Topic: Federal Gangsters Seek Crackdown on Bitcoin - Good Luck (Read 1948 times)

tor is a bad idea to built the bitcoin network upon, it's created to provide anonymous internet access and to some extent hidden centralized services.

I2P on the other hand is created specifically for internal networking and P2P traffic actually helps the network.

You're not being unduly cynical. In fact, the Establishment is worse than can even be described with words. These guys use their intelligence agencies to blow people up and then blame it on the enemy of their choosing, like 9-11. Then, they pull convenient draconian legislation out of their pocket, e.g., Patriot Act, and clamp down on entire societies. Their crimes would fill volumes.

I think you're giving both bitcoin and our dear congressional leaders a little too much credit.  This is the organization that brought us the idea that the internet is a "series of tubes."  In order to understand why bitcoin might (stress: might) be a threat to US currency, you have to understand at least a modicum of the technical aspects behind it.

You mean "Surrogate Currency," shadow sounds to cool for him to think of.   I don't think these old senators understand technology enough to realize that BitCoins and Silk Road really have nothing to do with each other.  If the fed was worried, then it would be taken on by a department by now and not discussed in this manner.  These morons are simply pandering to their constituency without full knowledge of what's what, which is normally a desperate attempt to feel relevant within government.

There is a video in the notable sources thread that shows Senator Schumer talking about "shadow currency" that enables Silk Road.  I think it's safe to assume that it will be targeted.

I think this is a naive. In the video you can detect his faux indignation at the brazenness of Silk Road. He doesn't give a rip about drugs. He and most other legislatures are in the pocket of the banking interests.  It's merely a pretext to go after bitcoin. He's not going to come out and say "we aren't going to standby while our privileged banking cartel is challenged, threatening our rent-seeking, balance-sheet-stripping activities from which we concoct phony accounting profits and expropriate the wealth of holders of debased dollars via our privileged position in the federal reserve system".  If you doubt this take on it, consider two things. 1) The business of being a sober fiduciary of depositor's funds and making prudent loans is not a super high-margin business (or wouldn't be in a capitalist system). The amount of time they have to expend managing your deposits in that way is probably less than a barber spends cutting your hair every month. Evaluate some loan applications once every 10 years and they're done (for your portion of the deposit base). By all rights, they ought to be about the size of the cosmetology industry. In this day of IT automation, maybe even closer to zero. Yet guess what percentage of S&P 500 earnings the financials comprise? 40%. They earn almost as much as the entire rest of the economy put together. All of it: steel, auto manufacturing, software, farming, restaurants, construction, all of it. 2) Why is it, on a good but not exceptional salary, all of these legislators, with few exceptions, end up multi-millionaires?

The banking system is above the law. Look at the how the prompt corrective action statute, black letter law, was ignored in the 2008 crisis. PCA requires the FDIC to take under insolvent banks the moment their assets are less than liabilities. Instead, they just changed the accounting rules to allow them to pretend assets are worth more than they really are (liquidation value). The law doesn't matter; everything serves the bankers.

Read what William Black, Janet Tavakoli and Karl Denninger have written about the banking system if you want to understand this.

I hope I'm being unduly cynical and jaded, but it would take a lot to persuade me.

Direct us......

Is there a more, ahem, level-headed account of the situation without so much of the color commentary?

Bitcoin is a natural evolution to the forms of government of the world crashing with technology the world has never seen before. There's a mighty battle coming and it must be waged. The participants need to start thinking about their roles and how they will respond....

I agree, I included the Ann Tompkins threat as evidence Bitcoin is being targeted:

"Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism...While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country...We are determined to meet these threats through infiltration, disruption and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government."

This is a clear threat to any medium of exchange other than the Federal Reserve System.

Don't be so sure. Schumer did mention a "surrogate currency", and said it in a rather derogatory way. It's all in the tone  of voice,  believe me.

Silk Road is being targeted, not Bitcoin. For some reason, all of these articles have titles about the senators attacking Bitcoin when the senators never said anything about that.

Bitcoiners maybe need to start thinking about protecting the Net from attack, maybe people setting up mining Rigs could factor in some spare capacity to help grow the Tor Network.

https://www.eff.org/deeplinks/2011/06/achievement-unlocked-set-up-tor-relays-get-a-molly-crabapple-poster

Federal Gangsters Seek Crackdown on Bitcoin - Good Luck

Written by Marc Stevens Thursday, 09 June 2011 09:29

http://marcstevens.net/articles/469-gangsters-seek-crackdown-on-bitcoin-good-luck.html


After Anne Tompkins' declaration of war against free trade, it's no surprise Bitcoin is the subject of an upcoming attack by the federal criminal cartel.  And predictably it's coming from Charles - the ATF Waco killers are heroes- Schumer.  Schumer is rabidly pro-government, thinking it's perfectly moral and justified to force people to pay for services.

Governments (people like Tompkins & Schumer) wage war unrelentingly against the building of a free market; the free market scares the hell out of governments because it shows governments are irrelevant.  Governments don't mind looking violent and wasteful, even murderous, that keeps them in business.  But, being irrelevant, being seen by their victims as unnecessary, that's what makes them desperate and ratchet up the violence.  They've even attacked the Amish.

So this week, the federal mafia have basically announced their plans to attack Bitcoin; always under the guise of their atrocious war against people who sell and use certain plant products.  And we all know it won't be limited to only Bitcoin, any anonymous medium of exchange not part of the Federal Reserve System will become targets.

We know this from history and from Anne Tompkins herself:

"Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism...While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country...We are determined to meet these threats through infiltration, disruption and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government."

I'll take that challenge to the legitimacy of your form of government  Anne: Your coercive support is not legitimate.  Want to be legit?  That's easy: Bring your services to the market on a voluntary basis the way normal, productive, peaceful people do.  Put your guns down and provide services the market actually wants and is willing to pay for.

In response to this and the latest threat from Schumer, I'm increasing my promotion of Bitcoin and other alternatives to the Federal Reserve System of credit and encourage you to do the same.  For those who aren't yet familiar with Bitcoin, here are a couple of videos:

http://www.youtube.com/embed/Um63OQz3bjo

http://www.youtube.com/embed/so1x4hunlII

I'm accepting Bitcoins in exchange for an MP3 download of a seminar or workshop and the Adventures in Legal Land eBook, one Bitcoin for the 2 downloads.  I also have a spot on the forum for bartering, any time we can trade without the Federal Reserve System, we should.  How perverse: those freely trading with others are called "domestic terrorists" by those who have to coerce support and cooperation.    You can get more information on Bitcoin here at the wiki page.  If you accept Bitcoins, feel free to call into my radio show the No State Project and let everyone know, we're live every Sat. from 4-7pm est. at (218) 632-9399.

Bitcoin has been described as the "most dangerous technological project since the internet itself."  It's only dangerous to gangs of criminals who force themselves on an unwilling market.  About all they can really accomplish by attacking people trading with Bitcoins is convincing more people to not cooperate with anti-social parasites called government and hasten it's demise so we can finally have a free market.

Shut down Bitcoin?  Good luck; how's that working out for you?

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