FBI made 20-page report on Bitcoins on April 24, 2012

Well that basically summed it up. Appreciate it.

DOJ is just a money tree shakedown, the FBI does criminal investigations
if whomever owns Bitcoins was smart they would shut down immediately and hope the FBI goes away

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Originally Posted by Dan Druff

Fallacy #2: Bitcoins cannot be shut down by the US government, because they have no centralized location. This is false because the US government doesn't need to remove every bitcoin from the internet in order to eradicate them. This is because bitcoins only have value to most people because they can be traded for real currency. This is why people accept bitcoins for drugs. This is why young camsluts take off their clothes for bitcoins. This is why people even consider playing on fail bitcoin gambling sites like Seals. If bitcoins were truly internet play money, they would be worthless. The US government doesn't have to shut down bitcoins themselves. They just have to shut down the middleman sites involved in trading them for real currency (such as MtGox), and the whole model will come crashing down. We have already seen bitcoins do a panic-fall in value when major bitcoin hacking stories hit the press. Once the US government shuts down sites like MtGox, everyone will want to dump them, and they will go from their current value of around $5 to less than 5 cents (or perhaps even less than 1 cent). And this will happen so quickly that nobody will have time to get rid of their bitcoins at $5 each, or anywhere near that.

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Wouldn't the obvious answer to this be for the middlemen to similarly decentralize? Perhaps the U.S. government could exert enough pressure and wield its power to shut down MtGox (a Japanese company, I believe, with no non-internet U.S. presence). But what if MtGox and the like were themselves decentralized (kinda like UB snap-moving to Panama when things got too hot in Costa Rica)? Properly decentralized, could the U.S. really shut down enough of these middlemen in cyberspace fast enough to really put a dent in (much less "shut down") the bitcoin market?

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Originally Posted by Sandwich

Quote:

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Originally Posted by Dan Druff

Fallacy #2: Bitcoins cannot be shut down by the US government, because they have no centralized location. This is false because the US government doesn't need to remove every bitcoin from the internet in order to eradicate them. This is because bitcoins only have value to most people because they can be traded for real currency. This is why people accept bitcoins for drugs. This is why young camsluts take off their clothes for bitcoins. This is why people even consider playing on fail bitcoin gambling sites like Seals. If bitcoins were truly internet play money, they would be worthless. The US government doesn't have to shut down bitcoins themselves. They just have to shut down the middleman sites involved in trading them for real currency (such as MtGox), and the whole model will come crashing down. We have already seen bitcoins do a panic-fall in value when major bitcoin hacking stories hit the press. Once the US government shuts down sites like MtGox, everyone will want to dump them, and they will go from their current value of around $5 to less than 5 cents (or perhaps even less than 1 cent). And this will happen so quickly that nobody will have time to get rid of their bitcoins at $5 each, or anywhere near that.

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Wouldn't the obvious answer to this be for the middlemen to similarly decentralize? Perhaps the U.S. government could exert enough pressure and wield its power to shut down MtGox (a Japanese company, I believe, with no non-internet U.S. presence). But what if MtGox and the like were themselves decentralized (kinda like UB snap-moving to Panama when things got too hot in Costa Rica)? Properly decentralized, could the U.S. really shut down enough of these middlemen in cyberspace fast enough to really put a dent in (much less "shut down") the bitcoin market?

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There is a lot of pressure the US can put on foreign companies if they really want to.

The problem is that people panic easily, and if it becomes clear that the US government is making moves against bitcoin middleman sites (the ones enabling people to cash out), everyone will rush to sell their bitcoins, and the value will drop to almost nothing.

The value tanked just because of a hacking incident, so imagine what will occur if the government makes a push to stop this whole thing.

What actually dictates the price/value of a bitcoin?

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Originally Posted by TheTemplar

What actually dictates the price/value of a bitcoin?

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The price of a bitcoin is dictated what people are willing to pay for them. It's very similar to the price of a stock.

Right now, bitcoins are around $5/each, and that value has been stable for awhile because nothing significant has happened (positive or negative) for bitcoins in awhile.

However, if a bust occurs (notice MtGox is a .com site, meaning the DOJ could easily seize it and put up their infamous graphic), everyone will panic and want to sell, and the value will fall off a cliff.

Quote:

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Originally Posted by Dan Druff

Quote:

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Originally Posted by TheTemplar

What actually dictates the price/value of a bitcoin?

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The price of a bitcoin is dictated what people are willing to pay for them. It's very similar to the price of a stock.

Right now, bitcoins are around $5/each, and that value has been stable for awhile because nothing significant has happened (positive or negative) for bitcoins in awhile.

However, if a bust occurs (notice MtGox is a .com site, meaning the DOJ could easily seize it and put up their infamous graphic), everyone will panic and want to sell, and the value will fall off a cliff.

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Its also been speculated that due to energy costs mining bit coins can not be profitable at much lower values. Depending on your state 5 dollars can be nearly break even for mining.

http://www.bitcointrading.com/forum/...hp?topic=260.0

Micon's poker site, "Seals With Clubs" is listed in here.

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Originally Posted by TheTemplar

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Next week on DD radio: Ecigs, Dutch Boyd, Ralph from Fat burger, Gus from BitBrew, and Pokerti Dan to talk about some laws and shit. And... much much moar!!!

"we're here for Bryan Micon"



"what for?"



"bitcoins are illegal and you're using them for poker"



" uh uh. I'm a lawyer and I say they're legal, but I can't tell you why



"I fucking told you so Bryan

haha pretty good.

"Fucking shit 7 to 12 years with no weed. Martha, will you wait for me?



"Of course I will baby"



"Martha is Bryan gone to prison yet?"
"Cool, want to come over and blow me?"
"Ok, I'll be waiting"



"Can I jack off in the corner while you two fuck?"



"Guess what Bryan"

Martha and Micon could pass for brother and sister.

Wow Martha's hot. Micon's got game.

You know he'll always keep an ear, I mean eye out for you.

http://pokerfraudalert.com/forum/att...7&d=1336685029

Finally I don't have that retarded 5th wheel smothering me and following me like an Asian housewife.

http://i39.photobucket.com/albums/e1...iconsystem.gif

Quote:

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Originally Posted by shortbuspoker

"we're here for Bryan Micon"



"what for?"



"bitcoins are illegal and you're using them for poker"



" uh uh. I'm a lawyer and I say they're legal, but I can't tell you why



"I fucking told you so Bryan

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Quote:

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Originally Posted by shortbuspoker

"we're here for Bryan Micon"



"what for?"



"bitcoins are illegal and you're using them for poker"



" uh uh. I'm a lawyer and I say they're legal, but I can't tell you why



"I fucking told you so Bryan

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This deserves some "Look into the Future" love