The Silent War On Bitcoin Has Begun!

Stop with the conspiracies!
The government is not afraid from Bitcoins.
The banks and the government can destroy it if the wish, like every currency you can destroy it with inflation and bitcoin is not immune from inflation.
The US and other large government structures can use there resources and build the biggest bitcoin mining farms and inflate the currency in months.
 
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Only time will tell.

I agree with Wizard tho, the government could spend a small fraction of its resources and run it to the ground if they truly wanted to.

But then again, like credit cards, if they do not see it as a true threat, it may creep on up and bam, become a huge thing.

I'm excited to see either way.
 
The government is afraid of everything. They don't want free money rolling around the world. Government has time to scan your email and posts? They sure do have time to look into bitcoin and crypto currency transactions.
 
Yes, that is exactly what the banks are afraid of. Bitcoin currently does not have a huge market cap, but that can change very quickly. If the US were to try and take down Bitcoin, it can backfire massively. With the current distrust and hate of government and banking around the world I don't think these guys wanna rock the boat all that much.

richestmaninbabylon said:
Only time will tell.

I agree with Wizard tho, the government could spend a small fraction of its resources and run it to the ground if they truly wanted to.

But then again, like credit cards, if they do not see it as a true threat, it may creep on up and bam, become a huge thing.

I'm excited to see either way.
Click to expand...
 
Svettod said:
Yes, that is exactly what the banks are afraid of. Bitcoin currently does not have a huge market cap, but that can change very quickly. If the US were to try and take down Bitcoin, it can backfire massively. With the current distrust and hate of government and banking around the world I don't think these guys wanna rock the boat all that much.
Click to expand...

How it can backfire?
The US can have third parties opening a huge mining operating, inflating and deflating the bitcoin to make it so unstable that no one will want to risk it to have there money in bitcoin concurrency.

This is a old tactics that the governments have and still are using to bring down countries, like what are using it now with the artificial drop of the oil prices to destroy the Russian economy.
 
You have no idea what you're talking about, do you?

Here are the two easiest ways any government could destroy BTC:

- start mining BTC and selling it dirty cheap - the lower the price, the more people begin to panic and sell/stop mining BTC. This would cause the price to drop even lower and so on.

- increase the volatility of BTC so much that no one would be interested in using BTC as a payment method for their goods and services

The daily trading volume of BTC is just few millions so it's easy as fuck to manipulate the prices.

Svettod said:
Yes, that is exactly what the banks are afraid of. Bitcoin currently does not have a huge market cap, but that can change very quickly. If the US were to try and take down Bitcoin, it can backfire massively. With the current distrust and hate of government and banking around the world I don't think these guys wanna rock the boat all that much.
Click to expand...
 
If you honestly believe that banks are "afraid" of cryptocurrencies then you are spending a bit too much time on /r/bitcoin.

Svettod said:
Yes, that is exactly what the banks are afraid of. Bitcoin currently does not have a huge market cap, but that can change very quickly. If the US were to try and take down Bitcoin, it can backfire massively. With the current distrust and hate of government and banking around the world I don't think these guys wanna rock the boat all that much.
Click to expand...
 
STKMKTFTGRU said:
There is no global banking conspiracy as they are all in competition with each other, there is also no NWO.
Click to expand...

The US was involved in the development of the so called "competing" system:

"Several interventions followed the opening remarks, including by Vassily Nebenzia, Deputy Foreign Minister of the Russian Federation, who outlined his country's contributions to global efforts to improve the credit rating services. The establishment by companies from his country, China and the United States in June of a new rating agency — Universal Credit Rating Group — had been an important step, as it aimed to give greater consideration to the specific needs of developing countries, enhance competition and make credit ratings more objective."

General Assembly Examines Growing Role of Credit Rating Agencies as Arbiters of Risk, while Speakers Call for Common Standards, Objectivity, Reforms
http://www.un.org/press/en/2013/ga11409.doc.htm
 
mazak85 said:
You have no idea what you're talking about, do you?

Here are the two easiest ways any government could destroy BTC:

- start mining BTC and selling it dirty cheap - the lower the price, the more people begin to panic and sell/stop mining BTC. This would cause the price to drop even lower and so on.

- increase the volatility of BTC so much that no one would be interested in using BTC as a payment method for their goods and services

The daily trading volume of BTC is just few millions so it's easy as fuck to manipulate the prices.
Click to expand...

Bitcoin is not an open-ended currency that can be inflated endlessly. The government can try to inject volatility and inflation into the system, but because BTC structurally deflationary (there is a maximum number of Bitcoins that can be mined into existence, and becomes more difficult to mine the closer you get to the end point) they cannot succeed. BTC has bounced back from every attempt to manipulate it by shutting down exchangers, or sites using BTC for alleged criminal purposes.

Nor can the institutions 'freeze,' 'sieze' or 'raid' Bitcoin (since it's decentralized, and its value is not stored in a bank or controlled by a site), or get a court order to block its distribution (as it is open-source software, with no owner to subpoena). All they can do is harass and regulate third party exchangers of BTC (which won't shut it down, since transactions can be performed directly between parties, with no required involvement by third party money transmitters). BTC is here to stay.
 
angeloflight said:
I am no expert but I feel like bitcoin is the type of thing that if you try fighting, may actually strengthen it. Sort of like drugs, the fact that they are so illegal drives the price of a hearty 'weed' to that of quadruple the price of silver. And the taboo draws attention, raises curiosity, and stimulates questioning. And now a freaking common plant has a global political movement based around it, its actually quite embarrassing... It's like walking down a crowded sidewalk and punching a stranger in the face. Everyone notices immediately, and they instantly take the strangers side and think your scum. Even if the guy you punched was mass murderer, the crowd will think he is a saint.
Click to expand...
Excellent 1st post
 
Svettod said:
Yes, that is exactly what the banks are afraid of. Bitcoin currently does not have a huge market cap, but that can change very quickly. If the US were to try and take down Bitcoin, it can backfire massively. With the current distrust and hate of government and banking around the world I don't think these guys wanna rock the boat all that much.
Click to expand...

Yes the government is doing its best to shake the currency down. You are absolutely right.
 
I am laughing so much with the increasing number of people in this thread who have no fucking idea what they are talking about or know shit how the world of economics works.
 
wizard04 said:
How it can backfire?
The US can have third parties opening a huge mining operating, inflating and deflating the bitcoin to make it so unstable that no one will want to risk it to have there money in bitcoin concurrency.

This is a old tactics that the governments have and still are using to bring down countries, like what are using it now with the artificial drop of the oil prices to destroy the Russian economy.
Click to expand...

The current price of oil is not artificially low - it was previously artificially high.
And it was kept artificially high by OPEC, who have a vested interest in high oil prices.

The price has only dropped because of the glut of new oil entering the market - oversupply.

OPEC can artificially reinflate the price at any point by making a compensatory reduction in their output - but for various, obvious reasons they are electing not to do so.
 
THUNDERELVI said:
I am laughing so much with the increasing number of people in this thread who have no fucking idea what they are talking about or know shit how the world of economics works.
Click to expand...

Laughing is good for your health. You should read these threads and laugh a little harder :cool:
 
Looks like we got an economist, please enlighten us.

THUNDERELVI said:
I am laughing so much with the increasing number of people in this thread who have no fucking idea what they are talking about or know shit how the world of economics works.
Click to expand...
 
It looks like services like XAPO are a very good option because all transactions are anonymous and it goes directly to your bitcoin debit card.

It's sad bankers are ruining people's lives all over again, but its essential we all band together and fight back.
 
Actually Bitcoin can be tracked by the IRS libratax.com assist in doing this. Also more and more exchanges are having to record who they are doing business with so being anonymous online really isn't the same. But on the other hand I can say I earn pretty fast with bitcoin.
 
Wait till the p2p exchanges come out, no stopping Bitcoin then.

King Bruce said:
Actually Bitcoin can be tracked by the IRS libratax.com assist in doing this. Also more and more exchanges are having to record who they are doing business with so being anonymous online really isn't the same. But on the other hand I can say I earn pretty fast with bitcoin.
Click to expand...
 
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