Media : Bitcoin is Done

[tvbcof]

you have to remember that Bitcoin is MORE of a threat to the current system than even gold or silver.  why?  because the monetary task masters do not have any Bitcoin, at least that we know of.  at least the Fed has what they report they have of gold in Fort Knox which supposedly is the largest stash in the world.  with Bitcoin they don't even have a foot in the game which is why its SO threatening.

I dis-agree.  If "they" wanted a foot in the game, they'd have one for chump change.  The whole economy is now, what, $20 mill?  Taking a position would undoubtedly increase that somewhat even if they were careful, but we are still talking about a tiny tiny amount of money here.  Probably the cost of running just the US's military for a matter of seconds.

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[LightRider]

Reports coming in today that the US Dollar is dead due to >90% loss of value in the last 100+ years.

[cypherdoc]

another aspect of what i just said is that if the central banks ever got the sense that Bitcoin was unstoppable, heaven knows what they'd do to actually get a foot in the game.

which is precisely why i feel they are doing everything they can to try and prevent that from happening such as forum trolling despite what some of you believe.

[johnj]

another aspect of what i just said is that if the central banks ever got the sense that Bitcoin was unstoppable, heaven knows what they'd do to actually get a foot in the game.

which is precisely why i feel they are doing everything they can to try and prevent that from happening such as forum trolling despite what some of you believe.

Pffft, if anything they're just lookin at tips on how to print so much so fast

[cypherdoc]

you have to remember that Bitcoin is MORE of a threat to the current system than even gold or silver.  why?  because the monetary task masters do not have any Bitcoin, at least that we know of.  at least the Fed has what they report they have of gold in Fort Knox which supposedly is the largest stash in the world.  with Bitcoin they don't even have a foot in the game which is why its SO threatening.

I dis-agree.  If "they" wanted a foot in the game, they'd have one for chump change.  The whole economy is now, what, $20 mill?  Taking a position would undoubtedly increase that somewhat even if they were careful, but we are still talking about a tiny tiny amount of money here.  Probably the cost of running just the US's military for a matter of seconds.

no, step one would be to try and kill Bitcoin before it got off the ground.  that way they wouldn't have to put any money into Bitcoin at all which could paradoxically help legitimize it by making the price go up.

to this day no one has explained why the mtgox hacker would drive the price to zero without lifting his withdrawal limits ahead of time.

[Steve]

you have to remember that Bitcoin is MORE of a threat to the current system than even gold or silver.  why?  because the monetary task masters do not have any Bitcoin, at least that we know of.  at least the Fed has what they report they have of gold in Fort Knox which supposedly is the largest stash in the world.  with Bitcoin they don't even have a foot in the game which is why its SO threatening.

I dis-agree.  If "they" wanted a foot in the game, they'd have one for chump change.  The whole economy is now, what, $20 mill?  Taking a position would undoubtedly increase that somewhat even if they were careful, but we are still talking about a tiny tiny amount of money here.  Probably the cost of running just the US's military for a matter of seconds.

Banks actually make a ton of money chasing weaker hands between gold and fiat currency...just when you think things are about to collapse, they slam on the brakes to the money printing machine and send gold plummeting.  Of course, they are well aware of this ahead of time and can front run.  They can certainly do this with bitcoin and with anything else.  As long as they control the supply of dollars and as long as the dollar has a significant value relative to everything else in the economy, they'll be able to keep doing it.

[MatthewLM]

As long as that have the armies and weapons.

[tvbcof]

another aspect of what i just said is that if the central banks ever got the sense that Bitcoin was unstoppable, heaven knows what they'd do to actually get a foot in the game.

I do indeed hope you are right.  I've got a big bet on that happening eventually and working out in my favor.  But I consider it a long-shot.

which is precisely why i feel they are doing everything they can to try and prevent that from happening such as forum trolling despite what some of you believe.

My sense is that about half the people in these forums are to some extent, trolls (including myself), but I can detect very little evidence that there is any coordination here.

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To follow-up on your next post, I doubt that 'they' are under the illusion that they could 'kill' Bitcoin dead or even drive the price to to a significantly low level (the designers were to clever for that.)  A good policy would actually be to keep it cranking along on life support if need be even, monitor and catalog the participants, and generally study it for weaknesses and exploits.  That may (or may not) be the phase we are in now.  I'm undecided.

[fivebells]

There are myriad groups building various projects, some private and some public. The best ones are generally private, as the profit motive is involved.

I'm mildly skeptical, mildly hopeful.  Wish all those clever folks the best from me.

[tvbcof]

There are myriad groups building various projects, some private and some public. The best ones are generally private, as the profit motive is involved.

I'm mildly skeptical, mildly hopeful.  Wish all those clever folks the best from me.

Heh.  It is indeed helpful to keep things on the private side when the motivation is to profit...especially when the design is to profit by ripping people off.

Developments out of the Bitcoin community generally are far and away the most closed source I've been mildly involved with and also the most scam infested.  But the 'free market' tends to correct for such things...and we are down to $2.36/BTC as I tap this out.