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3 comments

1 BusyMonster  Mon, Feb 10, 2014 6:51:35am

The Invisible Hand says Fuck You, Dudebros.

More stable currencies backed by credible institutions, on the other hand, wave hello.

2 Skip Intro  Mon, Feb 10, 2014 8:07:37am
Florida prosecutors file legal charges against heavy Bitcoin traders

Apparently for the first time, state laws are being wielded against heavy Bitcoin traders. Florida prosecutors have charged three men, saying that their use of a site called localbitcoins.com violates laws against unlicensed money transmitters, according to a report in the Krebs on Security blog.

arstechnica.com

3 Jay in Oregon  Mon, Feb 10, 2014 10:11:30am
The exchange said it was suspending withdrawals and third-party payments until the problem is fixed, although trading in bitcoins continues.

I’m not sure what this means; does Mt. Gox hold people’s BTC, or is it merely a transaction processor? Are people stuck with BTC they can’t move as a result?

It brings to mind a quote from this letter regarding a lawsuit filed against Mt. Gox by Coinlab: classic.coinlab.com

Bitcoiners have, on average, lost more money due to technology difficulties, frozen / lost banking relationships and shady characters like pirateat40 than due to any part of Bitcoin’s fundamental economics. I hate this fact, passionately. I have a vision in which high quality service and technology and ethics can be delivered to you, me, my kids, everyone who has a stake in Bitcoin.

The problem is that “shady characters” permeate the Bitcoin fanbase and infrastructure. Protip to the dudebros: if one of the features of your subculture is that there are no rules then you can expect liars, thieves, and grifters to flock to it.

For every person out there who dreams of a freely-available*, decentralized digital currency there are 5 people trying to figure out how to use it to fuck over everyone else.

And we won’t get into how the job that everyone wants in the BTC economy is that of the middleman: transaction processor, currency conversion, etc.

*”Freely available” to people with access to the required technological infrastructure, that is.


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