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US Treasury Adds Digital Currency Representative to Advisory Group
Coin Desk ^ | 18 March 2014 | Pete Rizzo

Posted on 03/18/2014 10:42:53 AM PDT by Errant

At the latest Bloomberg Breakfast event held in New York on 18th March, David S Cohen, Under Secretary of the US Department of the Treasury, discussed the challenges of digital currencies as part of a broader conversation with the media outlet’s Matt Miller to air on Bloomberg TV.

In the hour-long talk, Cohen spoke about the organisation’s role as a global leader in educating consumers and governments on the evolving issue, paying a particular interest to the potential illicit uses of digital currencies, as well as the measures it is willing to take to ensure their proper use.

Most notably, however, Cohen revealed that the Treasury is taking an interest in ensuring that the digital currency industry evolves in a regulated manner despite these concerns.

For the first time, Cohen said, his group will be including an unnamed member of the digital currency community as part of the Treasury’s Bank Secrecy Act Advisory Group (BSAAG) in an effort to work toward this goal.

(Excerpt) Read more at coindesk.com ...


TOPICS: Business/Economy; Computers/Internet; Government; Society
KEYWORDS: bitcoin; crypto; currency; treasury
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Mt. Gox Allowing Users to Login, Check Balances

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Bitcoin’s Growing Role in US Politics

Bank of Thailand Says Bitcoin ‘Not Illegal’ But Warns Against its Use

Database Glitch Causes Blockchain.info Outage

DigitalBTC to Enter Strategic Partnership With CloudHashing.com

1 posted on 03/18/2014 10:42:53 AM PDT by Errant
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...

Click to be Added / Removed.
2 posted on 03/18/2014 10:43:30 AM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

Can I pay this years taxes in BitBucks?


3 posted on 03/18/2014 10:50:03 AM PDT by JimRed (Excise the cancer before it kills us; feed & water the Tree of Liberty! TERM LIMITS NOW & FOREVER!)
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To: Errant

Simulating the economy!


4 posted on 03/18/2014 10:52:11 AM PDT by Fester Chugabrew
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To: JimRed

Perhaps you will be able to next year, even though the IRS still has time to setup payment through Bitpay! :)


5 posted on 03/18/2014 10:53:26 AM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: JimRed
Can I pay this years taxes in BitBucks?

No, but they will be more than glad to tax you (payable in real dollars) on any gains you make in bitcoins.

6 posted on 03/18/2014 10:56:15 AM PDT by KarlInOhio (Republican amnesty supporters don't care whether their own homes are called mansions or haciendas.)
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To: Errant
Since bitcoin is bankrupt, it makes sense.
7 posted on 03/18/2014 10:59:06 AM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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To: Fester Chugabrew
My takeaway:

Most notably, however, Cohen revealed that the Treasury is taking an interest in ensuring that the digital currency industry evolves in a regulated manner despite these concerns.

They know they can't stop it now, so might as well join. This is true of any technology that proves its metal. Of course, crypto still is a work in progress.

8 posted on 03/18/2014 10:59:11 AM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: no-to-illegals
Since bitcoin is bankrupt, it makes sense.

Bitcoin isn't bankrupt. One of the bitcoin exchanges (Mt. Gox) filed for chp. 15. But there are many more exchanges with new ones being added almost monthly now.

9 posted on 03/18/2014 11:01:26 AM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

yep, I trust all counterfeit.


10 posted on 03/18/2014 11:09:53 AM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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To: no-to-illegals
yep, I trust all counterfeit.

Based on the silliness and inaccuracy of your post at #7:

Since bitcoin is bankrupt, it makes sense.

You have no credibility on the subject to me.

I have no problem listening those who argue against the technology when they make rational and accurate points, and if they've done at least a shred of research into the subject.

You appear to have done none of these before weighing in.
11 posted on 03/18/2014 12:41:09 PM PDT by mmichaels1970
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To: mmichaels1970

suit yourself ... it is only your money to lose.


12 posted on 03/18/2014 12:42:15 PM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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To: no-to-illegals
suit yourself ... it is only your money to lose.

That is a rational and accurate post. I agree with you there.
13 posted on 03/18/2014 12:43:42 PM PDT by mmichaels1970
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To: mmichaels1970

Am still looking in the post have tied to in order to find your rational ... your post #11. Were you simply venting because you believe in bitcoins?


14 posted on 03/18/2014 12:50:31 PM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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To: Errant

Yeah, and the CEO is a suicide bomber! And, and, and it’s bad!


15 posted on 03/18/2014 12:57:16 PM PDT by TsonicTsunami08
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To: no-to-illegals
Am still looking in the post have tied to in order to find your rational ... your post #11.

Perpetuating false information (i.e. Bitcoin is bankrupt) is a pet peeve I suppose. Your post is only one of many that are putting out incorrect information.

Other incorrect statements that appear here frequently:

CEO of Bitcoin committed suicide.
CEO of Mt. Gox committed suicide.
Bitcoin is worth less than it was a year ago.

Were you simply venting because you believe in bitcoins?

Nope, as you said, it's MY money to lose. I have no problem with folks who decide not to participate, so long as they don't try to impede my freedom to do so.
16 posted on 03/18/2014 1:00:06 PM PDT by mmichaels1970
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To: mmichaels1970

What backs bitcoins ... the full faith and credit of what? Anyone betting on bitcoins is doing the unthinkable and giving their money or placing their money into something that is worthless. Am not surprised the fed is now going to place an advisor inside the fed. The fed is always looking for a better way to scam people out of their money. It actual makes sense the fed would want a bitcoin or digital currency representative on the fed. Is another way to remove people from their money. I’ll have fun watching though.


17 posted on 03/18/2014 1:04:48 PM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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To: no-to-illegals

“Hi, I’m Fred, I have a bank...you got $1500, I’ll put it right here in my White Suit, front pocket.”


18 posted on 03/18/2014 1:06:55 PM PDT by dfwgator
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To: dfwgator

I want $2000 in cash first Fred. Then we will talk.


19 posted on 03/18/2014 1:09:33 PM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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To: no-to-illegals
What backs bitcoins ... the full faith and credit of what?

Capitalism. A bitcoin is worth what somebody else is willing to pay for it. Bitcoin's value is controlled by "the people". If "the people" lose faith, it loses value. I can live with that.

Considering there are more businesses adding bitcoin support every day, it appears collective confidence is growing rather than fading.

I'll concede that events may occur where that confidence may be shaken or collapse. I just think it is becoming less likely every day.
20 posted on 03/18/2014 1:14:44 PM PDT by mmichaels1970
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To: mmichaels1970; dfwgator

nope, regrettably is not capitalism .... I truly wish you luck. Newest invention in something known as the pyramid scheme. Many people were happy in pyramid schemes till they found out the truth. Then depressions came. I do wish you luck though.


21 posted on 03/18/2014 1:20:21 PM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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To: TsonicTsunami08; mmichaels1970

Why is Ltc almost at $20, all of a sudden?


22 posted on 03/18/2014 2:02:07 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: no-to-illegals; mmichaels1970
What backs bitcoins ... the full faith and credit of what?

Cryptocurrencies aren't backed by credit, only units that exist (it takes a lot of computations to create a unit) are able to be used for exchange. Likewise, there is no need for "faith" either. All transactions are recorded in a distributed ledger which all who wish, may view. All transactions are confirmed many times by numerous nodes. Try doing that with a fiat currency's central bank's ledger real time. ;)

23 posted on 03/18/2014 2:14:02 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: TsonicTsunami08; mmichaels1970
This is probably why Litecoin is on a tear...

BTC China is set to reduce the trading fees across its digital currency exchange to 0% and it has today added the option for users to trade bitcoin for litecoin and vice versa.

At the beginning of the month, BTC China added litecoin support, enabling users to buy the popular altcoin using local currency CNY with 0% trading fees.

CNY-BTC trades on the site currently come with a 0.1% fee, but from 21st March, this will be removed.

BTC China to Drop All Fees After Adding BTC–LTC Trading Option

24 posted on 03/18/2014 2:24:22 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

Huobi picked it up. It’s trading in China.

http://litecoinblog.org/

SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM


25 posted on 03/18/2014 2:26:57 PM PDT by TsonicTsunami08 (SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM Funny Money)
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To: TsonicTsunami08
SEND BITCOIN

LOL!

26 posted on 03/18/2014 2:29:01 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: no-to-illegals
What backs bitcoins ... the full faith and credit of what?

Nothing 'backs' a bitcoin because nothing has to 'back' a bitcoin. It is simply a unit of account, but existing in fixed supply, and fully transferable without counterparty risk or third party permission.

U.S. Federal Reserve Notes used to be backed by the 'full faith and credit' of the U.S. government. You could redeem a note for the gold it represented. 'Full faith and credit' meant the government would ensure that there was gold to back that Federal Reserve Note.

Notice what it says on the top and bottom of that Federal Reserve Note?

FDR ended domestic convertibility, and Nixon ended international convertibility. So much for 'full faith and credit'.

Since then Federal Reserve Notes are just pieces of paper, that the Federal Reserve can and does print at will to backstop the most politically connected financial elite.

Paper currency wasn't something the Founders were unfamiliar with. There is a reason that States were forbidden from issuing paper money.

"Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." - George Washington, in a letter to Jabez Bowen of Rhode Island, Jan 9, 1787.

Anyone betting on bitcoins is doing the unthinkable and giving their money or placing their money into something that is worthless.

It has value as a medium of exchange with low to no transaction costs, and as a store of value immune to government debasement. I suggest you at least learn a little about how it works before jumping to conclusions.

27 posted on 03/18/2014 2:29:05 PM PDT by Gunslingr3
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To: Errant

BTC is cutting fees because Huobi is on it.

Pinch me but that looks like capitalism.


28 posted on 03/18/2014 2:29:38 PM PDT by TsonicTsunami08 (SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM Funny Money)
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To: TsonicTsunami08

Yep, the free market doing what it does best. ;)


29 posted on 03/18/2014 2:31:58 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Gunslingr3; Errant

I am really sorry some people believe in bitcoins. Too many variables for my money to be invested in them and although there has been mentioned there has been only one bankruptcy, one would think that would be enough to open some people’s eyes. The bitcoins are counterfeit. To suggest otherwise is to not be informed. I do not deal in counterfeit. I have enough problems with regular greenbacks, as was suggested to experiment with what few greenbacks my family has. To place myself and my family in a completely experimental (and bitcoins are experimental) currency exchange would be lunacy. Some people have more money than brains. I do not, therefore am staying out of experimental currencies. Good Luck to All of you that are in. May you remain happy. If you wind up not happy you shall not be able to say you were not warned.


30 posted on 03/18/2014 4:48:24 PM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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To: Errant; TsonicTsunami08
Why is Ltc almost at $20, all of a sudden?

The difficulty of mining them is going through the roof too as we discussed in a previous thread. 5162 right now and due to jump almost another 10% in 12 hours. I know there are a few Asics available now, but people must be jumping into LTC hardcore.

The diff started jumping a while ago. Maybe it was a lagging indicator of the increased value we are seeing now.

I started looking into these profitability based mining pools that somehow allow you to dynamically mine the most profitable scrypt coin and then automatically exchange it for LTC. I don't know too much about it yet, but if you do, feel free to PM me.

Matter of fact, any mining advice you care to share or swap, feel free to PM me any time.
31 posted on 03/18/2014 5:19:47 PM PDT by mmichaels1970
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To: TsonicTsunami08
Pinch me but that looks like capitalism.

No thanks (on the pinch), but it looks like capitalism to me too!
32 posted on 03/18/2014 5:21:11 PM PDT by mmichaels1970
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To: no-to-illegals; Errant
although there has been mentioned there has been only one bankruptcy, one would think that would be enough to open some people’s eyes.

It should open eyes. It should clarify that bitcoin possession entails no third party risk, and if you entrust someone else with your bitcoins they can violate that trust and you no longer have the bitcoins.

The bankruptcy of MF Global was an indictment of the firm's mismanagement, but it is not a declaration on the utility and viability of the U.S. dollar just because that was the unit of measure for account values at the firm.

The bitcoins are counterfeit. To suggest otherwise is to not be informed.

Actually, bitcoins cannot be counterfeit.

That's why it is an actual viable electronic currency.

Because the blockchain is a ledger of all bitcoin transactions, there is no place to insert counterfeit coins into a wallet. The voluntary, distributed verification network that maintains and builds the ledger is the same system that awards new bitcoins. There is no Federal Reserve cabal that can inject how ever many trillion additional coins they want into the system to bail out their cronies.

I do not deal in counterfeit.

If you deal in US dollars you've dealt in counterfeit your entire life. Not only common criminals, but nation states have created and injected counterfeit dollars bills into the market. And that's not even counting the trillions of dollars the Federal Reserve has created to buy mortgages, treasuries, and other financial instruments.

Counterfeit is all you've known.

I have enough problems with regular greenbacks, as was suggested to experiment with what few greenbacks my family has. To place myself and my family in a completely experimental (and bitcoins are experimental) currency exchange would be lunacy.

I would not suggest anyone maintain a 100% position in any medium of exchange, nor store of value. Diversity is a liquidity of its own.

Some people have more money than brains. I do not, therefore am staying out of experimental currencies.

You're currently a lab rat in the Qualitative Easing experiment.

Good Luck to All of you that are in. May you remain happy. If you wind up not happy you shall not be able to say you were not warned.

Indeed.

33 posted on 03/19/2014 1:03:07 PM PDT by Gunslingr3
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To: Gunslingr3

Good Luck! Have fun with your counterfeit.


34 posted on 03/19/2014 1:06:31 PM PDT by no-to-illegals (Scrutinize our government and Secure the Blessing of Freedom and Justice)
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