[2014-02-12] Reuters - "Bitcoin hit by denial of service attacks"

[Seohce]

http://uk.reuters.com/article/2014/02/12/us-usa-bitcoin-idUKBREA1A20X20140212

[miketonic]

Bad news just keep on coming..

[murraypaul]

As for regulation, the bitcoin community have been screaming out for some proper regulation for a long time

That simply isn't true, of the community in general.
There is a significant proportion which is rabidly opposed to any form of regulation as a matter of principle.

[raskul]

As for regulation, the bitcoin community have been screaming out for some proper regulation for a long time

That simply isn't true, of the community in general.
There is a significant proportion which is rabidly opposed to any form of regulation as a matter of principle.

well sorry to have to disappoint you, it's going to happen, we may as well embrace it.

[murraypaul]

But that isn't what you said.
And when complaining of misleading journalism, perhaps you shouldn't do the same thing yourself in your comment?

[teukon]

As for regulation, the bitcoin community have been screaming out for some proper regulation for a long time, and myself, being invested in bitcoin, would welcome any suggestion to how bitcoin can be regulated and welcomed as a global currency.

This is just wrong.

The people writing and enacting the regulations will be the big exchanges and know-nothing bureaucrats.  Regulation will just be used as a tool for Mt.Gox and people with the understanding of the journalists to kill off the competition of smaller, better exchanges such as your beloved Kraken.

Much of the community understands this, and I for one would be happier to see fewer intelligent but cluelessly naive individuals such as yourself screaming out for regulation.

[teukon]

well sorry to have to disappoint you, it's going to happen, we may as well embrace it express how we really feel about it.

FTFY

[notthematrix]

As for regulation, the bitcoin community have been screaming out for some proper regulation for a long time, and myself, being invested in bitcoin, would welcome any suggestion to how bitcoin can be regulated and welcomed as a global currency.

This is just wrong.

The people writing and enacting the regulations will be the big exchanges and know-nothing bureaucrats.  Regulation will just be used as a tool for Mt.Gox and people with the understanding of the journalists to kill off the competition of smaller, better exchanges such as your beloved Kraken.

Much of the community understands this, and I for one would be happier to see fewer intelligent but cluelessly naive individuals such as yourself screaming out for regulation.

Well let it be regulated , if they want to regeulate PI let them , not that PI is going to care is it!?
thats how I look at bitcoin and regulation , the system is not going to care its decentralized , but I understand that compony's need the IEDEA of regulation its always been the IEDA of regulation in finance and banking a nice inside in how it works is this doc , http://www.youtube.com/watch?v=d4o13isDdfY give people the illusion of rules to make them happy , thoose that can see true them wil not be stoped by them.
 

[cryptoanarchist]

As for regulation, the bitcoin community have been screaming out for some proper regulation for a long time

That simply isn't true, of the community in general.
There is a significant proportion which is rabidly opposed to any form of regulation as a matter of principle.

well sorry to have to disappoint you, it's going to happen, we may as well embrace it.

Sorry to disappoint you, but regulations are just going to be ignored. Regulate bitcoin, and people will just use other cryptos.

Bitcoin's utility is that it doesn't need regulation and works better/faster because of that fact. Statism cannot win under these conditions - the more they regulate, the more they kill the value and the more people just use less regulated alternatives.

You statists are trying to catch water (crypto), and its just running faster between your fingers.

[Carlton Banks]

Sigh.

Bitcoin is already regulated. By the software.

You can't just gift yourself as many bitcoin as you like, or send them to someone and keep a few with the recipient also receiving their expected amount.


By saying "no, we don't want regulation", it plays into the hands of the people trying to push government regulation. Think about how the conversation looks to someone who knows nothing about it. They may well think "well, these computer hacking bitcoin people just want to make up the rules of what's right and wrong as they go along, so they can get as much wierdo money as they want! regulate it, definitely, this thing needs supervision"

Think about what you're saying please, people

[raskul]

Sigh.

Bitcoin is already regulated. By the software.

You can't just gift yourself as many bitcoin as you like, or send them to someone and keep a few with the recipient also receiving their expected amount.


By saying "no, we don't want regulation", it plays into the hands of the people trying to push government regulation. Think about how the conversation looks to someone who knows nothing about it. They may well think "well, these computer hacking bitcoin people just want to make up the rules of what's right and wrong as they go along, so they can get as much wierdo money as they want! regulate it, definitely, this thing needs supervision"

Think about what you're saying please, people

here's where I am - I run two businesses, both of which accept bitcoin.
when I short sell the coins I am paid, I take those numbers and I put them into my accounts ledger.
every 3 months, I pay VAT on vatable income, and every year, I pay tax on my yearly income. Bitcoins are part of my yearly income, when they are exchanged to fiat and dumped into my business account.

I do this because I am not a criminal, I don't just want to 'launder money' and I am happy to adhere to the laws where I live becasue it makes it a better society/civilisation et al.

I want proper regulation of bitcoin as a global currency. I have enough faith in bitcoin that it is capable to be a global currency, and not just a means to avoid being taxed (which clearly is how some bitcoin users see it, going by above comments). That's not what I see in bitcoin. I see it as the best and most effficient way to make payments for services rendered. Bitcoin isn't yet an official currency, but damn, i'd like it to be.

[teukon]

Bitcoin is already regulated. By the software.

Yes, I didn't want to dwell on this point as it was clear that raskul was referring to state regulation.

I want proper regulation of bitcoin as a global currency.
...
I see it as the best and most effficient way to make payments for services rendered. Bitcoin isn't yet an official currency, but damn, i'd like it to be.

I want your home.  I see it as a nice place for me to live.  It isn't officially mine yet, but damn, I'd like it to be.

[raskul]

Bitcoin is already regulated. By the software.

Yes, I didn't want to dwell on this point as it was clear that raskul was referring to state regulation.

I want proper regulation of bitcoin as a global currency.
...
I see it as the best and most effficient way to make payments for services rendered. Bitcoin isn't yet an official currency, but damn, i'd like it to be.

I want your home.  I see it as a nice place for me to live.  It isn't officially mine yet, but damn, I'd like it to be.

hey! it needs a new roof, if you cross my palm with enough bitcoin (and don't knock off an amount because of all the holes in the roof)... it's yours!

[Carlton Banks]

Bitcoin isn't yet an official currency, but damn, i'd like it to be.

Fair enough. In practice it doesn't matter, but if you're desperate to have the square peg in the square hole, just to prove it's definitely square, then that's your world.

On the other hand, I notice you're willing to stretch the boundaries of what is "real" or "proper" and what is not right now already. Remember that currencies weren't always "official", that comes from only a few hundred years of history. Things do change, just like how they changed to get us into the circumstances we're in now. We're weren't always paying with pieces of paper or plastic, and we weren't always voting for legislative representatives or catching trains. Sometimes things go in and out of our way of life, like watermills or airships, or taxes on windows (if you lived in England)

Official money is dead in the water, basically. That's the big picture.

[cryptoanarchist]

Official money is dead in the water, basically. That's the big picture.

Which is why all the "regulation" talk is just hot air.