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ISIS using Bitcoin

Isn't Bitcoin the only truly traceable currency/commodity?
Isn't Bitcoin prone to sudden fluctuations in value?
Is it possible for governments to cooperate and buy buy buy, thus making the value attractive enough for them to load up even more of those coins, only to suddenly flood-sell in unison thus stealing the value? I mean, it's not like governments care for regular people anyway. Collateral damage? meh.
 
michalrz said:
Isn't Bitcoin the only truly traceable currency/commodity?
Isn't Bitcoin prone to sudden fluctuations in value?
Is it possible for governments to cooperate and buy buy buy, thus making the value attractive enough for them to load up even more of those coins, only to suddenly flood-sell in unison thus stealing the value? I mean, it's not like governments care for regular people anyway. Collateral damage? meh.
Click to expand...

Yes,
Yes,
While possible I doubt they'd bother, they'd probably just trace the coins and use that to catch ISIS members.

I've dealt with Bitcoin quite a bit and some of the ideas behind it are great and as a technical accomplishment it's impressive. However, it's already obsoleted by several much better competitors and the overall theory of how coins are generated is literally causing people to throw money away on increasingly efficient hardware and the power to run it. I am also fairly certain the deflationary economy idea it's based on is a load of hogwash that can't possibly work in reality. Mark my words, we won't be talking about it in 10 years.
 
Quix said:
Yes,
Yes,
While possible I doubt they'd bother, they'd probably just trace the coins and use that to catch ISIS members.
Click to expand...

Thanks. But, one more Q: the governments would like bitcoin and other cryptocurrencies gone, no? Wouldn't my idea be a simple way to obliterate a given cryptocurrency inside an hour?

I've dealt with Bitcoin quite a bit and some of the ideas behind it are great and as a technical accomplishment it's impressive. However, it's already obsoleted by several much better competitors and the overall theory of how coins are generated is literally causing people to throw money away on increasingly efficient hardware and the power to run it. I am also fairly certain the deflationary economy idea it's based on is a load of hogwash that can't possibly work in reality. Mark my words, we won't be talking about it in 10 years.
Click to expand...

I have been totally ignoring it myself. Like you said, I've noticed Application Specific Integrated Circuits being created and sold, and the increasing difficulty.
Though I have always thought I have the answer for a question that pops up: what gives it value, what is it backed up by. And for me it's simple - computer hardware. More of it is in circulation thanks to the idea of mining. I am a proud tin-foil hat sporter and even had gone as far as to drunkenly state NVIDIA or AMD might be involved in its creation.
Also, it seems mining is very region-specific. Take Hawaii - massive electricity bills, right? so, they have to pay a lot more to create them. Or Australia where hardware is absurdly expensive. Or Poland, where both electricity and powerful hardware is literally almost unaffordable to regular people.
 
Hmm, they might have to go back to cash.

Oh fox news...
 
Yakk said:
Hmm, they might have to go back to cash.

Oh fox news...
Click to expand...

Has nothing to do with who reported this story. There is zero political lean on this, it is only facts. Get off the bandwagon dude... That ship has sailed a long time ago.

My guess is you didn't read the single paragraph article.
 
alxlwson said:
Has nothing to do with who reported this story. There is zero political lean on this, it is only facts. Get off the bandwagon dude... That ship has sailed a long time ago.

My guess is you didn't read the single paragraph article.
Click to expand...

Read it, nothing new in the story that hasn't been discussed before.
 
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