How the state will attack Bitcoin... and how to survive the attack

[BitcoinGirl325]

Great article:
http://libertyblitzkrieg.com/2013/04/12/the-empire-strikes-back-how-the-state-will-attack-bitcoin/

[1714779675]

1714779675

[1714779675]

1714779675

[Luckybit]

Great article:
http://libertyblitzkrieg.com/2013/04/12/the-empire-strikes-back-how-the-state-will-attack-bitcoin/

They will probably hire hackers and use DDOS, and high frequency trading to stop the one weakness Bitcoin has which is centralized exchange in the form of mtGox. The whole price discovery mechanism for Bitcoin relies entirely on mtGox.

[minerva]

Didn't terracoin and bytecoin come under attack in a way?

[blockbet.net]

The topic is talking about the state, yet the article is talking about banks. Two different things.

I'm not big on conspiracy theories and I don't see much reason for the state to attack Bitcoin, they should know better not to stand in the way of innovation even if it might cause them problems. Banks on the other hand, who knows?

[edit] If DDOS attacks and a couple of negative articles are the best they can do, then I'm very disappointed.

[Severian]

The topic is talking about the state, yet the article is talking about banks. Two different things.

They're pretty much the same thing. We need a separation of Bank and State.

[ThorinIceland]

In Iceland the pirate party is about to get 3-4 seats in our next parliament. I have been talking with them to hopefully get some discussion on Iceland being a friend nation to bitcoins, we are in a unique spot I think to be welcoming to bitcoin since our citizens revolted with our previous government after our banking collapse.

The idea of bitcoin is an easy sell in Iceland, now we just need to get some politicians talking about it and allow for Icelandic banks to support a real bitcoin exchange or something similar.

[kerogre256]

hey tell this bitcoin24 users polish just freeze bank account

[Severian]

The idea of bitcoin is an easy sell in Iceland, now we just need to get some politicians talking about it and allow for Icelandic banks to support a real bitcoin exchange or something similar.

Don't forget to mention how many people would be dumping their dollars for krona if Bitcoin was supported.

[knybe]

not to piss anyone off but where is Anonymous in all this?

you'd think they'd have an agenda surrounding all this.

[ThorinIceland]

The idea of bitcoin is an easy sell in Iceland, now we just need to get some politicians talking about it and allow for Icelandic banks to support a real bitcoin exchange or something similar.

Don't forget to mention how many people would be dumping their dollars for krona if Bitcoin was supported.

Yeah true, we are still under strict currency controls but there is a real buzz about bitcoin here, just the question being what would be the next step, hopefully the new coalition government will be friendly to bitcoin, my bet is they will be as any hint of being supportive of our banking system means loss of voter support, there is a poll recently that puts bankers less liked than rapists.

[Mike Christ]

not to piss anyone off but where is Anonymous in all this?

you'd think they'd have an agenda surrounding all this.

Good question...  I'm not too sure.  Any 4chan users on this forum?

[jorov]

Organize local exchange events using any kind of communication.

Bitcoin travels around the world fast without banks!

Cash can go short distances without problems too.

We should stick to cash until they give up!

After all "THEY" are part of "US".

[AlgoSwan]

Accepting any fiat money for your mined BTC's is simply an invitation sent to bad guys. By accepting their fiat money for your hard-mined BTC you simply open a door for upcoming manipulations, chrashes or whatever. Just mine it and use it.

[Severian]

there is a poll recently that puts bankers less liked than rapists.

Glad to hear Iceland is in front of the curve, as usual.

The up side on capital controls in this case is that Iceland would be glad to see money coming in even if they have a problem with it leaving. A Bitcoin exchange would be source of revenue from multiple angles.

[Bitmeat]

Accepting any fiat money for your mined BTC's is simply an invitation sent to bad guys. By accepting their fiat money for your hard-mined BTC you simply open a door for upcoming manipulations, chrashes or whatever. Just mine it and use it.

This is very true. Unfortunately bitcoin isn't much use to anyone right now without being able to convert it back into traditional currency.

Conspiracy theory junk aside, I doubt government would think of bitcoin as a threat when it's as niche as it is right now. If anyone is manipulating it, it is various investment and banking companies. They're doing it, not because bitcoin is a threat, but because they know more about money and economics than most bitcoin idealogues and thus are easily able to part the fools from their money.

Just remember, every time bitcoin goes up in value, someone loses. Every time it goes down in value, someone loses. The losers are usually not the investment bankers.

[Severian]

I doubt government would think of bitcoin as a threat when it's as niche as it is right now.

The US government went after a "niche" currency with a valuation of about $20 million, the Liberty Dollar, with extreme prejudice. It's now illegal to even sell the coins on Ebay and the creators are facing jail. A court order took their website down. All for a $20 million currency.

en.wikipedia.org/wiki/Liberty_Dollar

You can bet your last bitcoin that the Government-Banking Complex very much wants Bitcoin dead or under its control by whatever means necessary.

[repentance]

Why isn't this in Politics and Society?

[Bitmeat]

I doubt government would think of bitcoin as a threat when it's as niche as it is right now.

The US government went after a "niche" currency with a valuation of about $20 million, the Liberty Dollar, with extreme prejudice. It's now illegal to even sell the coins on Ebay and the creators are facing jail. A court order took their website down. All for a $20 million currency.

en.wikipedia.org/wiki/Liberty_Dollar

You can bet your last bitcoin that the Government-Banking Complex very much wants Bitcoin dead or under its control by whatever means necessary.

I think you're blinded by your conspiracy theories.

Liberty dollar got shut down because:

"Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both."

You do realize bitcoin isn't a physical coin made of metal, don't you?

The government can (and quite possibly will) change the law at any time to include bitcoin in their axis of evil, but they will do that first before they bother to waste even more tax dollars trying to DDOS a game card exchange in Japan

[Severian]

I think you're blinded by your conspiracy theories.

Perhaps. Or maybe you're blinded by your coincidence theories. Hard to tell.

Liberty dollar got shut down because

Liberty Dollar got shut down because the Federal Reserve claims a monopoly on currency and enforces it with the government's claim on a monopoly of violence, as evidenced by the "law" you posted.

Private currencies were the norm in American history until the re-imposition of a central bank in 1913.

You do realize bitcoin isn't a physical coin made of metal, don't you?

If you'd like to be taken seriously, refrain from condescension.

The government can (and quite possibly will) change the law at any time to include bitcoin in their axis of evil, but they will do that first before they bother to waste even more tax dollars trying to DDOS a game card exchange in Japan

I wasn't aware that the government cared about how many tax dollars they wasted. Are we speaking of the same government, the one in Washington, DC?

[Bitmeat]

I wasn't aware that the government cared about how many tax dollars they wasted. Are we speaking of the same government, the one in Washington, DC?

That's just one of many governments, although a pretty big and corrupt one. Glad they're not mine

From the evidence I've seen, the US government doesn't really give a shit about bitcoins yet unless you neglect to put your bitcoin capital gains in your IRS taxes when you file.

I'm sure they'll try to get their paws into it eventually, either to shut it down, or tax it to death, but all I'm saying is there's no evidence that says that's happening yet.