Posted on 03/18/2014 10:42:53 AM PDT by Errant
At the latest Bloomberg Breakfast event held in New York on 18th March, David S Cohen, Under Secretary of the US Department of the Treasury, discussed the challenges of digital currencies as part of a broader conversation with the media outlets Matt Miller to air on Bloomberg TV.
In the hour-long talk, Cohen spoke about the organisations role as a global leader in educating consumers and governments on the evolving issue, paying a particular interest to the potential illicit uses of digital currencies, as well as the measures it is willing to take to ensure their proper use.
Most notably, however, Cohen revealed that the Treasury is taking an interest in ensuring that the digital currency industry evolves in a regulated manner despite these concerns.
For the first time, Cohen said, his group will be including an unnamed member of the digital currency community as part of the Treasurys Bank Secrecy Act Advisory Group (BSAAG) in an effort to work toward this goal.
(Excerpt) Read more at coindesk.com ...
nope, regrettably is not capitalism .... I truly wish you luck. Newest invention in something known as the pyramid scheme. Many people were happy in pyramid schemes till they found out the truth. Then depressions came. I do wish you luck though.
Why is Ltc almost at $20, all of a sudden?
Cryptocurrencies aren't backed by credit, only units that exist (it takes a lot of computations to create a unit) are able to be used for exchange. Likewise, there is no need for "faith" either. All transactions are recorded in a distributed ledger which all who wish, may view. All transactions are confirmed many times by numerous nodes. Try doing that with a fiat currency's central bank's ledger real time. ;)
BTC China is set to reduce the trading fees across its digital currency exchange to 0% and it has today added the option for users to trade bitcoin for litecoin and vice versa.
At the beginning of the month, BTC China added litecoin support, enabling users to buy the popular altcoin using local currency CNY with 0% trading fees.
CNY-BTC trades on the site currently come with a 0.1% fee, but from 21st March, this will be removed.
BTC China to Drop All Fees After Adding BTCLTC Trading Option
Huobi picked it up. It’s trading in China.
SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM
LOL!
Nothing 'backs' a bitcoin because nothing has to 'back' a bitcoin. It is simply a unit of account, but existing in fixed supply, and fully transferable without counterparty risk or third party permission.
U.S. Federal Reserve Notes used to be backed by the 'full faith and credit' of the U.S. government. You could redeem a note for the gold it represented. 'Full faith and credit' meant the government would ensure that there was gold to back that Federal Reserve Note.
Notice what it says on the top and bottom of that Federal Reserve Note?
FDR ended domestic convertibility, and Nixon ended international convertibility. So much for 'full faith and credit'.
Since then Federal Reserve Notes are just pieces of paper, that the Federal Reserve can and does print at will to backstop the most politically connected financial elite.
Paper currency wasn't something the Founders were unfamiliar with. There is a reason that States were forbidden from issuing paper money.
"Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." - George Washington, in a letter to Jabez Bowen of Rhode Island, Jan 9, 1787.
Anyone betting on bitcoins is doing the unthinkable and giving their money or placing their money into something that is worthless.
It has value as a medium of exchange with low to no transaction costs, and as a store of value immune to government debasement. I suggest you at least learn a little about how it works before jumping to conclusions.
BTC is cutting fees because Huobi is on it.
Pinch me but that looks like capitalism.
Yep, the free market doing what it does best. ;)
I am really sorry some people believe in bitcoins. Too many variables for my money to be invested in them and although there has been mentioned there has been only one bankruptcy, one would think that would be enough to open some people’s eyes. The bitcoins are counterfeit. To suggest otherwise is to not be informed. I do not deal in counterfeit. I have enough problems with regular greenbacks, as was suggested to experiment with what few greenbacks my family has. To place myself and my family in a completely experimental (and bitcoins are experimental) currency exchange would be lunacy. Some people have more money than brains. I do not, therefore am staying out of experimental currencies. Good Luck to All of you that are in. May you remain happy. If you wind up not happy you shall not be able to say you were not warned.
It should open eyes. It should clarify that bitcoin possession entails no third party risk, and if you entrust someone else with your bitcoins they can violate that trust and you no longer have the bitcoins.
The bankruptcy of MF Global was an indictment of the firm's mismanagement, but it is not a declaration on the utility and viability of the U.S. dollar just because that was the unit of measure for account values at the firm.
The bitcoins are counterfeit. To suggest otherwise is to not be informed.
Actually, bitcoins cannot be counterfeit.
That's why it is an actual viable electronic currency.
Because the blockchain is a ledger of all bitcoin transactions, there is no place to insert counterfeit coins into a wallet. The voluntary, distributed verification network that maintains and builds the ledger is the same system that awards new bitcoins. There is no Federal Reserve cabal that can inject how ever many trillion additional coins they want into the system to bail out their cronies.
I do not deal in counterfeit.
If you deal in US dollars you've dealt in counterfeit your entire life. Not only common criminals, but nation states have created and injected counterfeit dollars bills into the market. And that's not even counting the trillions of dollars the Federal Reserve has created to buy mortgages, treasuries, and other financial instruments.
Counterfeit is all you've known.
I have enough problems with regular greenbacks, as was suggested to experiment with what few greenbacks my family has. To place myself and my family in a completely experimental (and bitcoins are experimental) currency exchange would be lunacy.
I would not suggest anyone maintain a 100% position in any medium of exchange, nor store of value. Diversity is a liquidity of its own.
Some people have more money than brains. I do not, therefore am staying out of experimental currencies.
You're currently a lab rat in the Qualitative Easing experiment.
Good Luck to All of you that are in. May you remain happy. If you wind up not happy you shall not be able to say you were not warned.
Indeed.
Good Luck! Have fun with your counterfeit.
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