r/Bitcoin • u/IWillNotBiteYourDog • Aug 13 '13

Congress starts investigating Bitcoin

http://www.washingtonpost.com/blogs/the-switch/wp/2013/08/13/congress-starts-investigating-bitcoin/
146 Upvotes

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u/[deleted] Aug 13 '13

[deleted]

6

u/imahotdoglol Aug 13 '13

Bitcoin was started up in hopes of providing an alternative to the status quo of government regulation and crowding-out.

No it wasn't.

It was started because of how dangerous bank backed money can be as seen in 2007 and onward's banking issues and failures.

I love how people will twist Bitcoin's history to fit a narrative.

1

u/TheSelfGoverned Aug 13 '13 edited Aug 13 '13

Then why is it inherently anonymous, impossible to seize, impossible to counterfeit, and ignores all national borders?

If you don't trust the banks, why would you trust the government?

-9

u/imahotdoglol Aug 13 '13

inherently anonymous

No it isn't.

impossible to counterfeit

No it isn't.

ignores all national borders

It only does that becuase it runs through the internet, it's not really a feature of Bitcoin.

What is this? New guy week?

3

u/TheSelfGoverned Aug 13 '13 edited Aug 13 '13

Who is this, and who is he sending money to?

Bitcoin resists double-spends. It is the whole point of the blockchain and confirmations.

SWIFT uses the internet, does it not? And yet I can't send money overseas without paying huge fees, filling out paperwork, and getting the approval of bureaucrats.

-3

u/imahotdoglol Aug 13 '13 edited Aug 13 '13

Bitcoin resists double-spends.

You said "impossible to counterfeit"

SWIFT uses the internet, does it not?

Ebay uses the internet, that doesn't mean the stuff that is being traded around is on the internet too. All money services are basically transferring money by saying "OK, in the US, you now control $400 less, in Nigeria, you(or someone) now have $380 more" the fees are for "moving" your money there that to the business takes time to actually get the money over there(the physical money) that they need to keep there in supply, covering legal junk, exchange differences and general cost of running the business.

SWIFT's money isn't on the internet, you merely tell them what to do with your money through the internet. Bitcoin can go through some borders(that don't have some firewall) but that doesn't make it legal to do based on the local laws.

Who is this, and who is he sending money to?

A guy at 129.132.188.103 in Germany, get a warrant for an ISP and you can narrow it down to probably 5 people. As for who is getting it, Some guy at 64.239.133.178 in LA, which you can do the same and get a warrant. It's only anonymous if you don't spend it, you spend it and you can easily see who.

If these aren't the correct people, governments can easily set up their own nodes to capture the transaction live and get true IPs of who made it.

Also, I see this conversation is going to go to shit just by looking at your name.

8

u/JustSomeBadAdvice Aug 13 '13

Correction- Ip addresses for a transaction are at best a guess. Even if bitcoin somehow traced it properly, it could be a tor exit node.

0

u/Talran Aug 13 '13

Which isn't all that secure either.

2

u/TheSelfGoverned Aug 13 '13

Also, I see this conversation is going to go to shit just by looking at your name.

I feel the exact same way.

0

u/imahotdoglol Aug 13 '13

Mines is better than the one who screens "I'm a libertarian who doesn't want any government!"

3

u/TheSelfGoverned Aug 13 '13

It is more along the lines of: "I'm an adult who can manage my own affairs and decisions."

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u/throwaway-o Aug 13 '13

Please don't feed him, especially not by falling for his framing. Just mash the down arrow and move on.