And how much has your dollars changed in value over the last 5 years? Could you buy about the same amount? Or did the value of them springboard all over the place?what you describe is pretty much exactly the same as our existing financial system. Our US dollar is backed by nothing anymore. It used to be, but it's not anymore.
The confidence and power of the US dollar was rooted in the economic strength of things we as a country were able to produce combined with an almost universal *belief* that the US dollar is solid.
That's just a ridiculous comment. 200,000x$700 = $140M. You do realize that the government operates on a $3.6 TRILLION dollar budget. It's something like $10 Billion dollars every day, so you're talking about a number that represents 1.5% of the daily budget. You'e talking about a number the government uses every 15-20 minutes. They aren't trying to raise prices artificially to make money.The FBI is in possession of something like 200,000 bitcoins as a result of the Silk Road bust, so perhaps tax dollars are being spent to surge the bitcoin price up so that these coins can be liquidated for a huge profit.
Its 100% speculation on my part, but your argument makes no sense. So if I have $1 billion I wipe my ass with $1 million? And the FBI operates on a budget of approximately $8 billion. Which is only $22 million per day. $140 million funds the FBI for a week. I don't think what I speculated is occurring, but I also wouldn't be completely shocked if it was.That's just a ridiculous comment. 200,000x$700 = $140M. You do realize that the government operates on a $3.6 TRILLION dollar budget. It's something like $10 Billion dollars every day, so you're talking about a number that represents 1.5% of the daily budget. You'e talking about a number the government uses every 15-20 minutes. They aren't trying to raise prices artificially to make money.
http://www.forbes.com/sites/kashmirhill/2013/10/04/fbi-silk-road-bitcoin-seizure/Its 100% speculation on my part, but your argument makes no sense. So if I have $1 billion I wipe my ass with $1 million? And the FBI operates on a budget of approximately $8 billion. Which is only $22 million per day. $140 million funds the FBI for a week. I don't think what I speculated is occurring, but I also wouldn't be completely shocked if it was.
Thanks!GAO is preparing report or something to recommends that IRS provide requirements for reporting income on virtual currencies.
new silk roads have been created. how do we develop a strategy to deal with these sites?
are there characteristics about these sites that mke it difficulty for law enforcement to respond?
Lowery answer: 3 parts of the infrastructure enable criminal activity; the sites (silk roads), digital currencies & bullet-proof hosters (business setup in country with little or no laws).
Raman: anonymity is the challenge. we have tools & strategies to address the methods people use for anonymity. important to take steps to disrupt & send message to users of the websites that they can't trust the websites, not immune to investigation.
Q: there's concern that virtual currency business may leave the US to countries with less regulatory framework. What can we do to help keep these businesses in the US?
Shasky Calvery answer: gains are short lived for leaving the US. all countries want to protect their own financial systems. Regulation at home & abroad will catch up. She thinks the innovation & jobs will stay, or they will come back to the US.
To make sure we have regulatory framework, the task force ensures (around the world) that money laundering laws are not broken. Other countries are trying to figure out how they can catch up (regulations) to address digital currencies.
taking a break. I wont' be summarizing the second half
It's funny...last week it was down around $275 and I said to myself I should buy some as it's kind of low. Oh well. Even LTC went from $2.20 or so to $8.60 over the weekend.I hate myself for not buying last-week... Just cracked $830
I have $0.056 bitcoins, so I'm up to $40
I have nothing to prove but I had registered an exchange account back in April 2012. They wanted a valid ID that wasn't about to expire since my DL was 3 months from expiration. So I tried my passport but apparently it was out of focus or something and they needed me to send it again. Long story short, it was too much BS to deal with so I dropped the idea. I kick myself in the ass thinking about it so I started investing in stock that's doing rather well like AMD. But nothing will come close to the possible gains I could have envisioned with Bitcoin. I believe it was trading for around $4-10/coin back then and I was ready to put down 1K.yeah me too
Don't believe everything you readIt won't. There are committees meeting today to discuss the future of Bitcoin in the US. The fervent buying right now is because (some of this is speculative) China is trying to take control of Bitcoin and gain a majority of the Bitcoins that have been generated. The Chinese interest is believed to be a play on gaining future inroads in mineral rich Africa as well as to try and get a jump on a world currency that is not dollars.
Thank you for explaining realized gains. We had no idea.The thing dumb money never releases is that speculation is a zero sum game. To make a profit you need to sell, so most of the lucky dopes who own the "asset" at a market price will never sell it for that.
If you're buying bitcoins because "they go up!" then you're not the smart money.