They don't have to stop anybody in a foreign country. All they do is simply make it illegal to do business in the USA if you are a merchant that accepts bitcoins. For example they could say that wordpress.com and namecheap.com can't accept bitcoin payments from US customers. Or they could say those sites can't do business at all inside the US if they accept bitcoins. Consumer confidence in bitcoins then plummets, a rapid sell off occurs, and then bitcoins have little to no value leaving bitcoins a dead currency. The only justification that the USA would need to have for this action is to claim that bitcoins funds terrorism. They can pretty much do anything if they claim it helps terrorists.

usa is going to outlaw the barter system?

You are assuming Bitcoin is only used and traded in the United States.

i guess we live in a doomsday-mindset era


i would like to see the precedent where the usa has stopped a legal american corporation from accepting a commodity in return for services or products.

i don't see the us trying to stop it really but you can bet they will be trying to make sure people are paying taxes on it. there is going to have to be some kind of paper trail put in place for it, otherwise, i never see it gaining traction in the corporate world. it would be a nightmare to be audited and have to show where they came from and where they went, among other things.

i also wonder, how does it work if one bitcoin is worth $50-70...how do you pay for things that are less than that?

Bitcoin can be divided up to 8 decimal places. More can be added if the whole of the community agreed to it

http://blog.bitinstant.com/blog/2012...questions.html


..most common arguments against Bitcoin are covered on the myths page https://en.bitcoin.it/wiki/Myths

usa vc money seems to think bitcoin has the potential, these guys crunch a lot of #s, including weighing the risk of government intervention. ... and prolly understand it much better too

oh, did you check out L-pink's thread on that? it's the irs & bitcoins thread, there are some hurdles to sort out but it's all doable, apparently.

fractional bitcoins.

US Bitcoin company CoinLab recently announced a partnership with Silicon Valley Bank.

Bitcoin Ready To Go Mainstream With First U.S. Exchange http://www.forbes.com/sites/saranyak...-u-s-exchange/

1. Was going to buy $100 worth of bitcoins when they were at around $2 each, in 2011. Just as I decided to buy, Paypal put their foot down. Being outside the USA it was nearly impossible to buy BTC without Paypal, especially only $100 worth. Today that $100 buy of BTC would be worth $3500+

2. I noticed earlier this month that bitcoins had suddenly gone up in value, so I decided to cash out the 12 BTC I'd had sitting there doing nothing. The price has nearly doubled since... 12BTC @$45=$540 (this is the actual amount cashed out 2 weeks ago), 12BTC @75=$900 (this is what I could have cashed out today)

Conclusion: Either I have really bad luck, or I just suck at trading.

I agree, it worked fine when they stopped illegal filesharing.







:1orglaugh:1orglaugh:1orglaugh

egold was operational long after 1mdc got shut down...icegold was their last bastion they were somewhere in Estonia....but they got them shut down too...I lost lots of money in both systems I really know what I am talking about...

central location or not the moment they hit the exchangers you will be very very very very sorry you have a digital currency nobody wants...

Was egold worthless after the exchanges shut down?

bitcoins seem to be a heaven for scammers...non refundable and anon transfers were how evocash and e-gold started out...you could buy evocash or e-gold with an anonymous money order and cash out by WU or credit card...

it was a heaven for scammers of all sorts...most noted were the ponzi schemes...for example freelandops got 3.5million$ of evocash frozen...evocash went under soon after...egold has countless such stories...

the problem lies with the exchangers in such situations...

when lots of people start to complain the exchangers not only start loosing money but also funding options...first visa and mastercard turned their back on digital currencies and paypal was never compliant in the first place...then came strict know-your-customer policies for exchangers that practically grinded digital currencies to a halt...

soon most exchnagers were out of the USA because of strict regulations and the funding options were either a nightmare of paperwork for KYC before funding or shady and risky "private" exchnages with no website that dealt over forums...

anon transfers are simply not realistic...exchangers are sitting ducks under such circumstances...when reputable exchnagers get swatted down like flies the market goes in to chaos and everybody who is serious about business moves on to a better payment platform...

I have been burned and you have been warned: stay away from anything claiming to do any sort of anon money transfer...

you could do ridiculous cash outs at 30%-60% for some time...it took some time to die out completely but the golden days were over immediately when they shut down 1mdc and it was on life support when they shut down icegold a year later....

doomsday preppers, on both sides.

prepare for doomsday- buy bitcoins!

prepare for doomsday- don't buy bitcoins!

Bitcoin is for sure a Buyer Beware situation. I used to use egold back in 2003 I believe, I really didn't understand it back then or why it was so hard to acquire some.

The internet has evolved much more since the e-gold days, the people are much more connected.. There are sites like http://localbitcoins.com to connect you locally. I agree the exchanges are where the rubber meets the road and are a sitting duck. The biggest exchanges are not in the US and do comply with the "know your customer" crap.

If I want cash for my Bitcoins I can get it mailed to me no exchange needed.

after egold went down then liberty reserve from panama i think and webmoney from russia became popular...soon they too got plagued with the scammers and they suffered the same fate even in those countries...

all sorts of scammers use digital currencies exclusively and the more you make it anon the more attractive it becomes to them...mail order fraudsters, drug dealers, carders, ponzis, get rich shit, knock off goods, pills, steroids, HGH, guns, CP, seeds you name it and they will come in droves and make it rain problems for exchangers...then bit coins will become a pain in the ass to acquire and cash out for the regular joe...just like you did not like digital currencies your would be customer will not want to go through the inevitable funding hoops that the above problems will impose...

1mdc=bitcoins...its history repeating...and money laundering LOL

I think you are going a little overboard. The miners are the ones that create bitcoins. They are spread out all over the globe. This was not the case with E-gold ect. You are comparing apples and oranges and leaving out the major advancements in communication.

Noone that gets scammed complains to the exchanges, why would they do that? The exchange doesn't give a shit. When they give you your bitcoins they are yours.

they dont give a shit at first...but soon visa and mastercard mark them as high risk...then their bank account gets frozen because of numerous complaints...then they get raided by the police like most exchangers got...this all happened before this is not my speculation...

when customers complain they are not always honest...they will blame the person they gave the money to=the exchanger and not themselves for investing in a 30% per hour ponzi...laws practically everywhere have KYC as mandatory...the exchanger can get in serious legal trouble...

evocash got shut down because of freelandops...its that simple...funds got frozen and exchangers closed game over...neither evocash nor the exchangers were to blame for the actions of freelandops but they got shut down never the less...



you need to see the bigger picture...

Noone uses credit cards to buy Bitcoins anymore anyways the risk of chargeback too high. People still use paypal but only on an OTC trust and rating situation.

Like I said, miners are the ones that create bitcoins. They are really the exchangers here. Bitcoin will have millions of points of exchange instead of a few that can just be shut down. Thats how bitcoin was designed.

translation:

you need to agree with me.

Franck, from a super good very good best person I have delt with. I was told bitcoins will reach 400 to 500 and then a huge sell off will happen and they will tank down to 3 bucks.

So AMD GPU farming is the way to go for mining?

I'm getting a "bit" more interested.

It's embarrassing to see how hard the bitcointologists have to shill here (and elsewhere) 24/7 to keep the house of cards standing. You'd think if something was such an intrinsically great idea as Bitcoin is claimed to be it wouldn't need quite so much desperate pleading on its behalf.

Mining with a gpu won't work anymore.
Well it works but you're looking at 1 dollar a day max.

not unlike any stock exchange. or anyfuckingthing for that matter. watch toyota sales plummet when they stop their $3.8 billion a year ad campaigns.

Everybody acts like they know what will happen and when. The truth is nobody knows.
And today is a perfect example of that.
Since i started this thread it only went up...like crazy....and look what's happening right now...it's crashing...quite hard.

Still nothing to be worried about but it just shows how you can't predict anything.

Imo even a complete crash wouldn't worry me because it happened before and after that it came back x 10.
If it happens again people will be buying so many coins that it prob will restore itself within days.
The first crash was a test, and it survived...now people basically expect it and are waiting for it just so they can buy more at a really low price.

It might actually be a good thing. Another opportunity to buy a lot.

Actually, now that i'm checking the charts, it isn't that bad. It's just all over the place.
It goes from 68 dollars to 72 and back within hours. Which is nuts.

Whatever happens i will keep on buying.
If it reaches 100 dollars per Bitcoin next week i will be buying...if it implodes to 1 dollar per Bitcoin next week i will be buying even more.

https://bitcointalk.org/index.php?topic=156329.0

Interesting thread.

Don't take it too seriously though.

exactly as evocash and egold...its already moving underground and OTC...heaven for scammers...history repeating...next step is the closing of US exchangers and the popping up of offshore shady ones, more open to scammers and their sheep cashing in and out...then some of them will get popped and it will really really really move underground...just like egold did...then it is scammers paradise with many small exchangers half of whom are out right scammers and the other half are rippers and idiots...

then you are only left with idiot customers who are addicted to online ponzis or drugs or whatever and predatory exchangers who are just looking to rip as much as possible...normal people will not stay...its a spiral...

bitcoins are exactly like 1mdc...1mdc was a currency within a currency...no office, no bullshit, low low fees because none of the money actually left the egold pool account, secure as fuck, anon like nothing I have ever seen...for fucks sake there was not even a field where you could enter your name :1orglaugh:1orglaugh:1orglaugh I mean they plain did not give a shit! LOL...

what really killed 1mdc was that everybody left at the first sign of trouble...they never recovered...neither did evocash...neither did egold...nor will bitcoins...

Its not already moving underground, thats how it started. Bitcoins already had one really hard crash and it recovered, but they will never disappear unless there is some problem with the code itself. It can go to 50 cents for all I care its still there and people will use it. Even if its just used for gambling, drugs and porn that is a HUGE market. They will never stop person to person transactions.

Here are the people buying and selling in Madrid right this moment. No exchange needed. You are comparing apples to oranges here. P2P currency is different than what you were dealing with.

https://localbitcoins.com/postal_code/sp/madrid/

Had no idea so many bitcoins have been stolen.

http://www.wired.co.uk/news/archive/.../bitcoin-heist
http://arstechnica.com/tech-policy/2...ange-bitfloor/
http://www.computerworld.com/s/artic..._i n_bitcoins
http://www.theverge.com/2013/3/8/408...rom-bitinstant

Ouch. One of them they took over the domains, another they got the user database.

exchange is very very needed...you even supplied a list of exchangers for bitcoins below


it is exactly like 1mdc...most trades and exchanges to cash or other currencies were done person to person...even exchange there was a button to convert egold to 1mdc and back and there was even an automatic exchange system between currencies no other person was even needed...

your list of bitcoin exchangers with their price and stock is EXACTLY what was on offer on forums, minus the geo location in km this is indeed a new fancy feature that was not available back in the day...nor did it matter you could cash out without visiting anybody...

the best of luck to everybody who thinks this is somehow different...

I dont understand why people trust thirdparty-sites with their Bitcoins instead of storing them on their own computer. If you want to sell them you can easily transfer them to mtgox and sell them...

All time high, just now. 75 Dollahs.

Congrats to the winners.

84 dollars.

Good call Frank :)

Thanks :)

89 dollars. It might hit 100 in a few days.