Bitcoin-based online gambling

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RogueJuror
fincen pronounced on them

http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
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That still doesn't stop the guy who wants to shop on silkroad and then sell whatever product they acquired for cash.

Let the bankers play with their (soon to be) monopoly money if they repeat the Cyprus experience cos this new non-governed virtual currency is the way of the future imo...
Expect this to take off even more when (not if anymore) paypal and such get on board...
 
xpansive
That still doesn't stop the guy who wants to shop on silkroad and then sell whatever product they acquired for cash.

Let the bankers play with their (soon to be) monopoly money if they repeat the Cyprus experience cos this new non-governed virtual currency is the way of the future imo...
Expect this to take off even more when (not if anymore) paypal and such get on board...
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Wot?

Looks like they're preparing to go after the bitcoin exchanges. If and when they establish a link, any link, to SR, it's prolly game over.
 
Xp this forces exchanges to implement KYC practices, and record and make available all activity of customers.

Basically the government is taking the stance that this is a money service just like Western Union or Paypal and not a real currency like all the fans like to believe.
 
Yeh. I don't think end users have anything to be scared about, but it sounds like it's the beginning of the end for the big exchanges.
 
Matty
Wot?

Looks like they're preparing to go after the bitcoin exchanges. If and when they establish a link, any link, to SR, it's prolly game over.
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:uh:
Matty your simply stating a anarchist posture.

How exactly do you chase an anonymous form of virtual currency that's cryptically designed?

People can do whatever the hell they want with bitcoin since there's no central control.

The fact that government now considers BTC as a taxable investment means that if/when BTC hits critical mass (given current global economic woes continue) it will be too big to dismember (being approx 1% of global GDP if the much hyped target of $1000 per BTC is reached), so from your viewpoint IF they are to prove anything then they better do it quickly.

Last time i checked BTC werent able to be taken by your bank. Shame the same cant be said about our traditional savings.
 
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xpy how da fok do you get btc?

unless you're mining it all yourself, you have to trade in real currency for it

therein lies the system's weakness

you expect your bank to eventually accept btc for your mortgage payment?

that sound you hear is a thousand jew bankers laughing
 
Matty
xpy how da fok do you get btc?

unless you're mining it all yourself, you have to trade in real currency for it

therein lies the system's weakness

you expect your bank to eventually accept btc for your mortgage payment?

that sound you hear is a thousand jew bankers laughing
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:lol:
I hear ya but with BTC if a country (hypothetically speaking) decided that too many people were hiding their savings under their pillows then they'd simply dissolve that currency and start anew, thus making all those that had the previous currency worthless.

This is not a issue with BTC as there is no central control.

And yes, my bank trades BTC. There is money to be made trading remember.
 
I get all that. Still, the exchanges seem awfully vulnerable. These guys will depend on traditional banks as long as BTC remains a niche currency. That gives the authorities quite a bit of time to figure out their attack strategy, methinks.
 
xpansive
:lol:
I hear ya but with BTC if a country (hypothetically speaking) decided that too many people were hiding their savings under their pillows then they'd simply dissolve that currency and start anew, thus making all those that had the previous currency worthless.
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This happens all the time.

How do you even check your bit coins when they shut off the internet?
 
Matty
I get all that. Still, the exchanges seem awfully vulnerable. These guys will depend on traditional banks as long as BTC remains a niche currency. That gives the authorities quite a bit of time to figure out their attack strategy, methinks.
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Your right and il be 1st to admit the system still has its minor flaws.

It has had a volatile history but the number and intensity of those swings has drawn correlation with the number of BTC users ie more users less volatility.

And thats why paypal is SO important to the long-term survival of BTC imo as one would logically expect the number of merchants that accept the currency to easily surpass the current number of just over 1000, thus adding mainstream credibility to the currency.

As for authorities, short of Rito's suggestion how else do they stop it?
 
rito
This happens all the time.

How do you even check your bit coins when they shut off the internet?
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Could you even imagine what a world without the internet would look like??
 
RogueJuror
Around 4 billion people live it right now.
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Indeed.

Sometimes forget where im from...

Rito, the only way i see possible for BTC (in its current form) to not be able to trade is if A) The internet and all other forms of communication is switched off globally and B) 100% of banks stop trading btc on a global level.

At a guess that would represent a state of anarchy.
 
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