Was it mid 2013 when you last posted Pc Monk?
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Was it mid 2013 when you last posted Pc Monk?
Why the police will close bitcoin down:
http://www.youtube.com/watch?v=si5k68W7AR8
They shouldn't close it down for being depressed. They should take it out, buy it a nice dinner, you know, make it feel loved.
So the initial rush of investing in bitcoin is wearing off and you want to put bitcoin on Prozac. The main problem is that the police can shut bitcoin down at any point in time effectively rendering them instantaneously worthless, meaning bitcoin and all of its imitators are likely to disappear as quickly as they appeared. They are even likely to make holding and trading bitcoins or equivalent pseudo currencies a crime. I don't imagine that any sized dose of prozac can fix that. :cry:
Which police force has the jurisdiction to do that Bambi?
If you look at the long-term value of bitcoin, it is still strong, but highly volatile. Makes for a wild ride as an investment.
Can I be Dumbo?
Your ears are too furry.
Are Elephants afraid of gerbils?
Is that a gerbil?
I suppose so.
Though I'm not entirely sure myself.
Hamster? Lop-eared rabbit?
I think it's a guinea pig but I wouldn't swear to it. Or at it.
Well, I'm not that familiar with them. Perhaps it's a New Guinea Pig?
Your local government/police. Once either the police or the government realises that it is fraud then they will move in and shut down the bitcoin exchanges, atms, operations, and investors in their country.Quote:
Originally Posted by Shaggy Hiker
Ah, but once you have high profile folks like Buffet warning everyone to stay away it clearly won't be very long before the police and governments step in. The ride could be over any second.Quote:
Originally Posted by Shaggy Hiker
If Buffet tells people to stay away then a lot of people will. However, the run-up in prices appears to have been driven by rich Chinese looking to....do something with money of dubious provenance.Quote:
Originally Posted by Witis
The local government can certainly shutdown local physical establishments, such as ATM's. They can't do squat about people investing on line, as they lack the jurisdiction. If person A wants to spend their money on a widget, or a +10 sword of wootage which only exists as bits in an on-line game, there is nothing the government can do to stop them from doing so.
As long as you dont lose your investment:Quote:
Originally Posted by Shaggy Hiker
http://washington.cbslocal.com/2013/...h-7-5-million/
He also called it a mirage i.e. fraud.Quote:
Originally Posted by Shaggy Hiker
Bitcoin is worldwide, as is demand, hence the crazy prices, but the price has only really taken off since mid last year and that is why the police haven't shut it down yet, but they will; all it takes is one country to outlaw bitcoin and the bitcoin collapse will be worldwide and very spectacular. At the moment the governments are more concerned with taxation issues, but once they ascertain that it is a criminal operation bitcoin will fall.Quote:
Originally Posted by Shaggy Hiker
However, the government is very concerned with taxation, and if you don't declare your capital gains on assets, and bitcoin has already been declared property rather than currency in most countries, then you are risking being incarcerated for tax evasion. Worse is that it each bitcoin transaction is recorded in a public ledger potentially leading every government directly to your front door.Quote:
Originally Posted by Shaggy Hiker
Once bitcoin falls the hunt for Satoshi Nakamoto, all of the bitcoin evangelists, and the tax evaders will be on in earnest.
You have to like peanuts to be jumbo:Quote:
Originally Posted by FunkyDexter
http://www.youtube.com/watch?v=WiSmeG_j6pE