Bank of Jerusalem Economists: "If [Bitcoin] does not collapse on its own, don't be su

[vacuum]

Bank of Jerusalem Economists: "If [Bitcoin] does not collapse on its own, don't be surprised if World Authorities eliminate it." (http://translate.google.com/translate?hl=en&sl=iw&tl=en&u=http%3A%2F%2Fwww.globes.co.il%2Fnews%2Farticle.a spx%3Fdid%3D1000837888)

http://translate.google.com/translate?hl=en&sl=iw&tl=en&u=http%3A%2F%2Fwww.globes.co.il%2Fnews%2Farticle.a spx%3Fdid%3D1000837888


Yesterday they wrote their scrutiny Bank economists Jerusalem weekly, with respect to the virtual currency began to gain momentum in ■ "official financial authorities worldwide are concerned about the phenomenon of Bitcoin"
"The main users of the Bitcoin currency are usually omitted tax and various money launderers and their private individuals regarded as a saint," the bank's economists wrote their scrutiny Jerusalem weekly, virtual reference currency began to gain momentum in the world.
According to the bank's economists, the price of the currency is characterized by B"mbna classic bubble being built for a long time a slow progression, soaring caught in a mania of investors and immediately after collapsing. " "Official financial authorities worldwide are concerned about the phenomenon, since it eliminates unnoticed details of significant flow of funds," the bank's economists write. "If the system will not collapse completely on its own as a bubble, do not be surprised if the world will take care of official authorities eliminate it."

Bitcoin is a virtual currency S"ncra "in 2009 by Satoshi Nakamoto, Japan hacker disappeared since 2010. Currency began gaining momentum in 2012, until the collapse of the month (April).

[vacuum]

Boy, so threatened by a protocol.

[Ares]

Boy, so threatened by a protocol.

I read that report. But at the same time, how are they going to stop it? Honestly though they've tried stopping music and file sharing for over a decade now thats been a complete and utter failure.

My best guess is that they will target exchanges, those are currently the lynch pin of the bitcoin ecosystem. However as we've noticed with file sharing technology. The government may squash one, but 3-4 others pop up in its place. In another country, outside of their jurisdiction or it may just go entirely underground as a Tor Hidden service. It's tough to say where it's going to go. But I think the lesson in all of this is showing that virtual currencies are coming whether anyone likes it or not.

It has the potential to disrupt government finances and tax collection so I can certainly see why they are threatened by it. But them banning together to stop it? Eh maybe but being an I.T. guy just don't see how they can stop something that is stateless, boundless and can cross borders more easily and quicker than a group of state storm troopers sent to shut down a particular service.

Could even build and design an off-site back up service. If main site goes down send remaining coins to sites X, Y, and Z. While they are dismantling the main site the remote sites are back on-line as if nothing ever happened.

[Jewboo]

If main site goes down send remaining coins to sites X, Y, and Z. While they are dismantling the main site the remote sites are back on-line as if nothing ever happened.



Bitcoins can go Poof. Already happened to more than a few. Ain't at all like music file sharing. This is somebody's real MONEY getting lost/stolen on the interwebs.

[Ares]

Bitcoins can go Poof. Already happened to more than a few. Ain't at all like music file sharing. This is somebody's real MONEY getting lost/stolen on the interwebs.

Eh, not really go POOF. If I lost my wallet, I didn't make a backup or anything. Yep it's gone and it was all my fault because I was stupid and didn't do my due diligence in backing up my wallet like I should have.

Now if for whatever reason my computer gets stolen, hard drive crashes, I have a backup of my wallet stored on a USB thumb drive, or burned to a CD or whatever. Install the bitcoin wallet on the new machine, or on a different machine. Copy / Paste the wallet back into the appropriate place for my OS, the blockchain will re-verify all of my bitcoins and will then be usable again.

The same process could work for a disaster recovery scenario for off site data replication. Meaning the backup sites are not part of the block chain and have access to on the fly wallet back ups. So say the feds come in to over take an exchange, or someone they deem illegally working within bitcoins. You could program the disaster recovery software to constantly monitor the main (production) site. If it goes off line for more than x number of minutes take latest snapshot / backup and copy it over to backup environment at sites X, Y, Z, and once online and communication with the block chain start the verification process. Once verified by the block chain the coins will be accessible and the exchange will be back up and operational in a separate facility or hell even country.

[Jewboo]

...Yep it's gone and it was all my fault because I was stupid and didn't do my due diligence in backing up my wallet like I should have...So say the feds come in to over take an exchange, or someone they deem illegally working within bitcoins. You could program the disaster recovery software to constantly monitor the main (production) site. If it goes off line for more than x number of minutes take latest snapshot / backup and copy it over to backup environment at sites X, Y, Z, and once online and communication with the block chain start the verification process. Once verified by the block chain the coins will be accessible and the exchange will be back up and operational in a separate facility or hell even country.



http://nyulocal.com/wp-content/uploads/2013/04/madoff100614_1_560.jpg

Somebody like Madoff can also program this disaster recovery program to copy/send all your Bitcoins to his Israel wallet.

:) just playing devil's advocate here Ares...

[Ares]

http://nyulocal.com/wp-content/uploads/2013/04/madoff100614_1_560.jpg

Somebody like Madoff can also program this disaster recovery program to copy/send all your Bitcoins to his Israel wallet.

:) just playing devil's advocate here Ares...

Understandable, and theoretically speaking you are right. The exchange HAS to be trusted as you are sending your bitcoins to them. Granted each account has a different bitcoin addressed attached to it. They are still in possession of said bitcoins. So in theory if an exchange were to send everyone of their users bitcoins to a private address there really is nothing stopping them.

But the same scenario holds true with any modern banking establishment. There is absolutely nothing stopping them from taking the money out of your account or safety deposit boxes. We've all seen Cyprus take a haircut on their accounts and supposedly the same scenario has been planned for here. Although haven't seen any concrete evidence of that, just saying its also possible with current banking establishments to steal what is not theirs.

Ol Bernie in your picture was made into an escape goat. The real thieves are still gainfully employed in Washington DC and as the heads of major U.S. banks.

[vacuum]

Here's how I see it might go down:

Bitcoin gains popularity and threatens to destroy the "financial order" by (a) taking tax revenues, and (b) providing an alternative to flee from the money-changer's money
Bitcoin will be demonized and (a) blamed for government collapse due to massive tax evasion, and (b) blamed for terrorism, money laundering, narcotics, etc
A banker-backed clone of bitcoin will be created by copying it, however, only licensed financial institutions will be allowed to run the "nodes". Perhaps two versions will be created, a private version for bank settlements, and a public version where anyone can buy the currency through regulated exchanges.
Transactions will have to be cleared by the nodes run by the bankers because a special authorized key will be needed to make transactions. It will be just like paypal and visa, except with lower fees.


So it will probably be a combination of false flags combined with a regulated alternative, mandated as the only legal and legitimate version. It will have "additional features" built into it.

That's what I see as the most effective strategy.

[Ares]

Here's how I see it might go down:

Bitcoin gains popularity and threatens to destroy the "financial order" by (a) taking tax revenues, and (b) providing an alternative to flee from the money-changer's money
Bitcoin will be demonized and (a) blamed for government collapse due to massive tax evasion, and (b) blamed for terrorism, money laundering, narcotics, etc
A banker-backed clone of bitcoin will be created by copying it, however, only licensed financial institutions will be allowed to run the "nodes". Perhaps two versions will be created, a private version for bank settlements, and a public version where anyone can buy the currency through regulated exchanges.
Transactions will have to be cleared by the nodes run by the bankers because a special authorized key will be needed to make transactions. It will be just like paypal and visa, except with lower fees.


So it will probably be a combination of false flags combined with a regulated alternative, mandated as the only legal and legitimate version. It will have "additional features" built into it.

That's what I see as the most effective strategy.

You're probably right. But Bitcoin exchanges and even the network could lower transaction fee's even more if they wanted too to be in direct competition with the "authorized" banks. I see TPTB leaning more towards strict regulations and outright banning the sale, use, and possession of bitcoins. Hell even make it a felony charge. They've done it before, but with gold.

[Shami-Amourae]

Translation: The Jews are terrified of this. The goy found a way out of the usury debt based system of control. Lets demonize what they are terrified of and assure ourselves our Jewish masters wont ever allow this. We're all too helplessly dumb to ever become free of them with technology. Lets just admit defeat and roll over dead while our Jewish masters figure out WTF a Bitcoin is.

[Hillbilly]

What's really going to happen is this. All the little Bitcoin "Boosters" are going to go "oh my the izzy's hate bitcoins" therefore I better buy more bitcoins, when in reality is much more like reverse psychology. They are going to steal your money then crash the whole system. Don't cry to us when it happens and it will happen.

[Shami-Amourae]

Just like how they shut down Bit-Torrent, right?