FEAR the BITCOIN

[PrintMule]

So you could have millions (secretly) but not able to spend in a practical way.  I guess it would be fine if you were a whiskey drinkin, gun slinging, drug smoking, yada yada, type of person.  Black Market.

Those blacklisted millions would have much less value than whitelisted ones. So it would not be fine in any case. Can you pay with fake(counterfeit) money on real black markets?

[BurtW]

What do you think, long term wouldn't this be possible for the government to do?....

Couldn't a system be put in place where the currency would have to go through an exchange/service, where it would then become deemed verified/stamp of approval/marked/legal, etc (have all necessary measures in place to track).  Then at that point the owner would have his "pre-approved/validated" coin, and could spend it mainstream on whatever merchandise or services he wanted.  

However.....if it was NOT approved(gone through the system) it would be red flagged and NOT accepted.  

So you could have millions (secretly) but not able to spend in a practical way.  I guess it would be fine if you were a whiskey drinkin, gun slinging, drug smoking, yada yada, type of person.  Black Market.

I don't know?!!!....think I am spending too much time on this forum hahaha.  I have things to do!  Geeeezz...the bitcoin topic can be addictive cant it?

my mind on my money and my money on my mind
-SNOOP

There are things that you can do right now and things in the works that will prevent this scenario:

You can stop using vanity addresses (I have)
You can stop reusing addresses (always use a new address for each transaction and change)
Demand the implementation and use of BIP32 system wide for all periodic payments and "static" address uses
Support the implementation and use CoinJoin (already implemented on blockchain.info so use it)
ZeroCoin, maybe but this requires a fork in the blockchain
If you are a miner use a pool which discourages address reuse with the Luke-Jr patch

Summary in my signature here:

[PenAndPaper]

Bitcoin makes sence only as anonymous payment network

It's not anonymity that is in stake here. Bitcoin isn't anonymous anyway.

[rileytu]

I do not FEAR the BITCOIN , i buy / sell them.

[Alice_C]

What if this forum is also under goverment control and someone of us...?! Oh, my!
Seriously, we will never know the truth.
Just take it easy.

[DNK13]

i think that all will end in BTC War as a new world war III

[minutetaker]

So, uh, why would 'the government' (what does that even mean) create an inherently deflationary currency when such encourages hording rather than circulation - which totally undermines contradicts capitalist ethos and thus the value of the money supply, fiat, which is the basis upon which the value of Bitcoin is derived?

[oneduality]

Please mark this page:

After today, there is no doubt in my mind the BTC was created by the government, and will become the new world currency, we all, have been trying to avoid for so long.

What better way to gain support for a New World currency, then by making alot of people rich, and hearing all the great stories about it. Everbody will pile into it, and will make alot of  money in the process. So many people will be happy, and word of mouth will continue to build support for this BTC system.

Wake up, this is it and its only the beginning

Transactions are anynomous on BTC (Thats BS). Everything is linked to an IP adress, and logged onto a blockchain. How do you think they caught and shutdown silkroad.

Sell the citizens this illusion, that there is some new anti-gov currency, that was created by someone so smart we dont know who they are, and transactions will remain anynomous.

Are you people that blind. I know most of you have made  money so wont bother really caring  (The Greed of Human beings is astonishing)

Forget about the GREEDY part of making money. Think about it , very deeply, and thoroughly .

A lot of fear mongering here I'm afraid...

[obyphreakz]

i sell BTC and get money to my paypal. and i can withdrawl money to my bank account.. BTC is a great bussiness. dont affraid of BTC 

[cheachea]

Thanks BurtW.....

However, I only understand the obvious 2nd point (lol)..."don't re-use addresses"
Do I assume VANITY addresses refer to random addresses made just because a person can?

Uhhhh time for more homework! So wish I understood the terminology!  I will definitely research what you have suggested.

[trumbadera]

So, uh, why would 'the government' (what does that even mean) create an inherently deflationary currency when such encourages hording rather than circulation - which totally undermines contradicts capitalist ethos and thus the value of the money supply, fiat, which is the basis upon which the value of Bitcoin is derived?

Yes, the people in power need always new ways how to save wealth. The fact it might be anonymous is plus

[cheachea]

"fear mongering"?? ....

I think the original poster makes some valid points (I don't necessarily agree with ALL of them).  Shouldn't we be questioning (and drawing our own independent conclusions), as it appears there is still a lot that is unknown.  For myself, I wont be jumping in with both feet and wearing blinders.  It seems to me that no one can say for certain what the future of bitcoin will look like...that's whats so exciting about it (or scary, depends on your views)!!  Guess we can only speculate, and be hopeful at this point.  Meanwhile....a whole lotta bucks are to be made! 

[BurtW]

Thanks BurtW.....

However, I only understand the obvious 2nd point (lol)..."don't re-use addresses"
Do I assume VANITY addresses refer to random addresses made just because a person can?

Uhhhh time for more homework! So wish I understood the terminology!  I will definitely research what you have suggested.

An example vanity address is my old vanity address which I am phasing out and no longer using:

1BurtWEejbnKeBRsvcydJvsNztB1bXV5iQ

You see them all over the place.  It is an address that was generated to have a human readable portion.  

The issue is that by its very nature it is created to be reused and tied directly to something - in this case my username on this forum.

[Xenoph0bia]

An example vanity address is my old vanity address which I am phasing out and no longer using:

1BurtWEejbnKeBRsvcydJvsNztB1bXV5iQ

You see them all over the place.  It is an address that was generated to have a human readable portion.  The main issue is that it gets reused by definition.

What if you generate a lot of vanity address starting with 1BurtW and use every just once. You will cheat the no reuse address rule, because everytime different address, but you loose privacy anyway

[Speaker]

If the government made BTC for anything it was to decrypt hashes for various encryptions. Ever think what your miner is really "solving"?

[BurtW]

If the government made BTC for anything it was to decrypt hashes for various encryptions. Ever think what your miner is really "solving"?

We know exactly what the miners are doing, especially all the ASIC miners as the ASICs are designed to do exactly one specific task.  

Stick around and learn a bit more.

[BurtW]

An example vanity address is my old vanity address which I am phasing out and no longer using:

1BurtWEejbnKeBRsvcydJvsNztB1bXV5iQ

You see them all over the place.  It is an address that was generated to have a human readable portion.  The main issue is that it gets reused by definition.

What if you generate a lot of vanity address starting with 1BurtW and use every just once. You will cheat the no reuse address rule, because everytime different address, but you loose privacy anyway

Yes, that could be done.  It is an interesting thought.

[cheachea]

And so it begins....

http://www.coindesk.com/canada-revenue-agency-tax-rules-apply-bitcoin/

I am all about paying my taxes (its necessary), but within reason, and accountability


I hope the "smarties" can out smart "them" just a wee bit!...that would be awesome!

[PenAndPaper]

The issue is that by its very nature it is created to be reused and tied directly to something - in this case my username on this forum.

It's not tied by any means with your username let alone with your true identity.
Everyone can create vanity addresses starting with 1BurtW.
I can create a vanity address 1BillGates. That doesnt mean that what i do is tied with Bill Gates.

[DeboraMeeks]

You sir are correct,SATOSHI is actually a name of a super-secret project and stand for "Stepped-at-that-old-shit-hadn't-I and they are plotting a trap for people to start using BTC's and then making it the main currency of the world for their own selfish and EVIL Gains (SATOSHI Nakamora is currently almost confirmed to be George.W.B).
Getting paid by ripple-labs