BitCoin Gets Laundering Rule

samgeneric said:
I think you're onto something. Big stunts like that are smart for the currency at this stage.
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And at the same time look for opponents to pull of big stunts as well. If the cant do it legally look for major events to happen discrediting the safety of BC. They will exploit the weeknes. Wallet hacks, exchanges shut down for funding terror, scams, and the crem dela creme an NS^ super virus. The more mainstream the bigger the fight. Mainstream America will never buy a Starbucks late with BC. It simply can not be allowed
 


[ame=http://www.youtube.com/watch?v=qFfG0hlA0FU]The Wire | Money Be Green - YouTube[/ame]
 
They'll pass more laws, and more laws, until they have a chokehold around the BTC fanbois.

And still the fanbois will be clenching their bitcoins in their fists, screaming "from my cold DEAD HANDS!!"
 
I really can't see bitcoin becoming a main stream currency. Think about all the lower income people for a minute. They have been condition to ONLY trust the governments version of money.

When you have a group like this that may not have even a high school education, how do you convince them to trust something you can't hold in your hand?

In theory bitcoin would be a viable international currency, I can't see it being excepted largely by the masses.

Then again maybe Cyprus can start the movement :)
 
jacky8 said:
lukep, why did you create the bitcoin blog on wordpress.com instead of your own domain? Just curious..
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I explain that on the About Me page.

...Either that or I've spent all my USD on bitcoin and can't afford a domain right now. :laughing-smiley-007


sennin436 said:
Definitely we're hearing this alot now: cyprus, europeans fleeing the EURO for bitcoins ;) I guess they were properly 'motivated' to make that move. I'm wondering what's been the trend here in the states with the 'prepping for the worst' crowd? Get gold & silver coins, more guns, storage foods & water. But I'm guessing bitcoins is also encouraged?
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They are just starting to encourage them here; It's still a hard thing to spread the word about amongst the masses, to technical for old people to trust for instance, but we're hoping the high price now will legitimize it to them.


sennin436 said:
I'd be grateful if you could point me to any links, threads, etc, on bitcoin forums that discusses all this. Maybe lukep knows? :usa:
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The biggest community is at Bitcointalk.org. Here is a thread talking specifically about Cyprus. There are many more, some there in other languages.



dmnEPC said:
The more mainstream the bigger the fight. Mainstream America will never buy a Starbucks late with BC. It simply can not be allowed
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Here's the part you fearmongers keep forgetting about though; Bitcoin comes with a FREE MARKET.

Once enough people are holding bitcoin, which looks to be in a year or less at the current growth rate, a competitor of Starbucks that isn't so big, like a Mom n Pop coffee shop for instance, can make a nice profit or even steal marketshare in it's region JUST by taking bitcoin. Do you think they won't?

Sure, the laws will apply to them too, but for enough of a profit they'll take BTC and not report it.

If the gov starts throwing these moms and pops in jail for that?

...That's when the fun begins. Oh yes... That indeed, boys, is when the real fun will start.

<popcorn.gif>
 
craigmc said:
Think about all the lower income people for a minute. They have been condition to ONLY trust the governments version of money.
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They are one of the last demographics I'd suspect to convert.

Then again, System D certainly overlaps with these people... At least the hustlers.

Even if not, it will come down to competition in the end. There will be a point when they can buy something cheaper in bitcoin than they can in USD, and finally convert.
(Especially when the USD is worthless.)

craigmc said:
Then again maybe Cyprus can start the movement :)
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And Italy, and Spain, and Portugal, and Greece, and Argentina...

And those are just the countries where governments are imposing capital controls RIGHT NOW.

There are always multiple countries up to monetary shenanigans at any given time these days.
 
The spike in Cypriot activity is most likely temporary. I can't believe many people are converting substantial funds into BTC aside from temporarily making it easier to cross borders with the money for deposit in another bank, safe deposit box, etc. Of course, when they get to the desired location, it will be converted back into euros or whatever.

I suspect the smart money people in Cyprus are keeping physical euros, dollars, gold, or silver and not BTC.
 
xmcp123 said:
If it doesn't end in .onion you're in the wrong place.
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Finding some interesting sites already ;) thx for the hint.

lukep said:
Then again, System D certainly overlaps with these people... At least the hustlers.
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This article about 'System D' was a real eye-opener. Thx for the link :) It's like many in the world - especially those in the third world - are already into using bitcoins bigtime, mostly out of real economic need. (poverty, dependence on the USD only enslaves them, etc, etc). It's as if this movement is starting with the poor (third world) and is moving inward instead of the other way around. Ironic. And the possibility that 2/3 of the world's population could be using bitcoins to one degree or another within the next decade out of economic necessity. :stonedsmilie: Pretty incredible. (We keep forgetting that the U.S. only constitutes 1/20th of this world's population...)
 
craigmc said:
I really can't see bitcoin becoming a main stream currency. Think about all the lower income people for a minute. They have been condition to ONLY trust the governments version of money.

When you have a group like this that may not have even a high school education, how do you convince them to trust something you can't hold in your hand?

In theory bitcoin would be a viable international currency, I can't see it being excepted largely by the masses.

Then again maybe Cyprus can start the movement :)
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I don't even have a high school education, but I see the potential for BTC. Just because you never graduate high school doesn't mean you're stupid. I've held conversations with PHDs in CompSci and taught them stuff.

EDIT:

I grew up poor and supported myself from the time I was 16 and being poor doesn't bother me.
 
crackp0t said:
I don't even have a high school education, but I see the potential for BTC. Just because you never graduate high school doesn't mean you're stupid. I've held conversations with PHDs in CompSci and taught them stuff.

EDIT:

I grew up poor and supported myself from the time I was 16.
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Basically you explained how smart you are in odds of overwhelming conditions. Most people aren't like that. The average Murikan is nothing like that. The only thing they talk to a CompSci PhD about is "y'all think dat PhD gon keep me from kicking yo ass, boy?"

I see bro's point - it'll never become mainstream currency. It'll become another way for rich people to move money around safely and without tax bullshit.
 
Vadym said:
Basically you explained how smart you are in odds of overwhelming conditions. Most people aren't like that. The average Murikan is nothing like that. The only thing they talk to a CompSci PhD about is "y'all think dat PhD gon keep me from kicking yo ass, boy?"

I see bro's point - it'll never become mainstream currency. It'll become another way for rich people to move money around safely and without tax bullshit.
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I wasn't trying to gloat or say how smart I am (because I don't think I am that smart). I know a lot of people like me that would jump on the BTC bandwagon if they knew about it.

Hustlers gonna hustle.
 
crackp0t said:
I wasn't trying to gloat or say how smart I am (because I don't think I am that smart). I know a lot of people like me that would jump on the BTC bandwagon if they knew about it.

Hustlers gonna hustle.
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Hustlers will definitely hustle.

Murikans and proles will listen to the govt.
 
Everyone who was there when the bitcoins first popped up knows that they were only used on the deep web. All the crooks, drug dealers and fraudsters only accepted bitcoins. Botnet owner's were mining thousands of bitcoins a day. And those people made a HUGE profit since bitcoins became mainstream.
I think especially the russian mafia started using bitcoins. There is a huge connection of people that are involved with the russian mafia who sell goods online. The creator of Zeus (who made a few million off just selling the program), carders, drug sellers etc. And these people are using bitcoin's as a safe way to accept money for all of their merchandise/services (They do also accept MoneyBookers, LibertyReserve and WU, but those require a lot of work i.e. fake ID's etc.). And of course all of the companies who will start accepting bitcoins now. How will the gov. regulate those and take taxes on their earned profits?

I think it won't take long until all the media companies are paying some senator to pass a law against bitcoins. All the file sharing/torrent websites are starting to accept bitcoins now and the Hollywood can't do anything about it. Once the gov realizes what people are really doing with bitcoins they will try and stop them. I mean look at all the shit you can buy on silkroad...

The only question is, how far will the gov go? But right now, maybe even for the next 6 - 14 months, they will be rising and rising. So right now is the time for you to get some knowledge on botnets, how to properly stay anonymous without getting fucked and opening one to mine bitcoins. One of the people I know is making around $5k a day.
 
Cystomatic said:
How will the gov. regulate those and take taxes on their earned profits?
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Clearly by hitting up the exchanges. If you keep your coins IN the bitcoin economy they'll never be able to detect it.


Cystomatic said:
The only question is, how far will the gov go?
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Now that I'm so invested, I think about this constantly.

My best estimation at the moment looks like:

Now - $10 Billion Market Cap:
Propaganda stage only, but no laws passed. Every time they mention bitcoin they risk legitimizing it, so every step is either carefully planned propaganda or a clear victory for us.


$10 Billion Cap - $500 Billion Cap:
Heightened propaganda, pressure on the Exchanges. At this point we'll see tons of articles in the MSM constantly talking about how only scammers and the Mafia would dare touch bitcoin, meanwhile the IRS and possibly FTC will both be doing whatever they can to make the moneychangers' lives difficult, such as constant auditing.

This stage will separate the faithful from the sheep... But SO many more people will have been exposed to it by then it'll be too late for this tactic to deal a fatal blow to bitcoin.


Ever Afterwards:
After bitcoin has stolen a considerable chunk of the USD economy, (don't forget that the petrodollar is now dead!) I fully expect congress to do their best to try to illegalize bitcoin and all cryptocurrencies. I can just see the act's title now: "The cyberterrorism funding act."

It'll backfire on them. At this point MOST of the nation, and easily most of the world at large, will have bitcoin and use P2P 3D Printing... And know what they're real purposes are for... For stopping government tyranny.

It'll make shitloads of Anarchists. I welcome that day.



Cystomatic said:
So right now is the time for you to get some knowledge on botnets, how to properly stay anonymous without getting fucked and opening one to mine bitcoins. One of the people I know is making around $5k a day.
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In case you missed this thread, we've already examined the idea of botnets 4 bitcoins; but the new ASIC hardware coming out right now makes those hashrates look pathetic. (And will drive up the difficulty rating on all hashing so that those hashrates won't pay but a few bucks a week.)
 
Wow. You guys really think the World banks and whole fucking banking system is going to allow a bunch of hooligans create a parallel money system?

Federal reserve can control a president but for sure, they are not so smart regulating a parallel currency. lol

Just hang in tight till they put restrictions on converting bitcoins to real monies. Then you can use all those bitcoins to buy namecheap domains :-)

If you can't buy hookers with bitcoins, it aint real money
 
luke, you beat me to that. I would still say bitcoin is NEVER going to be a mainstream currency. They will kill this market in next few months. When they start restricting banks receiving funds from bitcoin exchanges, it will be worthless.

You have to understand people are betting on bitcoins because they can convert it in real money, the day they can't convert it in dollars, no one would want that anymore. It will become worthless.
 
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