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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."
Bitcoin was designed to be a giant pyramid. The ones at the top had shitloads of worthless mined coins, and they had to convince enough people to get into bitcoins to get rich out of it.
It could turn out to be useful, and that is some of the hope, but I have no doubt in my mind that it was partway founded based on pyramid logic/advertising.
1. Governments must not be allowed to steal people's private property via income and wealth taxes.
2. Government must not be allowed to regulate any business activity.
3. Government must not be allowed to control money supply and distort price of money (interest rates).
4. Governments must not be allowed to start offensive wars for any reason.
Also if governments of the world weren't creating the problems that are causing terrorism to have reasons to exist in the first place, there would be fewer people willing to do that.
Promoting trade is the only way to have a wealthy and healthy society but this requires government to but out of everything, there is no reason for governments to exist anymore actually, Bitcoin is a good indicator of that and the governments are really scared of the very idea of that, of the precedent it sets.
You can't handle the truth.