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re: So what happens to Bitcoin now?
Posted on 10/3/13 at 10:20 am to BennyAndTheInkJets
Posted on 10/3/13 at 10:20 am to BennyAndTheInkJets
quote:
BennyAndTheInkJets
You have stated that you find the technology and concept interesting, but that you don't think it will be anywhere near as revolutionary as I claim. And that's a perfectly valid opinion.
But what do you see as the upper limit for bitcoin valuation?
1
Posted on 10/3/13 at 10:21 am to WikiTiger
Question for you, do you view gold and fiat currency as two completely different things? Even to the point they are effectively antonyms?
Posted on 10/3/13 at 10:25 am to WikiTiger
quote:
But what do you see as the upper limit for bitcoin valuation?
I'm going to answer in terms of crypto currency in general. I stated a long time ago that I don't think it will receive broad based acceptance, but will rather be a niche commodity-esque transaction mechanism that will be popular with some coders and anti-monetarists. Nothing more, nothing less.
Posted on 10/3/13 at 10:26 am to BennyAndTheInkJets
quote:
Question for you, do you view gold and fiat currency as two completely different things? Even to the point they are effectively antonyms?
I don't really know how to answer that because I don't really care for gold. So I don't seem unwilling to answer, I would say that I would view them differently because there is a (theoretical) limited amount of gold, which limits inflation (unless they start mining it from asteroids).
But the thing is, when you get down to it, all forms of money are simply collective delusion, bitcoin included. So in that sense, they are the same.
Posted on 10/3/13 at 11:04 am to WikiTiger
quote:Then how can actual ownership of the Bitcoins be verified? Authentication requires tracing back to the block chain. Any mixing would have to be recorded for accurate record keeping. You can't mix the Bitcoins and erase all traces of ownership without compromising the entire system.
SR had an automatic built in mixing service.
quote:I think it is absurd to assume that most vendors were more sophisticated than the creator of the Silk Road. Isn't the block chain a permanent ledger of ownership of
And I'm sure most vendors used independent mixing services as well. The taint on any coins used in SR transactions is probably long gone.
Bitcoins? Taint does not attach to the specific Bitcoins, it attaches to any Bitcoins owned by persons who participated in illegal transactions. If John Doe was alleged to have participated in illegal activities in 2010 that earned him 50 distinguishable Bitcoins, then the feds could sieze any 50 Bitcoins John Doe owns at the time of arrest in 2013 as the proceeds of illegal activities. Once law enforcement knows who John Doe is, they can trace all his uses of Bitcoins with the knowledge of which specific Bitcoins he received from his illegal activities. They can analyze those transactions looking for other illegal activities that will spread the taint.
The feds don't need convictions to seize Bitcoins. They need credible allegations, and once the property has been seized it is not easy for the owner to recover.
I doubt the feds are going to waste time chasing five and dime criminals (recreational drug users) on Silk Road, but they will go after people who's crimes spread beyond recreational drug use.
Posted on 10/3/13 at 11:09 am to Poodlebrain
Please joxy your name here.
Need your input
Need your input
Posted on 10/3/13 at 5:41 pm to I Love Bama
Is this about the Regulation E matter?
Posted on 10/3/13 at 6:36 pm to BennyAndTheInkJets
quote:
There is a clause in there that should make you worry about any chance of broad based acceptance. The CFTC is debating whether or not to put bitcoin under their supervisory remit, which in essence will place all exchanges under the scrutiny and regulation of the CFTC. Won't affect P to P usage obviously, but it will essentially deflate any chance of this getting wide acceptance in the form that you wish for it. This is what I was referring to when I previously made the point that regulators will not ever let something like this just freely go, and you said "if it happens then frick them for it". Hasn't happened yet but being debated.
Bitcoin remitters are already being held accountable for AML purposes. The Treasury announced earlier this year that they view Bitcoin remitters the same as any other remitter in terms of AML compliance.
Posted on 10/3/13 at 7:03 pm to MStant1
Where the heck have you been? 
Posted on 10/3/13 at 9:00 pm to LSURussian
I still lurk, but haven't had the time to engage in topics as much as I used to.
Posted on 10/4/13 at 3:03 pm to MStant1
The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road
just thought some of y'all might find that tidbit interesting
quote:
The spokesperson says the approximately 26,000 Bitcoins seized are just the ones that were held in Silk Road accounts. In other words, it’s Silk Road users’ Bitcoin. The FBI has not been able to get to Ulbricht’s personal Bitcoin yet. “That’s like another $80 million worth,” she said, explaining that it was held separately and is encrypted.
just thought some of y'all might find that tidbit interesting
Posted on 10/4/13 at 4:36 pm to WikiTiger
The de-cryptographers at the FBI are furloughed.....
Posted on 10/4/13 at 5:52 pm to WikiTiger
In fairness, the feds themselves might be exaggerating the value of his holdings. Granted, this dude is rapidly showing that, technosavvy aside, he wasn't really that bright but I doubt he was stupid enough to volunteer to the authorities that he had eighty million dollars in whatever that they couldn't get.
Kind of like how every 18 wheeler packed with weed stopped by the cops has a "street value" of (unrealistic number) million dollars.
Kind of like how every 18 wheeler packed with weed stopped by the cops has a "street value" of (unrealistic number) million dollars.
Posted on 10/4/13 at 6:18 pm to Walking the Earth
quote:
In fairness, the feds themselves might be exaggerating the value of his holdings.
not really. here's the bitcoin address where the feds are storing it: https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
people have been sending very small amounts of bitcoin to it and embedding messages (a built in feature of the bitcoin protocol). it's kind of funny.
27,365 bitcoins at a current value of approximately $137.59 for a total value of $3,765,150.35
as stated in the article, this is what the seized from the SR, and it consists of the escrow holdings...so basically, it's just customer money
Posted on 10/4/13 at 6:33 pm to WikiTiger
quote:
27,365 bitcoins at a current value of approximately $137.59 for a total value of $3,765,150.35
Any idea how the government is going to effectively pull the 3 mill out?
Posted on 10/4/13 at 6:46 pm to Linkovich
Well they have to wait until the trial is over I think
After that, if they dump 27k coins on the market it will crash the price a good bit. If they want to maximize the money they get for them then they'll have to sell slowly. Who knows what they will do?
After that, if they dump 27k coins on the market it will crash the price a good bit. If they want to maximize the money they get for them then they'll have to sell slowly. Who knows what they will do?
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