The Everything Bearish Thread

[ahpku]

5 Russian Banks Cyber Attacked in Bitcoin Extortion Plot

Five banks in Russia have undergone a DDoS-attack according to Artyom Sychev, Deputy Director of the General Directorate of Security and Information Protection of Russia’s Central Bank.
"To prevent such acts in the future, the attackers are asking to send only 50 BTC to their Bitcoin wallet,” said a representative of the Central Bank.

However, Sychev believes that criminals’ plan was to destabilize banks and to start a panic among the customers rather than extort a ransom in bitcoin.

[1714481781]

1714481781

[ahpku]

BTCU.biz Teaches Ukrainians About Bitcoin. And Also Usury.
Coin ATM Radar announces 16,000 new Bitcoin-enabled ATMs in the Ukraine.
Of those tested, 30% don't work; 100% charge 19.5% premium.

'A lingering question is the apparent 17 per cent [19.5% --ed.] fee when purchasing bitcoin at these ATMs but the community response has been generally positive, with one Ukrainian redditor saying he planned to start using the new terminals immediately.

[ahpku]

Bitcoin Mini: 21 Inc Computer For The Poor

The Bitcoin Mini team proudly presents the Mini Preorder: an affordable alternative for the frugal Bitcoin enthusiasts unwilling to part with $399.99 for 21 Inc's Raspberry Pi  Full Node preorder.

If all that computer mumbo-jumbo is Greek to you, if downloading RAM and digging for hashes just ain't your cup of tea, this thrifty new Mini offers a set and forget plug and play solution to actively participating in securing the Bitcoin blockchain network with a fully preloaded software stack including an implementation of personal bitcoin API.
Still not convinced? No problem! That's just fancy computer speak for 'preorder now and pay only $149, SAVE $100!!! That's on top of the $150 you already saved by going with Mini!'.

CLICK!==>>PREORDER TODAY!<<==CLICK!

[ahpku]

MIT Boffins On Bitcoin: Ain't Happening
The Troubles of “Bitcoin’s PayPal” Show Why the Cryptocurrency Is Not a Good Payment Mechanism

'BitPay’s embarrassing loss of 5,000 Bitcoins worth $1.8 million ... reflects badly on BitPay’s compliance mechanisms. It also adds to the short but very rich history of spectacular Bitcoin thefts (see “Bitcoin’s Rise Constrained by Heists and Lost Fortunes”). They suggest that the currency’s design is not well suited to being used like conventional digital payment and money tools.

[ahpku]

Bitcoin Blackmailer Jailed For Failing To Poison Pumpkin Patch

'Michael Young, 53, who served as a military police officer in the British Army, told Lincolnshire grower, David Bowman, 70, that he had selectively poisoned a large number of his pumpkins and demanded £50,000.
Young asked for payment in Bitcoins – a form of digital currency favored by criminals – and sent instructions on how to set up a Bitcoin account.'

Mr. Young's diabolical plan began to unravel when David Bowman, 70, started laughing, mistakenly assuming that Bitcoin (which Young kept calling 'the next world reserve currency') had to be some sort of a twisted practical joke, which it's totally not.

[popovicbit]

Is this SPAM?

[ElectricMucus]

Normally I wouldn't post ITT but since I don't want to make a thread and the article is so well written (in regards to making the cultists furious when they read it) I'll post it here.
http://www.technologyreview.com/view/541901/the-troubles-of-bitcoins-paypal-show-why-the-cryptocurrency-is-not-a-good-payment/

First, no one much wants to pay with Bitcoin and there’s not currently good reason to think that will change. BitPay’s business model was to help merchants take Bitcoin payments—often converting them directly into dollars—and take a cut of transactions. The company has enabled Microsoft, retailer Newegg, and many other companies accept Bitcoin payments.

Unfortunately for BitPay, just about no one gets paid in bitcoins, and for most people there are not clear reasons to bother with the trouble of buying bitcoins just to spend them again.

The press shill department down at level 3 should take a note from this guy.

[ahpku]

From our sister thread:

Dutch Central Bank Research Head 'Not Opposed' to Bitcoin
News URL : http://www.coindesk.com/dutch-central-bank-research-not-opposed-bitcoin/

*cough*

Dutch Bank’s Innovation Chief: Bitcoin Obsolete

"We want to prevent bitcoin's poor image reflecting on what we do with the blockchain, its underlying technology. We see many opportunities [in the blockchain]. Bitcoin itself is outmoded."

[Hyena]

OP is a fud.

[ahpku]

@Hyena: When a mere glimpse of reality thrusts you into the depths of despair, when facts turn cruel and taunt you with promises of unthinkable torments to come, when the air itself starts to congeal into a seething, suffocating miasma of uncertainty and doubt... That's some ugly, serious pathology, Hyena. Probably paranoid schizophrenia. Just spitballing here, I ain't no doc, myself.
Could be something worse...

[Enjorlas]

You are my hero.

[Cconvert2G36]

You are my hero.

[tokeweed]

Russian Bear Fed Up With Bitcoin Bullshit

Russia's Ministry of Finance has developed a new version of its proposed law that would seek to both outlaw and apply criminal penalties for activities involving digital currencies, according to a report by Russian news source Interfax.

Citing sources from within the Russian government, Interfax reports that acquiring, selling and distributing cryptocurrencies would be punishable with fines of 300,000 rubles ($4,574) or through up to 360 hours of correctional labor under the new bill.

Should such infractions be committed by an agency or group, the fines for such activities would increase to 500,000 rubles ($7,623).

[Tzupy]

From this article, quoting:
http://www.coindesk.com/the-cftcs-not-so-hidden-message-traders-beware/

"While simply trading digital currency (like bitcoins) on an exchange does not require CFTC registration, if you give advice to others or otherwise involve yourself in the process of placing the trades of others, you may need to register with the CFTC."

Bearish?

[ahpku]

Sure It's Awful, But Is It News?
Well... Here's what our cub reporter, Colin Mortimer, has to say on the matter:
'After analyzing the facts, it becomes apparent that Bitcoin is not destined to grow and mature beyond what it is today. Without a major overhaul of Bitcoin’s system and values, it is naïve to think that there will be widespread adoption.'

Mainstream adoption is increasingly unlikely. Bitcoin originated in, and is still most popularly used by, illegal online businesses. Due to the lack of centralization and general anonymity, it is the currency of choice for the online sale of drugs, fake IDs and weapons. Bitcoin played a role in the emergence of the dark net – a “hidden layer” of the Internet whose illegal trades are fueled by the ability for Bitcoin to hide the actions of involved parties.

Concerns have also been repeatedly raised about its potential use to wire money to terrorist and criminal organizations. Bitcoin’s questionable and dark history gives it a negative reputation. These problems are due to Bitcoin’s lack of centralization, a characteristic that the currency desperately needs to shed if there is to be any chance of widespread adoption. In its current state, no government would adopt Bitcoin as a major currency.

It's getting harder and harder to source top-notch Bitcoin reportage, dear Reader; not because nobody cares about bitcoin anymore -- for other reasons.

[ahpku]

Bitcoin [Still] Under Malleability Attack, Claims Coinkite CTO; Urges Caution

'This ... does not put [our customer's] funds at risk.' - Peter, CTO

Transactions have been modified and rebroadcast with new transaction numbers, indicating a malleability attack. The attacks have occurred over the last 24 to 48 hours. Almost all transactions on the network have suffered the attacks.

[Hyena]

Someone call the CEO of Bitcoin and ask why all those bearish news lately.

[ahpku]

Someone call the CEO of Bitcoin and ask why all those bearish news lately.

After blowing through all teh doh and some high-profile resignations,^[1][2][3][4] the Bitcoin Foundation is effectively bankrupt. Who's left to call, Hyena?
1. "Effective immediately, Mark Karpeles has submitted his resignation from the board of directors."
2. "I can no longer have even the smallest association with the Bitcoin Foundation"--Andreas M. Antonopoulos
3. "I am guilty of nothing and have never been convicted, or even charged, with a crime."--Brock Pierce
4. "I resigned within 2 hours of returning home from prison."--Charlie Shrem, back in prison

[ElectricMucus]

Someone call the CEO of Bitcoin and ask why all those bearish news lately.

Hey, Bruce "Bruce Fenton" Fenton why all those bearish news lately?

[chennan]

Russian Bear Fed Up With Bitcoin Bullshit

Russia's Ministry of Finance has developed a new version of its proposed law that would seek to both outlaw and apply criminal penalties for activities involving digital currencies, according to a report by Russian news source Interfax.

Citing sources from within the Russian government, Interfax reports that acquiring, selling and distributing cryptocurrencies would be punishable with fines of 300,000 rubles ($4,574) or through up to 360 hours of correctional labor under the new bill.

Should such infractions be committed by an agency or group, the fines for such activities would increase to 500,000 rubles ($7,623).

Dude... you've literally posted that damn picture in every single thread.  How many places have you posted that thing? 10? 15?