Bitcoin blow: U.S. government freezes funds of digital currency

[truth on hold]

Here we go again, feds going nuts now using power of the state to aggressively shut down anything that threatens their control and wallets of special interest donors.

 

"The US Department of Homeland Security seized a payment processing account Tuesday belonging to Mt. Gox, the largest international Bitcoin trader, claiming the monetary exchange service falsified financial documents."

 

http://rt.com/usa/bitcoin-exchange-seized-crackdown-begins-334/

Edited May 17, 2013 by Joe_the_6_pack

[KD in CA]

So hold on.....you mean a gigantic bureaucracy with almost unlimited power is exercising that power to control other people and protect its own self interests??? Wow, that's got to be a first in recorded history!

 

Anyway, I'm sure the same people will be completely responsible and altruistic when they are in charge of all healthcare in the country and have completely disarmed the citizenry. Forward!

[OCinBuffalo]

That is the biggest "technicality" in the history of technicalities. "You didn't fill out our form right". Come on. That's right, liberals, go after the legitimate companies, and allow the criminals to take over. Great plan. The only thing that separates good from bad here is the people themselves, it certainly isn't IT skills. You attack the good people, the bad people will take over. Why? Because they are bad people, morons?.

 

If Bitcoin doesn't matter, and doesn't pose a direct threat to liberal's ability to take power through taking $...then why this?

It Bitcoin is going to fail anyway, why bother?

If Bitcoin is not an urgent problem, then why use the weakest charge I've ever heard of, to immediately go after it?

 

Those arguments are now at an end, aren't they?

 

It's as I said. Liberals? Time to wise up.

 

There is still time to reign yourselves in and prove that you can be responsible with power. What happens next is entirely up to you.

Edited May 17, 2013 by OCinBuffalo

[GG]

Here we go again, feds going nuts now using power of the state to aggressively shut down anything that threatens their control and wallets of special interest donors.

 

"The US Department of Homeland Security seized a payment processing account Tuesday belonging to Mt. Gox, the largest international Bitcoin trader, claiming the monetary exchange service falsified financial documents."

 

http://rt.com/usa/bi...own-begins-334/

 

Or could this be another case where you're proven to be an idiot?

 

Since the DHS action against Mt. Gox was related to improper registration as a money transfer/exchange service, isn't that an admission by the US that they view Bitcoin as a legitimate currency? The action wasn't related to trading counterfeit or illegitimate currency.

[unbillievable]

Until they are able to convince Walmart to take Bitcoins, it will not be a viable currency. Might as well trade in WoW gold. It's more valuable.

[OCinBuffalo]

Until they are able to convince Walmart to take Bitcoins, it will not be a viable currency. Might as well trade in WoW gold. It's more valuable.

You don't understand. This is not the question, or even approaching it.

 

You never need to convince Walmart to take Bitcoin. All you need to do: use Bitcoin to pay off your credit card, and your credit card for purchases. As I was sitting on this boring call just now, I designed exactly how, despite ongoing active attempts by the government to stop you, this could be done...with permanent impunity.

[Doc]

Bit¢hcoin.

[unbillievable]

You don't understand. This is not the question, or even approaching it.

 

You never need to convince Walmart to take Bitcoin. All you need to do: use Bitcoin to pay off your credit card, and your credit card for purchases. As I was sitting on this boring call just now, I designed exactly how, despite ongoing active attempts by the government to stop you, this could be done...with permanent impunity.

0

 

It's the same principle.

 

You will still need to find a credit card that accepts payments in Bitcoin AND is acceptable at Walmart.

For this to occur, a major bank must accept the premise that Bitcoins are a viable currency and treat it the same as any other, which would place it under the same regulations as any other currency; defeating it's core purpose anyway.

[truth on hold]

0

 

It's the same principle.

 

You will still need to find a credit card that accepts payments in Bitcoin AND is acceptable at Walmart.

For this to occur, a major bank must accept the premise that Bitcoins are a viable currency and treat it the same as any other, which would place it under the same regulations as any other currency; defeating it's core purpose anyway.

What if I use some kind of bonus points earned to make a purchase? For example amex gives points for use and allows card holders to redeem the points to purchase any number of products, or as a direct credit against the bill, the latter meaning bonus points are a viable currency where ever amex is accepted.

Edited May 18, 2013 by Joe_the_6_pack

[OCinBuffalo]

0

 

It's the same principle.

 

You will still need to find a credit card that accepts payments in Bitcoin AND is acceptable at Walmart.

For this to occur, a major bank must accept the premise that Bitcoins are a viable currency and treat it the same as any other, which would place it under the same regulations as any other currency; defeating it's core purpose anyway.

No it isn't, not even close. Look: I can write out the entire design for you, or, you can take my word as an expert that this is easily done. It's up to you. For now, no, finding a bank that accepts bitcoins = non issue. Think bigger. The people where we would go to get the money for this certainly do. What if I create my own bank?

 

You know, I started writing it all up again?

 

How about, rather than just giving you the answer: What if I have the resources to start a bank in Belize that can process bitcoins into cash? What would you do with that?

What if I use some kind of bonus points earned to make a purchase? For example amex gives points for use and allows card holders to redeem the points to purchase any number of products, or as a direct credit against the bill, the latter meaning bonus points are a viable currency where ever amex is accepted.

I was fooling around with this idea, as, lots of businesses can create points for credit card holders. Why can't I create points from my bank in Belize?

 

In fact, why not have two business lines? One that creates points, and takes a tidy 2% per transaction for doing so, and, another that turns bitcoins into paper currency, or even gold? Why stop there? Why not also be able to exchange for notes, bonds, stocks even?

 

Or you could go hog wild, and be the bitcoin paypal?

Edited May 18, 2013 by OCinBuffalo

[unbillievable]

No it isn't, not even close. Look: I can write out the entire design for you, or, you can take my word as an expert that this is easily done. It's up to you. For now, no, finding a bank that accepts bitcoins = non issue. Think bigger. The people where we would go to get the money for this certainly do. What if I create my own bank?

 

You know, I started writing it all up again?

 

How about, rather than just giving you the answer: What if I have the resources to start a bank in Belize that can process bitcoins into cash? What would you do with that?

 

I was fooling around with this idea, as, lots of businesses can create points for credit card holders. Why can't I create points from my bank in Belize?

 

In fact, why not have two business lines? One that creates points, and takes a tidy 2% per transaction for doing so, and, another that turns bitcoins into paper currency, or even gold? Why stop there? Why not also be able to exchange for notes, bonds, stocks even?

 

Or you could go hog wild, and be the bitcoin paypal?

The step you're conveniently blowing past is the part about turning Bitcoins (or points) into legitimate paper currency. You can create all the schemes you want but you will still need someone willing to fork over real currency in exchange for a fake one. And like WoW gold there are a few people who would be willing to do it, but you still can't spend the fake version anywhere outside of you're enclosed community.

 

1)Create Bitcoins

2)????

3)Profit

 

This is how I see your business model:

 

You're entire idea is based on the premise that you can create a bank and just magically put real money into the vault. Now if you had the resources to put your OWN money into the bank, then be stupid enough to convert it into bitcoins, you'd still need business wiling to accept loans in bitcoins or despositers willing to accept bitcoin at ATM's. Which they won't. (But if you're smart you can just blow by this part and just give yourself Bitcoins for free)

 

....so your solution involves turning those bitcoins back into real money after a "2% transaction fee", which would require that some other stupid person would be willing to buy back your bitcoins with real money. So how many gullible idiots do we require now to get this ponzi scheme off the ground?

Edited May 18, 2013 by unbillievable

[meazza]

The step you're conveniently blowing past is the part about turning Bitcoins into (legitimate) paper currency. You can create all the schemes you want but you will still need someone willing to fork over real currency in exchange for a fake one. And like WoW gold there are a few people who would be willing to do it, but you still can't spend the fake version anywhere outside of you're enclosed community.

 

1)Create Bitcoins

2)????

3)Profit

 

Could you please explain # 2?

 

kthxbai

[DC Tom]

What if I use some kind of bonus points earned to make a purchase? For example amex gives points for use and allows card holders to redeem the points to purchase any number of products, or as a direct credit against the bill, the latter meaning bonus points are a viable currency where ever amex is accepted.

 

No. You said it yourself: you redeem points. Typically with the vendor of them, directly or indirectly. In other words, they're closer to "company scrip" than "currency". And thus, your analogy sucks, for the same reason most of your posts suck: you almost know what you're talking about, but in your limitless stupidity you manage to miss the central point. In this case, that point being that "points" aren't transferable, thus can't be used as currency (And if you don't believe me, try granting your AmEx points to me.)

 

OC, at least, understands that. But even he omits two rather significant practical details: converting bitcoins to a transferable medium (dollars, gold, oil, Nigerian Royal bank accounts) will always end up involving regulators, and bitcoins as a currency aren't backed by anything - the dollar, at least, is backed by the "full faith and credit of the US". Who do you tax to support the bitcoin?

 

The true irony of that last part being that it makes bitcoin the ultimate fiat currency, as supported by the fringe nutjob libertarians such as yourself who think the dollar isn't a valid currency because it's a fiat currency not backed by gold.

[truth on hold]

 

 

No. You said it yourself: you redeem points. Typically with the vendor of them, directly or indirectly. In other words, they're closer to "company scrip" than "currency". And thus, your analogy sucks, for the same reason most of your posts suck: you almost know what you're talking about, but in your limitless stupidity you manage to miss the central point. In this case, that point being that "points" aren't transferable, thus can't be used as currency (And if you don't believe me, try granting your AmEx points to me.)

 

They are: I have points I'm not using, and you want to purchase something, say from the amex points catalogue. Let's say the item ordered online would cost you $500. You give me $450 and I buy the item with points and have it shipped to you. You get 10% off and I just monetized my points.

Edited May 18, 2013 by Joe_the_6_pack

[DC Tom]

They are: I have points I'm not using, and you want to purchase something, say from the amex points catalogue. Let's say the item ordered online would cost you $500. You give me $450 and I buy the item with points and have it shipped to you. You get 10% off and I just monetized my points.

 

Yeah, I know how this goes. You say something completely and self-evidently stupid that could be cured simply by you learning to read at a third grade level. Then I correct you, and you blame me for your own stupidity.

 

 

 

In this case, the stupid is: claiming that points are transferable because you can monetize them through the transfer of something THAT ISN'T "POINTS".

 

The correction is: you said it yourself, you nitwit. You didn't transfer any points. You monetized them. You didn't make them a currency, you turned something that ISN'T currency into currency.

 

Now go ahead and blame me for your stupidity. Again.

[truth on hold]

Yeah, I know how this goes. You say something completely and self-evidently stupid that could be cured simply by you learning to read at a third grade level. Then I correct you, and you blame me for your own stupidity.

 

 

 

In this case, the stupid is: claiming that points are transferable because you can monetize them through the transfer of something THAT ISN'T "POINTS".

 

The correction is: you said it yourself, you nitwit. You didn't transfer any points. You monetized them. You didn't make them a currency, you turned something that ISN'T currency into currency.

 

Now go ahead and blame me for your stupidity. Again.

Oh really? One minute I have points, the next I have dollars. You introduced the word the "transfer" not me. A direct transfer being just another form of monetization, monetization being the ultimate purpose.

Edited May 18, 2013 by Joe_the_6_pack

[GG]

Oh really? One minute I have points, the next I have dollars. You introduced the word the "transfer" not me. A direct transfer being just another form of monetization, monetization being the ultimate purpose.

 

You didn't transfer the points, idiot. You missed an important step in your simplistic

One minute I have points, the next I have dollars

You sold a product that you obtained with non-transferrable points. That's not the same as you selling or transferring points.

[truth on hold]

You didn't transfer the points, idiot. You missed an important step in your simplistic You sold a product that you obtained with non-transferrable points. That's not the same as you selling or transferring points.

And the post I said they could be "transferred" is where again?

[Koko78]

So hold on.....you mean a gigantic bureaucracy with almost unlimited power is exercising that power to control other people and protect its own self interests??? Wow, that's got to be a first in recorded history!

 

Anyway, I'm sure the same people will be completely responsible and altruistic when they are in charge of all healthcare in the country and have completely disarmed the citizenry. Forward!

 

Yeah, I'm not seeing any problems here. What could possibly go wrong?

[unbillievable]

And the post I said they could be "transferred" is where again?

What does "currency" mean to you?