Interesting article on seized Bitcoins

Steve27

LINK

TwoSides2aCoin

Kind of funny. What if they were 'beanie babies', instead of being called "coin". Poor old USA. Stealing "virtual ideas" and then having no clue what to do with it".
Maybe I missed the memo, but the bitcoins are only representative of the "actual" thing being traded.

Do they teach Bitcoin technology at Harvard ?

TwoSides2aCoin

I found this article interesting.

All those "WE BUY GOLD" places could make a fortune

LukeMarshall

Very interesting article, almost comical.

LukeMarshall

<< <i>Kind of funny. What if they were 'beanie babies', instead of being called "coin". Poor old USA. Stealing "virtual ideas" and then having no clue what to do with it".
Maybe I missed the memo, but the bitcoins are only representative of the "actual" thing being traded.

Do they teach Bitcoin technology at Harvard ? >>



Bitcoins "are" the thing that is being traded...

You are taking a unit of this, ß (BTC) and trading it for the current market value in $USD €EUR ect.

Or you can trade (or spend) a bit coin on a good or service. The market seems a bit niche, but more and more businesses are starting to accept them.

Spooly

Edit to remove some excess sarcasm

This is not allowed! Let the sarcasm flow! (evil grin)

TwoSides2aCoin

Thank you LukeM.

I understand the concept and can appreciate the virtual reality to the currency. I can understand backing that virtual currency with "actual" coins that assure the existence of "trading stock". What I cannot get is the confiscation. It's like having a warehouse full of screws with nothing to screw. I'm not understanding the "confiscation" It seems ridiculous. But maybe I need a lesson in economics. Does the confiscation stop virtual trading ? I don't think so.

cohodk

Is virtual the same as reality?

derryb

<< <i>Is virtual the same as reality? >>


According to the FED it is.

TwoSides2aCoin

<< <i>Is virtual the same as reality? >>

Are you asking me ?
How would I know ? I don't understand bit coins.
I have spent a great deal of my life trying to understand women. I don't know why that , either.

Women understand women and hate each other. That's virtual reality.

renman95

<< <i>

<< <i>Is virtual the same as reality? >>


According to the FED it is. >>



They live in virtual-reality.

jmski52

Let me explain how bitcoins differ from paypal and electronic money transfers.





















not

LukeMarshall

<< <i>Thank you LukeM.

I understand the concept and can appreciate the virtual reality to the currency. I can understand backing that virtual currency with "actual" coins that assure the existence of "trading stock". What I cannot get is the confiscation. It's like having a warehouse full of screws with nothing to screw. I'm not understanding the "confiscation" It seems ridiculous. But maybe I need a lesson in economics. Does the confiscation stop virtual trading ? I don't think so. >>



That's the thing... they are not backed by anything physical at this time/


Sure there are novelties such as this One ounce silver coin, that contains 1 Bitcoin, but what it really is is a piece of silver, a tamper proof hologram, and a private code/key that allows the user to gain access to the digital Bitcoin held in a wallet to be able to spend it.



That should keep this topic PM related, as I feel a very strong tangent pulling us here...

The confiscation in mention, is the fact that the Gov, upon shutting down/seizing the underground marketplace Silk Road, gained access to the private key to a digital wallet (program) that contains Bitcoins that were held as an escrow service.

Just because they "siezed" an arbitrary amount of coins, does not mean that trading is haulted for Bitcoins, rather it means that xx,000 Bitcoins are off the market so to speak...however there are 10million+ other coins that can and are being traded/transferred in the mean time.

Here is another related article



Gaining noteriety?? FORBES

LukeMarshall

<< <i>Edit to remove some excess sarcasm

This is not allowed! Let the sarcasm flow! (evil grin) >>



Sorry, I will let it FFFFllllllloooooooooowwwww....

I believe my comment was something to do with a batchelors in Bitcoin economics, and a Masters in Liberal Social Art Expressionism... or something along those lines...

LukeMarshall

Hmmmm, another interesting article related to Bitcoin and Precious Metal.

So is it illegal to produce a medallian with a simple logo on it?

Maybe not, but it seems Mulligan Mint sure is catching hell from the banking industry...

EagleEye

Bitcoin charts


Huge selloff just as the feds were moving in on Silk Road. Seems to have recovered though.

EagleEye

Perhaps there are other reasons for Mulligan Mint's problems.

CalicoJack

They may have seized some of the bitcoins but apparently there is about $80M out there somewhere and the feds can't get their hands on it.

http://www.extremetech.com/computing/168139-fbi-unable-to-seize-600000-bitcoins-from-silk-road-operator