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Re: [tor-talk] US Senators Seek to Crackdown on Bitcoin

All fiat money is a scam by this definition. Value cannot be created by print a paper (or in Fed's case, an open market operation) either, but that's what the governments do everyday.

On 6/16/2011 11:40 AM, andre76@xxxxxxxxxxx wrote:
Bitcoin is a scam.  Money or value can't be created on a computer
(unless you consider the phoney fiat currency of the USD "money").  At
best bitcoin is a ponzi scheme where the initial holders of the digital
money get to see the increase in the computer value of the bitcoins they
"own" only to, at the right time, dump them onto suckers that got in the
this new fangled trickery at the end.  Those that hold bitcoins at the
end will be at a loss as in reality, they're worth nothing.  Bitcoins
are a classic example of the Wall Street method of Pump and Dump.  Fake
or unrealistic information is circulated around the web about a certain
stock and how it's to perform which is always UP UP UP in value.  This
is the Pump phase.  The unsuspecting and gulible public rushes in to
purchase massive amounts of the (really) junk stock.  The price rises
dramaticly.  Those that promoted the stock then Dump it....fast.  They
make their profit and the dummies that believed the junk about how great
the equity was get stuck with a loss as the stock plummets.

Whether the jackasses in the Senate want to go after bc or not doesn't
matter.  Bitcoin will evaporate under its own weight with no help of the

On Wed, 15 Jun 2011 00:41 -0400, "grarpamp"<grarpamp@xxxxxxxxx>  wrote:
Since it appears they're going to be targeting a Hidden Service, it will
be an interesting test of Tor's resilience given the resources available
to the US government.
Guess they would have to block all the directory servers/mirrors.
They probably don't care about drugs, underage and copyright stuff
so much. But an untraceable, untaxable, easily used alternative
currency that has value and works... now that might draw some
global attention. Was not one of the topics at the recent G8
"What to do about the internet?"

It would be interesting to see what might happen if directory servers
could be run on the same SSL enabled server (and even port) as
the various popular websites around the world, by their operators.

Other than bootstrapping (via a shipped list or friendly tip), is there
a way to make the directory services internal to Tor? Not sure there
is due to chickens and eggs.

Though with 9 authorities, 1200+ dirservers, and 2300+ relays,
maybe no worries.
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