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The US Regulatory Vice Closes On Bitcoin

Tyler Durden's picture





 

Just six weeks after the US Treasury decided enough-was-enough with this upstart non-fiat, non-controlled-by-TPTB currency (and applied money-laundering reglations), US financial regulators are now looking for supervisory control over Bitcoin. As The FT reports, CFTC's Bart Chilton notes "it's not monopoly money - real people have real risk in these instruments," and  that regulating the controversial cyber-currency "is sure something [CFTC] needs to explore." Chilton's remit to regulate this "shadow currency" is predicated on it becoming a basis for derivative contracts as opposed to purely transactional (akin to the monitoring of physical oil transactions that can influence crude futures.) Since the Treasury's March decision, at least three North American companies have had their accounts seized by the banks but while this attempt to control the virtual currency follows the ECB's 'ponzi attack' last year, the 'regulators' may note that, "even if US regulations make it hard for Bitcoin businesses to operate in the US, that doesn’t mean it will make it difficult for people to use Bitcoin as a currency in the US. Bitcoin is a world currency."

 

 

Via The FT,

Senior officials at a top US financial regulator are discussing whether Bitcoin, the controversial cyber-currency, might fall under their regulatory remit.

 

Bitcoin “is for sure something we need to explore”, Bart Chilton, one of the five commissioners at the Commodity Futures Trading Commission (CFTC) told the Financial Times. A person familiar with the CFTC’s thinking said that the regulator is “seriously” examining the issue.

 

...

 

Since the ruling, at least three companies in North America have reported having their business accounts closed by their banks. Bitfloor, a New York-based Bitcoin exchange, said it was shutting down entirely, and it has not yet been able to return funds to customers.

 

“Even if US regulations make it hard for Bitcoin businesses to operate in the US, that doesn’t mean it will make it difficult for people to use Bitcoin as a currency in the US. Bitcoin is a world currency,”

 

...

 

CFTC jurisdiction generally does not extend to cash markets unless exchanges list derivatives contracts based on them. For example, the agency monitors physical oil transactions insofar as they influence crude futures traded on the New York Mercantile Exchange.

 

...

 

“In essence, we’re talking about a type of shadow currency, and there is more than a colourable argument to be made that derivative products relating to Bitcoin falls squarely in our jurisdiction.”

 


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Mon, 05/06/2013 - 18:33 | Link to Comment Charles Nelson ...
Charles Nelson Reilly's picture

"I work hard, everyday, on getting my hair looking this good. Other than that, I don't really do much" - Bart Chilton

Mon, 05/06/2013 - 18:37 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

Coz the CFTC isn't all that busy right now.

Please don't pull the other one, coz it's my fucking cock!

Mon, 05/06/2013 - 18:39 | Link to Comment Precious
Precious's picture

The impartial Schumer must have put a 10,000 volt cattle-prod up Chilton's ass. 

Mon, 05/06/2013 - 18:49 | Link to Comment Fredo Corleone
Fredo Corleone's picture

As an aside, Tyler, we observe that the lovely statist from Arizona has again thwarted the legislature -- that is, vetoed the desires of the citizenry.

http://www.reuters.com/article/2013/05/03/us-usa-arizona-gold-idUSBRE942...

Mon, 05/06/2013 - 18:59 | Link to Comment nope-1004
nope-1004's picture

Chilton = blonde hot-air bag.  Male bimbo, or "mimbo".

Spineless 'regulators' are the problem, keeping the existing ponzi going in the name of their own bonuses based on printed junk, while the real world, hard working, productive person is stripped of all hope and wealth.

The CFTC can go to hell.  They've done nothing for me, so f'em.

 

 

Mon, 05/06/2013 - 18:59 | Link to Comment redpill
redpill's picture

No one could have seen this coming!!

Mon, 05/06/2013 - 19:04 | Link to Comment kaiserhoff
kaiserhoff's picture

I'm starting to like Bitcoin.  It's bright and shiny, pisses off Washington and New York...,

   and it's not Jewish.  Who knew?

Mon, 05/06/2013 - 19:08 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

And you thought BitCoin had a sell-off before....LOL

Mon, 05/06/2013 - 19:16 | Link to Comment Joe Sixpack
Joe Sixpack's picture

If they only worked 1/1000th as fast on silver...

Mon, 05/06/2013 - 19:33 | Link to Comment macholatte
macholatte's picture

 

Bitcoin is a world currency....

 

... but gold and silver are not money.

Fascinating.

 

So you think that money is the root of all evil. Have you ever asked what is the root of all money?

Ayn Rand

Mon, 05/06/2013 - 19:41 | Link to Comment wintermute
wintermute's picture

TRUST is the root of all money.

Fiat currency is so debased it is losing trust day by day. Bitcoin is gaining trust day by day.

Mon, 05/06/2013 - 20:54 | Link to Comment seek
seek's picture

This really is a key point. I've mentioned this previously that people are far more inclined to trust geeks and a rigid monetary system that's programmaticlly enforced (right or wrong) and much less likely to trust governments and regulatory authorities that are consistently using selective enforcement to harm the average citizen. Honestly, I think the government's distrust of bitcoin (and gold, for that matter) just bolsters the percieved value at this point.

The true crisis the world is facing isn't a monetary one, it's a crisis of faith and trust, and sadly it's completely rational today to have neither with respect to national-level governments and corporations across the world.

Tue, 05/07/2013 - 04:03 | Link to Comment Freaking Heck
Freaking Heck's picture

"Seek" I would love to believe you and most zh readers get it. The horrible truth though is that the majority are completely imune from rational thinking, and will only howl when American Idol is pulled. They will continue to believe the unbelievable that comes out of the mouths of politicians and they will continue to let their lives, wealth and freedoms be indecently anally raped.

Tue, 05/07/2013 - 04:02 | Link to Comment Freaking Heck
Freaking Heck's picture

"New Seek" I would love to believe you and most zh readers get it. The horrible truth though is that the majority are completely imune from rational thinking, and will only howl when American Idol is pulled. They will continue to believe the unbelievable that comes out of the mouths of politicians and they will continue to let their lives, wealth and freedoms be indecently anally raped.

Mon, 05/06/2013 - 23:11 | Link to Comment OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

Mervyn King (BOE Head) once said "evil is the root of all money" and he wasn't joking.

But Bart Chilton definitely IS joking. For starters he can't do anything at the currency level, it's peer-to-peer. He can no more "shut down" Bitcoin than he can shut down Bit Torrent. (For those not paying attention, BitTorrent is currently 47% of ALL web traffic, four times the total web surfing traffic. Uh-huh, nice job shutting it down). Now at the exchange level, yes they can make life very difficult for Bitcoin buyers/sellers. But there are more and more peer-to-peer EXCHANGES (like LocalBitcoins.com), and more and more places to exchange fiat currency for Bitcoins that are based OUTSIDE the USA.

Bart Chilton shutting down Bitcoin reminds me of the Soviet Union trying to keep Dallas videotapes out. Once people in the Sov.Union saw how people lived in Dallas, the jig was up.

Mon, 05/06/2013 - 20:24 | Link to Comment cynicalskeptic
cynicalskeptic's picture

GOD FORBID we regulate and oversee Weapons of Mass FInancial Destruction like CREDIT DEFAULT SWAPS and other Derivatives accounting for TRILLIONS of exposure.

 

Mon, 05/06/2013 - 20:32 | Link to Comment NoDebt
NoDebt's picture

Agreed with your point, but I see this situation in a different light.  If there is a dervative product created tied to BitCoin then the CFTC gains the right to regulate the underlying "real" commodity?

So why don't they hurry up and create a BitCoin deerivative so they can instantly regulate BitCoin?  Why the pretense of discussing this like it might not be possible.  It is and obviously they will.

They are going to "InTrade" this BitCoin shit as sure as I'm sitting here typing this.  I'd be surprised if the playbook hasn't already been written and approved. 

Mon, 05/06/2013 - 21:13 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Spineless 'regulators' are the problem, keeping the existing ponzi going in the name of their own bonuses based on printed junk, while the real world, hard working, productive person is stripped of all hope and wealth.

This is what makes the article's title such a hilarious double entendre. The US Regulatory Vice Closes On Bitcoin. The imagery is of a workbench vise closing, and at the same time the regulators are putting the squeeze on bitcoin like protection racket mobsters would do to a competitor.

In this case, the vice squad and the racketeers are one and the same.

Mon, 05/06/2013 - 21:25 | Link to Comment willwork4food
willwork4food's picture

Their $100k+ salaries justify breaking up neighborhood gifting clubs, the occassional pink sheet brothel that doesn't pay them off and now the most evil and ambitious anti-bit coin project. What would we do without them?

 

Mon, 05/06/2013 - 18:59 | Link to Comment xtop23
xtop23's picture

Nice Bart.

You won't do a gd thing about metals manipulation, but bitcoin, now THATS a problem.

Dowse yourself in kerosene and buy a Volt plz.

Mon, 05/06/2013 - 19:21 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

These MOTHERFUCKERS!

BTC is what a real, un-distorted market looks like. It's like the ONLY asset not manipulated. Look elsewhere you fuckiing motherfuckers! AHHHH!!!!!

Mon, 05/06/2013 - 19:51 | Link to Comment wintermute
wintermute's picture

Yes. Bitcoin has the last remaining market which is not manipulated by the government/bankster complex.

A few big traders might manipulate the fx rate a few percent, but this is negligible compared to the powerful fundamentals driving its value upwards. Check out its 3 year log chart 

http://farm9.staticflickr.com/8257/8705727117_15e8d4e2dd_b.jpg

TYLER - Would you mind putting this chart up on ZH? So people can see how Bitcoin is exponentially outperforming ALL asset classes year-on-year

Mon, 05/06/2013 - 20:44 | Link to Comment NoDebt
NoDebt's picture

Winter- you realize that's the EXACT reason they want to kill it, right?  BitCoin is dead man walking.  It's a threat to every central bank and major finanical institution everywhere.  The only people who want BitCoin to succeed are people like you and me (people whose opinions don't count and never did) and money launderers (we might stand a chance with them on our side!).

BitCoin has two choices as I see it:  1. Succum and allow itself to be regulated (and by definition, manipulated) or 2. Die.

Mon, 05/06/2013 - 21:00 | Link to Comment seek
seek's picture

By its very nature bitcoin can't be regulated.

The only aspect of it that can be is how it interacts with the financial system. They can shut down USD to BTC exchanges, but not a BTC-only economy, nor the individual bitcoin enthusiast's exchanges. I think this is one more reason the financial system is recognizing the potential magnitude of the threat bitcoin represents.

I don't think it will die. My suspicion is that it will be harrassed to slow the adoption while interested parties work on ways to feed off of it (such as VISA or other payment processors inserting itself into the payment processing stream, perhaps by law in the US.)

Mon, 05/06/2013 - 21:38 | Link to Comment NoDebt
NoDebt's picture

"By its very nature bitcoin can't be regulated."

How many BitCoins you want to bet me on that?  It can and it will or it will die.  They could go after Mt.Gox (or any exchange) in a similar way to how they shut down InTrade.  They most certainly can and will reach across oceans.  If you kill the exchanges, you kill BitCoin.  Anywhere in the developed world they can reach out and touch.  Unless you feel like dealing with a BitCoin exchange in Afghanistan, our regulators can go shut it down.  Just ask InTrade.

BitCoin has very little presence in the real payment world.  You can't pay you bills or buy a tank of gas with it, for instance.  If you could, BitCoin might have a chance.  But that's not the case right now or in the forseeable future.  It is vulnerable at the exchanges- that's where regulators will put the bullseye.  (I would if I was in charge of killing BitCoin).

Agreed, they will try to slow it down to see if they can regulate it (and by definition, manipulate it).  Failing that, they'll kill it.  Frankly, I think killing it is Plan A with regulation being Plan B.  But regulation is most certainly in BitCoin's future if it has one.

I use BitCoin personally and I like it.  It's just that I recognize it's vulnerabilities and shortcomings, which are numerous. 

Mon, 05/06/2013 - 23:24 | Link to Comment wintermute
wintermute's picture

NoDebt, I hear you, but Bitcoin is no ordinary technology. It's architecture was inspired by BitTorrent file sharing, which still thrives despite relentless offical attempts to stop it.

There could be a Mt Gox size exchange in any country. What about Costa Rica which hosts Liberty Reserve? No one seems to be able to close down LR.

 

Mon, 05/06/2013 - 23:57 | Link to Comment RebelDevil
RebelDevil's picture

The CFTC is bluffing and/or preparing for BTC derivatives!
And that's that.
h/t to BrotherJohn
 http://www.youtube.com/watch?v=nz_1JlykBf0

Mon, 05/06/2013 - 21:50 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

When the bullion dealers back bitcoins with gold and silver it is game over for the banks. As long as there is online transactions you are going to need a 1's and 0's representation of money. Let them become the bank accounts and then worry about washing everything back into government currencies or use another party. the more convoluted the better to keep regulators from being able to deconstruct and blow it up. You want a world currency for the people by the people backed by sound tangible assets outside government control this is the general direction though I'd personally work on building on bitcoin and issuing a new currency or use others in conjunction with to be able to do things like crypto-currency swaps, litecoin would be a consideration. It would serve other purposes but we are probably 5 - 15 minutes ahead of everyone here with this sort of setup. Let the governments, over-regulation and central banks fuck things up even worse then you'll see a concerted push towards this direction.

Mon, 05/06/2013 - 22:33 | Link to Comment imbtween
imbtween's picture

BTC could be killed if the gov or banking industrial complex simply bought them all. Then some IT dude will steal the wallet and disappear.

Tue, 05/07/2013 - 06:05 | Link to Comment auric1234
auric1234's picture

Impossible. Same reason the gov't can't buy all gold: not all of it is for sale in FIAT.

Perhaps if the gov't used real money (e.g. gold) to buy them. But then, maybe they can't afford them (the Fed is broke when you think in gold terms, and reality is a bitch).

 

Tue, 05/07/2013 - 06:08 | Link to Comment Bearwagon
Bearwagon's picture

How about they use real force (e.g. .308 or some of them hollow-points)to confiscate the bitcoins?!

Wed, 05/08/2013 - 12:15 | Link to Comment painlord-2k
painlord-2k's picture

Try do do it in China, Russia and other places.

It will not end well for them.

Mon, 05/06/2013 - 20:46 | Link to Comment Tango in the Blight
Tango in the Blight's picture

“Like every good American, I don’t like what I don’t understand and I definitely don’t understand what a bitcoin is.”

http://www.thegenesisblock.com/weekend-humor-bitcoins-are-a-scam/

Mon, 05/06/2013 - 20:47 | Link to Comment Tango in the Blight
Tango in the Blight's picture

Bitcoin faces the wrath of the boomers, it it certainly finished now! /s

 

Mon, 05/06/2013 - 21:55 | Link to Comment Urban Roman
Urban Roman's picture

Precious, that article is two years old. 

It has gone beyond Shumer's ten minute attention span -- means nothing unless and until someone brings up the issue again. 

Mon, 05/06/2013 - 19:02 | Link to Comment FEDbuster
FEDbuster's picture

Fuck Jan Brewer, she is an idiot.  I know of at least three main stream local businesses in our town (in AZ) that accept silver coins and bullion at spot price.  I recently bought some ammo using silver in a private transaction.  There will come a day when Jan's replacement will be demanding people pay their taxes (income and property) in silver and gold, and all they will get is a piece of paper with lots of zeros on it.

Mon, 05/06/2013 - 21:22 | Link to Comment tenpanhandle
tenpanhandle's picture

I don't understand your comment.  I prefer to pay my fucked up taxes with the fucked up currency.  When I have to pay my taxes with gold and silver is when I pay them with lead.

Mon, 05/06/2013 - 22:57 | Link to Comment FEDbuster
FEDbuster's picture

As I said, there will come a day when they try to demand taxes be paid in real money (gold and silver), but all people will have is worthless paper script (think Zimbabwe).  AZ had a chance to join Utah in the first step back to a gold (or silver) backed economy, just a small step but a step none the less.   Our retarded Governor (who also recently embraced Obamacare) vetoed it.

Currently 1470 Federal Reserve Notes = 1 troy oz of gold  and  24 FRNs = 1 troy oz of silver.   That is the current "spot" backing of fiat FRNs (manipulated value)  The street price for physical is 5-30% higher.  So when you pay in "fucked up currency", you forefit the opportunity to convert FRNs into real money, gold and silver.

Gold and silver (and physical currency) are harder for the government to track, therefore her fear is of missing out on some taxing opportunity.  The "Beast" needs to be fed, and Jan Brewer in no different than Barry Obama when it comes to craving tax revenues.  Up next Internet sales tax, then national VAT taxes.

Wed, 05/08/2013 - 02:46 | Link to Comment tr1ck5t3r
tr1ck5t3r's picture

Money is more than tangible elements like Gold, Silver or even your paper or metal token of choice.

Trust is intangible.

When you win the war of words you win the trust of the people.

Bitcoins has its weaknesses as only 21million coins will ever exist making it hard to use in every day life for low value transactions like trying to buy a one penny chew from the sweetshop, although Bitcoins could have a use as a Reserve Currency or measure in which to watch the debasement of all other currencies over time.

The lack of Net Neutrality https://en.wikipedia.org/wiki/Net_neutrality could also effectively censor it or slow it up sufficiently to make it impractical for every day use, and then there is the issue over the regulation of exchanges.

However what is Money?

Its just a medium of exchange.
http://en.wikipedia.org/wiki/Medium_of_exchange

Who ever said it had to be tangible? People are happy to use cards and online banking to live their lives without ever having to use tangible notes and coins, yet the intangible trust is still there.

What makes the concept of an e-currency appealing is that the implementation and operation of the bitcoin system is one that is potentially beyond the influence of any one individual, let alone any Govt, Central Bank, Bank or Trader. Its the ultimate store of wealth.

Thats putting aside any bugs which might be exploited by hackers, but assuming it is secure or at least more secure than the banking systems currently are, the trust will go with the e-currency thats most practical for people because everyone wants to trade. If we dont trade our lives get worse in some sense.

How that ecurrency embeds itself and facilitates every day life is up to the creator of said software.

Govts will be powerless to stop it unless thought crimes become the norm and free speech is censored.

Fighting for Net Neutrality has far bigger implications than most people realise.
https://en.wikipedia.org/wiki/Net_neutrality

However an ecurrency with enough units to satisfy the trade of the most commonly used lowest valued products or services will could also be useful for dealing with the problem that we all live on a planet with finite resources.

It could be just what is required to arrest the growing human population and restore some quality of life.

Mon, 05/06/2013 - 19:02 | Link to Comment Pareto
Pareto's picture

What a huge piss-off.  And her reasons, speak directly to that state's inability to confiscate through tax.  "I'm vetoeing this bill because it fucks up my free ride."  So, the people poke, the Bill was passed and Brewer vetoes it.  Well, so, there you go.  Just another day of wasting a whole lot of people's time and commitment to holding their own government in check.  Fuck Jan Brewer!  Trade it anyways.

Mon, 05/06/2013 - 19:19 | Link to Comment Manthong
Manthong's picture

dammit..  Give Bart his props…  after all, he is a close associate and confidant of that renowned  patriot and servant of American freedom .. Tom Daschle

and somebody from  Arkansas has to be close to the heart of our Clintonian market and economy.

http://en.wikipedia.org/wiki/Bart_Chilton

oh,  and he is feverishly working on that issue pertaining to silver manipulation…  still

(if anyone does not understand that a psuedonym of a guy in a thong is a permanent lock on sarc... what do you say?)

 



Tue, 05/07/2013 - 07:55 | Link to Comment supafuckinmingster
supafuckinmingster's picture

http://en.wikipedia.org/wiki/Bart_Chilton

 

Fuck me, that hair has to really piss off Donald Trump. What a cranial animal it is, just sitting there.

Mon, 05/06/2013 - 18:42 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

And if I was unsure as to whether 'Gold Confiscation' was coming to Amerika, well, I'm a lot less unsure as of today.

Mon, 05/06/2013 - 18:55 | Link to Comment nmewn
nmewn's picture

As a practical matter, its a lot easier to pull the plug on Bitcoin than to go around kicking in doors. Assuming everyone deals with a local dealer, cash only, no reciepts, no on-line credit card purchases ;-)

Mon, 05/06/2013 - 19:02 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

By 'Confiscation' I mean, to make Gold untradable as a commodity and investment asset, unusable as a store of value/wealth, through regulations, and then offer a devalued price for it...of course, Asia will never conform.

This is where we will see the wealth transfer. Asia will do the opposite and allow Gold backing of Treasuries or something.

America has been, is, and will, slit its' own throat.

Mon, 05/06/2013 - 19:11 | Link to Comment nmewn
nmewn's picture

Always good points TSP.

I always laugh (not at you of course) at governments final condition/bargaining position on it, to "get our collective minds right".

The offer of a devalued fiat price for it. After forcing everything/everyone underground, through regulation & law, the threats, the liens, the fines, the attempted intimidations and yes the deaths of innocents, they still want to take it off your hands ;-)

Mon, 05/06/2013 - 19:51 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

So, when we stand back and look at the bigger picture, Asia really is becoming more democratic and free market orientated, whereas America and Europe are becoming more Statist (a mix of many evils).

Who needs charts, who needs graphs, and who needs historical patterns when you have Holdren's paper as a road map to the future...and everything is fitting the picture.

BitCoin does not fit into the Holdren picture, therefore it must die.

Mon, 05/06/2013 - 20:16 | Link to Comment nmewn
nmewn's picture

Well, in my opinion, "more democratic" is a relative thing regarding Asia.

This one was kinda funny regarding what I'm talking about...

"China Is Censoring Jokes About Its Propaganda Machine's Penis-Shaped HQ"

http://www.theatlanticwire.com/global/2013/05/peoples-daily-building-china-censorship/64845/

Shoulda saved that one for CogD, he loves that stuff, just like me...lol.

But yeah, the west is going socialist/fascist dead-ass broke and the Asians (in general) have always been more "conservative", more sparing, only taking/using what is needed, that is the way I look at them for the most part...as a group.

Any remark I make about Chi-Coms is directed at communist philosophy, not people, who I always think of as free people, who are being subjugated...just like us.

Mon, 05/06/2013 - 22:17 | Link to Comment Croesus
Croesus's picture

@ nmewn:

The architect of that building is Mr. Wang. He's famous in China, but not well known in the west. Nice guy, but a bit stiff at times.

Tue, 05/07/2013 - 08:35 | Link to Comment malikai
malikai's picture

You know what that building needs?

Trojan Man standing next to it.

Mon, 05/06/2013 - 21:52 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Agreed there will be a worldwide revolt against the US and the dollar when the global economy goes into a depression which it is well on it's way. If the US says left everyone will go right out of spite and lack of trust. It has already started....

Mon, 05/06/2013 - 19:11 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

If they don't first ban cash for transactions over $100, for "illicit use" reasons, you have 2 additional problems in using PM as currency:  1. Common acceptance, 2. Divisibility.

Leaving Acceptance aside for a moment, I see a way of overcoming Divisibilty.  Inasmuch as you can pay a restaurant bill with multiple credit cards (multiple payers), you could use PM in place of large bills and use small FRN bills to pay the rest.  In other words, you pay with a mix of PM and FRN's.  That still leaves you with the practical issues of Acceptance.  Especially in the large/brand-name stores.

Mon, 05/06/2013 - 19:29 | Link to Comment nmewn
nmewn's picture

I dunno (on your lead up to #1 & #2).

The $100 bill is the new $50 now. A tank full of gas will push a fifty. I lay in the weeds waiting for a cashier to say "I can't accept this large bill." I'll say why? I'm giving you half of it, I know she's gonna have two twentys and a ten in there now days, prices the way they are.

Four dollars for a gallon of milk and I live right down the road from a dairy...lol.

I personally don't think anyone is expecting to spend silver & gold, for me its a hedge against the destruction of savings in holding their fiat. When or if the time comes it'll be worth more in fiat than what I exchanged it for in the past.

If it does go to shit, fiat will be worthless, credit cards will have long been cut off (people hoarding real "stuff", knowing whats about to happen) and then I can drag out my metal snips.

Pieces of eight...arrrr ;-)

Mon, 05/06/2013 - 19:47 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Hmmm, I think I can live with that.  Except for the $4/gal of cow juice.

You just triggered something with your pieces of 8 pirate allusion... I recall Peter Schiff promoting the 50 gram card of pure gold at Simon Black's even last month.  It breaks into 'Pieces of 50' (50 x 1 gr), and that's fantastic -- were it not for the huge premium you pay for the card.  Given the premium, that'd be like paying $40 for a $30 silver coin.  Given this kind of markup for 1g of gold, I'd rather use 1 oz silver coins.  Unless he gets a piece of the action, Peter should know better.

Mon, 05/06/2013 - 20:00 | Link to Comment nmewn
nmewn's picture

Well, I got nuthin against ole Pete, everyones trying to make a buck, the customer doesn't have to go for it.

Snips work too, if it comes to it...lol.

As an aside, as a middle class guy I never understood the gold bar thing myself. They are far easier to stuff with tungsten, lead, whatever. The prudent "rich man" would be doing what I'm doing...along with a few diamonds & rubies and what not. 

But like I always say, its their saved labor, free world (such as it is) they can do whatever they want, I know what I'm comfortable with.

Gold & silver coin and lead inside a copper jacket ;-)

Tue, 05/07/2013 - 02:19 | Link to Comment Urban Redneck
Mon, 05/06/2013 - 20:26 | Link to Comment WmMcK
WmMcK's picture

2. Divisibility.  Silver dimes, below that nickels, below that copper pennies or just fuck it -- I don't need 6 decimal places.

Mon, 05/06/2013 - 20:12 | Link to Comment dark pools of soros
dark pools of soros's picture

Right cause the gov'ment can't close the local pm dealers right? Is that some sort of anti-vampire power not letting them in the building or something?

Mon, 05/06/2013 - 20:21 | Link to Comment nmewn
nmewn's picture

"Right cause the gov'ment can't close the local pm dealers right?"

Well they can...but their sales of coins (for fiat) would drop dramatically ;-)

Mon, 05/06/2013 - 21:55 | Link to Comment Money Squid
Money Squid's picture

can the gov close down illegal drug dealing, illegal gambling, prostitution?

Mon, 05/06/2013 - 18:51 | Link to Comment Tango in the Blight
Tango in the Blight's picture

He's desparately trying to look like a crossover between Kurt Russell and Geert Wilders.

Mon, 05/06/2013 - 18:58 | Link to Comment Grinder74
Grinder74's picture

You mean Corzine lost 6 billion BitCoins???

Mon, 05/06/2013 - 20:23 | Link to Comment greenbear
greenbear's picture

My my my, I wonder why Bart spoke out today? 

OH SNAP!!  Could the latest front in the currency wars be the bitcoin?

China Central Television Bitcoin Documentary  This government sanctioned piece is quite complimentary towards the bitcoin :)

Bitcoin: The Newest Tool In China’s Currency War Chest

 

What could the mass adoption of just a small fraction of 1.4 billion Chinese do for the price of bitcoin? The past 24 hrs, btcchina.com is the #2 exchange in volume traded after Mt.Gox!

 

Good luck to you corrupt banking cartel, and good luck to you as well western socialist central planners.  Who are the communists now, Biatches!

Mon, 05/06/2013 - 20:29 | Link to Comment zorba THE GREEK
zorba THE GREEK's picture

I said it before, and I'll say it again: "Bitcoin-Shitcoin" If you aint holding

physical gold or silver, you ain't holding shit(pardon my French)

Mon, 05/06/2013 - 20:40 | Link to Comment Canadian Dirtlump
Canadian Dirtlump's picture

Bart the bronze boob also spends ample time memorizing obscure rock n roll lyrics to quote to fill awkward silence after saying he cant comment on ongoing investigations..

Mon, 05/06/2013 - 20:58 | Link to Comment HardAssets
HardAssets's picture

But I though Chilton was 'one of the good guys' who was 'sincerely trying to get to the bottom of things'.

I am so disillusioned.

Mon, 05/06/2013 - 18:34 | Link to Comment Fuku Ben
Fuku Ben's picture

Just like they will close soon on 3D printing too

No freedom for you slave!

Mon, 05/06/2013 - 18:36 | Link to Comment Lost Wages
Lost Wages's picture

Should be fairly easy for the authoritarians to usurp this digital garbage.

Mon, 05/06/2013 - 18:56 | Link to Comment Precious
Precious's picture

The "colorable argument" required six partners ($650/hr), eight associates ($375/hr) and seven paralegals ($180/hr):

“In essence, we’re talking about a type of shadow currency, and there is more than a colorable argument to be made that derivative products relating to Bitcoin falls squarely in our jurisdiction.”

Mon, 05/06/2013 - 21:33 | Link to Comment HardAssets
HardAssets's picture

Now if I was a NWO minion and really wanted to screw with people . . . I'd sponsor Bitcoin, say I was against it (just like the banksters talked trash against the Federal Reserve Act back in 1913) while promoting it as digital money in competition  with PMs. I'd make sure the NSA boys knew how to crack the code, by having them write it. This would be a way for me to introduce a kind of completely digital money which I've been pushing for a long time. Whats even better than completely trackable money, is trackable money that people think isnt trackable.

All this is a complete flight of fancy, a speculation. I have no idea what the inside scoop is on Bitcoin, or whether it is 'good' or not.

Mon, 05/06/2013 - 21:48 | Link to Comment tenpanhandle
tenpanhandle's picture

I was thinking along the same lines.  Couldn't the govt pool all its computing power and mine bitcoins like a heap leach mining operation and pay off the national debt in bitcoin.

Mon, 05/06/2013 - 22:28 | Link to Comment HardAssets
HardAssets's picture

no, no, no . . . . the bankster boys don't make money off of paid off debt.  You'll have to retake the Bankster 101 course.

Tue, 05/07/2013 - 00:11 | Link to Comment Rory_Breaker
Rory_Breaker's picture

Correct. They are intersted in the collateralised hard assets and your labour.

Mon, 05/06/2013 - 19:04 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Told ya that the enemy of my enemy is my friend. 

First they came for my friend, but I did nothing about it.  Then they came for me and my friend was no longer there to help me.

Mon, 05/06/2013 - 18:36 | Link to Comment zorba THE GREEK
zorba THE GREEK's picture

All competition will be eliminated. The only way for the U.S. to remain #1 is to be the only game in town.

Mon, 05/06/2013 - 18:41 | Link to Comment Precious
Precious's picture

Then its half time and the home team is down 30 points.

Mon, 05/06/2013 - 21:51 | Link to Comment tenpanhandle
tenpanhandle's picture

Coincidentally, that has always been Obama's campaign strategies.

Mon, 05/06/2013 - 18:36 | Link to Comment fonzannoon
fonzannoon's picture

Just make the bitcoin etf already so we can all get on with our lives.

Mon, 05/06/2013 - 18:42 | Link to Comment GrinandBearit
GrinandBearit's picture

+1000

Mon, 05/06/2013 - 21:24 | Link to Comment SpykerSpeed
SpykerSpeed's picture

Or you could actually buy Bitcoins.  I know it's tough to get up off your ass and do it, though.

Mon, 05/06/2013 - 18:41 | Link to Comment ziggy59
ziggy59's picture

Fart Chilton...hows the silver manipulation investigation going, asshole?

Mon, 05/06/2013 - 18:41 | Link to Comment Ribeye
Ribeye's picture

Knock yourselves out losers,

It wasn't the answer anyway,

Mon, 05/06/2013 - 18:41 | Link to Comment Pareto
Pareto's picture

Trust the government to fuck up a good thing.  As always!   This CFTC agenda screams control and that bitcoin (and whatever variations develop  from it), are threatening the totalitarian free ride.  Bitcoin falls, 10 others will surface, and so it will go.  The fucking fact that the CFTC wants to regulate bitcoin signals precisely why there is every reason to at least have some of your wealth stored in this form.  When government says to do this it means, DO THE EXACT OPPOSITE.  Viva la bitcoin!

Mon, 05/06/2013 - 18:50 | Link to Comment nmewn
nmewn's picture

"When government says to do this it means, DO THE EXACT OPPOSITE."

Can't argue with that.

Mon, 05/06/2013 - 21:14 | Link to Comment HardAssets
HardAssets's picture

""When government says to do this it means, DO THE EXACT OPPOSITE."

Can't argue with that. "

 

Maybe . . . but ever hear of 'reverse psychology' ?

Ive become a complete skeptic of just about everything . . . except my own family, friends, and various animal pets.

Mon, 05/06/2013 - 21:37 | Link to Comment nmewn
nmewn's picture

At the end of it all, those are the only things that will really matter. It won't be politicians & bureaucrats grieving at our passage, they'll probably throw a party.

So, stuff me with black powder, tie a bow around me and give me a proper send off ;-)

Mon, 05/06/2013 - 18:42 | Link to Comment digitalhermit
digitalhermit's picture

Bart Chilton and the whole CFTC organization can SUCK MY DICK.

 

That is all.

Mon, 05/06/2013 - 18:43 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

I just looked up the word "whore", and you'll never guess whose JPG was there. 

Mon, 05/06/2013 - 18:43 | Link to Comment ziggy59
ziggy59's picture

I think more people have more real risk in real assets like pms, eh Fart?
Do your friggin job!

Mon, 05/06/2013 - 18:50 | Link to Comment Ribeye
Ribeye's picture

Btw, can one you guys please pass on a message to the DHS for me,

STAY THE FCK OFF IRISH WEBSITES, YOU HAVE NO FCKN JUSRISDICTION HERE,

Dickheads,

Mon, 05/06/2013 - 18:49 | Link to Comment godzila
godzila's picture

About time I would say !

Mon, 05/06/2013 - 18:50 | Link to Comment game theory
game theory's picture

Bitcoin is a ponzi scheme. That this scheme has run as long as it has here in the US seems to indicate that maybe someone wanted to give the Winklevoss twins as well as all the other connected elite time to bail first before the little guys and gals who hoped to make a buck on this get stuck with with some worthless ones and zeros.  

Mon, 05/06/2013 - 20:40 | Link to Comment RebelDevil
RebelDevil's picture

Yes, please give a proper defintion of what a ponzi scheme is, and then PROVE to us why it is.

Idiots are people who accuse, but don't give proof.

Mon, 05/06/2013 - 21:48 | Link to Comment HardAssets
HardAssets's picture

I doin't know what Bitcoin is. Its only value is if it is truly an anonymous digital means of exchange.  My own personal take is that I'm not a programmer or mathematician. I'm sure not a specialist in high level crypto software. So, whatever I hear about Bitcoin is from second hand sources whose opinions I don't have the personal knowledge base to evaluate in terms of technical competence or possible motive. What a writer, promoter, or even a fellow ZHer might say doesnt meet the technical knowledge requrement.  It would take a lifetime of work for me to build the needed competence (likely at PHd level) in such a specialized field. Since Ive been granted only one lifetime, I don't have another to spare.

So I keep in simple. I know PMs. They have a long history of human use. You dont need a Phd to evaluate them, (and todays Phd in economics might be a hindrance to understanding PMs).  I'm not against Bitcoin. I don't know enough to have an informed opinion on them. If I used them, it would really come down to 'faith'.  I'm not willing to do that.

Mon, 05/06/2013 - 18:50 | Link to Comment They Tried to S...
They Tried to Steal My Gold's picture

I like Bart better when he was making Automobile Repair manuals...

Mon, 05/06/2013 - 20:31 | Link to Comment cynicalskeptic
cynicalskeptic's picture

You give him too much credit - that's his second cousin Ernie.   Bart coudn't find the hood release (much as he can't find any signs ofmarket manipulation).

But you can't fault Bart.  What ya gonna do when you wake up with not just a horse's head, but a whole dead horse in your bed (part of the 'training program' for regulatory execs).

Mon, 05/06/2013 - 18:53 | Link to Comment bozzy
bozzy's picture

Jeez! US regulators on the world stage. Given the four years+ it took the CFTC to say NOTHING about the silver rig - anyone remember the Hunts BTW? - I'd guess the Bitcoin DIRECTORS must be running SCARED!!!

Now, they would be ??? There is this huge gulf between how the US administration thinks the US appears to the rest of us, and the actuality. I guess that is what comes of living the deception.

Mon, 05/06/2013 - 18:55 | Link to Comment WhiteNight123129
WhiteNight123129's picture

Enough Garbage of not being able to make the difference between currency and  money.

CUrrency (currency deposit, or Bank of England notes) is redeemable in something else (money).

Today central banks issue money, while the commercial banking system issues currency against base money or against good bills or against financial assets (mortgages).

Mmoney (100 USD bill or Gold coins in the old days) is not redeemable in something else.

Money is a form of payment which can not fail (ECB bank notes, gold coins in the old system).

Currency can fail (Cyprus, or in the old days banks of issue notes, even BoE notes which were also currency almost failed in 1825).

BITCOIN IS NOT A CURRENCY, BITCOIN IS A PRIVATE (not controlled by gov) MONEY.

 

Bitcoin IS NOT a currency, Bitcoin is a private money.

Ok I left the store of value argument aside because we all know on that blog that fiat money is a joke regarding this latest point.

 

 

 

Mon, 05/06/2013 - 18:54 | Link to Comment silverserfer
silverserfer's picture

shit, we havent even had a chance to polish our "paper" bitcoin jokes yet.

Mon, 05/06/2013 - 19:23 | Link to Comment Joe Sixpack
Joe Sixpack's picture

Who will open the first bitcoin ETF?

Mon, 05/06/2013 - 18:55 | Link to Comment CitizenPete
CitizenPete's picture

No doubt this is just a jolly and fun distraction as to allow a well deserved break from the intensive non-stop investigation and joint effort with the DOJ who are building the case against JPM for blatant illegal manipulation of commodities futures trading. Give the guy a break. I doubt he has slept or eaten much during the last 2 year investigation. /sarc

Brooksley Born, we remember.

Mon, 05/06/2013 - 20:33 | Link to Comment cynicalskeptic
cynicalskeptic's picture

I though Brooksy was resting with the fishes......  how DARE she want to regulate derivatives?

Mon, 05/06/2013 - 22:00 | Link to Comment tenpanhandle
tenpanhandle's picture

+1 for Brooksley Born.

Mon, 05/06/2013 - 19:02 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Anybody notice the pace of things picking up in the monetary sphere? 

The fiscal woes of Mediterranean countries.  Gold smackdown, BTC control.  "The Russian oligarchs and our rich aren't paying their fair share".  HK won't allow non-residents to open bank accounts.  Clearly China and Russia are "playing ball" with our guys -- especially after the latest of lame lip-service regarding Syria.

What's next?  The Capital Control Curtain seems ready to come down.

Mon, 05/06/2013 - 19:10 | Link to Comment Seasmoke
Seasmoke's picture

Bit coin is a world currency. Isn't that the goal of TPTB ???

I am so confused !!!

Mon, 05/06/2013 - 20:42 | Link to Comment RebelDevil
RebelDevil's picture

A one-world-currency could be a great thing, or a horrible thing. The issue comes down to control and TPTB want it.

Mon, 05/06/2013 - 21:16 | Link to Comment seek
seek's picture

Exactly. From TPTB's view, they want a one-world currency they have complete, centralized control over. Bitcoin is actually the antithesis of that, since it's an uncontrolled, decentralized currency. Indeed, I think bitcoin is probably the closest to a montery nightmare you could make for TPTB (gold is up there, but bitcoin can be moved instantly without physical concerns, border checkpoints, etc. which makes it more problematic than gold as far as control is concerned.)

Mon, 05/06/2013 - 23:02 | Link to Comment paint it red ca...
paint it red call it hell's picture

Bitcoin is not the super hero of currencies as shamelessly promoted. Your now on notice, officials are looking at the problem. The government is here to help.

If co-opting it to dark side of financial purpose is what is desired, it will be co-opted. Faith in the Bitcoin structure is just as misplaced as the hype that has accompanied its rise in profile. Confidence that a presently unforeseen mechanism cannot be devised to corrupt what is considered by Bitcoin proponents as incorruptible is simply a naive fantasy promoted to the gullible.

Just watch the genius of bureaucrats as they dismantle Bitcoin autonomy into the perfect one world currency of our nightmares. If that should be what is desired, and I suspect it is.

Tue, 05/07/2013 - 04:42 | Link to Comment css1971
css1971's picture

US dollars are bits of paper which can be exchanged peer to peer. Once issued the control over them is limited. However... They only make up about 5% of money. The rest is bank credit.

Exactly the same will happen with Bitcoin if banks see money to be made with it. There's nothing inherent in Bitcoins (or gold for that matter) which would prevent that.

Mon, 05/06/2013 - 19:12 | Link to Comment ebworthen
ebworthen's picture

"...from my cold dead hands..."

Guns, Gold, Silver.

Mon, 05/06/2013 - 19:14 | Link to Comment CD
Mon, 05/06/2013 - 21:27 | Link to Comment Bitchin Bear
Bitchin Bear's picture

Finally someone who knows the difference.

 

Mon, 05/06/2013 - 19:23 | Link to Comment kragsquest
kragsquest's picture

Pre-dawn raids are inevitable!  Too much at atake.

Mon, 05/06/2013 - 19:25 | Link to Comment widget
widget's picture

Is this from the same organization which always whines about being understaffed and too overloaded to handle their current responsibilities?

Mon, 05/06/2013 - 19:25 | Link to Comment thisandthat
thisandthat's picture

Last month IGMarket.pt announced bitcoin CFDs with maturity on 31 May; as of today, that page is simply no longer available and a search for bitcoin on the site brings nothing: http://www.igmarkets.pt/cfd/bitcoin.html

Mon, 05/06/2013 - 19:27 | Link to Comment Cacete de Ouro
Cacete de Ouro's picture

In the blue corner, weighing in as 230 pounds, itssss.......Mmmmacho Man, Rrrrandy Savage......!

 

And in the red corner, weighing in at 60 pounds,... and thats just the hair,.....itsssss Nothing to See here folks Man, Baart Chiltonnn ....!

Mon, 05/06/2013 - 19:27 | Link to Comment Being Free
Being Free's picture

Free Bernard von NotHaus!

Mon, 05/06/2013 - 19:28 | Link to Comment Bennie Noakes
Bennie Noakes's picture

They should not have called it Bitcoin. Maybe something more informal-sounding like "Funbits" or "Bitfun".

Mon, 05/06/2013 - 19:30 | Link to Comment q99x2
q99x2's picture

Chilton is going to have a hard time getting a BitCoin bankster to bribe him. He mayswell just head his ass down to the CVS red phone and wait in line.

Mon, 05/06/2013 - 19:47 | Link to Comment aicohn
aicohn's picture

Regulate THIS, Bart the fart!!!

Mon, 05/06/2013 - 19:49 | Link to Comment sodbuster
sodbuster's picture

>CFTC's Bart Chilton notes "it's not monopoly money - real people have real risk in these instruments,"<

But yet these asswipes don't apply the same logic to a fiat FRN????? Get a clue, shit for brains.

Mon, 05/06/2013 - 19:59 | Link to Comment chistletoe
chistletoe's picture

Hey I have a random question about all of this.

I got a promotional junk mail letter from Capital One or somebody today,

which  promised me "25,000 Bonus miles" if I joined up today

and goes on to tell me all the different things from all of the different vendors I can "buy" with those bonus miles.

 

does that not then identify "bonus miles" as a form of currency???

 

What's up with that??????? Is this legal?  Is it money laundering?

Mon, 05/06/2013 - 20:44 | Link to Comment hooligan2009
hooligan2009's picture

yes it is..these are vouchers..so is bitcoin..there are different terms and conditions..same with coupons..there is value in baseball cards, stamps..bitcoin has the supposed advantage of not needing to negotiate price plus have an instantaneous transfer of bitcoins..i personally haven't felt the need to do the work to make bitcoin work for me..i checked out the 6% bid/offer spreads, exchanges using inferior technology (why not use the same tech as algos or HFT for christ's sake) ..so it looked like a good idea that suffered from very poor design and "success" management.

makes me wonder about comparables..for instance, why some entrepreneurial type start a company and employ people at midnight on fridays to stand in front of people at checkouts for supermarkets and get them a bigger coupon bang for buck for their snap benefits with these coupon discounts..get loads of coupons from recycling plants (before coupons are pulped) go dumpster diving for coupons, call at houses to pick up unused coupons etc etc and turn it into a big business.

anyways..ebay/paypal works the same way as bitcoin, but in "real" fiat dollars..

you can probably get a market going in any virtual currency (like second life) and just make that extra step from virtual to real worlds if you sign up a few retailers who also play the game..

 

Mon, 05/06/2013 - 21:21 | Link to Comment dark pools of soros
dark pools of soros's picture

Spoken like a true douche...

<>
'exposing jokers daily'

Mon, 05/06/2013 - 21:29 | Link to Comment hooligan2009
hooligan2009's picture

:>)

Tue, 05/07/2013 - 06:44 | Link to Comment hooligan2009
hooligan2009's picture

heh.downvoters have obviously never ended up with way too many strip club "dollars" in their pockets they can actually spend in their 7-11..to the right person

Mon, 05/06/2013 - 20:08 | Link to Comment q99x2
q99x2's picture

That flaming hoodlum can't even regulate the gold or silver markets not to mention the new cash only economy. 

Maybe he is talking about this if he even knows what he is talking about. 

IG Poised to Widen Market for Spread Bets on Bitcoin

Which is a good thing if he is since people gamble on anything these days.

Mon, 05/06/2013 - 20:16 | Link to Comment Benjamin Glutton
Benjamin Glutton's picture

Bitcoin = Pokerstars Bitchez!

Mon, 05/06/2013 - 20:19 | Link to Comment mberry8870
mberry8870's picture

Alright, this IS something i know about i.e. the CFTC. And unlike most on this site I ain't doing no hiding behind pseudonym and publis and all that because I think it is useless in this day and age. You can't hide on the internet and if I really wanted to find you I could. I think we need to stop the hiding and just speak out and publically. Toward that end; this is complete crap i.e. this "regulation" of bitcoinn.

This really is the case of "Don't steal, the governemnt doesn't like the competition", or something to that effect. Having a feckless regulator regulate is an oxymoron. Please just get the FUCK out of my way and let's do something good. Good I hate these people.

Mon, 05/06/2013 - 20:22 | Link to Comment cheetahbaby
cheetahbaby's picture

With Bitcoin being big in places like Berlin, one would think Frau Merkel needs to be onboard as a collusionist. Bitmark anyone??? CB

Mon, 05/06/2013 - 20:24 | Link to Comment cherry picker
cherry picker's picture

.gov doesn't like cash period.  They can't control cash transactions between people.  That is why there is a war between people who like to do only cash transactions which is still legal tender and big brother.

Mon, 05/06/2013 - 20:38 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

They are getting worried.

 

Good. They fucking should be. But they should be more concerned with their own POS fiat crap. 

Mon, 05/06/2013 - 21:34 | Link to Comment Long Sticks and...
Long Sticks and Stones's picture

Now that the govt has decided to tax the net, the new uptrending Bitcoin will be the new online shopping currency of choice. Carry on.

Mon, 05/06/2013 - 21:34 | Link to Comment grunk
grunk's picture

Where were you during Beanie Babies?

Mon, 05/06/2013 - 22:18 | Link to Comment Long Sticks and...
Long Sticks and Stones's picture

I can replicate a beanie baby.

Mon, 05/06/2013 - 21:40 | Link to Comment MythicalFish
MythicalFish's picture

Here he comes. Be afraid Bitcoin, be very afraid.

 

http://www.youtube.com/watch?v=AnXh3XR9zyM

 

Mon, 05/06/2013 - 21:47 | Link to Comment Money Squid
Money Squid's picture

but, but, but....its double hash....no one can track it, or regulate because its a crypto currencie you see. No matter that people put links to kiddie porn in the code, or even a crude sketch of Bernanke. Its double hash.

Mon, 05/06/2013 - 21:54 | Link to Comment Iam_Silverman
Iam_Silverman's picture

Vice?

- or -

Vise?

 

There's a difference, you know.

Mon, 05/06/2013 - 22:06 | Link to Comment Antifaschistische
Antifaschistische's picture

"it's not monopoly money - real people have real risk in these instruments,"

So, the CFTC's role is to regulate all things with risk?   I completely do not understand his notion of what the role of the CFTC is.

 

Mon, 05/06/2013 - 22:24 | Link to Comment tenpanhandle
tenpanhandle's picture

Bart's pissed.  Red arrow for everyone.

Mon, 05/06/2013 - 22:46 | Link to Comment Canadian Dirtlump
Canadian Dirtlump's picture

lmao bart must have rolled in and hung a minus one on all comments.

 

rock and roll all night and party every day bartleby.

Mon, 05/06/2013 - 23:15 | Link to Comment loveyajimbo
loveyajimbo's picture

CFTC:  Where jamie comes for his weekly man-beef massage...  Gensler et al are bent over and waiting...

Tue, 05/07/2013 - 00:20 | Link to Comment W74
W74's picture

Shadow currency?  Why not chickens?  Plenty of people bartering stuff on Craigslist, Freecycle, etc. and have been for years, its only increasing.

Tue, 05/07/2013 - 03:23 | Link to Comment Zodiac
Zodiac's picture

There are 21 million bitcoins authorized, but not all have been issued.  They trade like a security, not like a currency.  Doesn't someone need to file registration statements for bitcoins?

Tue, 05/07/2013 - 03:29 | Link to Comment Zodiac
Zodiac's picture

I agree that CFTC is not the proper agency for the regulation of bitcoins, but in a US government where no one regulates as they are expect to do and are legally required to do, because they have gross conflicts of interest, then why not the CFTC stepping in?

Tue, 05/07/2013 - 04:40 | Link to Comment Debugas
Debugas's picture

money is a contract between an individual and a society to perform some work in exchange for money.

bitcoin is a currency that is it can be used in a day-to-day goods and services exchange between society members

gold is store of value that is it allows to shift fruits of someone's labour into the future

both gold and bitcoin complement each other performing different aspects of the functions of money

both are independent of any government and represent the future money of the free global society as opposed to government controlled and mandated fiat money systems

Tue, 05/07/2013 - 07:56 | Link to Comment yellowsub
yellowsub's picture

So if people lose money on it they have to protect them like they did on the stock market crash...

Tue, 05/07/2013 - 08:10 | Link to Comment Hondo
Hondo's picture

They want to try and debase it, like gold, etc, with paper bitcoins...........

Tue, 05/07/2013 - 21:09 | Link to Comment Tango in the Blight
Do NOT follow this link or you will be banned from the site!