Senators seek crackdown on "Bitcoin" currency

So it starts. Some senators are trying to kill the online currency known as bitcoin. Scared that it is an "untraceable" currency. Funny how even senators admit that anything that has a perceived value can be "currency".

Two senators are pressing federal authorities to crack down on an online black market and "untraceable" digital currency known as Bitcoins after reports that they are used to buy illegal drugs anonymously.

Source of bitcoin article

Originally posted by greenovni
So it starts. Some senators are trying to kill the online currency known as bitcoin. Scared that it is an "untraceable" currency. Funny how even senators admit that anything that has a perceived value can be "currency".

Two senators are pressing federal authorities to crack down on an online black market and "untraceable" digital currency known as Bitcoins after reports that they are used to buy illegal drugs anonymously.

Source of bitcoin article

It makes me laugh when the U.S. gov says things like because the C.I.A. has been caught many times smuggling mass amount of drugs into the U.S.

WIKI

So, it seems the senators are being prodded by their imf masters again.
I do not use bitcoin but I love what they're doing.
Anything that pokes the big guy in the wallet I applaud.

I still dont even get it. Its not like you can go to your local grocery store and they take bitcoins. I could see them having a problem with it if it actually had some value to it (since you cant buy things with it, it has none at least to most people in the world), but since it doesnt, whats really the problem with it?

reply to post by dizzie56


The problem with it is, it's a form of currency outside the control of the FED and government. Much like a bartering system. They need people using the government / bank issued currencies in order to control through the debt it creates.

As for the idiotic line that it can be used to buy drugs online, well, bank / government issued cash is used to buy drugs every day, so their argument looks even more ridiculous.

reply to post by Britguy


On the nail brother, if they are not getting a cut of the action then nobody is gonna.
I barter whenever I can, 100 percent of nothing is nothing!

Originally posted by dizzie56
I still dont even get it. Its not like you can go to your local grocery store and they take bitcoins. I could see them having a problem with it if it actually had some value to it (since you cant buy things with it, it has none at least to most people in the world), but since it doesnt, whats really the problem with it?

that's why they want to get rid of it. It is being used to purchase guns and narcotics and the way bitcoins work, there's no papertrail, like there is for every other internet transaction.
loss of tax dollars, increased drug trade, potential for chemical and weapon purchasing without a trace

Originally posted by g146541
So, it seems the senators are being prodded by their imf masters again.
I do not use bitcoin but I love what they're doing.
Anything that pokes the big guy in the wallet I applaud.

how does an imaginary currency used, primarily to purchase contraband, poke anyone in the wallet?

If it isn't a Federal Reserve IOU (I Own U?) it isn't legal tender. That's why it isn't legal to use gold anymore. You can barter with it, but it is untraceable, so using it as currency is right out. Especially to buy weapons of defense.

/TOA

reply to post by greenovni



As the old saying goes don't steal the government hates competition. Cash is just as untraceable as bitcoins and used far more then bitcoins by criminals. Course you will never see any crack down there cause that is thier currency they use to bring nations to there knees They are just enforcing thier monetary monopoly. Also the reason drugs are illegal is government is the biggest importer they are just eliminating the competition. This is what I said they would do and they of course will need more money and resources to combat this scourge. Crime prevention is very lucrative ya know. And I will be the first to coin the phrase "the war on bitcoins" pun intended...

So where are these site people are apparently buying weapons and drugs from with bitcoin?

And how are they being anonymously delivered?

Some sort of black market UPS?

Like every other paranoid concern this is all hyped up to the hilt to inspire fear and support more tyranny.

reply to post by Crakeur


Do you think if this idea were to take off, the US dollar would not be impacted?
tax of 10 percent, 10 percent of nothing is no dollars and all sense.
I see that as a wallet impact.
What about buying something other than black market goods, no cut for the fed.

Originally posted by g146541
Do you think if this idea were to take off, the US dollar would not be impacted?

it won't take off. you can't buy goods offline without them.

this reminds me of that egold back a few years ago dont know what ever happened to it.

the previous posters is right its about the feds control over money

much like connor macCloud of the clan macCloud......"there can be only one".

and that means a worthless piece of paper.and nothing else.

reply to post by Crakeur


I am glad your spyglass can see into the future, mine won't.
Short as say ten years ago if someone would have said, "Buy Apple stock"! said person would have been laughed out of the room. Now look at them.
If this won't take off then why all of the concern?
It most certainly is not about illegal drugs and guns bought online.
Cash is used in illegal transactions every day.

reply to post by g146541


don't compare apples to imaginary money.

I'm not looking into any crystal ball, I'm basing my opinion on common sense and past history.

how many other internet currencies have existed before?

how many are so widely used that the US dollar, or any other real currency, is threatened by it?

I'd rather have me some WoW platinum. At least that can be sold in large quantities for real, useable cash.

Originally posted by Britguy
reply to post by dizzie56

 

The problem with it is, it's a form of currency outside the control of the FED and government. Much like a bartering system. They need people using the government / bank issued currencies in order to control through the debt it creates.

As for the idiotic line that it can be used to buy drugs online, well, bank / government issued cash is used to buy drugs every day, so their argument looks even more ridiculous.

Exactly, I cracked up when I saw the drug line, what a joke... the problem is they can't track it, tax it, take it, make it... unlike monopoly dollars.

I love how they say that it can be used to purchase illicit drugs anonymously.. As if cold hard cash isn't anonymous enough. I'd like to know how many people go to their drug dealers with a Visa or bank check. Wait, I already know that.. None. Cash that doesn't sit in a bank is just as good as Bitcoin... Just not as conveniently transferred. This is just fat cat bankers lobbying congress to get another currency out of the picture before they have to take another hit (not that I necessarily believe bitcoin is going to be that economically viable). Money talks, and apparently bitcoin is loud enough that the banks want to shut it up before they take a loss.

reply to post by ZiggyMojo


agreed but, by keeping the bitcoin system in check, they can avoid losing tax dollars on the $50 worth of tee shirts sold thru bitcoin merchants, and they can, hopefully, keep the drug trade to themselves.

also, the firearm thing is a bit scary, as is the ability to buy chemicals, such as an as of yet not FDA approved drug.

the article on gizmodo about the "silk road" is the reason they are going after the bitcoin. the article talked about how easy it was to buy illegal narcotics, using a currency and a system built to protect users privacy. the system was built by the navy, I think.

Had the silk road story not been printed, and had you not had morons from that site talking about how great it is to be able to buy illegal narcotics, via the internet, in a manner that minimizes the risk of being caught, this never would have happened.

think of Steve Rubell, shooting his mouth off about how much money he was making with Studio 54. When you go public, and say "what the gov't doesn't know, won't hurt them" they are going to want to know and they are going to want their cut.

read this article about egold it is comparable to bitcoin alot of similarities.

and you can surmise the real reason behind their attempts at bitcoin.


www.wired.com...

those who control the money control this country and by extension the world.

Originally posted by Crakeur
you can't buy goods offline without them.

Of course you can buy goods off-line with bitcoins you can store them on a thumb drive or an Iphone etc. There are already exchanges where you can find merchants locally who take bitcoins. Sure there are not many yet but to say this will never take off when it is just getting started is a bit premature. The banksters are sicking thier lap dog politicians on this exactly because they see this has the potential to supplant thier monopoly on the currency.