Every Important Person In Bitcoin Just Got Subpoenaed By New York’s Financial Regulat

[mick silver]

osted by mybits (http://howcanigetbitcoins.biz/author/mybits/) on August 16, 2013 at 11:33 pm
Every Important Person In Bitcoin Just Got Subpoenaed By New York’s Financial Regulator (http://howcanigetbitcoins.biz/every-important-person-in-bitcoin-just-got-subpoenaed-by-new-yorks-financial-regulator/) http://howcanigetbitcoins.biz/wp-content/uploads/2013/08/Bitcoin-illegal2-1024x722.jpg (http://howcanigetbitcoins.biz/wp-content/uploads/2013/08/Bitcoin-illegal2.jpg)
Things are getting serious for Bitcoin this month: a federal judge declared it real money, Bloomberg gave it an experimental ticker (XBT), and New York’s financial regulator announced an interest in regulating it. Declaring Bitcoin “a virtual Wild West for narcotraffickers and other criminals,” the New York State Department of Financial Services is stepping into the sheriff’s boots.
“We believe that – for a number of reasons – putting in place appropriate regulatory safeguards for virtual currencies will be beneficial to the long-term strength of the virtual currency industry,” said NYSDFS superintendent Benjamin Lawsky in a statement.
The department is starting out by subpoenaing 22 digital-currency companies and investors to get a lay of the Bitcoin land. They sent letters to the major Bitcoin players asking them to hand over information regarding their money laundering controls, consumer protection practices, source of funding, pitch books (for Bitcoin start-ups) and investment strategies (for Bitcoin investors). The recipients of the subpoenas are nationwide and include everyone on the “people making real money on Bitcoin” list, such as Bitcoin exchanges and processors, “ mining equipment” maker Butterfly Labs, and major investors, such as the Winklevosses, Marc Andreessen & Ben Horowitz, and Google’s venture fund. (Full list below.)
A subpoena doesn’t mean criminal activity has taken place. A person familiar with the matter says the two-year-old department wants to make sure Bitcoin isn’t a conduit for illicit activities and is gathering information in order to decide whether to issue regulation for virtual currencies. The department has the authority to create regulation if there is no other primary regulator. Liberty Reserve — a virtual currency recently taken down by the feds for its use in money laundering and child porn rings — is on the mind of the department as it investigates Bitcoin.
In addition to rooting out illegal activity, the department says it wants to make sure Bitcoin company customers’ funds are “safe and sound,” expressing concern about consumer complaints “about how quickly virtual currency transactions are processed.” On the same day the inquiry was announced, some Bitcoiners with Android wallets for their digital coins discovered their banks are not so sound: they are at risk of theft thanks to a flaw in a number of Android apps, reports BBC News.
The virtual currency Bitcoin has already been getting lots of attention on the federal level. The IRS has been encouraged to make sure people pay tax on it. The FBI realizes it’s useful as a currency for illicit activity. The SEC has argued that it is indeed money and that people should go to jail for using it in Ponzi schemes. And the Department of Treasury has issued guidance for Bitcoin money transmitters. State regulators paying attention will help to further legitimize the currency, but it will also increase the start-up costs for Bitcoin money transmitters. The NYSDFS notes in its statement that “virtual currency exchangers may be engaging in money transmission as defined in New York law, which is an activity that is licensed and regulated by DFS.” That means ponying up bond money, as pointed out in the Wall Street Journal:
Although a growing number of bitcoin exchanges have registered their businesses with the U.S. Treasury Department’s Financial Crimes Enforcement Network, they have moved more slowly at the state level. In part, that is because the process of getting a license in each of the 48 states that require them is complicated and lengthy. In addition, states also typically require companies to put up a bond that could run as much as several million dollars.
“We look forward to working with the virtual currency industry and other stakeholders as our inquiry proceeds, and we move to put in place appropriate regulatory guardrails to protect consumers and our national security,” said NYSDFS superintendent Benjamin Lawsky in a statement.
In addition to responding to the subpoenas, a few of the Bitcoin companies below are likely going to need to register as money transmitters in New York. And New York is not the only state paying attention to Bitcoin businesses. Earlier this summer, California sent out at least one warning letter to the Bitcoin Foundation.
That will be a hassle but it’s better than being a Bitcoin business in Thailand. According to a Bitcoin exchange based there, the country’s central bank has declared the virtual coin illegal for now.
List of companies subpoenaed by the New York State Department of Financial Services
BitInstant (https://www.bitinstant.com/)
BitPay (https://bitpay.com/)
Coinabul (http://www.coinabul.com/) (Gold Sellers)
Coinbase Inc. (https://coinbase.com/)
CoinLab (http://coinlab.com/)
Coinsetter (https://www.coinsetter.com/)
Dwolla (https://www.dwolla.com/)
eCoin Cashier (http://www.ecoincashier.com/)
Payward, Inc. (https://www.kraken.com/about/payward) also known as Kraken (https://www.kraken.com/)
TrustCash Holdings Inc. (http://www.trustcash.com/)
ZipZap (http://www.zipzapinc.com/)
Butterfly Labs (http://www.butterflylabs.com/)
Andreesen Horowitz (http://a16z.com/)
Bitcoin Opportunity Fund (http://www.crunchbase.com/financial-organization/bitcoin-opportunity-fund)
Boost VC Bitcoin Fund (http://boost.vc/)
Founders Fund (http://www.foundersfund.com/)
Google Ventures (http://www.googleventures.com/)
Lightspeed Venture Partners (http://lsvp.com/)
Tribeca Venture Partners (http://www.tribecavp.com/)
Tropos Funds (http://troposfunds.com/)
Union Square Ventures (http://www.usv.com/)
Winklevoss Capital Management (http://www.winklevoss.com/winklevoss/comp_what.html)

VIEW THE FULL ARTICLE HERE (http://www.forbes.com/sites/kashmirhill/2013/08/12/every-important-person-in-bitcoin-just-got-subpoenaed-by-new-yorks-financial-regulator/)

[mick silver]

http://howcanigetbitcoins.biz/every-important-person-in-bitcoin-just-got-subpoenaed-by-new-yorks-financial-regulator/

[Ponce]

If they cannot control it is then called "illegal".....

V

[7th trump]

If they cannot control it is then called "illegal".....

V

Its not that they cannot control it Ponce.
What they want to do is regulate it so it can be incorporated into the system.
Bitcoin cannot be used to generate revenue as the dollar until bitcoin can be reported as "wages" or "capital".
If you think about it bartering is no different than bitcoin when it comes to privacy.
I can send you a pound of sugar for a pound of flour through the mail and thats completely out of being seen as a transaction...bitcoin is no different.
Bitcoin is a perfect opportunity to capitalize on a currency that the government doesnt have to spend one cent creating it.

Of course you can see why the federal reserve doesnt like it.....its competition.
More competition means less interest being skimmed off the top of the borrowed money.

[mamboni]

Its not that they cannot control it Ponce.
What they want to do is regulate it so it can be incorporated into the system.
Bitcoin cannot be used to generate revenue as the dollar until bitcoin can be reported as "wages" or "capital".
If you think about it bartering is no different than bitcoin when it comes to privacy.
I can send you a pound of sugar for a pound of flour through the mail and thats completely out of being seen as a transaction...bitcoin is no different.
Bitcoin is a perfect opportunity to capitalize on a currency that the government doesnt have to spend one cent creating it.

Of course you can see why the federal reserve doesnt like it.....its competition.
More competition means less interest being skimmed off the top of the borrowed money.

If TPTB change bitcoin what they want it to be, then bitcoin loses all of the allure and advantages that make it desirable. Ergo, they will kill it.

[Ares]

If TPTB change bitcoin what they want it to be, then bitcoin loses all of the allure and advantages that make it desirable. Ergo, they will kill it.

They very well could do just that. But what's stopping an alternative from picking up and learning where Bitcoin failed? I view it as a medium of exchange war. Like filesharing back in the late 90's early 2000's. Where one site failed another would take its place learning what made the other one fail and make sure not to implement it. Instead of playing whack a mole with file sharers they will be playing whack a mole with alternative currencies.

They don't call it a destabilizing technology for nothing.

[ShortJohnSilver]

This guy is a jerk and trying to make a name for himself, as well as figure out how to get some shekels for himself and NY. Unless I was a company with actual nexus in NY I would tell him to F himself.

[mamboni]

They very well could do just that. But what's stopping an alternative from picking up and learning where Bitcoin failed? I view it as a medium of exchange war. Like filesharing back in the late 90's early 2000's. Where one site failed another would take its place learning what made the other one fail and make sure not to implement it. Instead of playing whack a mole with file sharers they will be playing whack a mole with alternative currencies.

They don't call it a destabilizing technology for nothing.

Yes, this has been my assertion about Bitcoin - it is a prototype for an electronic currency. It can be imitated and emulated. That is why it is doomed. But in its wake new ecurrencies will be popping up to thwart every effort by TPTB to control them, like some game of whack-a-mole. Pandora's box has been opened, never to be closed again.

[Ares]

Yes, this has been my assertion about Bitcoin - it is a prototype for an electronic currency. It can be imitated and emulated. That is why it is doomed. But in its wake new ecurrencies will be popping up to thwart every effort by TPTB to control them, like some game of whack-a-mole. Pandora's box has been opened, never to be closed again.

Not with the die hard libertarian / anarchist element that makes up a sizable portion of the crypto currency field. No Pandora's box is wide open. [pun intended] :D

[EE_]

They very well could do just that. But what's stopping an alternative from picking up and learning where Bitcoin failed? I view it as a medium of exchange war. Like filesharing back in the late 90's early 2000's. Where one site failed another would take its place learning what made the other one fail and make sure not to implement it. Instead of playing whack a mole with file sharers they will be playing whack a mole with alternative currencies.

They don't call it a destabilizing technology for nothing.

I sure hope you're right Mr. Ares, and Bitcoin and other digital currencies destroys the Fed and plunges the world into the greatest global depression of all time, causing global panic and a mass die off from starvation and war.

Maybe then, the few survivors can pick up the pieces and begin a new system of fiat digital currencies without a Fed.

Bitcoin II...we'll all be better for it the next time around!

[Ares]

I sure hope you're right Mr. Ares, and Bitcoin and other digital currencies destroys the Fed and plunges the world into the greatest global depression of all time, causing global panic and a mass die off from starvation and war.

Maybe then, the few survivors can pick up the pieces and begin a new system of fiat digital currencies without a Fed.

Bitcoin II...we'll all be better for it the next time around!

I'm not hoping for a global depression or economic chaos. Not sure where you interpreted that from? All I want is a fair and honest medium of exchange. I'll go where the free market takes me.

[EE_]

I'm not hoping for a global depression or economic chaos. Not sure where you interpreted that from? All I want is a fair and honest medium of exchange. I'll go where the free market takes me.

Wait a minute, you do want to destroy the Fed don't you? And you want to do it with another fiat currency printed out of thin air, just like the Fed does?
What did you think will happen if digital currencies destroy the system?

Us Libertarians want to restore a sound real money, constitutional money, gold and silver.

[Ares]

Wait a minute, you do want to destroy the Fed don't you? And you want to do it with another fiat currency printed out of thin air, just like the Fed does?
What did you think will happen if digital currencies destroy the system?

Us Libertarians want to restore a sound real money, constitutional money, gold and silver.

First of all, you haven't the faintest idea of what a "fiat" currency is. If you did you sure as hell wouldn't be calling Bitcoins a "fiat" currency. Secondly no I don't want to restore a sound money constitutional money system. It FAILED the first time, what makes you think the 2nd time will fair much better? Bitcoins are not printed out of "thin air". There is no lean attached to its issuance, and there is no central body to control it.

You're still placing faith and trust into an illusion of an institution to give an accurate assessment to weights and measures in the hopes that they don't cheat you and game the system for themselves and leave you holding the bag full of shit. I want a free market medium of exchange. I could care less what government thinks I should use.

[EE_]

First of all, you haven't the faintest idea of what a "fiat" currency is. If you did you sure as hell wouldn't be calling Bitcoins a "fiat" currency. Secondly no I don't want to restore a sound money constitutional money system. It FAILED the first time, what makes you think the 2nd time will fair much better? Bitcoins are not printed out of "thin air". There is no lean attached to its issuance, and there is no central body to control it.

You're still placing faith and trust into an illusion of an institution to give an accurate assessment to weights and measures. I want a free market medium of exchange. I could care less what government thinks I should use.

There's 36 digital currencies at the moment being traded. They are all being purchased with fiat currencies.
Each coin of all these digital currencies can be split down to 100th million. More bit-pieces exist now, then all the money ever printed in existance. What happens when their are hundreds of digital currencies...or thousands?

FYI, I believe gold and silver should be a store of wealth and not an everyday currency. Dollars will once again be backed by metals so to speak.
Gold and silver should be made easier to trade when needed.
It being considered money once again and as a store of wealth, will have a natural policing of all fiat dollars.

[mick silver]

http://www.kitconet.com/images/sp_en_6.gif

[Ares]

There's 36 digital currencies at the moment being traded. They are all being purchased with fiat currencies.
Each coin of all these digital currencies can be split down to 100th million. More bit-pieces exist now, then all the money ever printed in existance. What happens when their are hundreds of digital currencies...or thousands?

I see the other alternative currencies being traded for Bitcoin. The only ones that I know that are being traded for fiat are Litecoin, Bitcoin, Namecoin and Novacoin. All others are being traded for smaller denominations of Bitcoin. The free market will let them rise or fall by their own merit or lack thereof. If no one adopts Worldcoin, BBQCoin, or Goldcoin, they will cease to exist and disappear. Just because they are there doesn't mean they account for anything or are even used as a medium of exchange.


FYI, I believe gold and silver should be a store of wealth and not an everyday currency. Dollars will once again be backed by metals so to speak.
Gold and silver should be made easier to trade when needed.
It being considered money once again and as a store of wealth, will have a natural policing of all fiat dollars.

I also believe gold and silver should be a store of wealth. I do not want dollars to be backed by precious metals ever again. We just open ourselves up to manipulation that way. Every fiat currency the world over was started with a backing of some sort and it ALWAYS ends up the same way. Dead because the people trust an institution to keep it's promise of keeping its percentage of backing constant. But time and time again they violate that trust for themselves or others and leave the people penniless as they squander the life savings of generations not yet even born.

So backing a currency is the number one way to wind up right where we are now a half a century to a century later on. TPTB control the vast majority of the above ground gold reserves. We don't have a chance in hell of them implementing an honest precious metals backed currency without them and their assets (i.E. gold) controlling it.

[Horn]

Its not that they cannot control it Ponce.
What they want to do is regulate it so it can be incorporated into the system.

Which means it will be The Worst form of money available on the face of the planet, from the void of nothingness.

[EE_]

I see the other alternative currencies being traded for Bitcoin. The only ones that I know that are being traded for fiat are Litecoin, Bitcoin, Namecoin and Novacoin. All others are being traded for smaller denominations of Bitcoin. The free market will let them rise or fall by their own merit or lack thereof. If no one adopts Worldcoin, BBQCoin, or Goldcoin, they will cease to exist and disappear. Just because they are there doesn't mean they account for anything or are even used as a medium of exchange.



I also believe gold and silver should be a store of wealth. I do not want dollars to be backed by precious metals ever again. We just open ourselves up to manipulation that way. Every fiat currency the world over was started with a backing of some sort and it ALWAYS ends up the same way. Dead because the people trust an institution to keep it's promise of keeping its percentage of backing constant. But time and time again they violate that trust for themselves or others and leave the people penniless as they squander the life savings of generations not yet even born.

So backing a currency is the number one way to wind up right where we are now a half a century to a century later on. TPTB control the vast majority of the above ground gold reserves. We don't have a chance in hell of them implementing an honest precious metals backed currency without them and their assets (i.E. gold) controlling it.

So let's take a look into the future
The Fed starts printing a trillion dollars a day and bitcoin and litecoin inflate to say a trillion dollars a bitcoin. Then bitcoin is broken down and only traded in bit-pieces. This can go on forever.
How will this be a better system?

On top of that, your free market bitcoin has no laws governing it. It is open to theft and hacking with no recource.

Do you know the crooks that are running these bitcoin exchanges that you put your faith in?

They can close their doors, run off with the money any day they choose, and you can't do a damn thing about it!

Bitcoin doesn't do a damn thing to police Fed money printing...it just may promote more Fed printing. Which brings us back to global collapse and mass death!

[Horn]

Maybe you could run the numerology on Bitcoin's birthdate, Ares?

The guy in the video window at this link is free.

http://www.numerology.com/


http://www.youtube.com/watch?v=J5yR5XhCIeg

[Ares]

So let's take a look into the future
The Fed starts printing a trillion dollars a day and bitcoin and litecoin inflate to say a trillion dollars a bitcoin.
Then bitcoin is broken down and only traded in bit-pieces. This can go on forever.
How will this be a better system?

How is Bitcoin broken if the free market determined that was the value for said Bitcoin? Because you don't like the number? Who determined it was broken? The divisibility is a function and worthwhile item of any medium of exchange. If it can be divided smaller than the whole how is that a negative? There still isn't anymore than 21 million whole coins that were ever created.


On top of that, your free market bitcoin has no laws governing it. It is open to theft and hacking with no recource.

Golly Gee, you know you're right EE. This whole free market stuff without Big Brother government is risky..... I guess I should just hang up the idea of not being able to use a medium of exchange without big brother keeping me safe. Thanks for showing me the light. :rolleyes:


Do you know the crooks that are running these bitcoin exchanges that you put your faith in?
They can close their doors, run off with the money any day they choose, and you can't do a damn thing about it!

Nope, and what exchanges would those be? There are a number of exchanges. I prefer the localbitcoins.com route myself but to each his own with exchanges.

Which is why I don't leave more than I care to lose in any exchange I trade at. My account balance is so small it isn't worth the effort to crack it.


Bitcoin doesn't do a damn thing to police fed money printing...it just may promote more Fed printing. Which brings us back to global collapse and mass death!

Ok, I'll hear you out, where's the proof of this claim? I remember Ron Paul saying that competing currencies would limit the FED's ability to print to infinity. Are you calling him a liar?

[Horn]

I guess I should just hang up the idea of not being able to use a medium of exchange without big brother keeping me safe. Thanks for showing me the light. :rolleyes:

Don't forget that dark cloak cloud thingy you've got to log on through, a void within a void.

http://wiki.chronicles-of-blood.com/images/thumb/Armour-Necromancer_cloak.jpg/350px-Armour-Necromancer_cloak.jpg

[mick silver]

Attack detailsThe attack was performed by uploading a specially crafted image file. The file attachment had PNG image file headers, but contained HTML payload and .htm extension. The HTML payload included JavaScript code performing HTTP POST request to send bitcoins out from LocalBitcoins wallet.


LocalBitcoins.com uses Django web framework which includes security features to block invalid image uploads. However, in this particular case, the image verify method let the specially crafted file through because it contained valid PNG headers. The standard Python Imaging Library verify method does not check for extra payload at the end of image file.
When the web browser downloaded the file, it interpreted the attachment as a HTML file, even though the beginning of the file was garbage due to PNG headers.
Because the file was served from LocalBitcoins.com domain, the download was considered as safe and it passed through cross-site request forgery protections.
When the user opened the attachment, the web browser executed JavaScript inside the file and managed to perform a Send from wallet action if the two-factor authentication was not enabled. With two-factor authentication an additional security code is needed to execute a wallet transaction.

[mick silver]

Can not contact seller. I have bought from him before, but this time I cannot contact him or he will not reply. Problem is I want to buy MORE Bitcoins from another seller But Localbitcoins.com said I cannot buy any more until the escrow is closed from this order. So WHY doesn't Localbitcoins.com allow more than one transaction at a time?

[mick silver]

https://localbitcoins.com/ they have a forum there people need to see what people are bitching about there

[mick silver]

Disclaimer of Warranties/Liability

Your use of this site is at your own risk. LocalBitcoins.com and all the materials, information, software, facilities, services and other content are provided 'As Is' and 'As Available' without warranties of any kind, either expresses or implied. LocalBitcoins.com does not warrant that the functions contained in this site will be available, uninterrupted or error-free, that defects will be corrected, or that LocalBitcoins.com or the servers that make them available are free of viruses or other harmful components. LocalBitcoins.com does not warrant or make any representation.
Limitation of Liability

LocalBitcoins.Com does not accept any liability for any loss or damage, direct or indirect, resulting from any use of, or inability to use, LocalBitcoins.Com or the material, information, software, facilities, services or other content on LocalBitcoins.Com, regardless of the basis upon which liability is claimed and even if LocalBitcoins.Com has been advised of the possibility of such loss or damage. Without limitation, you (and not LocalBitcoins.Com) assume the entire cost of all necessary servicing, repair or correction or correction in the event of any such loss or damage arising.
Before selling bitcoins online



Check your local legislation about when you are required to identify your customer. Typically this applies to sums over 3000 € - 15000 € depending the country. You can ask for more details on this in regional discussion forums (https://localbitcoins.com/forums/).
If the buyer has recently created account and has small amount of confirmed trades, you should consider requiring additional information about the buyer, especially if the trade sum is relatively big.
If you receive unauthorized payments to your account, your bank might freeze your account. Consider creating another bank account primarily to bitcoin trading if you are planning to sell internationally.
Ask your bank to stop accepting payment orders with mail. This is to ensure that your banking details cannot be misused.

Scams and fraudulent activity There is some fraudulent activity happening in the bitcoin trading community. Most of the scams we have heard of rely on social engineering and simple tricks. Some rules of thumb:


Fraudulent buyers are often in hurry as they are using stolen online banking credentials.
Fraudulent buyers often suggest doing all or part of the transaction outside the escrow and then do not complete their part of the transaction.
Don't open any links that the counterparty is sending to you. If you must, use different browser than the one you are using.
Don't do any actions based on the emails only, or on the information that the counterparty provides you.
Do not send screenshots where secret codes are visible, like escrow release codes or passwords.
If the buyer is paying with a wrong reference message, the seller is not obligated to release the bitcoins. There have been cases where the buyer has tricked someone else to pay his/her invoice.
On principle, don't trust anyone anonymous.
On the browser you are trading on, don't visit other sites than LocalBitcoins.com. Open different browser for other sites.

LocalBitcoins.com support team can provide the user email, phone number and IP addresses for a police report

[mick silver]

how is this under the radar when you give out info like this Payment method: Cash deposit: Chase/WellsFargo/KeyBank/US Bank

[mick silver]

Former Hedge Fund Manager Pal: Treat Bitcoin Like Lottery Ticket

Monday, 25 Nov 2013 02:32 PM
By Dan Weil



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The bitcoin digital currency is on a roll this year, rising more than 54 times its Jan. 1 value to close at $730 Friday.

Does that mean investors should jump on the bandwagon?

Raoul Pal, a former hedge-fund manager and founder of the Global Macro Investor, a macroeconomic research service, recommends that investors treat the bitcoin like a lottery ticket, according to The Wall Street Journal (http://online.wsj.com/news/articles/SB10001424052702304607104579212101356897382?KEYWOR DS=joe+light).

He acknowledges the bitcoin may ultimately be worthless. But he also sees a possibility that it will take over "at least part of gold's traditional role as a store of value," the paper says.

If that happens, the bitcoin could surge to hundreds of times its current price, given the limited supply of bitcoins. The bitcoin system was designed to allow a total of only 21 million coins.

Larry Neal, a professor emeritus of economics at the University of Illinois, is more skeptical. The bitcoin represents a symbol of investors' struggle for return, he maintains, according to The Journal.

"Where's the backing that would persuade random strangers to accept this?" he said of the currency.

Even bitcoin proponents recommend that users and investors exercise caution.

"It’s very much still an experimental currency, and it should be considered a high-risk environment for consumers and investors at the moment," Patrick Murck, general counsel for the Bitcoin Foundation, which promotes the currency, said in a Senate hearing last week, The New York Times (http://www.nytimes.com/2013/11/24/your-money/a-bitcoin-puzzle-heads-its-excitement-tails-its-anxiety.html) reports.
Related Stories:

Investors in Bitcoin Seek to Turn It Into Major Currency (http://www.moneynews.com/Economy/Investors-bitcoin-major-currency/2013/11/04/id/534594)
World's First Bitcoin ATM Launched (http://www.newsmax.com/US/bitcoin-atm-launched-canada/2013/10/30/id/533944)





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[Cebu_4_2]

How is Bitcoin broken if the free market determined that was the value for said Bitcoin? Because you don't like the number? Who determined it was broken? The divisibility is a function and worthwhile item of any medium of exchange. If it can be divided smaller than the whole how is that a negative? There still isn't anymore than 21 million whole coins that were ever created.

What if TPTB buy all the rest? Hold it a little while and then unload them all back into the market? ZaBooom! LOL, the game can play on.

^ Oh and where did all that fiat money go that you paid for bitcoin?

Where does that money go??? Some buy miners ...... I might be short circuiting...

[Horn]

Where does that money go??? Some buy miners ...... I might be short circuiting...

Yes, the miners, most goes to pay the electric bill, I hear

so they are helping tptb, just indirectly.

Then there's middle men and fancy hardware manufacturers, but they are all decentralized and would never touch a dollar.

I'm told.

(Pssst. its a ponzi scheme to keep computer hardware into research and development dough)

[ShortJohnSilver]

Correct me if I am wrong, but the Winklevoss twins (guys that Zuckerberg of Facebook tried to screw over) have well over 1% of all Bitcoins. See: http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/

[Ares]

Correct me if I am wrong, but the Winklevoss twins (guys that Zuckerberg of Facebook tried to screw over) have well over 1% of all Bitcoins. See: http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/

Yep, they are starting a trading platform I guess in the U.S. and will be using their bitcoins to fund it's development.