Bitcoin Laws Imminent

[dinker]

The closest thing that'll ever happen would be MPAA / RIAA sueing someone for selling bootlegs for BTC.

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[RodeoX]

Let me guess, I should sell all my bitcooin at any price. 

[wumpus]

Nerdr seems to be consistently posting anti-bitcoin articles.

[adrian33]

someone from the uscourts.gov domain visited my blog on Jun 8 arriving from http://news.ycombinator.com/item?id=2632671

other than that, in the past 90 days I've also seen one of each from:
nyc.gov
usbr.gov   
nasa.gov   
state.gov   
fcc.gov   
va.gov

[Oldminer]

I'm not in the US and use a VPN so good fucking luck

[Alex Thornton]

I don't really care for the http://nerdr.com's tone. Everyone affiliated with Bitcoin is "driven by greed" according to the post. But that's true of any business venture.

[TraderTimm]

I don't really care for the http://nerdr.com's tone. Everyone affiliated with Bitcoin is "driven by greed" according to the post. But that's true of any business venture.

As others have mentioned, the search for anything 'bitcoin' related on the site referenced by the 'article' turns up nothing. I agree, the nerdr articles relating to bitcoin are just trollbait. I replied in my usual tone, just so people would realize he's talking out of his ass.

[Jaime Frontero]

it's a bullshit article, nicely walking the line between innuendo and bias.

it ends thusly:

What do you think?

i think they're full of shit.

[wumpus]

Whose site is nerdr anyway? I cannot find a name, or even nickname anywhere.

It's pretty much full of anonymous flak for bitcoin.

Maybe he was  bitten by a bitcoin when he was young, or something

[flug]

I really wish I'd checked this site out better before I posted it. Apologies!

[tripper22]

Pure link bait. Don't waste your time with this clown (NERDr) or the hit piece post.

[George Carmack]

...well stopping the US guys from mining wouldn't be too bad..giving the rest of the world a chance to mine...
And Norway should be next. They also have ridiculous low electricity prices, subsidized by the government....

BR
GC

[david19801]

I waisted 10 minutes reading that ****!  Can we get a mod to delete this thread please.

[qualia8]

I agree that sources would be helpful, but I think this community is reacting too defensively.  We need to think about the legal issue and how it will effect bitcoin, because there are too many interested parties for bitcoin not to the be the target of the law.  It's not just the anti-drug, anti-laundering, anti-terrorism types.  The real push will come from VISA, banks, and such.  And their pockets are very deep indeed.

This is from Source Watch:

Lobbying expenditures

In the first three quarters of 2009 the sector's lobbying expenditures broke down as follows:[4]
Total for Finance, Insurance & Real Estate: $246,451,462
Total Number of Lobbyists Reported: 2,441

Insurance $90,164,227
Securities & Investment $47,354,408
Real Estate $36,831,069
Commercial Banks $27,347,713
Finance/Credit Companies $18,532,559
Misc Finance $13,525,932
Accountants $7,158,218
Credit Unions $4,937,336
Savings & Loans $600,000

The U.S. Chamber of Commerce announced on Sept. 8, 2009, an advertising campaign of at least $2 million aimed at defeating the creation of the Consumer Financial Protection Agency (CFPA). The Agency was proposed by the Obama administration to regulate more closely mortgages and credit cards. Certain practices would be banned and would require financial firms to offer loans with less complex language.[5]

Political contributions

Since 1990, the financial industry has made $2.2 billion in political contributions to lawmakers, more than any other industry tracked by the Center for Responsive Politics. Since 1998, the earliest available data, Wall Street has also been the top spender on lobbying activities, at $3.6 billion.[6]


So...

If you think lawmakers have anything other than the best interest of these banks at heart, you're sorely misguided.  And of course they will make bitcoin illegal.  The only question is when and how, which I thought the linked article explores rather well.  We must prepare for and/or fight the coming legal battle, not pretend it isn't happening.

No, this isn't trolling, it's reality.  Let's make the best of it.

[FlipPro]

Exchangers will be the very first, pools second, big miners third. I never expect them to go after the little guys though, thats IF they go after anyone to begin with... They could just tax the exchangers and make a shit-ton of money. Why does everything have to be so damn negative all the time?

[Nagle]

Exchangers will be the very first, pools second, big miners third.

Exchanges are the big problem right now.  Mt. Gox would be legal if it registered with the Japan Financial Services Agency as a money transfer service and complied with their regulations. Japan's regulations for money transfer services are quite flexible, and were specifically intended to encourage new Internet-based forms of money transfer.  The regulators do insist on audits, will check that the customers' money really is there and is held in accounts separate from the business's own funds. For the amount of money Mt. Gox is handling, those requirements are quite reasonable.

[qualia8]

The closest thing that'll ever happen would be MPAA / RIAA sueing someone for selling bootlegs for BTC.

The disanalogy is that you use your music privately, just listening to it.  Money needs outlets in order to have value: venues and exchanges.  There is no equivalent need for exchanges and vendors in the music industry.  Those are vulnerabilities to bitcoin's value that would leave our personal wallets totally intact.

I would be willing to donate to a digital currency lobbying organization.  Even though we cannot match the bankster numbers, we could make it interesting.  It's not like bitcoin will be shut down completely.  It's a question of how much legal danger and restriction we will face, and we live in a democracy: it's partly up to us.

[finnthecelt]

And about the blogger of OP, I think he just wants to provoke bitcoin enthusiasts to see their reactions.

Agreed.

It did get me thinking though. If the US Gov were to go after BTC and put US miners 'out of biz" and push all that mining activitiy over seas, there would be blowback.

The rest of the world would love to get off the USD and giving them access to a viable currency may just hurt them more in the long run than help them. It wouldn't give the USD any credibility as the damage is done. People are already stocking up on gold and silver in case of currency collapse....

Anyway, how can they prove BTC is being mined as a currency if it comes to it? I heard it was a novelty item.... 

[finnthecelt]

I really wish I'd checked this site out better before I posted it. Apologies!

No we need to be aware of this stuff. You made no error other than perhaps starting out with a skeptical tone.

Thx for the heads up.

[finnthecelt]

I waisted 10 minutes reading that ****!  Can we get a mod to delete this thread please.

I recommend you read "The Art of War".

Or do you like being in the dark?