- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Bitcoin has become a situation comedy
Posted on 3/2/14 at 9:11 am
Posted on 3/2/14 at 9:11 am
I thought the central purpose of using a pseudo currency was to avoid all this:
These bitcoinistas are running to the protection of the courts, regulators, and law enforcement of the very people they were diligently trying to undermine
I can just picture Lucy and Ethel scrambling to recover their missing bitcoin before Wiki gets home from the club and she has some splaining to do!
quote:
Mt. Gox wasn't overseen by national regulators, so there is no entity to step in and back investors' deposits.
quote:
Some computing experts believed any hackers might be capable of covering the tracks of a potential computer break-in.
quote:
Devon Weller, a 40-year-old freelance Web developer in Nashville who said he had a "small amount" of bitcoins stashed at Mt. Gox, tossed aside his regular work Friday morning to start looking for missing bitcoins. He tapped into the public ledger from his home office and started following the trail of large transactions.
"I haven't gotten very far"
quote:
Because Mt. Gox was unregulated, customers might not have much recourse unless they hunt down missing bitcoins on their own.
quote:
By contrast, customers of MF Global Inc., a regulated brokerage, have nearly been made whole after they lost an estimated $1.6 billion in its 2011 collapse. U.S. customers who traded on U.S. exchanges have received about 98% of their funds, while U.S. customers who traded on foreign exchanges have received about 78%.
quote:
Federal Reserve Chairwoman Janet Yellen said this past week that the Fed has no authority to regulate the virtual currency as long as it "doesn't touch" banks the Fed oversees.
quote:
Bitcoin enthusiasts are teaming up to pursue the cybertrail of the missing cash. Among them is Charles Shrem, a prominent bitcoin advocate and entrepreneur who was arrested in January and charged with money-laundering in connection with his bitcoin company.
quote:
Gavin Andresen, chief scientist for the Bitcoin Foundation, a trade group, isn't hopeful that amateur sleuthing will turn up the missing bitcoins. The best results, he says, might come from a far more traditional source.
"I wouldn't be surprised, if there is a theft involved here, that eventually law enforcement does figure out, using the subpoena powers, where the bitcoins went," he said.
These bitcoinistas are running to the protection of the courts, regulators, and law enforcement of the very people they were diligently trying to undermine
I can just picture Lucy and Ethel scrambling to recover their missing bitcoin before Wiki gets home from the club and she has some splaining to do!
3
Posted on 3/2/14 at 9:53 am to League Champs
Request move to money board.
Posted on 3/2/14 at 9:53 am to League Champs
quote:
These bitcoinistas are running to the protection of the courts, regulators, and law enforcement of the very people they were diligently trying to undermine
well theft is theft. i'm not an anarchist but support cryptocurrencies. using police to investigate theft is fine, in my eyes
where are the regulation desires?
only true believers though BTC was not risky. i believe in cryptocurrencies, but BTC was way too risky for me to adopt
Posted on 3/2/14 at 9:56 am to SlowFlowPro
quote:Why?
i believe in cryptocurrencies
Posted on 3/2/14 at 9:58 am to HubbaBubba
quote:
Request move to money board.
Shut up.
Posted on 3/2/14 at 9:59 am to SlowFlowPro
quote:
well theft is theft. i'm not an anarchist but support cryptocurrencies. using police to investigate theft is fine, in my eyes where are the regulation desires? only true believers though BTC was not risky. i believe in cryptocurrencies, but BTC was way too risky for me to adopt
I agree with all of this.
Posted on 3/2/14 at 10:00 am to LSURussian
quote:
Why?
they're outside of government control and allow more freedom in movement of money. it's also an international currency
Posted on 3/2/14 at 10:02 am to SlowFlowPro
quote:
they're outside of government control
I'm not sure what that means. I'm not sure anyone knows what that means.
Posted on 3/2/14 at 10:03 am to Y.A. Tittle
quote:
Y.A.Tittle
Posted on 3/2/14 at 10:04 am to SlowFlowPro
quote:
they're outside of government control and allow more freedom in movement of money.
same reason I'm rooting for them.
At the moment they are still in their infancy development-wise and very risky.
I would like to see them evolve into something stable and meaningful.
Posted on 3/2/14 at 10:04 am to Y.A. Tittle
for example, i can make a transaction/deposit over $10,000.00 without having to bring the government in to investigate
i can travel between countries without having to tell whichever government that i'm carrying a certain amount of money
i can travel between countries without having to tell whichever government that i'm carrying a certain amount of money
Posted on 3/2/14 at 10:05 am to SlowFlowPro
quote:No, they are not. At least btc has proven it's not.
they're outside of government control
quote:How so? I can move my dollars anywhere in the world at any time of the day or night. What is freer than that?
and allow more freedom in movement of money
quote:And the dollar isn't? I've worked or traveled to over 50 countries and the US dollar is accepted in all of them.
it's also an international currency
Plus, btc is only effective if it is converted into a spendable local currency (or the dollar). There are so few places where btc can be spent without converting them to another "real" currency, it makes btc the equivalent of script, not a currency.
Posted on 3/2/14 at 10:09 am to LSURussian
quote:
How so? I can move my dollars anywhere in the world at any time of the day or night. What is freer than that?
with a CC, i can do it without another institution knowing. you have a government-mandated paper trail
quote:
And the dollar isn't?
sure it is, but you're limited in security and, well, size/carrying ability with the dollar. try to buy something for $1M in cash in a 3rd world country and tell me how safe you are (or how much your transactional costs for things like security run). with a CC i could do it with a swipe on my phone
quote:
Plus, btc is only effective if it is converted into a spendable local currency (or the dollar).
i'm talking CCs, not BTC
if/when CCs develop, this will not be necessary (and it's developing around us now). it's going to take time (and is a major reason why i never bought a BTC), but it should come in time (especially in non-developed countries).
Posted on 3/2/14 at 10:22 am to SlowFlowPro
quote:And this is important how? And I don't agree with you unless the CC is moved using a flash drive. If it's sent over the internet, it's traceable. It may not be easy to trace and only significant transactions are worth tracing, but they are traceable.
with a CC, i can do it without another institution knowing.
quote:What is the government mandate for a paper trail which requires Chase Bank to report my credit card purchases in the Louvre's souvenir shop in Paris?
you have a government-mandated paper trail
quote:Okay. Please let me know when that happens.
if/when CCs develop
Posted on 3/2/14 at 10:28 am to League Champs
The blockchain is a wonderful accounting system. It records all Bitcoin transactions. So amateur sleuths can trace Bitcoins by their public addresses without too much difficulty. The difficulty comes in connecting the public address with actual individuals or organizations. Traditional law enforcement techniques and power are a necessity.
After tracing Bitcoins on the blockchain you would need access to internet usage information to look for recurring patterns that correspond with the Bitcoin transactions. The simplest form of internet usage information would be email records, but it would be possible for someone trying to avoid detection to cover their tracks and make detection very difficult or even impossible with just email records. Analysis of additional internet usage information would almost certainly require some sort of national agency effort, think NSA, since the volume of information would be enormous and require very large amounts of computational power.
So despite his most fervent desire to find his missing Bitcoins, Devon Weller is wasting his time unless they were misappropriated by complete fools who did not make any effort to hide any connections between their real identities and the Bitcoin public addresses.
After tracing Bitcoins on the blockchain you would need access to internet usage information to look for recurring patterns that correspond with the Bitcoin transactions. The simplest form of internet usage information would be email records, but it would be possible for someone trying to avoid detection to cover their tracks and make detection very difficult or even impossible with just email records. Analysis of additional internet usage information would almost certainly require some sort of national agency effort, think NSA, since the volume of information would be enormous and require very large amounts of computational power.
So despite his most fervent desire to find his missing Bitcoins, Devon Weller is wasting his time unless they were misappropriated by complete fools who did not make any effort to hide any connections between their real identities and the Bitcoin public addresses.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News