DHS makes move on BitCoin

[AZRedhawk44]

http://beforeitsnews.com/alternative/2013/05/bitcoin-panic-department-of-homeland-security-shuts-down-dwolla-payments-of-mt-gox-video-2648278.html

DHS shuts down one of the major mechanisms of moving bitcoins in/out of "Mt Gox" which is one of the dominant BitCoin currency exchangers.

You can still use Mt Gox, but getting your money out of Gox and into a spendable form is now a little harder.

Yay, Turr'ism.  Yay, DHS.  I feel so protected.


So, we get the attacks on Cody Wilson and DefCad last week and now the attack on BitCoin this week.

Do you feel the warm fuzzy glove of government protectively embracing you, or do you feel it squeezing on your carotid with gently increasing pressure?

[CNYCacher]

MTGox is based in east asia somewhere. DHS shut down their Dwolla account. Big whoop.  The easiest way to turn USD into BTC is still Coinbase.  MTGox is a currency exchange market.

[brimic]

.Gov will defend its soon to be zimbabwe-esque currency at all costs.

[Blakenzy]

.Gov will defend its soon to be zimbabwe-esque currency at all costs.

Some would argue that more than a few wars kinetic WMD-securing humanitarian interventions were launched to do just that.

[Fitz]

Best way to get anonymous bitcoins is to meet in person and use cash

Speaking of which. I'm in the market for a few

[CNYCacher]

Best way to get anonymous bitcoins is to meet in person and use cash

Speaking of which. I'm in the market for a few

Let me know if you are ever out my way.

[Fitz]

Where are you again?

[Gewehr98]

Has anybody here ever tried mining BitCoin?

I thought SETI was CPU/GPU intensive, until I looked into BitCoin mining. 

You spend more on electricity than you earn.   

[Fitz]

In the beginning it was profitable


Now not so much

[birdman]

It's all ASIC dominated now.
Basically, the release rate is constant, so your effective mining rate is your fraction of the whole times the rate.  Given that the ASIC based miners are faster than anything, mining is not profitable.

[agricola]

just play EVE?

[CNYCacher]

Where are you again?

Finger Lakes region of NYS

[cassandra and sara's daddy]

nows the time to buy

http://www.businessinsider.com/bitcoin-loses-77-of-value-from-high-2013-4

[CNYCacher]

nows the time to buy

http://www.businessinsider.com/bitcoin-loses-77-of-value-from-high-2013-4

Do you mean April 12 was the time to buy?  I agree.  It's risen over 100% since that "crash".

[cassandra and sara's daddy]

so the loss is down to 50% or so

Sent from my SAMSUNG-SGH-I997 using Tapatalk 2

[CNYCacher]

so the loss is down to 50% or so

Sent from my SAMSUNG-SGH-I997 using Tapatalk 2

LOL.  If you, like the article, calculate a "loss" as the price differential between current prices and a one-day spike that went to an all-time high of over 3x market value.

The article says "70% loss over two days". I suppose "10% gain over three days" isn't sensational enough.

[drewtam]

I was trying to figure out if this big Liberty Reserve freeze/accusation was related to bitcoin. According to WSJ, it is not.

http://online.wsj.com/article/SB10001424127887323855804578511121238052256.html?mod=WSJ_hps_LEFTTopStories

[cassandra and sara's daddy]

http://www.businessinsider.com/investing-in-bitcoin-2013-5

do you not think its time?  is price gonna drop more?

[zahc]

+/- 25% or more is normal for bitcoin. It has been fluctuating like that forever. That level of volatility would be huge for a normal currency, but a currency only needs to be stable on the time scale you plan to employ it. if you just need to buy bitcoins at spot, send to your seller, who converts back to his favored currency ar spot, you really only care about stability on time scales of seconds or milliseconds. A digital currency can probably be usable with almost arbitrarily high volatility.

[CNYCacher]

http://www.businessinsider.com/investing-in-bitcoin-2013-5

do you not think its time?  is price gonna drop more?

Drop more?  What makes you think it's dropping? Oh, the article from a month and a half ago about a 3-day spike?

Your author could have done well to read this before writing. He may have avoided all kinds of impossible speculation, like the "anonymous inventors getting greedy and 'releasing' more coins" nonsense.

[MicroBalrog]

If you think Bitcoin is a means to earn money to buy some now, and resell at a higher value later, and therefore you oppose Bitcoin, you misunderstand Bitcoin.

If you wish to 'invest' in Bitcoin on this basis, however, you also misunderstand Bitcoin.

If you think it is a magical privacy-assuring technology, you also misunderstand Bitcoin.

Both the bitcoin fanboys and the bitcoin haters misunderstand Bitcoin entirely.

[MicroBalrog]

nows the time to buy

http://www.businessinsider.com/bitcoin-loses-77-of-value-from-high-2013-4

To be fair you were right. It is back up to $122 now.

[birdman]

If you think Bitcoin is a means to earn money to buy some now, and resell at a higher value later, and therefore you oppose Bitcoin, you misunderstand Bitcoin.

If you wish to 'invest' in Bitcoin on this basis, however, you also misunderstand Bitcoin.

If you think it is a magical privacy-assuring technology, you also misunderstand Bitcoin.

Both the bitcoin fanboys and the bitcoin haters misunderstand Bitcoin entirely.

Agreed.

Also, for your consumption, an article by a good friend of mine.
http://www.wired.com/opinion/2013/05/lets-cut-through-the-bitcoin-hype/

For those that recognize the author's name from the whole DNS thing, yes, its the same guy.