I wouldn't be surprised if the heist was state sponsored.
The FBI is already one of the largest owners of bitcoins.
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I wouldn't be surprised if the heist was state sponsored.
The FBI is already one of the largest owners of bitcoins.
LOL!
If you look historically, we have had significantly more inflation and a more unstable curency with the Federal Reserve in charge than we did before they existed.
This is a truism with no historical basis.
http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States
Some of the early panics nearly wiped out entire industries and cities.
Furthermore, the Federal Reserve's job is partially to stop problems that cropped up much later related to advanced economies that were not present in pre-1900's America.
The world is constantly changing, treating it like it's always the 1700's is not the way forward.
This is a truism with no historical basis.
http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States
Some of the early panics nearly wiped out entire industries and cities.
Furthermore, the Federal Reserve's job is partially to stop problems that cropped up much later related to advanced economies that were not present in pre-1900's America.
The world is constantly changing, treating it like it's always the 1700's is not the way forward.
This.So far it has been insecure and its volatility has put it in a position of likely failure. There is a laundry list of things that need to be corrected before Bitcoin will be taken seriously. First up is stabilizing the value, developing a deposit insurance program, and getting away from its association with money laundering and illegal activities.
Right now at best its a speculative investment with high risk and high rewards.
Call me a pessimist, but you guys (crypto-coiners) really think the govts and the TPTB (banksters, etc.) of the world will really let this thing take hold? TPTB will not allow themselves to be left out of this game, so either they will take it over or it will be banned. There's way too much at stake for them to cede control of money.
Even the US constitution states that only the US govt can create money. This is a founding principle.
As i see it now its worth is rapidly dropping mtgox has it at 400 a coin
Not in the slightest right now, but I think the higher ups have a (justified) fear of losing control in the information age. Once something goes viral, it can become too big to kill, so this could be a preventative measure of cutting it down early like catching a virus before it spreads.bitcoins are competing with the US dollar? :O
And same thing with Saddam Hussein, by himself he didn't threaten the petrodollar at all, but I think one of the reasons for making such a public example of Iraq was to send a message, because while Iraq alone would have had no effect, it could have created a trend where nation after nation dropped the petrodollar in favor of the Euro or other competing currency. Think of it like fighting fires, you might think why would they bother going out of their way to step on a match, but if they see its near a powder keg or could start a forest fire that could grow out of their control it makes total sense to invest the bit of effort.maybe once someone convinces OPEC to accept them for oil then might have a chance
Call me a pessimist, but you guys (crypto-coiners) really think the govts and the TPTB (banksters, etc.) of the world will really let this thing take hold? TPTB will not allow themselves to be left out of this game, so either they will take it over or it will be banned. There's way too much at stake for them to cede control of money.
Even the US constitution states that only the US govt can create money. This is a founding principle.
The primary reason why the power of creating money was imbedded in the Constitution (Article 1) was because the founders saw the problem that was caused to commerce when there were several competing currencies from different states. You used it as support but in actuality its the basic reason why the TPTB will not allow it.
I agree with all your points about the dollar, my point wasn't about the blind faith in it rather as an example of stakes involved. But lets say the zombie apocalypse comes or a little bit more realistically some sort of economic collapse.. gold is a much more viable (and historically accepted) store of value than a crypto-currency for all the same points you allude to.
Seems like every aspect of bitcoin is a failure. Poor security, no protection against inflation (people just make new currencies), and no real economy outside of drugs and speculation.
There won't be any domino effect regardless of who accepts them, the price is too volatile for bitcoins to be used as a medium of exchange. With so many speculators sitting on their coins waiting for the value to go up that's unlikely to change.
Seems like every aspect of bitcoin is a failure. Poor security, no protection against inflation (people just make new currencies), and no real economy outside of drugs and speculation.
Not in the slightest right now, but I think the higher ups have a (justified) fear of losing control in the information age. Once something goes viral, it can become too big to kill, so this could be a preventative measure of cutting it down early like catching a virus before it spreads.
The next generation of currency will be purely digital.
The next generation of currency will be purely digital.
Except by using credit cards, direct deposit, online bill paying, etc. the banks are 6 Billion steps ahead of Bitcoin. For all intents and purposes all major currencies have been digital for quite a while. Oh, and all there security and insurance features also protect the consumer from fraud and loss due to bank failure.
Bitcoin will never be able to catch up to what the banks and credit card companies all ready have in place. Bitcoin is Flooz v. 2.0.
Seems like every aspect of bitcoin is a failure. Poor security, no protection against inflation (people just make new currencies), and no real economy outside of drugs and speculation.