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Bitcoin Was Created By DARPA

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You could argue that the bitcoins that get lost (like that guy who threw away his hard drive) will make bitcoins deliver a "return" without interest. Smaller pool, the rest of them have to go up in value. Markets are really good at keeping track and managing that sort of thing. Bitcoin loans won't charge interest - you'll loan them out and they'll pay you the same amount back. In the time between they will have appreciated by however many bitcoins were lost by others. This is serious stuff - this strikes at the heart of how they've done things for centuries. Loans with no interest!? Heresy!

 

I mark the end of the .com bubble as of 4/00, when the NASDAQ plunged 475 points in one day. I remember watching the ticker when it happened too. I remember the Dow was about to do the same in 9/01, funny how instead we got something weird happening right before it was set to plunge too. Bull markets end well before they start plunging. You could say that it was obvious when the towers collapsed oh so magically, but it had ended well before then, as I reckon things.

 

As far as abstractions from figurations go - can't argue too much with you there. Sometimes abstractions allow for things that wouldn't otherwise exist though. Is that good or bad? I suppose it depends on who you are and whether you stand to benefit or not.

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A return without interest, now that's an economics senior's wet dream. I am sure the feds have already calculated their unrealized returns on the 144.000 confiscated BC and computed the numbers in the Magical Market Manipulating Machine to come up with the next debt limit. Still, if all but one BC get's sucked into oblivion that one BC would still be worth nothing - unless of course someone would want to buy it.

 

@FC: Thank you for introducing The Arch Druid's Report through the above link. To read it is like having a perfect meal. The Last Supper afore the Age of Memory whisks us back to Start - not collecting any money.

 

I shall retreat to reflect further on the abstract figurations of money, capital, credit and intrinsic value and see if I can add anything of interest other than potential and trust, or Power and Faith.

 

Money make exchange easy, but at what cost? Maybe DARPA knows the answer to that one...

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Goldman Sachs Director to Join Board of Bitcoin Startup Circle


Goldman Sachs board member M. Michele Burns is joining the board of new bitcoin payment processor Circle Internet Financial, becoming the latest representative from the worlds of big finance and investing to show an interest in digital currency.

The move represents a possible greater acceptance of bitcoin in the US in the financial mainstream, at a time when other large countries are attempting to block or caution against its use.


http://www.coindesk.com/goldman-sachs-director-board-bitcoin-startup-circle/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29

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Goldman Sachs Director to Join Board of Bitcoin Startup Circle

Goldman Sachs board member M. Michele Burns is joining the board of new bitcoin payment processor Circle Internet Financial, becoming the latest representative from the worlds of big finance and investing to show an interest in digital currency.

The move represents a possible greater acceptance of bitcoin in the US in the financial mainstream, at a time when other large countries are attempting to block or caution against its use.

http://www.coindesk.com/goldman-sachs-director-board-bitcoin-startup-circle/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29

 

 

Or to get their 'grubbies' on Bitcoin, and take it over - knowing them, more likely...

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Or to get their 'grubbies' on Bitcoin, and take it over - knowing them, more likely...

 

Yes. i'd say that is the plan.

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Get your Bitcoin in cash: World's second Bitcoin ATM to open in Hong Kong

By Naomi Ng

January 7, 2014

 

140106034451-bitcoin-atm-story-top.jpg

This file photo shows users waiting in line to use the world's first real Bitcoin ATM in Vancouver, Canada on October 29, 2013.
 

"Hong Kong (CNN) -- The world's second Bitcoin ATM is due to land in Hong Kong by the end of this month, according to U.S. based software company Robocoin.

 

The machine, available for sale to individual operators such as banks and private entrepreneurs, allows users to buy or sell Bitcoin in just a few minutes.

 

The process should be much faster than setting up an account on an exchange or via mobile apps and computers which could take a few days for account verification.

 

The advent of Bitcoin ATMs is seen as a step towards bringing the digital currency into the real world.

 

"It removes all the pain and barriers of entry to buying Bitcoin on an online exchange," said Robocoin chief executive Jordan Kelley.

 

"Our goal as a company is to make the acquisition truly grandma friendly," he added.

 

The virtual currency has generated lots of media attention in China where investors have helped drive the price up to dramatic highs above $1,000.

 

"I think we're going to unleash the power of Bitcoin. It opens a virtual money portal where people can send money to and from," said Kelley

snip

http://edition.cnn.com/2014/01/06/business/bitcoin-atm-hong-kong/index.html

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There was waaaaay too much negativity from the public when bitcoin corrected. It's going to go higher. Old Wall Street saying - when it's going down and people are happy, it's a bear market.

 

Now if only they would lose control of the gold price, then I think life will be perfect. Well, at least for me anyway. But don't hate the player, hate the people who built this stupid game.

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1035 just now ,my son and I have been watching the price ,see dad see dad ,we could of made ... Lol soon I won't bring it up as much

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Quote - 'See Dad we could have made'.  Sounds a heck of a lot like the stock market doesn't it, but people only talk about stocks and shares or gambling when they win!!  What about when they lose?  What about "See Dad how much we could have lost?"  I am not saying it will happen but I am saying that nothing is sound, nothing is concrete and everything is a risk that people choose to take or not. 

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Excuse my fatalism-- but I'm waiting for the other shoe to fall.    IMHO biggest ponzi scheme ever!

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Manhattan U.S. Attorney Announces Charges Against Bitcoin Exchangers, Including Ceo Of Bitcoin Exchange Company, For Scheme To Sell And Launder Over $1 Million In Bitcoins Related To Silk Road Drug Trafficking

January 27, 2014

 

"Preet Bharara, the United States Attorney for the Southern District of New York, James J. Hunt, the Acting Special-Agent-in-Charge of the New York Field Division of the Drug Enforcement Administration (“DEA”), and Toni Weirauch, the Special Agent-in-Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), announced the unsealing of criminal charges in Manhattan federal court against ROBERT M. FAIELLA, a/k/a “BTCKing,” an underground Bitcoin exchanger, and CHARLIE SHREM, the Chief Executive Officer and Compliance Officer of a Bitcoin exchange company, for engaging in a scheme to sell over $1 million in Bitcoins to users of “Silk Road,” the underground website that enabled its users to buy and sell illegal drugs anonymously and beyond the reach of law enforcement. Each defendant is charged with conspiring to commit money laundering, and operating an unlicensed money transmitting business. SHREM is also charged with willfully failing to file any suspicious activity report regarding FAIELLA’s illegal transactions through the Company, in violation of the Bank Secrecy Act. SHREM was arrested yesterday at John F. Kennedy International Airport in New York, and is expected to be presented in Manhattan federal court later today before U.S. Magistrate Judge Henry Pitman. FAIELLA was arrested today at his residence in Cape Coral, Florida, and is expected to be presented in federal court in the Middle District of Florida."

snip

http://www.justice.gov/usao/nys/pressreleases/January14/SchremFaiellaChargesPR.php

http://www.chicagotribune.com/sns-rt-ceo-of-bitcoin-exchange-arrested-charged-with-20140127,0,2106301.story

Tx Reddwolf

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Virtual currency bitcoin lost nearly twenty percent of its value on Thursday evening, after major exchange Mt Gox halted trading to try to resolve ongoing technical issues.

The digital currency - which is known for its wild price fluctuations - was trading at $680.52 on Friday morning, having traded around $850 for most of the week, according to CoinDesk, which tracks the price of bitcoin.

Mt Gox told customers that in a effort to resolve an issue with withdrawals, the system needed to be in a static state.

http://finance.yahoo.com/news/bitcoin-plummets-20-trading-halt-114943788.html

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Russia bans Bitcoin

'Curious' decision grates with Western government approaches.

 

http://www.itnews.com.au/News/371774,russia-bans-bitcoin.aspx

 

 

Very interesting article..

 

this is curious as well:

 

 

The regulatory move contrasts with plans revealed this week by the US Postal Office to adopt Bitcoins under a simplified model intended to open the currency to non technical people. The model would be "years away" from possible adoption according to insiders.

 

 

The USPO has been in the news a lot this week:

 

Elizabeth Warren Has A Radical Plan To Remake The Post Office

http://www.businessinsider.com/warren-wants-to-turn-post-offices-into-banks-2014-2

 

 

Massachusetts Senator Elizabeth Warren wants to solve two American problems with one solution — turn the country's increasingly empty post offices into simple retail banks for low-income citizens without bank accounts. ~snip~

 

 

U.S. Postal Service Announces Giant Ammo Purchase

http://www.infowars.com/u-s-postal-service-announces-giant-ammo-purchase/

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Interesting info Luci, and I'm not surprised that Russia, Iceland and others are banning Bitcoin because they know that it (Bitcoin ) is as controlled as are the other currencies. Given that the NSA has a backdoor into everything and that it was created by Darpa they are merely waiting for folks to transfer their wealth into bitcoin trying to escape the pending banking problems, then they'll crash the whole thing and take the money and run. (IMHO)   Note!  I've had to re-write this post two times now for some reason (wink, wink, nod, nod--WTF!) it keeps crashing--maybe the third time's the charm.

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Interesting info Luci, and I'm not surprised that Russia, Iceland and others are banning Bitcoin because they know that it (Bitcoin ) is as controlled as are the other currencies. Given that the NSA has a backdoor into everything and that it was created by Darpa they are merely waiting for folks to transfer their wealth into bitcoin trying to escape the pending banking problems, then they'll crash the whole thing and take the money and run. (IMHO)   Note!  I'm had to re-write this post two times now for some reason (wink, wink, nod, nod--WTF!) it keeps crashing--maybe the third time's the charm.

 

I agree with you a zillion percent. 

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Struggling US Postal Service looks to bitcoin for new revenue

 

http://rt.com/usa/us-postal-service-bitcoin-780/

 

 

Amid a rise in popularity of cryptocurrency, the financially floundering US Postal Service is considering the possibility of adding a bitcoin exchange to its current roster of non-bank financial services.

 

The USPS Office of Inspector General (OIG) led a webinar last week on bitcoin and other digital currencies to “explore the possibilities” of setting up bitcoin and other digital-currency exchanges at post offices as a means of boosting revenue. The event included representatives of the Federal Reserve Bank of Chicago, Booz Allen Hamilton, and the World Bank, among others, MainStreet reported.

 

The OIG also discussed the possibility of creating a “postcoin” as a USPS-specific digital currency.

 

“There were suggestions like if someone made 'postcoin,' 'What would that be?' 'How could that help?' If we were to employ the technology to support post office operations around the world, internationally, how could crypto currency help post offices do their business?" Darrell Duane, a bitcoin consultant who was involved in the webinar, told online digital currency site CoinDesk.

 

In addition to the webinar, the USPS OIG released a report covering the possible benefits of providing other non-bank financial services, including replenishable prepaid debit cards, savings accounts, and payday loans.

 

"The Postal Service already provides non-bank financial services like money orders and international money transfers, and many American families could benefit if the Postal Service expanded its offerings," the OIG said in a statement.

 

Should the USPS decide on entering the cryptocurrency world, it has a built-in advantage considering it is already licensed to provide related services, like money transmitting. ~snip~

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Bitcoin prices plunged again Monday morning after Mt.Gox, the major exchange for the virtual currency, said technical problems require it to continue its ban on customer withdrawals.

Mt.Gox said it has discovered a bug that causes problems when customers try to use their account to make a transfer or payment of bitcoins to a third party. It said the problem is not with Mt.Gox software but affects all transfers of bitcoins to third parties.

http://finance.yahoo.com/news/bitcoin-prices-plunge-problems-persist-124100565.html

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