31–40 of 152 posts
Earlier quoted context omitted.
I'm guessing it's because that's not something the FBI cares about. The FBI is just a police force; it ain't the Federal Reserve.
but you need a police force to enforce fiat :)
Earlier quoted context omitted.
Interestingly botnets are probably a month away from being unprofitable for mining Bitcoins, in fact GPUs will be unprofitable for mining Bitcoins all-together. ASIC devices are being shipped over the next six months which will increase the mining difficulty substantially.
The benefit is that the electricity bill goes to the owners of the infected computers. What does a botnet cost?
Really the big disruption Bitcoin could cause if it becomes well established, is to act as a stable reference frame against which the other currencies can be compared (versus now, where they all float against each other). No government owns the Bitcoin printing press. It cannot be used as an instrument of fiscal policy, and it weakens the ability to use government currency as an instrument of fiscal policy.
Nice document. It shows well the way of thinking of our governments. "detecting suspicious activity, identifying users, and obtaining transaction records is problematic for law enforcement." - That must deeply hurts FBI people :) "Despite the virtual nature of Bitcoin, users value the currency for many of the same reasons people trust Federal Reserve notes: they believe they can exchange the currency for goods, servi…
>People do not trust "Federal Reserve notes" I trust Federal Reserve notes. US currency has high barriers to counterfeiting and can be exchanged for goods and/or services with actual rather than virtual anonymity. I may be a cave man, but I'm not alone. US banknotes are the 'gold standard' of black and grey markets around the world.
Earlier quoted context omitted.
Interestingly botnets are probably a month away from being unprofitable for mining Bitcoins, in fact GPUs will be unprofitable for mining Bitcoins all-together. ASIC devices are being shipped over the next six months which will increase the mining difficulty substantially.
The benefit is that the electricity bill goes to the owners of the infected computers. What does a botnet cost?
Nice document. It shows well the way of thinking of our governments. "detecting suspicious activity, identifying users, and obtaining transaction records is problematic for law enforcement." - That must deeply hurts FBI people :) "Despite the virtual nature of Bitcoin, users value the currency for many of the same reasons people trust Federal Reserve notes: they believe they can exchange the currency for goods, servi…
> People do not trust "Federal Reserve notes" Really? There I was thinking foreign governments liked holding their reserves in US dollars... > that at least some people realize that there is no such a thing like US dollar, only those "notes" printed by Ben Bernanke and his pals Wake up, SHEEPLE!
Yes every government has to keep dolar reserve because this is the only currency you can buy oil with. USA managed to force oil suppliers to accept only US dollars.
This is the source of the dollar power and enable FED to print as much dollars as they want. People all over the World must purchase dollars.
Nice document. It shows well the way of thinking of our governments. "detecting suspicious activity, identifying users, and obtaining transaction records is problematic for law enforcement." - That must deeply hurts FBI people :) "Despite the virtual nature of Bitcoin, users value the currency for many of the same reasons people trust Federal Reserve notes: they believe they can exchange the currency for goods, servi…
People do not trust "Federal Reserve notes" (or any other official currency) - they are forced to use it, since they must pay taxes in it. That doesn't explain why people continue to accept official currency in excess of their anticipated tax bill, or why criminals who aren't expecting to pay tax at all still deal in official currency.
Earlier quoted context omitted.
>People do not trust "Federal Reserve notes" I trust Federal Reserve notes. US currency has high barriers to counterfeiting and can be exchanged for goods and/or services with actual rather than virtual anonymity. I may be a cave man, but I'm not alone. US banknotes are the 'gold standard' of black and grey markets around the world.
Governments are cracking down on the use of cash in ways that will only help the promotion of Bitcoin. http://www.forbes.com/sites/jonmatonis/2012/10/17/large-cash...
Integrating licit and illicit revenue streams will always be a foundational issue for any illegal enterprise. I have not looked deeply into the implementation details, but Bitcoin does not strike me as a viable money laundering solution. At the point you move large amounts of value out of the ecosystem and into the 'straight' economy, you require the complicity of bankers.
Earlier quoted context omitted.
but you need a police force to enforce fiat :)
You need a police force to enforce contracts and there is no system of exchange that can survive without contract.
The police usually don't investigate tort law, only criminal law. When the police do get involved in civil law disputes it can get quite controversial.