Topic: 2013-12-19 Central Banks Launching Worldwide Coordinated Attack On Bitcoin (Read 1498 times)

reason why people are flocking to btc is because people like real cheese as opposed to government cheese... if you get my drift.

anyway by the end of 2014 or 15 a few key internet apps will have crypto embedded in their business model... that is so huge i can't even imagine how huge that will be

It won't be very easy to commit a 51% attack, if the Bank of America is behind it. They have vast computing resources, and they can easily add a lot more from their allies.

The market for illegal drugs is countless billions of dollars. An incredible amount of concerted of enforcement/propaganda has not stopped the flow.

You can make Bitcoin illegal, but you cant kill it.

Its like Freddy or Jason. Trying to kill it is just gonna piss it off more...

I think it's kinda like oil and the people that have previously designed alt fuel cars hydrogen , elect , water solar ect all to be bought out by the big oil companies, but now we have chewed thru about half the planets oil in like 100 years, well hybrid and green fuel cars are given the green light.
I know oil is a resource and different to currency however, people power is speaking up and people dont like being controlled anymore, the US deficit is gonna have major impact world wide, we need another currency, just like we need alt fuels, and i recon the powers that be know it, so it's hard for them to implement any laws to outright kill crypto currencys, because they need it as a backup not to mention I bet half of them love trading fee free, I wonder how many banks use it to transfer funds one day saving tons of cash then the next day outlaw it lol

The Bitcoin Spartans are ready for King Xerxes and his army
https://www.youtube.com/watch?v=gI6sARmxEuc
wish i could embed

The first CB sponsored cryptocurrency will be 51% attacked to death in its first few weeks.

This will be a huge embarrassment, and will also reinforce how strong the Bitcoin network is.

What if they decide to fight us by copying the idea and system? They already have a massive network that could be updated, and the vast majority of people are sheep, they won't even bother to think about it, they'll just jump on board, Banks will be running on top of Bitcoin and it will be business as usual. Well have to compete with them by developing Decentralized Autonomous Corporations to take the system by using a stock model to compete and they may even choose to deregulate the market just to be able to compete with the Dark Webs DAC markets that happily distribute wealth according to free market principles.

There wasn't "a lot of businesses" accepting BTCs to begin with, and the media reports mostly focused on the brick-and-mortar ones, online businesses are entirely another matter.

And since you brought up China, let's not forget there is a huge market for low price quality goods forwarded(so-called "海淘" digging goods overseas) from oversea there, and Gyft undercuts the Amazon price by 3% when you pay with bitcoins, hehehehe.........

I don't think so. In China, a lot of businesses have dumped the BTC as a payment option because they can't get their coins converted to fiat. But I believe that this is a temporary setback.

If you think about it, governments/central banks crackdown actually helps Bitcoin business.

Now the early adopters with plenty of coins can not just cash out big on the exchanges and withdraw the fiats(even if they manage to pull it off they will probably face taxation problems), what option is left? Buying things with bitcoins!  It would be way more difficult for government agencies to go after the thousands of businesses which will only redeem a dozen or so coins a time.

So many ways this can go.

I'm excited for 2014 to see what happens!

Sure, the central bankers won't like it, but they'll be hard-pressed to actually kill it in its tracks. That time has come and gone. If they wanted to stomp out Bitcoin, they should've done a 51% attack back in 2009 - 2011. Its WAY too late to even try that now.

They could try - as some have suggested - to buy up bitcoins to screw with the market, but honestly, everyone is so used to the volatility by now, most traders would LOVE that.

They'll go the way of the RIAA/MPAA fighting BitTorrent, grumbling old dinosaurs that can't quite stuff the genie back in the bottle.

"Government and central bank restrictions on bitcoin (e.g. exchanges, bank transfers, etc) and laws that forbid the open use of Bitcoin" is THEIR Turf.

Bitcoin don't give a shit about their turf. It just ignores them.

What is needed is the following to ensure that bitcoin survives:

- Get Duck Dynasty's Phil Robertson to condemn bitcoin
- Get GLADD to endorse bitcoin
- Get Greenpeace to accept bitcoin donations
- Get HIV/AIDS awareness groups to accept bitcoin donations
- Get Cracker Barrel to accept bitcoin

 

After that no Central Banker would dare to attack bitcoin for fear of the wrath that would fall upon them.

Sure is noisy.

I'm reading this thing, there's no specific reference to the actions that the title of the article suggests. Just a few summarised snippets from the negative aspects of pronouncements from the financial establishment. So this is no more than the author's own judgement, suggested as fact with a bunch of self serving edits as "proof".

And not all those pronouncements were 100% negative, so this is just a selective summary that tries to prove it's own FUD-ish title. I'm sure the central banks aren't happy about bitcoin and cryptocurrency, but they've almost certainly known about it for almost as long as it's been around, and they've still not come up with decisive or concerted action. Different institutions make different decisions, some positive, some negative, and some change their minds.

The financial industry players that are not part of the systemic firmament are equally undecided. Those whose business model are threatened aren't keen (but also aren't stupid, so they might protest in public so as not to upset their short term, but they could well be buying cryptocurrency privately). Those who aren't cut out to understand the satoshi/cryptocurrency model aren't sure. But those who do get it and aren't threatened are getting in. Can the central banks stop these independently powerful organisations from exacerbating the trend? Probably about as successfully, or less so, as they can with all the early adopters.

I think the IMF should be the most concerned, their relevance and future are most at threat. And they've made arguably one of the more sober assessments from these big institutions. Can they all present a united front, before the world economy/monetary system hits more serious trouble? Dare they give the threat credibility by doing so? Because if their plan doesn't work, or worse, seriously backfires to drive further cryptocurrency uptake, they'll be contemplating permanent extinction.

I'm not sure how you formulated that response based upon my comments. I'm not speaking of a technical assault. I'm speaking of government and central bank restrictions on bitcoin (e.g. exchanges, bank transfers, etc) and laws that forbid the open use of Bitcoin.

You might not have done a lot of reading on the technology of bitcoin. Do you have a particular method of persecution in mind?

If you are suggesting there is some kind of attack they can perform on bitcoin you should post it in the "Development and Technical Discussion" section. All possible vectors of attack are considered and if necessary changes can be made, this is part of the anti-fragile property.

The war of ideas you are alluding to has been shifting inexorably to the Internet and technology platforms in general, now they have to play undeniably on our turf for this one.

Most of the warnings are common sense. What did you expect them to say?BUY BUY BUY TO THE MOON CHOOO CHOOO?
I wouldn't mind if the official client had a text file saying the same thing.

If anyone thinks the big banks and big governments are going to allow a decentralized currency commenced anonymously to overthrow the status quo or even allow the market to determine which system will prevail is delusional.

I think the only reason why some central banks or governments have allowed Bitcoin unrestricted is because they are hoping the market will reject Bitcoin. That and also because to restrict the use of Bitcoin would be inconsistent with the free growth of technology and the market. This, I fear, will change once Bitcoin starts becoming a more dominant presence.

No system of money or thought or religion or philosophy can expand without persecution.

I'll admit I went searching for something to mark the 100th anniversary of the Federal Reserve today (December 23). My search phrase was "federal reserve anniversary bitcoin". I found lots of stuff but this one seemed worth posting:

http://seekingalpha.com/instablog/21153-sufiy/2510431-central-banks-launching-worldwide-coordinated-attack-on-bitcoin

It's noisy out there!