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Does anyone here use Bitcoins?
Tinman57:
Well as long as they don't declare bankruptcy and screw thousands out of millions....
40hz:
^Of course the US government could just outlaw bitcoins and cryptocurrencies for US citizens in much the same way it once outlawed individual possession of gold coins and bullion. That wouldn't be enough to stop some people - although it would certainly up the consequences rather drastically for those people unfortunate enough to get caught.
If things like bitcoins are going to succeed, they're going to have to make some attempt to reach an accommodation with current government backed currencies. If they're presented primarily as a way of evading regulation, or creating an underground economy, they're going to get stepped on pretty severely.
The one big problem with would-be Libertarian economic revolutionaries (from what I've seen) is their tendency to be overly romantic and somewhat naive. Direct confrontation is the one thing most global powers are well equipped to deal with. So while direct confrontation and nose thumbing may be cathartic, they don't do much to further social change - unless the target institution is already weakened and has lost the bulk of its own public's support. None of the major world governments are in that position yet - and likely won't be any time soon.
If cryptocurriencies are the wave of the future, those pushing for them are going to need to take a longer view, and play a much more mature political, economic, and social 'game' than they have so far.
I wish them well. But I don't hold out much hope because of the way so many of their advocates have been conducting themselves lately...
:-\
40hz:
I'm still wondering about that cryptic remark about how their US bank account is "scheduled to be closed."
I can't say I've ever heard of anything like that before. Closed or shutdown? Yes. That can happen for a variety of reasons. But scheduled to be closed? That's really odd. Almost sounds like they've been served with a 'cease & desist' order and have been given a short grace period to cash out their bitcoin account holders before shutting down.
Which sounds like the government has stepped in with an ultimatum to either stop or face prosecution.
KynloStephen66515:
Seems to me to be a case of "We can't be bothered anymore...BitCoins are fluctuating to goddamn badly to make us enough money...that...and the taxman is becoming more and more aware of huge amounts of money moving between our accounts, and is now looking for ways to take as much of it as possible"
40hz:
^Taxes are the least of your worries if there's concerns about possible money laundering or wire fraud. Which opens you up to such fun things as racketeering charges and RICO. And visits from nicely dressed (and sometimes heavily armed) postal inspectors and federal marshals.
That sort of legal heat makes an IRS tax enforcement action seem like a love tap. :tellme:
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