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US Treasury Denies It Is Trying To Torpedo Bitcoin

Tyler Durden's picture




 

Submitted by Simon Black via Sovereign Man blog,

In remarks given late last week to the curiously named United States Institute for Peace, the head of the Treasury’s Financial Crimes Enforcement Network (FinCEN) vociferously denied any attempts at regulating digital currency... specifically Bitcoin.

The speech, entitled “The virtual economy: potential, perplexities and promises”, can be downloaded here for your reading pleasure. But here’s the gist:

http://www.fincen.gov/news_room/speech/pdf/20130613.pdf

 

- The government views virtual currencies as a “financial service”, and virtual currency exchanges as “financial institutions” that are “as much a part of the financial framework as any other type of financial institution.”

 

- The government further views that these ‘financial institutions’ have “certain responsibilities.” Namely, to “register with FinCEN” and become an unpaid spy of the US government.

 

- Resistance is futile. If businesses which provide digital currency services fail to comply, those individuals and companies “are going to be held accountable.” While those who comply “have nothing to fear from Treasury.”

It’s clear that Bitcoin is smack dab on the US government’s radar, despite the digital currency’s tiny market size. But it’s also clear that they don’t understand Bitcoin at all.

They claim, for example, that a digital currency is a ‘financial service’, as if Bitcoin is some sort of mutual fund or home equity line of credit.

Like gold, digital currency is not a financial service. It’s a proxy AGAINST the financial system that takes one’s savings out of fiat currency.

Bitcoin takes things a step further in that it is completely decentralized. There is no Bitcoin issuer that regulates its supply like a central bank, and no tiny elite that has the power to conjure new Bitcoins out of thin air.

As such, Bitcoin itself is nearly impossible to regulate. And the government at least seems to understand this point. Which is why the director so emphatically denies attempting to regulate the digital currency.

But that doesn’t mean they can’t spread fear, uncertainty, and doubt.

In this short 4-page speech, the Director twice made a connection between Bitcoin and (you guessed it) terrorism. Twice more connected Bitcoin to those who would exploit children. And four times linked digital currency to ‘criminals’ in general.

It’s certainly enough to scare most people away.

And, even though they cannot control Bitcoin, FinCEN is obviously laying the foundation to regulate every business that touches Bitcoin, from exchange houses to swap websites to digital wallet providers.

These companies will undoubtedly be forced to bed down with Uncle Sam and join the Big Brother network of financial snitches.

As we reported a few weeks ago, the government already took down the operators of the Liberty Reserve digital currency service... as well Bernard von Nothaus, the issuer of the now defunct Liberty Dollar.

They even went as far as to brand Nothaus a domestic terrorist for “making, possessing, and selling his own currency”. And even though he was convicted over two years ago, von Nothaus is STILL awaiting sentencing.

It just shows the depths they will sink to enslave people to their fraudulent fiat system. They’ll use any obscure law they can find, and they’ll imprison people if they have to.

And if they can’t, they’ll just regulate an entire industry... all to ensure that people have limited alternatives to their rapidly devaluing paper money.

(As an aside, it’s perfectly legal, and non-reportable in some instances, to hold gold and silver outside of the country, locked away in a non-bank safety deposit box. This is still a great option.)

 

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Mon, 06/17/2013 - 19:40 | 3666327 knukles
knukles's picture

Conspiracy Confirmed! 

Mon, 06/17/2013 - 19:44 | 3666348 whotookmyalias
whotookmyalias's picture

Makes me want it even more.

Mon, 06/17/2013 - 20:33 | 3666477 pods
pods's picture

The Liberty Dollar is perfect 1984 material as it actually contained silver.

Government sucks.

Period.

pods

 

Mon, 06/17/2013 - 20:51 | 3666526 macholatte
macholatte's picture

 

 

It's going to be interesting when doctors start to accept bitcoin in the post Obamacare gestapo environment, beginning January 1.  I can hardly wait.

Mon, 06/17/2013 - 21:03 | 3666552 phyuckyiu
phyuckyiu's picture

We must outlaw teh bitc0inz to stop the pedobear's. I think we can all unite behind this noble cause. I also hear teh bitc0inz supports Hezbollah and gives Sarin to Al CIAda.

Mon, 06/17/2013 - 22:13 | 3666715 Kirk2NCC1701
Kirk2NCC1701's picture

You don't have to wait.  Doctors are already accepting Bitcoin: http://youtu.be/E4Mqm9F0V30

What you got to say now, Treasury bitchez and Gov trolls!?

 

Tue, 06/18/2013 - 13:04 | 3668667 sirk1t
sirk1t's picture

Online med consults for bitcoins: https://bitcointalk.org/index.php?topic=64287.0;all

Tue, 06/18/2013 - 14:05 | 3668909 thisandthat
thisandthat's picture

 

Online med consults

That alone...

Tue, 06/18/2013 - 07:54 | 3667380 venzen
venzen's picture

exactly. that seems to be the general plan:

Will the real Mr Satoshi Nakamoto please stand up

Mon, 06/17/2013 - 20:49 | 3666518 auntiesocial
auntiesocial's picture

no mention of the Wall Street and Bankster economic terrorists.... par for mudda firkin course.

Mon, 06/17/2013 - 22:49 | 3666827 CPL
CPL's picture

Because that would require the media to provide balanced reporting and doing their jobs. 

Right now 90% of them are flopping around writing coverage that only fresh wrapped fish would deem proper.

 

Other than Zerohedge and the links to the left.  They are all that is left of English Business media that meticulously tears apart a problem and flags issues.  The MSM now in Business news, if you followed any of their advice, you'd be broke in a year.

 

(Mish's Global Economic Analysis is outstanding and he swings a heavy club of reason and sanity, and poke around for Cognitive Dissonance's stuff, outstanding pontification and philosophy.)

Mon, 06/17/2013 - 19:40 | 3666329 One And Only
One And Only's picture

Bitcoin rapes babies.

Mon, 06/17/2013 - 19:55 | 3666373 IridiumRebel
IridiumRebel's picture

It'll eat your children!

Mon, 06/17/2013 - 20:03 | 3666393 CaptainObvious
CaptainObvious's picture

It'll burn your crops, poison your water supply, and bring havoc to your nation!

Mon, 06/17/2013 - 20:09 | 3666413 cougar_w
cougar_w's picture

Bitcoin is a direct spawn of Satan.

Mon, 06/17/2013 - 20:46 | 3666508 knukles
knukles's picture

Waiiiiiiiit...
I'm confused.
My mom used to tell me that!

 

Next ting you'll tell me is it's genetically modified and patented by Goldman.

Mon, 06/17/2013 - 20:54 | 3666533 macholatte
macholatte's picture

 

FLASH  THIS JUST IN

 

BITCOIN SENDING MISSLES AND TROOPS TO SYRIA

BITCOIN DENIES SPYING ON INNOCENT BYSTANDERS

BITCOIN USED TO BUY 15 GAZILLION ROUNDS OF 40 CAL HOLLOW POINTS

Mon, 06/17/2013 - 21:09 | 3666564 phyuckyiu
phyuckyiu's picture

Teh Bitc0inz makes baby Jesus cry.

Fri, 06/21/2013 - 09:15 | 3666887 CPL
CPL's picture

The bitcoin slid around the side of the door frame.  Back pressed against the wall, BtC checked his corner quickly.  A reply of random staccato tacking as bullet wizzed wildly everywhere.  BtC wiped his hand on a pant leg to clear of the dirt and blood and pulled his laptop out.  BtC steadily loaded the Bitcoin miner and checked on the crunching.  'Soon' he hoped.

"We know you're in there, come out rendered algorithm trading as a capital device!!!"  shots rang out a again.  "Motherfucker!!"  Followed by the steady chug of AR-15 pumping out rounds, followed by various calibres after the fact fired in every direction.

BtC noticed he'd generated a set.   He finalized the transaction, then 200 more BtC's showed up, to which they pulled out their laptops and started to mine BtC from their systems.  BtC checked around the doorway and as usual the entire room was packed with blind well heeled gentlemen shooting each other and admonishing staff to take paycuts simultaneously with a forced monthly real inflation of 3%.

BtC shook his head then started to generate another set.  All the Bitcoins knew it was only a matter of time before those loons shot each other and unicorns that shat skittles then BtC would bring some measure of responsible currency management by proxy of the way Bitcoins are set up.  The machines to mine them all haven't been invented yet and would require some really freaky spacial quantum math that about four people on the planet know how to do it....barely.  It's absurd complexity and infinite variation with finite dimensions is what makes it impossible to regulate. 

The End, best kid's bedtime story ever.

Mon, 06/17/2013 - 20:57 | 3666538 cougar_w
cougar_w's picture

Bitcoin is genetically modified from naturally occuring greed, and is patented by Monsanto. Just like everything else in the world.

Mon, 06/17/2013 - 20:12 | 3666425 Long-John-Silver
Long-John-Silver's picture

Bitcoin rapes babies.

It'll eat your children!

It'll burn your crops, poison your water supply, and bring havoc to your nation!

 

So it's Government Business as usual.

Mon, 06/17/2013 - 20:21 | 3666452 nmewn
nmewn's picture

Pretty much.

With an added fascist twist, one has to pay for net service and procure a device from some hated "capitalistic" company.

Aside from that, the homeless, the destitute & the panhandlers need not beg for this type of "hot money"...the government has a program for them ;-)

 

Mon, 06/17/2013 - 20:22 | 3666455 cougar_w
cougar_w's picture

And man does that ever have their undies in a bunch!

Mon, 06/17/2013 - 20:35 | 3666481 NoDebt
NoDebt's picture

Yes it does.  "Digital currencies" are a GRAVE threat to central banks everywhere.  They WILL be crushed under regulation, legal entanglements or outright bans (ask InTrade about that).  Currency control is one of the last things sovereigns have at their discretion to sweep the bad debt under the rug.  Take that away and they would have to <gasp!> live within their means (or however far they can tax before the pitchfork-n-torches crowd shows up on their doorstep).

I still hold my small BitCoin account.  If only out of a morbid sense of curiosity.

 

Mon, 06/17/2013 - 20:44 | 3666505 SpykerSpeed
SpykerSpeed's picture

"They WILL be crushed under regulation, legal entanglements or outright bans (ask InTrade about that)."

 

InTrade was centralized.  Bitcoin isn't.  So it can't be stopped.

Mon, 06/17/2013 - 23:07 | 3666882 dark pools of soros
dark pools of soros's picture

There are a lot of fronts that bitcoin stands well on.   Even if you forgo using it to hide your wealth, you can still use it as a much better way to buy things internationally than anything else.  And those merchants don't have to give a fuck about uncle sam or master card

and as I said a few times, it is a lot easier to mine bitcoins right now and use them to buy PMs than it is to actually mine PMs

I've already received three orders of silver and one order of gold since I've been mining btc - you guys are on ZH for fucks sake and completely asleep at the wheel.. 

all you ZH haters will still have buyin periods since its price should swoon for the next 6 months but come early next year it should ratchet up a few more notches once this latest ASIC mad dash pans out

 

Mon, 06/17/2013 - 22:01 | 3666666 XitSam
XitSam's picture

Digital currencies are fine with the government as long as they are run, monitored, tracked and logged by the government, and by corollary, the established banking system.

It's all about control.

Mon, 06/17/2013 - 22:23 | 3666745 otto skorzeny
otto skorzeny's picture

EVERY TRANSACTION IS TAXABLE/TRACEABLE when it is digital- the ultimate dream of every govt

Mon, 06/17/2013 - 23:15 | 3666899 dark pools of soros
dark pools of soros's picture

I just bought a bunch of shirts from Thailand directly using BTC.. no tax.. you guys are freaking stuck on loonybin about btc

how can any of you still be on the internet these days the way you are petrified of da govment?

Mon, 06/17/2013 - 23:33 | 3666947 nope-1004
nope-1004's picture

I don't think they were referencing btc today, but in general what the motive for the .gov is with respect to digital currency.  It's not btc itself, it's whatever digital currency the .gov wants incorporated ON THEIR TERMS and under their control.  You bet, once in place, you will be monitored, tracked, and taxed.  Maybe not btc, but surely some other mechanism.  So simple to monitor everyone with computer programs.

 

Mon, 06/17/2013 - 20:24 | 3666459 MeelionDollerBogus
MeelionDollerBogus's picture

and a pox!

and a GYPSY CURSE

Mon, 06/17/2013 - 20:42 | 3666504 cougar_w
cougar_w's picture

Gypsy curses are the best.

"For this offense you will be dragged through all 18 holes of a poorly maintained golf course by deranged camels -- nude!"

Mon, 06/17/2013 - 20:47 | 3666513 knukles
knukles's picture

Holy smokes!  I promise I'll be good

Mon, 06/17/2013 - 20:52 | 3666528 cougar_w
cougar_w's picture

Whatever you do, do not fuck around with gypsies. That's the lesson here.

Mon, 06/17/2013 - 23:27 | 3666934 CPL
CPL's picture

especially ones that own camels.

Mon, 06/17/2013 - 20:51 | 3666523 davinci7_gis
davinci7_gis's picture

Sad, but they are right...that the bitcoin will be eventually eaten by the spawn of the creature from Jekyll Island!

Mon, 06/17/2013 - 19:41 | 3666333 EscapeKey
EscapeKey's picture

Major drug dealers operate in US Dollars - in fact, weighing the money by the ton.

BAN THE US DOLLAR!

Mon, 06/17/2013 - 20:36 | 3666484 pods
pods's picture

Maybe FINCEN should look into how this drug money is handled/laundered?

Oh wait, they get a cut, I'm sorry.

Can you say hyprocritical?

I knew you could.

pods

Tue, 06/18/2013 - 00:08 | 3667028 Kirk2NCC1701
Kirk2NCC1701's picture

They hate the Euro too, as it comes in 200 and 500 EUR notes.  They hate that kind of competition cutting into their Velocity of Money.

Ban the Euro! /s

Mon, 06/17/2013 - 19:42 | 3666334 PaperBear
PaperBear's picture

Bitcoin is a tool. Bitcoin is an inanimate virtual object.

Director, please quit relating a tool as 'terroristic'.

Mon, 06/17/2013 - 19:44 | 3666345 XenoFrog
XenoFrog's picture

A tool created as a proof of concept, and utilized by con men and fools, each thinking they're getting one over on the other.

Mon, 06/17/2013 - 19:47 | 3666351 Schmuck Raker
Schmuck Raker's picture

Let's leave government out of this discussion, shall we?

Mon, 06/17/2013 - 19:52 | 3666360 Shell Game
Shell Game's picture

You need TOR for that....

Mon, 06/17/2013 - 19:53 | 3666366 XenoFrog
XenoFrog's picture

Bitcoin: For all your Drug and Child Pornography needs.

Mon, 06/17/2013 - 19:58 | 3666378 NidStyles
NidStyles's picture

Seems to be a lot of that stuff going around before Bitcoin was a thought.

 

Mon, 06/17/2013 - 21:16 | 3666575 phyuckyiu
phyuckyiu's picture

Yes! Yes! Outlaw Teh Bitc0inz because of the pedobears! IT'S FOR THE CHILDREN!

 

Wanna know what your government will look like in 50 years when the majority of voters is women? Look no further than Xeno.

Mon, 06/17/2013 - 21:25 | 3666599 nmewn
nmewn's picture

lol...before a gleam in bitsters eye.

I'll say again, as a concept, as a device, to keep prying eyes away from what someone chooses to do with their money, bitcoin is ok in my book.

But, its clearly not money...money is universal.

 

Mon, 06/17/2013 - 22:15 | 3666722 XenoFrog
XenoFrog's picture

Like throwing gasoline on a fire, offering risk free (relatively) trade of the stuff has only encouraged the internet drug trade and child through Silk Road.

Tue, 06/18/2013 - 05:57 | 3667304 fiftybagger
fiftybagger's picture

Go back to Huffpo where you belong

Mon, 06/17/2013 - 20:00 | 3666381 seek
seek's picture

Not all, I'm afraid there's still plenty of drug dealers and other criminals that insist on cash.

Mon, 06/17/2013 - 20:07 | 3666388 EscapeKey
EscapeKey's picture

What a stupid comment.

Last I checked, the US Dollar is used as intermediate in those you list above, PLUS it finances and enables wars, government sponsored NSA cyberterrorism, legalized Wall Street theft, grand scale government corruption, and the ongoing war on the middle class.

Bitcoin - as well as any other currency - is ultimately just a tool. Your sort of wharrgarbl about one or the other really just exposes your myopic bias, nothing more, nothing less.

Mon, 06/17/2013 - 20:18 | 3666441 James_Cole
James_Cole's picture

Bitcoin - as well as any other currency - is ultimately just a tool. Your sort of wharrgarbl about one or the other really just exposes your myopic bias, nothing more, nothing less.

In the eyes of big brother, if you try to operate outside of the system you are a threat to the system and therefore a terrorist. It's pretty simple. 

Mon, 06/17/2013 - 19:51 | 3666340 IridiumRebel
IridiumRebel's picture

King Dollar!

Mon, 06/17/2013 - 20:11 | 3666419 cougar_w
cougar_w's picture

To this day, the only monetary unit never once used for anything nefarious ever. Fact.

Mon, 06/17/2013 - 19:43 | 3666342 lunaticfringe
lunaticfringe's picture

Yea, the working group has no interest in any commodity that competes with the central bank's asswipe. I am too fucking cynical to buy that. Fuck you Treasury.

Mon, 06/17/2013 - 19:51 | 3666344 NidStyles
NidStyles's picture

Obey or be dealt with. No other solutions or choice in the matter. Sounds like Freedom to me....

Mon, 06/17/2013 - 20:38 | 3666487 pods
pods's picture

No shit, since when has the government EVER been concerned with laws?

Oh right, when WE break them.

pods

Mon, 06/17/2013 - 19:44 | 3666346 StarTedStackin'
StarTedStackin&#039;'s picture

What HASN'T the Obowel Movement lied about?

 

Figure it this way, If it comes out of the Obowel Movement's liehole, the opposite is true....think AFFORDABLE CARE Act.....

Mon, 06/17/2013 - 20:17 | 3666400 StarTedStackin'
StarTedStackin&#039;'s picture

What HASN'T the Obowel Movement lied about, down arrowing cowards?

 

 

I ask often, but Obowel voters cower more often......

 

 

Like I maintained......those Obowel wipers are cowardly!!!!

Mon, 06/17/2013 - 20:33 | 3666471 BlueCollaredOne
BlueCollaredOne's picture

The down arrows you receive are from us that see both political parties as being two sides of the same coin.  You've been here for 17 weeks, that is ample time to learn such.   

If you don't understand, stick to fox news comment boards. 

Mon, 06/17/2013 - 20:39 | 3666492 pods
pods's picture

Correct, one foot out of the matrix is one foot IN the matrix.

pods

Mon, 06/17/2013 - 20:50 | 3666519 knukles
knukles's picture

Now that would definitely be confusing.

Mon, 06/17/2013 - 21:00 | 3666544 BlueCollaredOne
BlueCollaredOne's picture

I think pods was alluding that stackin has discovered ZH, therefore one foot is out of the matrix.

Yet, he also plays partisan games, showing that he cant dislodge his other.  

He'll snap out of it, some people just really like to cling to their team.

 

Mon, 06/17/2013 - 19:44 | 3666347 indio007
indio007's picture

All will fail against bitcoin.

Mon, 06/17/2013 - 20:06 | 3666405 StarTedStackin'
StarTedStackin&#039;'s picture

Did you forget the     /s?, or are you one of those winkleweenies?

Mon, 06/17/2013 - 21:19 | 3666586 phyuckyiu
phyuckyiu's picture

He has a pretty cool wizard avatar tho.

Tue, 06/18/2013 - 11:31 | 3668239 indio007
indio007's picture

That's Pai Mai

Mon, 06/17/2013 - 20:12 | 3666426 cougar_w
cougar_w's picture

Cage match! In the mofo cage!!!1!

Tue, 06/18/2013 - 17:17 | 3666457 MeelionDollerBogus
MeelionDollerBogus's picture

when your segment of internet is disconnected for good and when the power goes out, you won't be so smug.

But I will be. I have gold & silver. Your btc are worthless to me.

 

** edit: 3 people with sandy-vagina-coins are gonna be very sorry when the lights go out

Mon, 06/17/2013 - 19:45 | 3666349 Duc888
Duc888's picture

Bitcoin > Terrorism. A-yup. They're just pissed because the Fedsters won't get their vig.

 

....competition and all that....hehehehehe

 

This is a "one Ponzi" world, ya can't dig into their profits dontchaknow.

 

Keep voting.  Pull my finger..  We need your consent to keep Uncle Sham goin'.

Mon, 06/17/2013 - 19:48 | 3666353 ParkAveFlasher
ParkAveFlasher's picture

Simon Black, how do I learn more about subspace interdimensional lock boxes?  I'd like to store my gold at a non-terra datum in conventional spacetime, but the lift costs for Mercury-Venus Lagrange Point injection are a bit, may I say, "steep"...could you send a pamplet?  Also, is there a catalog for your handcrafted llama-fur socks?  thx, Park

Mon, 06/17/2013 - 20:05 | 3666402 CaptainObvious
CaptainObvious's picture

+1 I just snarfed scotch out my nose upon reading that.

Mon, 06/17/2013 - 20:14 | 3666435 cougar_w
cougar_w's picture

SYSTEM NOTICE: You have used up your daily quota of snark. To increase your snark quota contact ZH Customer Support and ask for the premium snarking package. Thank you! Team-ZH

Mon, 06/17/2013 - 20:38 | 3666488 Hulk
Hulk's picture

Now thats funny, I don't care who you are !!!

Mon, 06/17/2013 - 22:04 | 3666691 XitSam
XitSam's picture

Hulk ... laugh!

Mon, 06/17/2013 - 22:04 | 3666693 Blano
Blano's picture

Thank you Park AND cougar!!

Mon, 06/17/2013 - 20:35 | 3666482 BlueCollaredOne
BlueCollaredOne's picture

I miss the good old days when simon complained about having to drive last years Mercedes because the ferrari was overheating.   

 

Mon, 06/17/2013 - 20:52 | 3666525 knukles
knukles's picture

I always wondered why he spent so much time in Bangcock Thailand.

Mon, 06/17/2013 - 21:27 | 3666601 taniquetil
taniquetil's picture

If you can't store it in extra-solar orbit, it's not yours?

Mon, 06/17/2013 - 19:54 | 3666361 lolmao500
lolmao500's picture

One pic that describes the Russia-US relations... (just taken at the G8)

http://media.zenfs.com/en_us/News/Reuters/2013-06-17T211055Z_1_CBRE95G1M...

They both have interlocked fingers - a sign of enmity. Putin has wide opened legs with no smile... he feels dominant... Obama legs are not totally open and with the face he's doing... he feels weak compared to Putin and that pisses him off due to his ego.

Their relation and egos could end up being very dangerous since the whole thing is over Syria.

Mon, 06/17/2013 - 19:57 | 3666377 IridiumRebel
IridiumRebel's picture

Who do you think sucked his thumb longer?

Mon, 06/17/2013 - 20:01 | 3666385 otto skorzeny
otto skorzeny's picture

Putin has chunks of guys like you in his stool.

Mon, 06/17/2013 - 20:06 | 3666403 WillyGroper
WillyGroper's picture

I bet they've already done the DNA tests on that one.

Mon, 06/17/2013 - 20:54 | 3666531 knukles
knukles's picture

Chick Norris is Putin's maid.

Mon, 06/17/2013 - 20:09 | 3666411 Yen Cross
Mon, 06/17/2013 - 20:13 | 3666429 otto skorzeny
otto skorzeny's picture

good luck to that cheesepope trying to get it back.

Mon, 06/17/2013 - 20:15 | 3666437 Yen Cross
Yen Cross's picture

  lulz.

Mon, 06/17/2013 - 20:21 | 3666448 IridiumRebel
IridiumRebel's picture

What's a cheesepope? I keep swing this and don't what it is...

Mon, 06/17/2013 - 20:32 | 3666474 Yen Cross
Yen Cross's picture

     You were just given the numerator Iridium Rebel.

  It's up to you, to figure out the second half of the 'legend/biblical side' of things.

   They have mediterranean origins.

Mon, 06/17/2013 - 20:39 | 3666493 IridiumRebel
IridiumRebel's picture

Is it like a cheesemonger?

Mon, 06/17/2013 - 20:48 | 3666516 Yen Cross
Yen Cross's picture

    I'm not telling you IridiumRebel  . You're too smart, and will figure it out over time. (another hint)

Mon, 06/17/2013 - 21:56 | 3666671 IridiumRebel
IridiumRebel's picture

Jeebus. I'm gonna have to google this and have anti-Semite added to my Main Core dossier. Great.

Mon, 06/17/2013 - 20:51 | 3666520 cougar_w
cougar_w's picture

It has nothing whatever to do with midgets. Of this I am confident, having researched it extensively.

Mon, 06/17/2013 - 20:53 | 3666529 knukles
knukles's picture

So the SEC won't get involved?

Mon, 06/17/2013 - 21:00 | 3666545 Yen Cross
Yen Cross's picture

     LMAO Knuks. Nice work.  Slap that Cheetah,  around.

Mon, 06/17/2013 - 21:08 | 3666563 IridiumRebel
IridiumRebel's picture

Fucking. Love. Knukles. You good too Yen. Otto is a little angry, but I got love for him.

Mon, 06/17/2013 - 20:52 | 3666420 IridiumRebel
IridiumRebel's picture

I propose me midrare.....with an apple in my mouth as he and other Russian beauties roast me over a spit in a Siberia. A lovely Bordeaux with a port glaze and fingerling potatoes would suffice. It'd be the biggest shit he ever took. The satisfying kind that has that semi feel of orgasm when the shit tale leaves his anus.

Edit: I would like to state for the record that Vladimir Putin is tougher than me.

Mon, 06/17/2013 - 20:40 | 3666499 NoDebt
NoDebt's picture

Otto- you made my day.  That's one funny-ass comment right there.

Mon, 06/17/2013 - 20:02 | 3666390 otto skorzeny
otto skorzeny's picture

that's great- my new wallpaper. putin is probably itching to go kick the shit out of that trash talking pussy canuck harper.

Mon, 06/17/2013 - 20:31 | 3666473 dick cheneys ghost
dick cheneys ghost's picture

Otto......some more pics of Putin/obummer from today.........

http://www.dailymail.co.uk/news/article-2343401/Obama-Putin-look-awkward...

 

anyone seen francis today?

 

 

Mon, 06/17/2013 - 20:57 | 3666539 knukles
knukles's picture

Reading the visuals.
Putin:  Showed that little squeege who's the fucking boss.   And I don't give a rats ass about how his Irish feelings have been hurt.  Useless cunt.
Obie:  God I hate this shit.  I best look tough for Reggie.  Reggie! 

Mon, 06/17/2013 - 21:02 | 3666550 IridiumRebel
IridiumRebel's picture

It does kinda help to have a leader who at least looks tough. Our guy looks like he just had a bad tuna sandwich. I'm surprised Putin isn't clad in a Russian bear headdress, loin cloth and AK-47.

Mon, 06/17/2013 - 22:06 | 3666699 RaceToTheBottom
RaceToTheBottom's picture

Now that Putin is single, he can show up with an Amazoness and rub miss manliness in their faces.... After he finds some more artifacts and rides a wild bear

Mon, 06/17/2013 - 21:18 | 3666579 oddjob
oddjob's picture

Hopefully the voters in Calgary southwest remember what a disgusting popinjay of isreal harper turned out to be.

Mon, 06/17/2013 - 20:03 | 3666392 Racer
Racer's picture

And the serfs will have to die because of his ego.... and his nobel peace prix

Mon, 06/17/2013 - 20:09 | 3666414 otto skorzeny
otto skorzeny's picture

He may be an asshole- but he'll always be a Zionist puppet.

Mon, 06/17/2013 - 20:41 | 3666500 ebworthen
ebworthen's picture

That picture speaks volumes:

Putin:  "You've been a bad boy Barrack."

Obama:  "Yeah, I know it."

Mon, 06/17/2013 - 19:54 | 3666365 Goldilocks
Goldilocks's picture

"trade" "mark" . . . "trademark"

Mon, 06/17/2013 - 19:56 | 3666375 Yen Cross
Yen Cross's picture

    Fiat is the last bastion for criminal activity.

     Ironically, Fiat is the last bastion of economic freedom, until faith in Fiat is lost.

  Safes, will always include Fiat in their inventories, if not just for sentimental value.

Mon, 06/17/2013 - 19:59 | 3666380 Racer
Racer's picture

emphasis on a 'non bank' safe deposit box!

Mon, 06/17/2013 - 20:04 | 3666399 Yen Cross
Yen Cross's picture

    Hardened, cement encased SAFE.

Mon, 06/17/2013 - 20:05 | 3666401 EscapeKey
EscapeKey's picture

Meh, safety deposit boxes have been raided here in the UK.

Mon, 06/17/2013 - 20:04 | 3666397 New_Meat
New_Meat's picture

yep

Mon, 06/17/2013 - 20:06 | 3666404 Poor Grogman
Poor Grogman's picture

Fine, if uncle Sam doesn't want bit coin.
That still leaves the rest of the world.

Mon, 06/17/2013 - 20:07 | 3666407 cougar_w
cougar_w's picture

"Oh no, we're not trying to shut down the terrorist-infested child-mol'stn' nest of degenerate criminals. No sir. Go right ahead and sink your money into them. We double-dog dare ya."

Mon, 06/17/2013 - 20:14 | 3666427 Yen Cross
Yen Cross's picture

      cougar_w   Cash will always exist!    Governments can't fight wars without it.

 Having the ablity to legally & anonomously purchase an item is my right!


Mon, 06/17/2013 - 20:21 | 3666447 cougar_w
cougar_w's picture

It seems my humor has surpassed the esoteric and entered into the sublime.

I will now leave behind this mortal search for meaningless truths and become one with the total mind of The One Carlin.

Mon, 06/17/2013 - 20:35 | 3666480 Yen Cross
Yen Cross's picture

    I appreciate your humor. I, also enjoy George Carlin. (egosentric or esoteric)?

Mon, 06/17/2013 - 20:13 | 3666432 Agstacker
Agstacker's picture

I'm still buying silver.

Mon, 06/17/2013 - 20:19 | 3666443 StarTedStackin'
StarTedStackin&#039;'s picture

I'm buying West Vagina farmland, some toys, then smore silver with the leftovers......then some silver each month as long as I still get a pension, measly as it is.....

Mon, 06/17/2013 - 20:19 | 3666445 CaptainObvious
CaptainObvious's picture

Hedge your bets...add some Au, food, ammo, and water to your stack.

Mon, 06/17/2013 - 21:42 | 3666638 Free Wary
Free Wary's picture

rice

Mon, 06/17/2013 - 20:30 | 3666469 Hundred Dollar Bonus
Hundred Dollar Bonus's picture

One day people people around the globe will quickly realize that the USSA doesn't produce anything and notice all of our gold has been shipped east. The only people listening to clowns like "the director" will be Rahm and Namny Bloomburg.

Mon, 06/17/2013 - 20:31 | 3666470 Pancho Villa
Pancho Villa's picture
18 USC § 486 - Uttering coins of gold, silver or other metal

Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both.

Since Bitcoins are not made of metal, this law doesn't apply to them. But it is clear that the authors of this law didn't want anything but US currency being used within the US. (It would appear that attempting to buy something in the US with Canadian or Mexican coins could potentially land you in prison for up to 5 years.) I think the law will be extended to Bitcoins if they start to become popular.

 

Mon, 06/17/2013 - 21:38 | 3666631 geewhiz
geewhiz's picture

This is the best way to stifle competition to the "legal tender". As the economy becomes more desperate they will have to start using the FEMA camps to contain the black market overload of convictions. Perhaps summary executions would be more cost effective for the land of the free.

Mon, 06/17/2013 - 20:35 | 3666475 ebworthen
ebworthen's picture

Humph.

And I thought the criminal activity was bailing out malfeasant banks and failed corporations with taxpayer money by the FED, the Treasury, and the CONgress.

Mon, 06/17/2013 - 20:39 | 3666495 squidward
squidward's picture

The Treasury has a "Financial Crimes Enforcement Network"???!!!???

 

They must have their hands full.

So it take it that it's not just the SEC that has a huge porn collection. 

Mon, 06/17/2013 - 20:46 | 3666511 Missiondweller
Missiondweller's picture

Bitcoin will be long forgotten once the Gold Bullion Debit Card is opeartional. It allows people to hold their gold outside the banking system until an transaction is done by a debit card, then just enough gold is sold (in milligrams) to offset the tranasction. The currency is merely a brief intermediary.

Mon, 06/17/2013 - 20:54 | 3666515 cougar_w
cougar_w's picture

That will never work.

Now if it were based on heroin you might have something.

I think I must be channeling the dark, disillusioned ghost of Groucho Marx today, or something.

Mon, 06/17/2013 - 20:57 | 3666540 Missiondweller
Missiondweller's picture

Tell that to the billions of people around the world (especially CHina & India) who own gold.

Mon, 06/17/2013 - 21:02 | 3666549 Yen Cross
Yen Cross's picture

    Is it true that Cats absorb the souls of their prey?

Mon, 06/17/2013 - 21:29 | 3666610 geewhiz
geewhiz's picture

A sliver of precious metal could be embedded into a paper document and be used as cash. A banker could not wantonly create money because the money has no value unless it has the metal of equal value embedded. Gets rid of counterparty risk as well. Better than whats there now but not as portable or concealable as bitcoin. There would be black market exchanges in various countries so you would not have to physically transport the cash if it gained international recognition.

Mon, 06/17/2013 - 21:02 | 3666548 bearparty
bearparty's picture

I don't see where Bitcoin is linked to terrorism directly in the speech.

Mon, 06/17/2013 - 21:08 | 3666561 flacorps
flacorps's picture

The Director should refrain from disparaging his moral betters.

Mon, 06/17/2013 - 22:04 | 3666677 animalspirit
animalspirit's picture

You mean her moral betters ... 

Jennifer Shasky Calvery has been FinCEN director since September 2012.

http://cdn.americanbanker.com/media/newspics/shasky_jen3_365.jpg

Mon, 06/17/2013 - 21:19 | 3666583 geewhiz
geewhiz's picture

The real issue is that bitcoin is there to enable free trade, i.e. "underground" economies. Once fiat is converted into btc or btc is earned off the radar the parasites are out of the equation. There is no need for parasite enabled or authorized systems. All they can really do is try to destroy the blockchain, fudge the internet, or provide draconian consequences for those caught using btc. Like PM's (and cash), btc is peer to peer but more portable and concealable and easily secured than PM's. Those that understand the concept of money know the cat is out of the bag on this type of money. Even if they find a way to destroy btc something similar and more indestuctible that enables authentic free trade will replace it.The concept will survive because it is wanted, needed, and its time is here. This must terrify the slavers who understand what is happening and I am sure they are trying to find a solution. The only solution I can think of is a global police state with the death penalty for those caught engaging in underground economic activity. I don't know how you spin granny selling banana bread from her kitchen as terrorism or pedophilia, which our central planners engage in themselves. Economics is an important dimension in the war for freedom and btc will play a major role in that dimension.

Tue, 06/18/2013 - 06:07 | 3667308 fiftybagger
fiftybagger's picture

All they have left at this point is mind control, i.e. BS and FUD

The Bitcoin Channel

Mon, 06/17/2013 - 21:38 | 3666629 Free Wary
Free Wary's picture

...Of course criminals scrupulously avoid virtuous currencies like the US dollar.

Mon, 06/17/2013 - 21:42 | 3666640 logicalman
logicalman's picture

Bitcoin....

Can you hold it?

..................

Mon, 06/17/2013 - 21:45 | 3666648 Free Wary
Free Wary's picture

yes you can print bitcoins to paper and then electronically shred the electronice files from your hard drive. In my opinion the biggest problem with bitcoin is that its just  another currency.

Mon, 06/17/2013 - 22:11 | 3666714 RaceToTheBottom
RaceToTheBottom's picture

" just  another currency"

 

What does that mean?  Please expand.

Tue, 06/18/2013 - 08:46 | 3667489 Free Wary
Free Wary's picture

Currencies fail. Don't get me wrong, I think I like bitcoin, but if swiss banks couldn't stand up to US govt intrusion, how can bitcoin? And how long until someone cracks the encryption keys?

Mon, 06/17/2013 - 23:24 | 3666920 Kirk2NCC1701
Kirk2NCC1701's picture

The Fed's electronic-QE...

Can you hold it?

Mon, 06/17/2013 - 22:24 | 3666747 MarcusLCrassus
MarcusLCrassus's picture

When huge retailers like Amazon.com start accepting Bitcoin, it will hit a critical mass that no one, least of all the Federal Government, will be able to stop. 

 

At that point, it won't matter whether you can exchange it for dollars or not.  THis is what TPTB and many others dont understand.  That BTC is a true currency.  You don't need to be able to exchange it for dollars anymore than if you go to your local grocery store and need to exchange your dollars for Yen.  You will be able to buy virtually anything you want with BTC, making currency like US dollars and Euros, and brick and mortar financial institutions like JP Morgan and Bank of America, obsolete. 

 

The fact that you can also do Bitcoin exchanges at virtually any neighborhood in the US (just search"bitcoin" on Craigslist) even strengthens BTC appeal. 

 

The genie is out of the bottle an no one can put it back in. 

Mon, 06/17/2013 - 23:24 | 3666922 dark pools of soros
dark pools of soros's picture

slow down.. its not there yet.

it has about 2 to 3 steps of an eco system but most merchants are in a quandry to have to switch out most of their btc sales for either expenses where almost all are not in btc and at some point convert to show tax in $$$

a few businesses can pay some of their costs in btc (rent, web dev, hosting, etc) and amazon might be able to do that somewhat.

what you really wanted to say is once PECO or someone providing electricity takes btc then you will see some next level shit

look internation first.. and small shops with low expenses.. they will lead the early phase

 

 

Mon, 06/17/2013 - 22:42 | 3666795 world_debt_slave
world_debt_slave's picture

Same happened to NORFED when they supported Ron Paul in 2007 and were raided by the FBI, Bernard von Nat Hause is still awaiting his sentencing from a sham trail.

Tue, 06/18/2013 - 00:09 | 3667031 feruap
feruap's picture

bitcoin is the real goal of the current trend: one currency... how long it took the Europeans to have a common currency??? well we willsee how long for a global currency.

Tue, 06/18/2013 - 07:50 | 3667376 venzen
venzen's picture

Brilliant insight. Brilliant! this is the NWO's single currency, being introduced as a rebel geek underground cult.

fwiw: Will the real Mr Satoshi Nakamoto please stand up

Tue, 06/18/2013 - 01:15 | 3667141 newengland
newengland's picture

Who runs this bitcoin? The same brat class that run fiat. Different name; same scam. Much like Microsoft vs Apple. Bull$hit.

It is not gold or silver. It is just another scam.

Tue, 06/18/2013 - 07:43 | 3667367 venzen
venzen's picture

if your theory is correct then you better create a Bitcoin income stream - soon those fiat mongers are going to make it so you can only buy Preciousss with BTC!

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