creates tremendous friction here in the US and for any legitimate company that wants to do business with US customers.

Who are you and why should we trust you?

So this means MoneyPakTrader.com has 76 alts.

:    Is TradeFortress a scammer?
Yes   - 76 (25.5%)
No   - 108 (36.2%)
Other / waiting for more evidence / unsure / show the poll results / etc.   - 114 (38.3%)
Remove Vote
Total Voters: 298

From an Interview with Doug Jackson, founder of e-gold. Interviewed by Mark Herpel.

http://themonetaryfuture.blogspot.com/2012/01/final-days-of-e-gold-interview-with.html

(Q) A new open source decentralized digital currency called Bitcion has become very popular. (http://www.bitcoin.org) Do you know about Bitcoin and what is your opinion on this new project?

(A) Bitcoin, like several other so-called “virtual currencies”, embodies a familiar fallacy, the idea of “numbers that are money” where the liability nature of an issued medium is overlooked. Let’s suppose the cool kids issue some jazzy bits and a system to convey quantities of these “whatevers” from payers to recipients. To the promoters and other monetary logic-challenged people (press, general public) the cleverness of the technology supporting the bits and their transmission makes it self-evident that the system constitutes a monetary  advance, the currency of the future. With regard to value, it is asserted that by arbitrarily limiting the number of these whatevers spent into circulation – abstaining from “over issue” – that inflation” and loss of purchasing power are prevented.

Let’s say they spend a million of these whatevers into circulation. Perhaps an exchange market even emerges. The public sends real money to the exchangers. As long as demand is such as to support growth in circulation the exchangers have incoming real money, some of which can be paid out to the occasional customers who want to sell their whatevers. At some point though aggregate demand for whatevers declines and the exchangers are deluged with whatevers from people wanting to exchange them for real money. Their trading balances are now chock full of whatevers but running low on real money. At some point the exchangers – possibly the only entities that
have been holding value (in the form of trading balances of real money) to offset the whatevers – repudiate pending exchanges [that had been locked/committed at now inconvenient-to-honor exchange rates] and everyone is shocked.

OK, now let’s contrast with an issuer of real money. The techie parts for moving the bits may be roughly similar. But these bits are recognized by their issuers as constituting the embodiment of liabilities, obligations against which they must hold an equal portfolio of suitable assets, set aside expressly for their redemption. The difference between “virtual” and real money becomes evident if and when demand for the real money declines. No problema. Issuers of real money, by virtue of these holdings of current assets, some or
all of which are highly liquid, stand ready at all times to buy back (if need be) every unit of their monetary liabilities they have spent into circulation.

The only floor on which the value of any currency rests is the balance sheet of its issuer. A virtual currency may have some market value  based on its acceptance by its issuer (or affiliates) for desirable goods and services they themselves offer. That however is too flimsy a basis for any knowledgeable third party to regard their balance of a virtual currency as much of a store of value.

People who fall for the numbers-that-are-money fallacy tend to also say things “after all, the Fed creates money out of thin air” - which is simply incorrect. The Fed creates money by buying up (and holding) the ever-mounting debts of the US Treasury, and, these days, the mortgage backed and other securities that were recently regarded as so scary as to call into question the solvency of the banks that had been holding them.

put 2% of your net worth in bitcoin and you'll retire a millionaire. 

Crackpot.

(I didn't even read this thread)

But anyone who uses six exclamation points and all caps in a thread to complain about a legitimate business is always suspect.

 

trixong,

PM me I'd like to talk to you.

So you fucked up and you blame coinbase?

Yes you fucked up.  You trusted your friend to deposit money.

It was your account that you purchased the bitcoin with.  You are liable.

It is call ACCEPTING RESPONSIBILITY.

Coinbase is doing its uses a favor by allowing instant bitcoin deposits.  They take the risk that your payment may bounce.

Your payment may bounced.  

What is not clear here?

Send them their 11 BTC back.

1. Total Bitcoin Market Value
2. The Fine paid by HSBC for Money Laundering
3. The amount of USD laundered in Mexico by HSBC
4  The amount of USD laundered by HSBC through IRAN
5.  The amount of USD Bank of Tokyo Mitsubishi-UFJ laundered
EDIT: i removed Standard Charter.  Not sure of the Figure.

"News reports indicate that Bitcoins may have been used to help finance the flight and activity of fugitives.

This line is included in the United States House of Representatives' Commerce, Justice, Sicence, and Related Agencies Appropriations Bil', 2014 for the FBI.

I have a question:  What news reports?  What fugitive's flight?  Snowen??  Has this been reported??

[snip]
COMMERCE, JUSTICE, SCIENCE, AND RELATED AGENCIES
APPROPRIATIONS BILL, 2014
llll.—Committed to the Committee of the Whole House on the State of the
Union and ordered to be printed
Mr. WOLF, from the Committee on Appropriations,
submitted the following
R E P O R T

The Committee on Appropriations submits the following report in
explanation of the accompanying bill making appropriations for
Commerce, Justice, Science, and related agencies for the fiscal year
ending September 30, 2014, and for other purposes.

[snip]
FEDERAL BUREAU OF INVESTIGATION
SALARIES AND EXPENSES
The Committee recommends $8,042,000,000 for the Salaries and
Expenses account of the Federal Bureau of Investigation (FBI),
which is $10,626,000 above fiscal year 2013 and $319,687,000
below the request. The Committee has provided separate funding
recommendations by decision unit as follows:
Intelligence ............................................................................... ........... $1,681,000,000
Counterterrorism/Counterintelligence .............................................. 3,240,000,000
Criminal Enterprise/Federal Crimes ................................................ 2,616,000,000
Criminal Justice Services .................................................................. 505,000,000
Total, Salaries and Expenses ..................................................... $8,042,000,000

[snip]

Money laundering.—The Committee understands that Bitcoins
and other forms of peer-to-peer digital currency are a potential
means for criminal, terrorist or other illegal organizations and individuals
to illegally launder and transfer money. News reports indicate
that Bitcoins may have been used to help finance the flight
and activity of fugitives. The Committee directs the FBI, in consultation
with the Department and other Federal partners, to provide
a briefing no later 120 days after the enactment of this Act
on the nature and scale of the risk posed by such ersatz currency,
both in financing illegal enterprises and in undermining financial
institutions. The briefing should describe the FBI efforts in the context
of a coordinated Federal response to this challenge, and identify
staffing and other resources devoted to this effort.


er·satz
ˈerˌsäts-ˌzätserˈzäts
adjective
1.
(of a product) made or used as a substitute, typically an inferior one, for something else.

Full Contents:
http://appropriations.house.gov/uploadedfiles/hrpt-113-hr-fy2014-cjs.pdf

Excellent article!  (She is also one of the authors of that report).

Unless you signed a confidentially agreement with this guy (buy using your website or something like that) and you did not collect his info by illegal means (requesting a credit report)  what is the problem?