Slashdot Mirror
Could Bitcoin Go Legit?
Velcroman1 writes "On May 15, the Department of Homeland Security seized a digital bank account used by 'MtGox,' the world's largest exchange, where people buy and sell bitcoins. DHS alleged, and a judge agreed, that there is 'probable cause' that MtGox is an 'unlicensed money service business.' If proven, the penalty for operating such a business is a fine and up to 5 years in jail. FoxNews.com caught up with several bitcoin exchanges, including CampBX, MtGox, CoinLab and more, to ask them how they've navigated the regulatory waters — and how to go legit." In other shady bitcoin news, it appears the demise of Liberty Reserve has caused hackers to find a new alternative. twoheadedboy writes "Despite suggestions Bitcoin might be the ideal currency for dealers on the dark web, it appears Perfect Money, a Panama-based operation, is proving the most popular alternative to the now-defunct Liberty Reserve. A source working the underground forums told TechWeekEurope that, for now, fraudsters are rapidly migrating to Perfect Money. Many vendors have started accepting it, having previously primarily used Liberty Reserve, which was shut down following the arrest of its founder and four other members this past week. Internet fraudsters might be interested in Perfect Money as it has distanced itself from the U.S., cutting off all new American registrations. However, one forum user said he was turned down by Perfect Money as their 'type of activity is not welcome.' Other currencies may yet win out."
You do realize that is exactly what people who mine BitCoin want you to do, right? They make 0.0005 BTC (currently 6.5 cents) each time you move money. If you elect not to include the transaction fee, miners will typically drop your transaction on the floor.
I know I won't stop you, but then again, I mine BitCoins and could use your money. Have fun!
BTW: Weird you got a +1 for your dumb idea. Typical slashdot retard moderators.
The pattern of these alternative bitcoin forks has been to fork bitcoin (or in your case, litecoin), mine a bunch of coins for the founders, then generate a lot of buzz, including spamming Slashdot (which you and your buddies are doing), let the price go up for a while, then at some point people will see the project isn't going anywhere and flee, and the founders will cash out their XYZ-coins before the entire currency devalues to nothingness.
I don't know that your bitcoin fork falls into this category but given how much you guys are spamming and shilling, it sure isn't looking good. I'm going to stay the hell away from it.