EU agrees clampdown on bitcoin platforms to tackle money laundering

[crimethink]

https://www.reuters.com/article/uk-eu-moneylaundering/eu-agrees-clampdown-on-bitcoin-platforms-to-tackle-money-laundering-idUSKBN1E928M

The agreed measures will end anonymous transactions on virtual currency platforms and with pre-paid payment cards, which investigators said could have been used to fund attacks by militants.

Bitcoin exchange platforms and “wallet” providers that hold the cyber currency for clients will be required to identify their users, under the new rules which now must be formally adopted by EU states and European legislators and then turned into national laws within 18 months.

[Joshua01]

That didn't take long!

[Ares]

https://www.reuters.com/article/uk-eu-moneylaundering/eu-agrees-clampdown-on-bitcoin-platforms-to-tackle-money-laundering-idUSKBN1E928M

The agreed measures will end anonymous transactions on virtual currency platforms and with pre-paid payment cards, which investigators said could have been used to fund attacks by militants.

Bitcoin exchange platforms and “wallet” providers that hold the cyber currency for clients will be required to identify their users, under the new rules which now must be formally adopted by EU states and European legislators and then turned into national laws within 18 months.

LOL that didn't take long. Guess I should download the full node blockchain and torrent a Bitcoin bootstrap so that people can just run a full node and not have to deal with that regulatory bullshit.

[crimethink]

I consider this is as solid evidence that the EUSSR considers Bitcoin, etc., to be genuine threats. And hence, God bless the blockchain users!

[Horn]

Any uber threat would be eliminated, tracking is for taxing purposes.

[Ares]

I consider this is as solid evidence that the EUSSR considers Bitcoin, etc., to be genuine threats. And hence, God bless the blockchain users!

Here's some more proof TPTB do not like crypto currencies:

Anti-Bitcoin Bill Introduced in Senate

Under the premise of stopping terrorism and money laundering, Senators have taken it upon themselves to curb cash, cryptocurrency, prepaid visa or gift cards, and prepaid phones. Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”. They even expand the definition of "Financial crimes", making it illegal to transport more than $10,000 worth of "monetary instruments" without filling out a form. Not only that, but if you are caught, all other assets unrelated to the "illegal transport" you own are subject to forfeiture as well. That basically means if you are caught driving with a hardware wallet with over $10k worth of cryptos, your house, car, bank account, etc can all be seized by the government. No trial, no due process, and your items are theirs, with the burden of proof on you to prove their "innocence". But you won't be able to afford a lawyer most likely because you have no money or collateral to hire one. On top of that, you can't even get a 'public pretender' to represent you because it's a civil matter, not criminal.
Please spread the word, we cannot allow them to quietly pass this.
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

[Neuro]

Here's some more proof TPTB do not like crypto currencies:

Anti-Bitcoin Bill Introduced in Senate

Under the premise of stopping terrorism and money laundering, Senators have taken it upon themselves to curb cash, cryptocurrency, prepaid visa or gift cards, and prepaid phones. Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”. They even expand the definition of "Financial crimes", making it illegal to transport more than $10,000 worth of "monetary instruments" without filling out a form. Not only that, but if you are caught, all other assets unrelated to the "illegal transport" you own are subject to forfeiture as well. That basically means if you are caught driving with a hardware wallet with over $10k worth of cryptos, your house, car, bank account, etc can all be seized by the government. No trial, no due process, and your items are theirs, with the burden of proof on you to prove their "innocence". But you won't be able to afford a lawyer most likely because you have no money or collateral to hire one. On top of that, you can't even get a 'public pretender' to represent you because it's a civil matter, not criminal.
Please spread the word, we cannot allow them to quietly pass this.
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5
That is truly absurd in its extreme oppressiveness.

[Ares]

That is truly absurd in its extreme oppressiveness.

Agreed, and will likely force people to move into Monero, ZCash, DeepOnion etc for anonymity. If that happens, invest in those currencies as they will likely quadruple in price in a short order as people cash out of Bitcoin into more secure protocols...

[crimethink]

Here's some more proof TPTB do not like crypto currencies:

Anti-Bitcoin Bill Introduced in Senate

Under the premise of stopping terrorism and money laundering, Senators have taken it upon themselves to curb cash, cryptocurrency, prepaid visa or gift cards, and prepaid phones. Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”. They even expand the definition of "Financial crimes", making it illegal to transport more than $10,000 worth of "monetary instruments" without filling out a form. Not only that, but if you are caught, all other assets unrelated to the "illegal transport" you own are subject to forfeiture as well. That basically means if you are caught driving with a hardware wallet with over $10k worth of cryptos, your house, car, bank account, etc can all be seized by the government. No trial, no due process, and your items are theirs, with the burden of proof on you to prove their "innocence". But you won't be able to afford a lawyer most likely because you have no money or collateral to hire one. On top of that, you can't even get a 'public pretender' to represent you because it's a civil matter, not criminal.
Please spread the word, we cannot allow them to quietly pass this.
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

Just fucking WOW!

A product of UpChuck Grassley, a "Republican" (sic).

https://hackernoon.com/50-shades-of-grey-what-bitcoiners-should-know-about-s-1241-fd6c0d7f296d

What exactly are they adding to the AML laws with S.1241?

· Addresses gaps in the current AML laws.

· Stronger prosecutor powers

· Criminalizes if you lie to a bank

· Civil penalties to banks who do not respond to records requests from law enforcement

· Measures to improve communication between banks and to help make reporting suspicious activity easier.

· Increases the sentence from 5 years to 10 years for individuals smuggling more than 10k in and out of the United States.

· Clarifies rules on moving money in and out of the United States to evade taxes.

· Clarifies rules on shell corporations and people trying to hide money anonymously using complex business structures.

· Adds rules to go after trade based money laundering, real estate money laundering and other modern money laundering schemes

· Changes the status of “digital currencies” and defines it as a “monetary instrument.” (Section 13)

[singular_me]

without an opposition nothing can progress

all the economic and political tensions/polarities are MEANT to achieve enslavement

how to fight back: remain centered, no exuberance, accepting that wealth and security are an illusion because knowledge ever progresses.

((they)) are the puppet masters of perceptions

[Neuro]

Increases the sentence from 5 years to 10 years for individuals smuggling more than 10k in and out of the United States.
Penalty is on par with 2nd degree murder? For carrying less than a bitcoin in a wallet...

[Ares]

Penalty is on par with 2nd degree murder? For carrying less than a bitcoin in a wallet...

The beast is slow to adapt, it's always been that way. But this goes to show that they do not like crytpo currencies and want you to report any holdings of crytpo to them.

Talk about bullshit. This isn't for anti money laundering rules, this is for taxation (theft) plain and simple.

They'll probably want you to register your crytpo private key with them too, just in case you lose your key and all access to your funds. :rolleyes:

[Dogman]

The beast is slow to adapt, it's always been that way. But this goes to show that they do not like crytpo currencies and want you to report any holdings of crytpo to them.

Talk about bullshit. This isn't for anti money laundering rules, this is for taxation (theft) plain and simple.

They'll probably want you to register your crytpo private key with them too, just in case you lose your key and all access to your funds. :rolleyes: Copy from another thread here seems to also play here..

LMAO !
Speaking of, One clue abt bitcoins is going to blow, is now for the last two days my spam folder is starting to pack with bitcoin scams. Before these two days nadda, but now the flood has began..

Got popcorn?

;D

[Joshua01]

I wish I could have got into BTC at the start and regret that I didn't but I can tell you I'd have already divested into gold at this point.

[Ares]

I wish I could have got into BTC at the start and regret that I didn't but I can tell you I'd have already divested into gold at this point.

I got into Bitcoin somewhat early (2012/2013), I still own every ounce of Gold and Silver that I invested in back in 2008/2009. I also plan to add to it when I do finally decide to take some of my gains from crypto, but its no where near my price point yet to want to sell. So I'm still HODLing. :)

Crypto's are a great medium of exchange as there is no counter party risks. But Gold and Silver will always be a store of value. Just need to get the control away from the bankers so that they can reflect the true cost of inflation within the economy. They can't do their same tricks with Bitcoin on naked shorts they'll get taken to the cleaners by other unregulated exchanges via arbitration. Think of it as Bitcoin being "only" 10k at the CBOE/CME yet every other exchange on the planet is listing Bitcoin at close to 20k. It'll show glaring manipulation for everyone to see.

[Joshua01]

I wish you the best of luck! I'll be viewing from the sidelines.
I got into Bitcoin somewhat early (2012/2013), I still own every ounce of Gold and Silver that I invested in back in 2008/2009. I also plan to add to it when I do finally decide to take some of my gains from crypto, but its no where near my price point yet to want to sell. So I'm still HODLing. :)

Crypto's are a great medium of exchange as there is no counter party risks. But Gold and Silver will always be a store of value. Just need to get the control away from the bankers so that they can reflect the true cost of inflation within the economy. They can't do their same tricks with Bitcoin on naked shorts they'll get taken to the cleaners by other unregulated exchanges via arbitration. Think of it as Bitcoin being "only" 10k at the CBOE/CME yet every other exchange on the planet is listing Bitcoin at close to 20k. It'll show glaring manipulation for everyone to see.

[Jewboo]

Just fucking WOW!

· Civil penalties to banks who do not respond to records requests from law enforcement

· Measures to improve communication between banks and to help make reporting suspicious activity easier.

· Increases the sentence from 5 years to 10 years for individuals smuggling more than 10k in and out of the United States.

· Clarifies rules on moving money in and out of the United States to evade taxes.

· Clarifies rules on shell corporations and people trying to hide money anonymously using complex business structures.

· Adds rules to go after trade based money laundering, real estate money laundering and other modern money laundering schemes

· Changes the status of “digital currencies” and defines it as a “monetary instrument.” (Section 13)



https://pics.me.me/flash-drive-butt-plug-for-when-you-really-want-to-19233253.png https://guswera.files.wordpress.com/2012/11/e3d8c-johnbrennan.jpg?w=400&h=225

Converting even one bitcoin into actual real spending money puts you on their radar.

Impossible to "spend" any of it without the government knowing how much and WHO YOU ARE:




https://www.gannett-cdn.com/-mm-/e5690929b4f4bb873c5f686a1f20ffb3819ecc21/c=118-0-3478-2520&r=x404&c=534x401/local/-/media/2015/07/23/JacksonMS/B9318126085Z.1_20150723002329_000_GJJBDDGFD.1-0.jpg
Oh...yet another bitcoin exchange transfer I see Sir...


:rolleyes:

[Hitch]

Here's some more proof TPTB do not like crypto currencies:

Anti-Bitcoin Bill Introduced in Senate

Under the premise of stopping terrorism and money laundering, Senators have taken it upon themselves to curb cash, cryptocurrency, prepaid visa or gift cards, and prepaid phones. Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”. They even expand the definition of "Financial crimes", making it illegal to transport more than $10,000 worth of "monetary instruments" without filling out a form. Not only that, but if you are caught, all other assets unrelated to the "illegal transport" you own are subject to forfeiture as well. That basically means if you are caught driving with a hardware wallet with over $10k worth of cryptos, your house, car, bank account, etc can all be seized by the government. No trial, no due process, and your items are theirs, with the burden of proof on you to prove their "innocence". But you won't be able to afford a lawyer most likely because you have no money or collateral to hire one. On top of that, you can't even get a 'public pretender' to represent you because it's a civil matter, not criminal.
Please spread the word, we cannot allow them to quietly pass this.
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

I bolded something important. Gold and silver are not mentioned, and will always remain the only true way to store wealth out of the .gov hands, and out of the banking system.

[Ares]

I bolded something important. Gold and silver are not mentioned, and will always remain the only true way to store wealth out of the .gov hands, and out of the banking system.

I took it to mean that Gold and Silver weren't mentioned because they already control it.

[Hitch]

I took it to mean that Gold and Silver weren't mentioned because they already control it.

Perhaps, but also govs all over the world hoard gold. They add and reinforce it's value.

Ares, what are your thoughts on bitcoin at the moment? Do you think these clampdowns are going to scare people away from bitcoin, crashing it's price?

[midnight rambler]

I took it to mean that Gold and Silver weren't mentioned because they already control it..

It takes $10,000 in face value of US gold eagles to hit the threshold, about 314K of FRNs if $10 US gold eagles. I think I’ll stick with the barbarous relic.

[Ares]

Perhaps, but also govs all over the world hoard gold. They add and reinforce it's value.

Ares, what are your thoughts on bitcoin at the moment? Do you think these clampdowns are going to scare people away from bitcoin, crashing it's price?

At the moment, I have everyone in their brother asking me how to get involved in crypto currencies. Hell even my in-law is trying to think of ways to avoid paying on any gains that are realized with the increase in USD price.

It's going to be an interesting next couple of years to see where this goes. China has realized that they couldn't control it either after they banned Bitcoin in their country. All the trading shifted to South Korea and Japan.

Crypto currencies have turned into a Hydra.

[Ares]

.

It takes $10,000 in face value of US gold eagles to hit the threshold, about 314K of FRNs if $10 US gold eagles. I think I’ll stick with the barbarous relic.

That's if its even real... Or did you forget about tungsten filed bars that a number of countries have taken delivery of and found out later was fake gold? You don't think they'd resort to minting gold plated tungsten and passing them off as genuine eagles?

[Jewboo]

At the moment, I have everyone in their brother asking me how to get involved in crypto currencies.

https://www.ronalfy.com/wp-content/uploads/2007/06/workplace_hostage.jpg

Too many people KNOW about your fat e-wallet now.

:rolleyes:

[midnight rambler]

That's if its even real... Or did you forget about tungsten filed bars that a number of countries have taken delivery of and found out later was fake gold? You don't think they'd resort to minting gold plated tungsten and passing them off as genuine eagles?

Surely you jest. lol

https://www.thefisch.com/

If it’s even real. Indeed.

[midnight rambler]

THIS is sustainable?? ???

https://www.extremetech.com/extreme/259882-bitcoin-mining-now-uses-power-159-countries

[Ares]

THIS is sustainable?? ???

https://www.extremetech.com/extreme/259882-bitcoin-mining-now-uses-power-159-countries

:rolleyes:

Did Anyone Do Even a Minimal Check on the Sensationalist Bitcoin Electrical Consumption Story?
November 29, 2017
Check the context before uncritically accepting sensationalist conclusions.
Let's start with a primer on how to write a sensationalist story that can be passed off as "journalism:"
1. Locate credible-sounding data that can be de-contextualized, i.e. sensationalized.
2. Present the data as "fact" rather than data that requires verification by disinterested researchers.
3. Exaggerate the data as much as possible and set the tone and context with emotionally laden words: "shocking," etc.
4. Select a context that sensationalizes the conclusion.
Now let's take a look at a story that has been swallowed whole, with little to no fact-checking or disinterested inquiry: bitcoin's electrical consumption, i.e. the electricity consumed by mining/maintaining bitcoin's blockchain.
One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week
Let's start by stipulating that energy consumption is a consequential matter worthy of serious inquiry. It's important to measure the energy consumption of all the systems that operate within the current status quo, and compare the consumption levels of these systems.
With that in mind, let's take a look at the story.
Right off the bat, the context we're offered to grasp the enormity of bitcoin's mining consumption is the electrical consumption of Nigeria, a nation, we're breathlessly informed, with 186 million residents. Wow! That's a crazy amount of electrical consumption, right?
Let's do some very basic fact-checking before we accept sensationalist conclusions, shall we?
Nigeria consumes about 24 billion kWh annually, while the U.S. consumes 3,913 billion kWh annually.
So Nigeria uses 3/5th of 1% (0.6%) of the electricity the U.S. consumes.
Now let's compare that electrical consumption with the amount of electricity consumed in the U.S. by residential devices and chargers on stand-by, i.e. appliances, devices, chargers, gizmos, etc. that aren't in use and doing no work but that are still consuming electricity.
About a quarter of all residential energy consumption is used on devices in idle power mode, according to a study of Northern California by the Natural Resources Defense Council. That means that devices that are “off” or in standby or sleep mode can use up to the equivalent of 50 large power plants’ worth of electricity and cost more than $19 billion in electricity bills every year.
source: Just How Much Power Do Your Electronics Use When They Are ‘Off’? (May 7, 2016, New York Times)
(Please read the article to find out just how much power the 50+ gadgets in your home consume doing absolutely zero work.)
According to the U.S. Energy Information Administration, annual residential electrical consumption totals 1,410 billion kWh.
So 25% (the amount of household electricity consumed by stand-by devices) of 1,410 billion equals 352 billion kWh consumed annually by residential appliances and devices on stand-by in the U.S.
Now let's compare the annual electrical consumption of Nigeria (24 B kWh) with the annual residential electrical consumption of devices on stand-by in the U.S.
The annual electrical consumption of Nigeria (24 B kWh) is 6.8% of the annual electrical consumed by household devices on stand-by in the U.S. That means the supposed consumption of bitcoin mining is 1/14th of the power lost to residential devices on stand-by in the U.S., devices doing essentially nothing.
Now let's add in all the appliances and devices in government and private-sector offices on stand-by. Let's conservatively estimate another 150 B kWh lost to all this stuff on stand-by.
Now let's multiply the total of electricity lost to stuff on stand-by mode (doing no work whatsoever) in the U.S., 500 B kWh annually, by five, since the U.S. consumes roughly 20% of all electricity globally.
Electricity production 2016 (Enerdata)
The United States’ share of world energy consumption (EIA)
This gives us an estimate of all the electrical power lost to electrical appliances and devices on stand-by globally every year: 2,500 billion kHh. 1% of that wasted electricity is 25 billion kHh. If you reckon this seems high, let's shave these totals to 1,500 billion kHh and 15 billion kHh.
Let's go back to the story about bitcoin's consumption of electricity which tells us "a shocking 215 kilowatt-hours (KWh) of juice (is) used by miners for each Bitcoin transaction."
But then a few paragraphs down, we discover the electricity per transaction might only be 77 kWh-- nobody really knows for sure. Hmm. 77 is 36% of 215, so the "shocking" consumption might overstate actual consumption by a factor of three?
Let's choose a number between 77 and the "shocking" 215, since nobody really knows what the real number is: shall we guesstimate 135, or 2/3 of the high guesstimate? That would drop the annual consumption of bitcoin mining from 24 B kWh annually to 15 B kWh, less than 1% of the electricity wasted annually on stand-by devices doing no work whatsoever.
And so, um, bitcoin mining is a threat to the planet because it consumes less than 1% of all the electricity squandered by appliances and devices on stand-by? If we want to stop wasting so much energy, perhaps we should start by mandating near-zero stand-by power consumption for the hundreds of millions of devices which are not in use that are nonetheless sucking up electricity every second of every day.
Here's another thought: check the context before uncritically accepting sensationalist conclusions.

http://www.oftwominds.com/photos2017/world-energy2013.png

http://www.oftwominds.com/blognov17/BTC-electricity11-17.html

[Hitch]

THIS is sustainable?? ???

https://www.extremetech.com/extreme/259882-bitcoin-mining-now-uses-power-159-countries

Wow! The elephant just walked into the room. Nobody seemed to mention this side of the coin.

I'm going offer my opinion and say no, this is not sustainable. Plus, gov can find places that drain huge amounts of energy. Another reason for .gov to go on a hunt if/when bitcoin gets completely banned and illegal.

[Ares]

Wow! The elephant just walked into the room. Nobody seemed to mention this side of the coin.

I'm going offer my opinion and say no, this is not sustainable. Plus, gov can find places that drain huge amounts of energy. Another reason for .gov to go on a hunt if/when bitcoin gets completely banned and illegal.

That's because it's a bullshit article. They didn't bother to research it or put the numbers into any context other than the electricity usage is more than some 3rd world shithole.

[crimethink]

I bolded something important. Gold and silver are not mentioned, and will always remain the only true way to store wealth out of the .gov hands, and out of the banking system.

They just "civil asset forfeiture" any amount of gold or silver they find on you or in your home. It's "proceeds of crime." Disagree? You get to prove it, to their satisfaction.

[singular_me]

I posted this a few days ago...
exuberance is never rational

ares' counter article/chart is from 4 years ago, how much was bitcoin back then

Crypto currencies have turned into a Hydra? Lets get real...All governments' regulations are coordinated... only the end result matters: cashless/global e-currency


THIS is sustainable?? ???

https://www.extremetech.com/extreme/259882-bitcoin-mining-now-uses-power-159-countries

[Ares]

blah, blah, blah.. I make baseless accusations but never provide fact based evidence to back them up.

Yeah, pretty much....

[Hitch]

Yeah, pretty much....

Well, I do agree with Goldie.

Bitcoin really is nothing. It's nothing but technology, it's value is just that people chase it because it's popular.

Bitcoin is like the hot high school cheerleader every guy wants to bang. But, a few years later, she looks old and probably on meth at that point....nobody wants that.

Now that bitcoin is on the .gov radar, now you have the media and all of their programming with you on target.

Get out of bitcoin, asap. Buy a house. Live a humble life. God even says chasing wealth on the fast track will deprive you of it.

[Ares]

Well, I do agree with Goldie.

Bitcoin really is nothing. It's nothing but technology, it's value is just that people chase it because it's popular.

Bitcoin is like the hot high school cheerleader every guy wants to bang. But, a few years later, she looks old and probably on meth at that point....nobody wants that.

Now that bitcoin is on the .gov radar, now you have the media and all of their programming with you on target.

Get out of bitcoin, asap. Buy a house. Live a humble life. God even says chasing wealth on the fast track will deprive you of it.

You're looking at it wrong. Bitcoin isn't wealth, it's an exit from a system that is actively stealing from you from before you were even born. Your future in the current fiat system is debt slavery. You're paying for the promises the government made to your parents, parents...

I'm not in this to be wealthy, I'm in cryptos to try and receive some semblance of freedom.

And just so we're clear, you agree with baseless accusations without evidence??

[crimethink]

Well, I do agree with Goldie.

Bitcoin really is nothing. It's nothing but technology, it's value is just that people chase it because it's popular.

Bitcoin is like the hot high school cheerleader every guy wants to bang. But, a few years later, she looks old and probably on meth at that point....nobody wants that.

Now that bitcoin is on the .gov radar, now you have the media and all of their programming with you on target.

Get out of bitcoin, asap. Buy a house. Live a humble life. God even says chasing wealth on the fast track will deprive you of it.

Bitcoin is a tool. "Investing" in it is a fool's gamble.

[Horn]

Its attraction is its finiteness anyone who looks at it for any other reason is lying to themselves.

Like looking at the Cheerleader and fantasizing that she will also become a nobel peace prize winner.

The "decentralized" attraction is defeated by its open source duplication at all other crypto-ledgers.

Rhwanda will just step up with Rwhanda coin #2 as the decreed accepted at their central bank when Rhwanda coin #1 has played out.

[Jewboo]

Its attraction is its finiteness anyone who looks at it for any other reason is lying to themselves.

1.0 bitcoin
0.1 bitcoin
0.01 bitcoin
0.001 bitcoin

They will just keep moving the decimal point left to infinity as it becomes further subdivided via MONETARY INFLATION.

:rolleyes:

[Dogman]

Echo from another thread

https://en.wikipedia.org/wiki/Beanie_Babies

[Ares]

Echo from another thread

https://en.wikipedia.org/wiki/Beanie_Babies

Yeah the clueless like to point to tulip mania, and beanie babies, yet no one who has made that accusation can point to a single instance of tulips or beanie babies being used to purchase something. That is WITHOUT converting it into the local currency first to facilitate the trade.

You can buy Gold and Silver with one of the largest metals dealers using Bitcoin:

https://www.apmex.com/pressreleases/apmex-announces-bitcoin-payments-now-available

Let me know when you can purchase Gold and Silver with Tulips or Beanie Babies... Go ahead, I'll wait. :rolleyes:

[Hitch]

Let me know when you can purchase Gold and Silver with Tulips or Beanie Babies... Go ahead, I'll wait. :rolleyes:

When the EMP hits, the next mania will be cans of beans as the masses go starving. That frying sound of electronics...bzzzt, followed by the burned electrical smell will tell you when this mania starts. Bitcoins....and, poof they are gone.

[Ares]

When the EMP hits, the next mania will be cans of beans as the masses go starving. That frying sound of electronics...bzzzt, followed by the burned electrical smell will tell you when this mania starts. Bitcoins....and, poof they are gone.

Yeah I hear that bullshit statement alot. If an EMP hits, Bitcoin, Gold, Silver etc won't mean shit. Food, Water, clothing, drugs, alcohol etc will be used as a medium of Exchange in barter transactions.

EMP's are localized anyway, unless you get a planet wide EMP Bitcoin will still exists. There are even satellites broadcasting the Bitcoin blockchain. Is the EMP going to knock them out too?