Look at the Price and Facts People

[stic.man]

the US government regularly shuts down companies acting within the guidelines of their mother country?

[ironwolf]

Would you continue to buy bitcoins if the US Government was regulating them?

Sure they can tax and track major trades into and out of USD via registered businesses. But technologically, there's nothing to regulate that wouldn't ultimately be a tiny speed bump to worldwide Bitcoin adoption. Port 8333? IRC? Crypto algorithms? Open source? Tor? Freenet? Electricity? Thoughtcrime? I'm sure there are plenty of people in various think tanks racking their brains to come up with a technological or legal fix for the "problem of bitcoin" or the "problem of cryptocurrency" in general. But really there's no "solution", because there's ultimately no problem.

So your question is moot.

[clickbangdone]

Would you continue to buy bitcoins if the US Government was regulating them?

 I'm sure there are plenty of people in various think tanks racking their brains to come up with a technological or legal fix for the "problem of bitcoin" or the "problem of cryptocurrency" in general. But really there's no "solution", because there's ultimately no problem.

So your question is moot.

I don't think anyone needs to rack their brain to figure out a way to destroy bitcoins. Seems easy to me it just takes money.

I'm sure the US government has been a major buyer of bitcoins for months maybe even from the start.
All they have to do is dump it on the market. You guys couldn't afford to buy it all to stop the fall. 90% of you guys are weak holders you'll run away just a fast as you ran in. 

[TraderTimm]

I don't think anyone needs to rack their brain to figure out a way to destroy bitcoins. Seems easy to me it just takes money.

I'm sure the US government has been a major buyer of bitcoins for months maybe even from the start.
All they have to do is dump it on the market. You guys couldn't afford to buy it all to stop the fall. 90% of you guys are weak holders you'll run away just a fast as you ran in. 

Guess what happens when they get down to parity? We'll buy them all back. Have you ever traded before? Because the theories you are putting out there suggests otherwise.

[clickbangdone]

I don't think anyone needs to rack their brain to figure out a way to destroy bitcoins. Seems easy to me it just takes money.

I'm sure the US government has been a major buyer of bitcoins for months maybe even from the start.
All they have to do is dump it on the market. You guys couldn't afford to buy it all to stop the fall. 90% of you guys are weak holders you'll run away just a fast as you ran in. 

Guess what happens when they get down to parity? We'll buy them all back. Have you ever traded before? Because the theories you are putting out there suggests otherwise.

I see so you guys have enough money to outspend the US government and defend bitcoins price.

My whole point here is people are going to get clobbered and lose lots of money which will hurt bitcoins future adoption. While the early adopters might be fine all the new people running in right now are going to get slaughtered.

adding 75 million to bitcoins market value in 12 hours is not sustainable

[lonestranger]

Just watched Garzik "tip the scales in the favor of the good guys." With thought leaders like him who needs enemies?  I don't understand why he would want btc exchanges to comply with ridiculous "know your customer" rules.

[realnowhereman]

I see so you guys have enough money to outspend the US government and defend bitcoins price.

My whole point here is people are going to get clobbered and lose lots of money which will hurt bitcoins future adoption. While the early adopters might be fine all the new people running in right now are going to get slaughtered.

Erm, no one would have to outspend the government.  The point of such an exercise would be that they are buying, the existing owners are selling.

In fact, if the government did insist on buying all the bitcoins, they would simply make all the existing owners terribly rich as they drove the price up and up.  Then when they are the sole owner of bitcoins in the world, what will they have exactly?  Some numbers on a hard disk.  The value of bitcoins comes from their tradeability, they are not inherently worth anything.

So; once we're all rich having sold bitcoins v1; what exactly would the government do with their new pile of bytes to stop us starting bitcoins v2 and beginning again?

No... a government buying bitcoins would be the most monumentally stupid action they could possible take.  Not only would nobody get clobbered, it would be the biggest advert for Bitcoins imaginable.

[clickbangdone]

I see so you guys have enough money to outspend the US government and defend bitcoins price.

My whole point here is people are going to get clobbered and lose lots of money which will hurt bitcoins future adoption. While the early adopters might be fine all the new people running in right now are going to get slaughtered.

Erm, no one would have to outspend the government.  The point of such an exercise would be that they are buying, the existing owners are selling.

In fact, if the government did insist on buying all the bitcoins, they would simply make all the existing owners terribly rich as they drove the price up and up.  Then when they are the sole owner of bitcoins in the world, what will they have exactly?  Some numbers on a hard disk.  The value of bitcoins comes from their tradeability, they are not inherently worth anything.

So; once we're all rich having sold bitcoins v1; what exactly would the government do with their new pile of bytes to stop us starting bitcoins v2 and beginning again?

No... a government buying bitcoins would be the most monumentally stupid action they could possible take.  Not only would nobody get clobbered, it would be the biggest advert for Bitcoins imaginable.

They wouldn't buy them and hold them. They would dump them after some accumulation. You guys couldn't afford to make the price stable bitcoins crash people get burned. The media covers the story of how people got burned. Then everyone is afraid of any virtual currency.

[TraderTimm]

They wouldn't buy them and hold them. They would dump them after some accumulation. You guys couldn't afford to make the price stable bitcoins crash people get burned. The media covers the story of how people got burned. Then everyone is afraid of any virtual currency.

Seems like someone should be a TV psychic with their own show.

How do you 'know' any of this? The truth is, you're just pulling things out of your ass and presenting them as truth. Please don't mind us, we're just trying to run away from the smell.

[clickbangdone]

They wouldn't buy them and hold them. They would dump them after some accumulation. You guys couldn't afford to make the price stable bitcoins crash people get burned. The media covers the story of how people got burned. Then everyone is afraid of any virtual currency.

Seems like someone should be a TV psychic with their own show.

How do you 'know' any of this? The truth is, you're just pulling things out of your ass and presenting them as truth. Please don't mind us, we're just trying to run away from the smell.

I don't know for sure but it would be the cheapest way to destroy bitcoin and put a damper on any other virtual currency being adopted.

If they just seize the exchangers bank accounts they look like bad guys and create more interest in virtual currency and the development of better exchanges.
 

[Bazil]

They wouldn't buy them and hold them. They would dump them after some accumulation. You guys couldn't afford to make the price stable bitcoins crash people get burned. The media covers the story of how people got burned. Then everyone is afraid of any virtual currency.

Sounds like a great time to buy more bitcoins to me.

[rezin777]

I don't know for sure but it would be the cheapest way to destroy bitcoin and put a damper on any other virtual currency being adopted.

What happens if there are people who use Bitcoin that won't exchange it for fiat currency?

[benjamindees]

Buying Bitcoins to create instability or a price bubble would be an interesting strategy in the short term at least.  What would stop the FED from doing it right now?  I'd be interested to see if there is a price dip at the end of the month when QE2 ends.

[realnowhereman]

They wouldn't buy them and hold them. They would dump them after some accumulation. You guys couldn't afford to make the price stable bitcoins crash people get burned. The media covers the story of how people got burned. Then everyone is afraid of any virtual currency.

So you're saying they would buy a load at higher than market price, pushing the price up; then they would sell them cheap at lower than market price?

This sounds brilliant.  Sign me up.  I've got bitcoins I'm willing to let go for $1000 each and then buy back at $1 each.

[evoorhees]

Would you continue to buy bitcoins if the US Government was regulating them?

I would buy more of them. Besides, the federal government outlawed gold ownership in 1933 for a few decades, so Bitcoin is in good company.

[clickbangdone]

I don't know for sure but it would be the cheapest way to destroy bitcoin and put a damper on any other virtual currency being adopted.

What happens if there are people who use Bitcoin that won't exchange it for fiat currency?

That is the true purpose of it (just buy things with it) but at this time unless you're a miner you're not getting any without cash (sure you could sell something for it) The masses have decided this is a get rich quick vehicle or a store of wealth and they are all piling in right now running up the price too fast. The inefficiency of the major exchange is also causing the price to run up too quick. Look at the posts of people being pissed because it takes too long to get accounts funded and how they watched the price increase as they waited days to make a trade. Once they get their money in the account they pull the trigger because they just watched it go up 75% in 12 hours. This inefficiency in the exchange will have the same effect on the downside as people won't be able to fund their accounts fast enough to buy bitcoins and defend it's price.

The recent rise in the last day is a recipe for disaster. Nothing but speculative. These new people don't give a rats ass about bitcoins or buying things with bitcoins. These people have $ signs in their eyes.  If these new people lose money bitcoins will be dragged through the mud and masses may never adopt a virtual currency.

[imanikin]

This kind of FUD has been discussed so many times in this forum, that it's a waste of time to even respond to it in detail... 

Beware of Astroturf! 

[rezin777]

I don't know for sure but it would be the cheapest way to destroy bitcoin and put a damper on any other virtual currency being adopted.

What happens if there are people who use Bitcoin that won't exchange it for fiat currency?

That is the true purpose of it (just buy things with it) but at this time unless you're a miner you're not getting any without cash (sure you could sell something for it) The masses have decided this is a get rich quick vehicle or a store of wealth and they are all piling in right now running up the price too fast. The inefficiency of the major exchange is also causing the price to run up too quick. Look at the posts of people being pissed because it takes too long to get accounts funded and how they watched the price increase as they waited days to make a trade. Once they get their money in the account they pull the trigger because they just watched it go up 75% in 12 hours. This inefficiency in the exchange will have the same effect on the downside as people won't be able to fund their accounts fast enough to buy bitcoins and defend it's price.

The recent rise in the last day is a recipe for disaster. Nothing but speculative. These new people don't give a rats ass about bitcoins or buying things with bitcoins. These people have $ signs in their eyes.  If these new people lose money bitcoins will be dragged through the mud and masses may never adopt a virtual currency.

Maybe. And maybe the publicity from the speculation, and even the speculators themselves, will realize the benefits of Bitcoin and even a market crash will not kill this once it's out of the bag. I lean more towards the positive outcome, Bitcoin has many useful properties and that point won't be lost in the frenzy.

[srf21c]

I don't understand why he would want btc exchanges to comply with ridiculous "know grope your customer" rules.

There.  The Newspeak grammar police have "regulated" your post.  

[MacFall]

the US government regularly shuts down companies acting within the guidelines of their mother country?

Only companies that are too small to hire the lawyers and press exposure necessary to repel them.