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Author Topic: How will the war on bitcoins look like?  (Read 924 times)
bahatassafus
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July 29, 2011, 10:21:55 AM
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Clearly, Bitcoin, once adopted on a large scale, is a threat to existing financial institutions and the powers behind them.
from the main wiki page, 3ed point under the title "why?":
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Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system's money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.
As many of us know, the above mentioned fractional reserve banking, central banks, inflation and banks monopolies are political instruments serving the interests of powerful entities. Never in the past have those powers hesitated to protect and secure those interests using all means (financial, PR(opaganda), legislation and even wars).
While I'm reading all kinds of analysis on the technical ability to shut down the network, with terminology taken from the file-sharing-war (port blocking and deep packet analysis of ISPs, analysis of the public blocks data to identify wallets and IPs and so on), it seems to me that the real threat to Bitcoin and the easiest way to kill it is to target the exchanges. We've seen how easy it was for paypal to cancel (and even confiscate the funds of) paypal-to-bitcoins exchanges. They didn't even need the help of senator friends or the terror \ drugs \ laundering excuses. What if banks will do the same? Clearly they'll have the motive and means. Can Bitcoin survive a simple ban on exchange? Do you find such scenario probable? Do you foresee others?

 
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sje397
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July 29, 2011, 11:50:09 AM
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Someone was working on a distributed exchange, I read. Sorry, don't have a link.
bahatassafus
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July 29, 2011, 12:03:38 PM
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What is a distributed exchange?
sje397
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July 29, 2011, 12:37:29 PM
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The idea is that the exchange works over a peer-to-peer network with no central server like bitcoin.

Some thinking on the idea here, except this isn't the place I read about it. I'm pretty sure someone is already testing a prototype.
http://forum.bitcoin.org/?topic=8102.0
cbeast
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July 29, 2011, 01:38:06 PM
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I don't understand how fiat currency from my bank will get into the distributed exchange?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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July 29, 2011, 02:47:42 PM
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I don't understand how fiat currency from my bank will get into the distributed exchange?

You could always just snail mail it with the Bitcoin in escrow.
bahatassafus
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July 29, 2011, 02:50:38 PM
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Well, according to the suggestion above, which i find very cool (though not the most efficient) - You will (as a buyer of btc) withdraw your cash, hide it somewhere, recieve the btc and give the location in return.
sje397
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July 29, 2011, 02:51:05 PM
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Good point. I have no idea either.
bahatassafus
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July 29, 2011, 03:08:47 PM
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I don't understand how fiat currency from my bank will get into the distributed exchange?

You could always just snail mail it with the Bitcoin in escrow.

The btc seller (with the physical address) is then exposed.
Dargo
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July 29, 2011, 03:29:54 PM
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The P2P exchange is called "Dark Exchange". The thread is in the Project Development section.
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July 29, 2011, 04:01:16 PM
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I don't understand how fiat currency from my bank will get into the distributed exchange?

You could always just snail mail it with the Bitcoin in escrow.

The btc seller (with the physical address) is then exposed.

Exposed as someone who got cash in the mail? It's already illegal to do this with drugs, but Silk Road people do it all the time. You just need to conceal your Bitcoin stash.

I like the hiding it idea, but I'm not sure I would want to count on that repeatedly.
k3ks3
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July 29, 2011, 04:18:16 PM
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agree with the above post silkroad clearly shows, that it is possible.
But i guess its gonna be kinda hard.
But going back to the original topic.
I defenetly agree, that the banks etc. will at some point make some kind of move, but and that is the good thing, imo they are not aware yet of the "threat" bitcoins are to them. Therefore unlike us who actually know whats comming they cannot prepare yet, we can. Therefore i think they will first target the exchange, but i do think that when the time comes, we will have our means to exchange. Well let the future decide how it works out.
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bahatassafus
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July 29, 2011, 07:35:19 PM
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I don't understand how fiat currency from my bank will get into the distributed exchange?

You could always just snail mail it with the Bitcoin in escrow.

The btc seller (with the physical address) is then exposed.

Exposed as someone who got cash in the mail? It's already illegal to do this with drugs, but Silk Road people do it all the time. You just need to conceal your Bitcoin stash.

I like the hiding it idea, but I'm not sure I would want to count on that repeatedly.

guys, ur missing the point - silk road ppl will never receive anything to a real address -they are sending stuff to real addresses. In our case, if the cash receiving side is an exchange (not a one time seller) he cannot have a public physical address. Not in the scenario we are talking of (where Bitcion exchange is banned) and not even as things stand now (unless they at least declare this income for tax).
BidBitcoins
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July 30, 2011, 07:42:15 PM
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Th war on bitcoins starts as a propaganda war. The more you see bitcoins attacked in the media, the more you know bitcoins are a threat to the establishment. But on the other side, the more people who use and accept and spend bitcoins, the harder it will be to persecute it.

http://bidbitcoins.com - Auctions where you can Bid & Sell in Bitcoin
mikethebodacious
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July 30, 2011, 08:25:20 PM
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I think the war on Bitcoins is slowly escalating.  Congress is passing a bill that requires your ISP to keep records of your IP Address for 18 months, this law got passed since it was filed under the  "Protecting Children from Internet Pornographers Act of 2011".  Here is a link if your interested:

http://www.computerworld.com/s/article/9217074/New_U.S._bill_would_make_ISPs_keep_records_for_18_months

If Bitcoin ever gains serious momentum (which is likely), Congress will create a law that stifles the Bitcoin market or outright bans it.

cbeast
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Let's talk governance, lipstick, and pigs.


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July 31, 2011, 12:10:32 AM
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It is sad when the proponents of freedom and privacy must hide behind pseudonyms. It is less a war on Bitcoins, than a disease of ignorance and greed. Bitcoin is an inoculation against that infection spreading to those freedom loving people that choose to live in a democracy of the people, by the people, and for the people. Bitcoins will protect people from the denial of justice, and that is the real fear tyrants have. It is their hate of freedom, privacy, and liberty that Bitcoin represents.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
jboss
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July 31, 2011, 01:25:13 AM
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My guess would be, they do a bust similar to the way the US shut down PartyPoker....

Probably bust the big guys - mt gox and a few other major players.


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