Bitinstant brokering extortion threats?

[dissipate]

Are you sure you want to make this argument?

I don't run a blog and Forbes doesn't write articles about me, so I'm not sure I follow you here.

If you're referring to the fact that Romney accepting the offer might increase the bitcoin price and therefore increase my fiat-denominated revenues, I can do without it.  In fact I think in the long term it will damage the value of BTC more than it will boost it.

This is an important point in all of this. I am in BTC for the long term. This may help the PRICE in the short run, but it is detrimental to BTC in the long term. I pray that people do their research, and truly understand that this is an important open source project with thousands of individual developers/investors/contributors. And that NOT everyone in this community feels and/or operates in this fashion. Bitcoin is a beautiful new technology that can solve the great debt crisis that humanity currently faces itself with. It can reinvigorate old legacy markets that are worn and tired. It can give industries that may have dim futures a chance to rehash themselves in innovative ways that can only better humanity. It can open up the finance world to fresh new ideas that would have not been possible before, because of cost and/or redundancy. Point blank - It's more than just an "unregulated" online currency. It's a new technology that can free up capital, and potentially turn the world around from a great depression.

We need to consider the possibility that individuals who have nothing to do with this 'community' can and will use Bitcoin for all kinds of ransoms. That's not a possibility that I like very much, but it's a fact. Bitcoin, like any type of money can be used for good or for bad. However, since it is a far superior type of money than has ever been created, the bad can be greatly magnified as well. It is a tool, like any other tool. Unfortunately, those in political office won't see it as just a tool, and they might try to shut down exchanges and Bitcoin based businesses.

[FlipPro]

Are you sure you want to make this argument?

I don't run a blog and Forbes doesn't write articles about me, so I'm not sure I follow you here.

If you're referring to the fact that Romney accepting the offer might increase the bitcoin price and therefore increase my fiat-denominated revenues, I can do without it.  In fact I think in the long term it will damage the value of BTC more than it will boost it.

Unfortunately, those in political office won't see it as just a tool, and they might try to shut down exchanges and Bitcoin based businesses.

My ultimate fear.

Innocent businesses like Alpaca Socks and many other organically successful BTC businesses having to stop excepting BTC (thus killing their businesses), because of this nonsense.

[Luno]

If the claimed motives were right, the offer would have been given to the family or the Republicans alone. and not to the world. If a result of this is a price rise, because of publicity, the purpose of the offer is lost.

[Phinnaeus Gage]

I have a different take. It would sadden me (further) if we later learn that this supposed hoax stemmed from somewhere within this community, them(s) utilizing black-hat marketing techniques simply to advance business concerns.

The last two Bitcoin episodes, Bitfloor and Mitt, seemed to have hit the wire quicker than previous ills. It's as if shit was written prior to each event's occurrence, starting with an article placement on some lesser viewed site, then rapidly adopted by the mainstream media.

If this sounds far-fetched, color me orange.

~Bruno~

[dissipate]

I have a different take. It would sadden me (further) if we later learn that this supposed hoax stemmed from somewhere within this community, them(s) utilizing black-hat marketing techniques simply to advance business concerns.

The last two Bitcoin episodes, Bitfloor and Mitt, seemed to have hit the wire quicker than previous ills. It's as if shit was written prior to each event's occurrence, starting with an article placement on some lesser viewed site, then rapidly adopted by the mainstream media.

If this sounds far-fetched, color me orange.

~Bruno~

I don't think it is far fetched at all. Seems to me the plot could have been executed by someone holding a lot of BTC, hoping to cash in on a price rise from the publicity. Seems like their plot could have worked. For the cost of a few flash disks and a drive over to some political headquarters, nonetheless.

[Luno]

That's rather plausible Phineas.

[benjamindees]

I'm referring to the fact that you, personally, could be responsible for relaying or hashing the actual Bitcoin transaction that goes to the actual "extortionist".

You mean he might be helping the extortion victim to minimize the damage he suffers as a result of the extortion, right? If someone receives a ransom note and chooses to pay the ransom, there's absolutely nothing wrong with helping them do so.

Excellent point as usual.

[Transisto]

At best their offer being condescending to Romney and his team.

Not only that, we’ll also show you how to safely use a Bitcoin wallet, back up and encrypt it, and make payments. We’ll even set you up with a Bitcoin app on your iPhone! You’ll be a Bitcoin expert in no time!

Who the F you think you are ?

PR fail on multiple level.

[interlagos]

I'm with Bitinstant on this one.
That's the spirit of Bitcoin - we are building a disruptive technology which will take over the world.
We aim at no less, so why be so shy about it?
Winners will write the history.

[FlipPro]

I'm with Bitinstant on this one.
That's the spirit of Bitcoin - we are building a disruptive technology which will take over the world.
We aim at no less, so why be so shy about it?
Winners will write the history.

We can be disruptive without breaking any laws in the process....

[interlagos]

I'm with Bitinstant on this one.
That's the spirit of Bitcoin - we are building a disruptive technology which will take over the world.
We aim at no less, so why be so shy about it?
Winners will write the history.

We can be disruptive without breaking any laws in the process....

Bitinstant didn't break the law.
We will write the laws too

[interlagos]

Some people don't understand that you can't build the system which will challenge the status quo and ask status quo's permission to do that at the same time

[ElectricMucus]

ITT: We rage about being jealous of Erik for not taking advantage of this opportunity before him. 

[FlipPro]

I'm with Bitinstant on this one.
That's the spirit of Bitcoin - we are building a disruptive technology which will take over the world.
We aim at no less, so why be so shy about it?
Winners will write the history.

We can be disruptive without breaking any laws in the process....

Bitinstant didn't break the law.
We will write the laws too

Not saying they did. But the "hackers" sure as hell are...

[Coinoisseur]

Paying ransom is a sensitive issue. The British insurers involved in paying Somali Pirate ransoms have been quite concerned they could face trouble if media made a big stink out of it, so far they've dodged that bullet. Partly by not making public statements. I'm not a believer in the any publicity is good publicity doctrine and on a personal basis this is negative mark for Bitinstant.

[JoelKatz]

Paying ransom is a sensitive issue. The British insurers involved in paying Somali Pirate ransoms have been quite concerned they could face trouble if media made a big stink out of it, so far they've dodged that bullet. I'm not a believer in the any publicity is good publicity doctrine and on a personal basis this is negative mark for Bitinstant.

I largely agree, but I will point out two big differences. First, the Somali Pirates are violent and threaten to kidnap and kill people. That's in a different league from mere extortion. Second, the insurers are actually paying the ransom and not just helping others pay it. So what the insurers do is a lot worse, and they still do it. (But they don't brag about it.)

[labestiol]

I'm with Bitinstant on this one.
That's the spirit of Bitcoin - we are building a disruptive technology which will take over the world.
We aim at no less, so why be so shy about it?
Winners will write the history.

We can be disruptive without breaking any laws in the process....

I'm not familiar with US laws regarding that, but how is it illegal ?
I understand that blackmail and ransoming is, but I don't think paying is. Neither is facilitating payment.
Anyway the decision is on the one paying the ransom, it's not like Erik said that Romney should pay.

[Bitcoin Oz]

I'm with Bitinstant on this one.
That's the spirit of Bitcoin - we are building a disruptive technology which will take over the world.
We aim at no less, so why be so shy about it?
Winners will write the history.

We can be disruptive without breaking any laws in the process....

I'm not familiar with US laws regarding that, but how is it illegal ?
I understand that blackmail and ransoming is, but I don't think paying is. Neither is facilitating payment.
Anyway the decision is on the one paying the ransom, it's not like Erik said that Romney should pay.

If Romney becomes president he will have Obamas power to declare US citizens terrorists allowing him to kill people without any oversight.

Not sure id want to poke the bear lol

[bg002h]

I think BitInstant didn't do anything so terrible. Because everyone knows there never was a real extortion threat, BitInstant doesn't look bad for offering to help out in jest.

[interlagos]

I'm with Bitinstant on this one.
That's the spirit of Bitcoin - we are building a disruptive technology which will take over the world.
We aim at no less, so why be so shy about it?
Winners will write the history.

We can be disruptive without breaking any laws in the process....

I'm not familiar with US laws regarding that, but how is it illegal ?
I understand that blackmail and ransoming is, but I don't think paying is. Neither is facilitating payment.
Anyway the decision is on the one paying the ransom, it's not like Erik said that Romney should pay.

If Romney becomes president he will have Obamas power to declare US citizens terrorists allowing him to kill people without any oversight.

Not sure id want to poke the bear lol

Yeah, US has nice "laws" these days...