[tor-talk] US Senators Seek to Crackdown on Bitcoin

[Jimmy Richardson]

All fiat money is a scam by this definition. Value cannot be created by 
print a paper (or in Fed's case, an open market operation) either, but 
that's what the governments do everyday.

On 6/16/2011 11:40 AM, andre76 at fastmail.fm wrote:
> Bitcoin is a scam.  Money or value can't be created on a computer
> (unless you consider the phoney fiat currency of the USD "money").  At
> best bitcoin is a ponzi scheme where the initial holders of the digital
> money get to see the increase in the computer value of the bitcoins they
> "own" only to, at the right time, dump them onto suckers that got in the
> this new fangled trickery at the end.  Those that hold bitcoins at the
> end will be at a loss as in reality, they're worth nothing.  Bitcoins
> are a classic example of the Wall Street method of Pump and Dump.  Fake
> or unrealistic information is circulated around the web about a certain
> stock and how it's to perform which is always UP UP UP in value.  This
> is the Pump phase.  The unsuspecting and gulible public rushes in to
> purchase massive amounts of the (really) junk stock.  The price rises
> dramaticly.  Those that promoted the stock then Dump it....fast.  They
> make their profit and the dummies that believed the junk about how great
> the equity was get stuck with a loss as the stock plummets.
>
> Whether the jackasses in the Senate want to go after bc or not doesn't
> matter.  Bitcoin will evaporate under its own weight with no help of the
> government.
> -
>
>
> On Wed, 15 Jun 2011 00:41 -0400, "grarpamp"<grarpamp at gmail.com>  wrote:
>>> Since it appears they're going to be targeting a Hidden Service, it will
>>> be an interesting test of Tor's resilience given the resources available
>>> to the US government.
>> Guess they would have to block all the directory servers/mirrors.
>> They probably don't care about drugs, underage and copyright stuff
>> so much. But an untraceable, untaxable, easily used alternative
>> currency that has value and works... now that might draw some
>> global attention. Was not one of the topics at the recent G8
>> "What to do about the internet?"
>>
>> It would be interesting to see what might happen if directory servers
>> could be run on the same SSL enabled server (and even port) as
>> the various popular websites around the world, by their operators.
>>
>> Other than bootstrapping (via a shipped list or friendly tip), is there
>> a way to make the directory services internal to Tor? Not sure there
>> is due to chickens and eggs.
>>
>> Though with 9 authorities, 1200+ dirservers, and 2300+ relays,
>> maybe no worries.
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