[Legions36]

I just read an article saying how the US govn is now taking eye and going out of its way to regulate Bitcoin. Get your money out before its to late because this game is over now the high shares are probably going to go downward. No wonder SBR kept taking down the pages because something was fishy with it. Hopefully u guys get out before its to late.

[tto827]

Link?

[Legions36]

Here is the article:
We knew it was going to happen sooner or later, probably just not sooner. The US Government has announced it will begin regulating the popular virtual currency Bitcoin in an effort to curb money laundering activities.
Bitcoin was just starting to catch on with a handful of online gambling operators. Previously, the currency had a dubious reputation for use in online drug transactions and for illegal downloads.
On Monday, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) released its first “guidance” as to how “de-centralized virtual currencies”.
From the Wall Street Journal:
The U.S. is applying money-laundering rules to "virtual currencies," amid growing concern that new forms of cash bought on the Internet are being used to fund illicit activities. The move means that firms that issue or exchange the increasingly popular online cash will now be regulated in a similar manner as traditional money-order providers such as ** Co. They would have new bookkeeping requirements and mandatory reporting for transactions of more than $10,000. Moreover, firms that receive legal tender in exchange for online currencies or anyone conducting a transaction on someone else's behalf would be subject to new scrutiny, said proponents of Internet currencies.
From ZeroHedge.com:
The bloodhound of the Federal Reserve has now turned its attention toward BitCoin, and will not stop until it crashes both its value to end-users, and its utility, in yet another attempt to force the USD, and other fiat, upon global consumers as the only forms of allowed legal tender.
"We are beyond the stage where this was just funny money and a fun online thing. This is used as a currency," Nicolas Christin, associate director of Carnegie Mellon University's Information Networking Institute, told the Wall Street Journal.

[waldroprob]

lol - this is actually good news for Bitcoin (as you can see the price has gone UP since this guidance. Before there was the question of Bitcoin even being legal - but now it is clearly legal , just the exchanges (not regular users) have to register as money transmitters. Why do you think it has gone up from 47 to 72$ each in the last 5 days? This news and the fact that Cyprus is taking depositors money has all euros looking for another option. Anyway, it's probably good to sell some and take profits if you've been holding since single digits, but i doubt the run is over - been all good news for Bitcoin recently.

[johnpendred]

that is crazy just started using this

[indio]

I just read an article saying how the US govn is now taking eye and going out of its way to regulate Bitcoin. Get your money out before its to late because this game is over now the high shares are probably going to go downward. No wonder SBR kept taking down the pages because something was fishy with it. Hopefully u guys get out before its to late.

Theres nothing "fishy" about it. It's become a viable currency which means it threatens the international cartels fractional reserve fiat money monopoly. So the first thing they want to do is scare gutless sheep like yourself to spread "the sky is falling" propaganda, just like they do every time, and unfortunately, the weak and gullible fall for it (helped by media). I bet you're the type of person that would have turned in his neighbor for owning gold when the cartel had their lackeys in the White House make it illegal to own in the '30s.

What people need to be doing, is further invest in alternate currencies that are not fiat interest bearing reserve notes that are issued by the treasonous Federal Reserve, and only then can America start it's long journey back to becoming a free country, freed from the chains of the Rotchschild and Warburg dynasties.

America can only be free when it returns to the constitution, and eliminates the Federal Reserve, returning to free market tangible money.

BitCoin should be supported by every freedom loving patriot.

[touchback]

Sharp Legion... good looking out. Gotta laugh, BC finally gets a little traction on SBR and whack. It is all the forums fault for alerting the boys and or the MODs not editing content and now whack a mole. Policies overall are for a reason and the reasons are pretty good, I would stick to my position if I was a MOD or SBR policy if I were them about content. Now all the complainers have possibly some very viable reasoning behind SBRs policies about content that can or cannot be posted. I would advise adhering or supporting MOD and or SBR decisions when it comes to content to keep this tool, the Forum, as powerful an asset as it can be to and or for players... just saying.
PS I do not agree with all of them, like all my toys being taken away but many are supported by good reasons that OPs do not understand or are not aware of.

[Legions36]

I can't tell u guys the outcome of whats going to happen but my perspective on this is it will go downhill before long, i could be wrong. Im just a fellow poster sharing what i learned. Hopefully it works out for everyone but i pass just like i have been.

[Scooter]

Sharp Legion... good looking out. Gotta laugh, BC finally gets a little traction on SBR and whack. It is all the forums fault for alerting the boys and or the MODs not editing content and now whack a mole. Policies overall are for a reason and the reasons are pretty good, I would stick to my position if I was a MOD or SBR policy if I were them about content. Now all the complainers have possibly some very viable reasoning behind SBRs policies about content that can or cannot be posted. I would advise adhering or supporting MOD and or SBR decisions when it comes to content to keep this tool, the Forum, as powerful an asset as it can be to and or for players... just saying.
PS I do not agree with all of them, like all my toys being taken away but many are supported by good reasons that OPs do not understand or are not aware of.

Incomprehensible post.

[InsiderHer]

Actually this is a good thing for individuals who have concerns with bitcoin.

http://www.bloomberg.com/news/2013-0...eal-world.html

[Smithers]

Drop from 70$ to 53 in under 3h. A lot of people getting rid of BTC

[sbrzol]

learn about virtual currencies? where? lol

[Legions36]

Not sure i understand this whole thing because a few weeks ago and when i did some reading on this Bitcoin i read that people said it was impossible to regulate and for the Govn to get there hands in the middle now u guys r saying its a good thing?

[Legions36]

Drop from 70$ to 53 in under 3h. A lot of people getting rid of BTC

Wow, i hope people get out while they r ahead.

[Sdotbold]

Sharp Legion... good looking out. Gotta laugh, BC finally gets a little traction on SBR and whack. It is all the forums fault for alerting the boys and or the MODs not editing content and now whack a mole. Policies overall are for a reason and the reasons are pretty good, I would stick to my position if I was a MOD or SBR policy if I were them about content. Now all the complainers have possibly some very viable reasoning behind SBRs policies about content that can or cannot be posted. I would advise adhering or supporting MOD and or SBR decisions when it comes to content to keep this tool, the Forum, as powerful an asset as it can be to and or for players... just saying.
PS I do not agree with all of them, like all my toys being taken away but many are supported by good reasons that OPs do not understand or are not aware of.

I can never decipher your posts.

[Snowball]

[capitalist pig]

There are a group of Senators that are directing certain Federal agencies to go after the silk road website, the selling of illegal drugs online pushed this over the limit with these guys. There were articles last week about this, I dont think that it was btc that they were targeting, but because of the silk road site btc are going to pay a price,JMO.

later

[waldroprob]

Drop from 70$ to 53 in under 3h. A lot of people getting rid of BTC

And now bitcoin back over 70$. Yes it's volatile, but the Fincen guidance was actually very good news, the Cyprus bank failure is even more good news, as other people with cash in banks in other euro countries are looking for alternatives. Add to that Reddit, Wordpress, and other global, international websites that now accept bitcoin and you have a huge demand for a fixed, limit supply of coins.

Hopefully you guys get IN, been a helluva run so far and not over. Don't listen to the FUD.

[touchback]

Incomprehensible post.

Agreed... this is non understandable... my bad. Was multitasking and did not make a clear post.
Points
1 Bitcoin is basically a processor
2 I do not like talking about them so try to not say much, I also do not like talking about PPHs....
3 I cannot edit, my rights are taken away so when I submit bad posts they stay... oh well, what can I do...
4 Earlier threads were deleted by MODs because this is a processor...
5 They should be deleted because this is a processor...
6 The fact that the other one was not and then a Fed article hits because they are looking at the processor again supports SBR policy...
7 This thread and the other should be deleted because BC is being used as a processor...
8 Threads about all processors should be deleted and I support SBRs policy on this...
9 SBR please delete this and the other thread... BC is a processor...

[elgreco]

Not sure i understand this whole thing because a few weeks ago and when i did some reading on this Bitcoin i read that people said it was impossible to regulate and for the Govn to get there hands in the middle now u guys r saying its a good thing?

It's impossible for them to regulate the transactions INSIDE bitcoin. The only thing they are capable of regulating are the exchanges that turn BTC into USD and then wire that USD into US bank accounts. The reason this is a good thing is because it further legitimizes Bitcoin, it makes the Bitcoin exchanges no different from your local bank as far as >$10k transactions are concerned. The only people this negatively affects are the ones that are using Bitcoin for high-volume illicit activities. Most people I know who deal in that kind of volume are legit anyway.

Remember, the only thing they are capable of knowing is how much USD you moved in and out of the exchange. As far as where your BTC came from or what you did with it, they are still in the dark and will remain that way.

On a side note. Happy $90 BTC!!! If anyone got into BTC because of my informational threads and are dying to thank me for it, I'll leave this right here: 1E1GrECoNP1RpvWe72kS5cDZozA47nUFs4

[elgreco]

[waldroprob]

Meanwhile bitcoin is up 30% since this thread started

Hatersgonnahate.jpg

Congrats to el greco and the rest of the long time holders around here.

[Richards]

Not sure i understand this whole thing because a few weeks ago and when i did some reading on this Bitcoin i read that people said it was impossible to regulate and for the Govn to get there hands in the middle now u guys r saying its a good thing?

It's the same really as the offshore books. Governments can't regulate books/BTC directly, so they crack down or regulate the flow of USD, etc currency into and out of the books/bitcoin. Since there are already so many checks, logs, records, and monitoring on any large currency transaction, it's easy to add bitcoin to the "watch-list," making banks and CC companies be the informers.

If you somehow mined a large chunk of bitcoin, or traded something like gold for bitcoin, you don't every have to worry. But most people are in the boat of trying to trade their paper currency for bitcoin and that is what will be scrutinized.

The actual threats to bitcoin itself are not gov't regulation but more in the arena of the same type of threats a large internet provider might face like denial of service or trying to break the bitcoin algoithms, etc. In general the more bitcoin users, the harder it is to break.

[Richards]

Agreed... this is non understandable... my bad. Was multitasking and did not make a clear post.
Points
1 Bitcoin is basically a processor
2 I do not like talking about them so try to not say much, I also do not like talking about PPHs......

If I'm understanding your post correctly, maybe you're being tongue in cheek and I just don't get it.

1) Bitcoin is nothing like a processor. You might make the claim that Mtgox is a processor but bitcoin itself is no more a processor than a gold coin.

2) The bitcoin world is much much bigger than what is talked about on SBR. According to bitcoin charts, as of today Mar 27 there were 3,036,639 BTC sent in the past 24h*, or about 250+ million USD in transaction volume. I don't want to doubt the pull of SBR users, but cmon man!

*In 50k transactions for in round numbers an average of 60 BTC per transaction. I bet there are some very large transactions in there bringing up the average.

[boondoggle]

The govt cannot stop bitcoin...no one can.......only an uninformed person would even state such drivel.

[elgreco]

$95!

[daneblazer]

http://www.cnbc.com/id/100597242

[Richards]

My only problem with the recent price increases is that it kind of gives me a bit of pause on accumulating more. I bought into Bitcoin at prices in the mid to high $20's, and was planning on accumulating more in April, after buying a bit more at $70.

Personally, I'm optimistic on BTC's long term value, in the 5+ year range, but am unsure about the short term ... if there might be a sell off at some point in the near future after the Cyprus hysteria, I'd rather wait until then.

Anyone more clued into BTC than I have any thoughts on this?

[FreeFall]

The govt cannot stop bitcoin...no one can.......only an uninformed person would even state such drivel.

what if I turn off the internet? I can list multiple countries that have done this. Whose uninformed?

[Legions36]

Im not trying to argue about Bitcoin because i don't know the full info on it but it baffles me how some of u guys think Bitcoin is untouchable. Its obviously on the radar with the US and everyone knows when this happens it doesn't end well, etc. Stars, Tilt, Nettellar, and anyone else they either took out this game or scared away. Plus i don't see the point in putting all this money in books that aren't even rated, just be careful guys. Play the stock market if u want to see your money fluctuate like this.
All i know is this i haven't come into any problems depositing and cashing out as much as i want into and out of solid books, and if this ever happens not like u cant go out of the country to get this worked out.

[indio]

Im not trying to argue about Bitcoin because i don't know the full info on it but it baffles me how some of u guys think Bitcoin is untouchable. Its obviously on the radar with the US and everyone knows when this happens it doesn't end well, etc. Stars, Tilt, Nettellar, and anyone else they either took out this game or scared away. Plus i don't see the point in putting all this money in books that aren't even rated, just be careful guys. Play the stock market if u want to see your money fluctuate like this.
All i know is this i haven't come into any problems depositing and cashing out as much as i want into and out of solid books, and if this ever happens not like u cant go out of the country to get this worked out.

You just don't get it, do you. Comparing Bitcoin to Neteller and PokerStars is as ridiculous as comparing uranium to a peanut butter and jelly sandwich. Neteller was a money transfer station, that took various currencies and transferred them from different accounts. They were a high tech ** office without the high fees, for gambling shops. Since they were transferring currenicies to and from banks, which are under the jurisdiction of the Fed and US officials, they eventually had large sums seized and frozen. BitCoin is a virtual currency that is used for EVERYTHING. It doesn't need banks because it's an online currency, and it is not under any regulatory agency because it's not issued by the Fed. It's the way money is supposed to be, not under controls and manipulations of banking cartels, who have robbed everyone blind for the last 100 years.

People in Cyprus have just been told how much they can withdraw or spend by it's government. Read that again. Citizens are being told by the banks that they have THEIR money at, where, when, and how much of it they can withdraw or spend. This is what happens when banks are tied into to government controls that are in bed with fiat producing banking cartels that control a credit based money supply. The US is no different. They prefer to rob everyone in the US through stealth, but it's the same sort of enslavement.

BitCoin is a world used virtual currency that, like any currency, is subject to manipulation. However, this currency isn't designed for lending to governments with interest. Read that last sentence, and if you choose to research exactly what that means, and its impact on world events, you sir, will start to become enlightened to what money really is.

[Legions36]

I actually don't care about Bitcoin or care to argue about Bitcoin, all im doing is telling u guys my opinion on it and am telling u guys to just be careful. Yes i compared all of those issues because they used to cater to U.S. and now they don't because the US govn stepped in just like they are trying to do here. GL with it sorry for trying to look out on this and im abandoning this thread.

[Richards]

what if I turn off the internet? I can list multiple countries that have done this. Whose uninformed?

Bitcoin would roll on in those countries where people could still access the Internet. You could turn off the Internet in multiple countries but as long as nodes remained on the bitcoin network, and at least 51% of those are not "hostile" i.e. trying to take down the network, it would still roll on.

If the people in the cut-off countries can find a way to get back online, even years later, they still have access to their bitcoins, as long as they don't lose their key, which can be backed up many different ways.

Of course bitcoin is not invincible. In my understanding the most likely ways to shut down the network would be:

a large entity such as a government to try to cut off as many nodes as possible, at the same time joining the network with many "hostile" nodes to try to take over the network. They'd need to comprise 51% of all the bitcoin clients.

or

a currently unknown technical attack such as an exploit in the client software, or someone cracking SHA hash algorithm, which would have wider reaching consequences than just bitcoin.

I'd recommend anyone using bitcoin, or bystanders making judgements about bitcoin, at least understand how it works and how it is different. Omega Tau Podcast Episode #59 is a great explanation in layman's terms, and reading Satoshi's original paper can't be beat if you have a bit of background in math or cryptography. It's a brilliant piece of work.

[apalm8]

Just buy real gold and silver.

[capitalist pig]

My only problem with the recent price increases is that it kind of gives me a bit of pause on accumulating more. I bought into Bitcoin at prices in the mid to high $20's, and was planning on accumulating more in April, after buying a bit more at $70.

Personally, I'm optimistic on BTC's long term value, in the 5+ year range, but am unsure about the short term ... if there might be a sell off at some point in the near future after the Cyprus hysteria, I'd rather wait until then.

Anyone more clued into BTC than I have any thoughts on this?

Im not versed on btc, but if your up almost 400% you need to sell at least half man, get your original investment out at the very least. If you bought a stock at $20 and it went to $90 youd be selling, remember nothing goes up and stays up forever,JMO.

later