Why Homeland Security might be the best thing to happen to Bitcoin

[crazy_rabbit]

Okay, as an American I can't help but think that Homeland Security might have a vested interest in not allowing the future of world currency to have it's power base in a non-american country.

Speaking cynically- this is a perfect opportunity for a large domestic (American Domestic) Bitcoin exchange to appear, most likely funded by the same people who fund the banks. (I know, tears in my eyes)

That said, for us "early adopters" it's a sign that Bitcoin is indeed the great all powerful financial dragon we always knew it to be. So dear Homeland security: I cringe at the thought that you might trample freedom, but if your actions serve to validate Bitcoin by reminding everyone you take it seriously as money (and subsequently make bitcoins worth $10,000 each down the road) I can but thank you.

There's a quote in american passports: "Go West Bitcoin young man, and grow up with the Nation".

Indeed! Exciting times!

EDIT: I'm just waiting for the quote "Those who would trade freedom for security deserve neither" to be worked into this.

[gramma]

The NY Post seems to agree with you, and it is an interesting thought.  I look forward to what the morning will bring.

[Benson Samuel]

Okay, as an American I can't help but think that Homeland Security might have a vested interest in not allowing the future of world currency to have it's power base in a non-american country.

Speaking cynically- this is a perfect opportunity for a large domestic (American Domestic) Bitcoin exchange to appear, most likely funded by the same people who fund the banks. (I know, tears in my eyes)

That said, for us "early adopters" it's a sign that Bitcoin is indeed the great all powerful financial dragon we always knew it to be. So dear Homeland security: I cringe at the thought that you might trample freedom, but if your actions serve to validate Bitcoin by reminding everyone you take it seriously as money (and subsequently make bitcoins worth $10,000 each down the road) I can but thank you.

There's a quote in american passports: "Go West Bitcoin young man, and grow up with the Nation".

Indeed! Exciting times!

EDIT: I'm just waiting for the quote "Those who would trade freedom for security deserve neither" to be worked into this.

+1

[freedomno1]

Rarely can we say that Homeland security did good 
Sorry topic name made me laugh nice

[joesmoe2012]

Hopefully it will force more, better exchanges.

[Elwar]

Baby steps. They must have seen how many people were wanting exchanges to be more decentralized so they went after MtGox to help us all move on to many other exchanges.

Thanks DHS.

[joesmoe2012]

Baby steps. They must have seen how many people were wanting exchanges to be more decentralized so they went after MtGox to help us all move on to many other exchanges.

Thanks DHS.

Exactly. Now that 90% of the traddes aren't hogged by mtgox, more exchanges will have the money to grow and thrive. The only reason mtgox is doing so well is all the media hype about it. Now that people will be forced to use different exchanges, we should consider ourselves lucky.

Spread out the money for trading to multiple exchanges, this is better for the trader because it introduces competition (of price, features, robustness, etc).

Hopefully a bunch of people don't lose their money though by mtgox claiming that the us govt seized the assets so there's nothing they can do.

I already bought BTC with all my USD@mtgox and sent it elsewhere.

[solex]

I'm now not sure DHS is attacking Bitcoin. Maybe they are trying to attack specific users of it (e.g. online gambling providers):

https://bitcointalk.org/index.php?topic=178336.msg2152242#msg2152242

[bobdude17]

Okay, as an American I can't help but think that Homeland Security might have a vested interest in not allowing the future of world currency to have it's power base in a non-american country.

Speaking cynically- this is a perfect opportunity for a large domestic (American Domestic) Bitcoin exchange to appear, most likely funded by the same people who fund the banks. (I know, tears in my eyes)

That said, for us "early adopters" it's a sign that Bitcoin is indeed the great all powerful financial dragon we always knew it to be. So dear Homeland security: I cringe at the thought that you might trample freedom, but if your actions serve to validate Bitcoin by reminding everyone you take it seriously as money (and subsequently make bitcoins worth $10,000 each down the road) I can but thank you.

There's a quote in american passports: "Go West Bitcoin young man, and grow up with the Nation".

Indeed! Exciting times!

EDIT: I'm just waiting for the quote "Those who would trade freedom for security deserve neither" to be worked into this.

Well said.

[Stephen Gornick]

Okay, as an American

You might want to put an asterisk on that statement:

Would anyone be interested in a Bitcoin meetup here in Milano?

[aepfel]

That thread, my dearest crazy_rabbit made my day. Thank you!

[Liquid]

This calmed my thoughts thank you 

[alyssa85]

Okay, as an American I can't help but think that Homeland Security might have a vested interest in not allowing the future of world currency to have it's power base in a non-american country.

Speaking cynically- this is a perfect opportunity for a large domestic (American Domestic) Bitcoin exchange to appear, most likely funded by the same people who fund the banks. (I know, tears in my eyes)

It's only an issue if you need exchanges to change back into fiat.

The worst thing that happened to bitcoin was speculators piling in treating it like a commodity to increase their dollars. It's meant to be a peer-to-peer currency - so as such doesn't need banks nor exchanges as long as you stay in Bitcoin-World once you have your coins. This obsession with "trading" back and forth into fiat and watching the dollar price is a weakness. Govts can only control fiat and the use of fiat, so all these exchanges are points of weakness because they need conversion into fiat. Eliminate the obsessive need to switch back into fiat and you eliminate the threat of govts.

Perhaps the community needs to switch focus on teaching people how to earn bitcoins and strengthening bitcoin commerce, so that people don't ever have to deal with exchanges and banks, bitcoins will just circulate within bitcoin-world. Once that happens, bitcoin is beyond the reach of any government.

Can someone explain to me why everyone is so obsessed with trading against fiat?

[uhoh]

Baby steps. They must have seen how many people were wanting exchanges to be more decentralized so they went after MtGox to help us all move on to many other exchanges.

Thanks DHS.

This. The best thing about this news: we might finally get some decent liquidity into BETTER exchanges.

[Yogafan00000]

Can someone explain to me why everyone is so obsessed with trading against fiat?

You need exchanges to bootstrap the mainstream into the bitcoin currency.  This is going to take a decade and large numbers of people will not migrate into bitcoin without a stable exchange industry.

[stevegee58]

I welcome any events that mute this constant comparison between BTC and USD (or any other fiat currency for that matter).
We'll know when BTC has finally come of age when people are exchanging BTC for goods and services without first worrying about what the fiat exchange rate is.

[Zeke_Vermillion]

I'm now not sure DHS is attacking Bitcoin. Maybe they are trying to attack specific users of it (e.g. online gambling providers):

https://bitcointalk.org/index.php?topic=178336.msg2152242#msg2152242

I would agree that is the most likely scenario. Attacking online gambling, contraband merchants, etc. Maybe the fix is to have each exchange customer in a SEPARATE bank account so that the feds can seize a single offending account instead of shutting the whole system down.

[Deslock Darkstar]

It's only an issue if you need exchanges to change back into fiat.

The worst thing that happened to bitcoin was speculators piling in treating it like a commodity to increase their dollars. It's meant to be a peer-to-peer currency - so as such doesn't need banks nor exchanges as long as you stay in Bitcoin-World once you have your coins. This obsession with "trading" back and forth into fiat and watching the dollar price is a weakness. Govts can only control fiat and the use of fiat, so all these exchanges are points of weakness because they need conversion into fiat. Eliminate the obsessive need to switch back into fiat and you eliminate the threat of govts.

Perhaps the community needs to switch focus on teaching people how to earn bitcoins and strengthening bitcoin commerce, so that people don't ever have to deal with exchanges and banks, bitcoins will just circulate within bitcoin-world. Once that happens, bitcoin is beyond the reach of any government.

Can someone explain to me why everyone is so obsessed with trading against fiat?

DING, DING, DING! Give this person a cigar....

[lunarboy]

EDIT: I'm just waiting for the quote "Those who would trade freedom for fiat deserve neither" to be worked into this.

fixed 

[LorenzoMoney]

Why do we all obsess about the price of Bitcoin against fiat currency? Because you cannot yet walk into your local grocery store and buy food with bitcoin. Because almost no one is paid in bitcoin. The day that a person can work and get paid in bitcoin, can pay taxes in bitcoin, buy gasoline in bitcoin, pay rent in bitcoin and buy dog food in bitcoin is the day that no one will really worry about what the price of bitcoin is relative to any local fiat currency.