Australian police raid Sydney home of reported bitcoin creator

[Isaiah]

https://ca.news.yahoo.com/exclusive-australian-police-raid-sydney-home-reported-bitcoin-035420868--sector.html

[jjgold]

fuk

now what?

[Isaiah]

fuk

now what?

Who knows?

I don't own any cryptocurrency and never will. The whole scheme just doesn't pass the smell test. And with the governments of the world now paranoid about terrorism and who's funding whom etc. Forget about it.

Call me goofy but the possibility of waking up one morning and seeing my backed by nothing "digital" bank account emptied with nobody to hold accountable just isn't my cup of tea.

Guess I'm just an old fuddy-duddy.

One thing is certain, the promoters and holders of bitcoins will be going into damage control overdrive post haste. "Move on nothing to see here....not a thing to worry about...." to stave off a collapse in the value of bitcoins caused by panicked holders dumping them while they can.

Stay tuned this could get very interesting.

[Optional]

Police raid home of suspected Bitcoin mastermind

In a report published on Wednesday morning, US tech publication Wired said it had uncovered enough evidence to suggest that bitcoin's mysterious founder, who operated under the pseudonym Satoshi Nakamoto, was actually 44-year-old Mr Wright.
The AFP and tax investigators raid Craig Wright's home in Gordon.

The AFP and tax investigators raid Craig Wright's home in Gordon. Photo: Nick Moir

Wired acknowledged that its report was based on "unverified leaked documents" that it admitted "could be faked in whole or in part".

Read more: http://www.theage.com.au/business/bi...#ixzz3to4PkZ00

Follow us: @theage on Twitter | theageAustralia on Facebook

[fried cheese]

Call me goofy but the possibility of waking up one morning and seeing my backed by nothing "digital" bank account emptied with nobody to hold accountable just isn't my cup of tea.

what country do you live in where your money is backed by something and not digital in your bank account or that you could hold them accountable for devaluing it by creating infinite amounts?

[SBRMAN23]

Ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh FUKKKKKKK

[Courtesywipe]

So exactly what did he do wrong?

[Optional]

So exactly what did he do wrong?

Tax Dept thinks he has a lot of undeclared money somewhere

[flyingillini]

Bitcoin gave me a life only one could dream of. What Bitcoin did for me was unbelievable

[reedy]

Tax Dept thinks he has a lot of undeclared money somewhere

IF true thats the lock of the year.

[Isaiah]

what country do you live in where your money is backed by something and not digital in your bank account or that you could hold them accountable for devaluing it by creating infinite amounts?

I live in the USA. My bank account is insured by the government i.e. Federal Deposit Insurance Corporation. Years ago I had 5k in a bank that up and folded because of a thieving owner. Everyone's money was gone but the FDIC paid every depositer the funds owed them and the thief went to prison.

Who do bitcoin owners see when their funds disappear?

[jtoler]

People have suspected who "Satoshi" was since beginning. I thought I read a while back for creating bitcoin that he got a huge chunk from it worth several 10's of billions. Trying to remember where I read that.

[yisman]

The US government can devalue the dollar, though.

[raiders72001]

People have suspected who "Satoshi" was since beginning. I thought I read a while back for creating bitcoin that he got a huge chunk from it worth several 10's of billions. Trying to remember where I read that.

It's suspected that Satoshi owns 16% of the bitcoins. If I were to bet on it even money, I'd bet they have the wrong guy.

[jtoler]

It's suspected that Satoshi owns 16% of the bitcoins. If I were to bet on it even money, I'd bet they have the wrong guy.

I think its the wrong guy also, he may know who he is at most though. Wouldnt doubt if its more than one person like maybe 2 or 3. If so kinda smart to write papers as one person when more than one may have formulated the ideas, if one is actually ever suspected it wouldnt be totally a lie to say they are not him I suppose. Im hardware now, you still loving JetWin?

[TheMoneyShot]

Tax Fraud is the easiest method to use to get people to talk and open up the door more.

He probably didn't even create tax fraud etc.

They just want to get more of an idea of the overall operation.

[raiders72001]

I think its the wrong guy also, he may know who he is at most though. Wouldnt doubt if its more than one person like maybe 2 or 3. If so kinda smart to write papers as one person when more than one may have formulated the ideas, if one is actually ever suspected it wouldnt be totally a lie to say they are not him I suppose. Im hardware now, you still loving JetWin?

Multiple people does make a lot more sense.

I still like Jetwin. -105 NFL, lots of markets and near instant payouts.

[RonPaul2008]

Multiple people does make a lot more sense. I still like Jetwin. -105 NFL, lots of markets and near instant payouts.

Do you win there? Have they limited you? Are they real big on limiting? Is there any reason to believe they would try to not pay a pro or cancel plays or anything like that? Or is it safe for pros even if they might get limited? Th near instant payouts, does that apply to large withdrawals too? Oh, and what are their limits on new accounts for nba? thanks

[Isaiah]

The US government can devalue the dollar, though.

Theoretically yes but that isn't a persuasive argument for exchanging US dollars for bitcoins considering the extreme volatility of the cryptocurrency.

Volatility means that an asset is risky to hold. On any given day, its value may go up or down substantially. The more volatile an asset, the more people will want to limit their exposure to it, either by simply not holding it or by hedging.

In fact one of the largest barriers to the widespread adoption of bitcoin as a viable global currency is its volatility. It's impractical that a currency that regularly gains or loses 10% or more of its value in a single day will be adopted as either a means of exchange or secure store of value.

I'll take my chances with the US dollar thank you.

[rake922]

OP sounds like a bitch

[MoMoneyMoVaughn]

I wonder how many guns he haz.

[RonPaul2008]

Theoretically yes but that isn't a persuasive argument for exchanging US dollars for bitcoins considering the extreme volatility of the cryptocurrency. Volatility means that an asset is risky to hold. On any given day, its value may go up or down substantially. The more volatile an asset, the more people will want to limit their exposure to it, either by simply not holding it or by hedging. In fact one of the largest barriers to the widespread adoption of bitcoin as a viable global currency is its volatility. It's impractical that a currency that regularly gains or loses 10% or more of its value in a single day will be adopted as either a means of exchange or secure store of value. I'll take my chances with the US dollar thank you.

These are still the early days. All currencies are volatile when they are young, btc will probably become more stable as its adoption grows.

[Isaiah]

These are still the early days. All currencies are volatile when they are young, btc will probably become more stable as its adoption grows.

I hope the concept succeeds but the chances are slim, especially if governments decide to target it.

It would be wonderful to see the international banksters lose their monopolistic control of the economies of the world.

[Optional]

Multiple people does make a lot more sense.

I still like Jetwin. -105 NFL, lots of markets and near instant payouts.

I think it was mostly one guy to start with.

I spoke with a guy who was running a HYIP program in the mid 2000s after egold was shut down and all the popular alternative payment methods came under huge pressure from the Feds. He tried to describe a system like the blockchain to me and wanted me to look after the HYIP setup he had whilst he developed it. Suddenly one day I 'said the wrong thing' about an issue and he immediately ended the relationship and any communication.

I've read since how Satoshi treated people in a similar unusual way and even though I didn't really understand the scope of what he was planning at the time, it was definitely very close to what we see today, and was years before I ever heard the term Bitcoin. I am personally pretty sure that was the actual guy we know as Satoshi.

[fried cheese]

Theoretically yes but that isn't a persuasive argument for exchanging US dollars for bitcoins considering the extreme volatility of the cryptocurrency.

Volatility means that an asset is risky to hold. On any given day, its value may go up or down substantially. The more volatile an asset, the more people will want to limit their exposure to it, either by simply not holding it or by hedging.

In fact one of the largest barriers to the widespread adoption of bitcoin as a viable global currency is its volatility. It's impractical that a currency that regularly gains or loses 10% or more of its value in a single day will be adopted as either a means of exchange or secure store of value.

I'll take my chances with the US dollar thank you.

theoretically? the fed has created over 3 trillion dollars since 2007 through quantitative easing. this artificially propped up our stock market but when they stop it will fall again. they are only keeping the dollar high relative to gold through manipulation of the gold market and when they run out of gold reserves gold is going to skyrocket.

[fried cheese]

I hope the concept succeeds but the chances are slim, especially if governments decide to target it.

It would be wonderful to see the international banksters lose their monopolistic control of the economies of the world.

this is spot on. bitcoin will never succeed long term because central banks will have it killed through money laundering laws or currency regulations.

[raiders72001]

I think it was mostly one guy to start with.

I spoke with a guy who was running a HYIP program in the mid 2000s after egold was shut down and all the popular alternative payment methods came under huge pressure from the Feds. He tried to describe a system like the blockchain to me and wanted me to look after the HYIP setup he had whilst he developed it. Suddenly one day I 'said the wrong thing' about an issue and he immediately ended the relationship and any communication.

I've read since how Satoshi treated people in a similar unusual way and even though I didn't really understand the scope of what he was planning at the time, it was definitely very close to what we see today, and was years before I ever heard the term Bitcoin. I am personally pretty sure that was the actual guy we know as Satoshi.

Interesting

[raiders72001]

Do you win there? Have they limited you? Are they real big on limiting? Is there any reason to believe they would try to not pay a pro or cancel plays or anything like that? Or is it safe for pros even if they might get limited? Th near instant payouts, does that apply to large withdrawals too? Oh, and what are their limits on new accounts for nba? thanks

They are a recreational book that will ban and limit. Betting steam will do the trick.

My theory is with all recreational books is take what you can get while you can get it. I'm not sure what the limits are at this time with new accounts.

You will get paid even if you are booted.

[jjgold]

The only way Bitcoin will get real credibility if it is regulated by the USA gov't

Anytime no regulation it is very very risky entity

[yisman]

I think it was mostly one guy to start with.

I spoke with a guy who was running a HYIP program in the mid 2000s after egold was shut down and all the popular alternative payment methods came under huge pressure from the Feds. He tried to describe a system like the blockchain to me and wanted me to look after the HYIP setup he had whilst he developed it. Suddenly one day I 'said the wrong thing' about an issue and he immediately ended the relationship and any communication.

I've read since how Satoshi treated people in a similar unusual way and even though I didn't really understand the scope of what he was planning at the time, it was definitely very close to what we see today, and was years before I ever heard the term Bitcoin. I am personally pretty sure that was the actual guy we know as Satoshi.

raiders posted my reply

[Hareeba!]

It's suspected that Satoshi owns 16% of the bitcoins. If I were to bet on it even money, I'd bet they have the wrong guy.

So Mr Wright is Mr Wrong?

[yisman]

pretty sure they got the wrong guy

[Russian Rocket]

I live in the USA. My bank account is insured by the government i.e. Federal Deposit Insurance Corporation. Years ago I had 5k in a bank that up and folded because of a thieving owner. Everyone's money was gone but the FDIC paid every depositer the funds owed them and the thief went to prison.

Who do bitcoin owners see when their funds disappear?

You're insured up to certain amount... most checking and savings accts are capped at a certain amount. The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category.

Don't think that you're safe just because your shit sits in a bank. A ton of people lost heard earned cash during the 2008 market collapse, because FDIC refused to go over their back-then 100K cap.

[Grivas_Digeni]

tens of billions, that's going to be a loooong sentence