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In a letter to Treasury Secretary Jack Lew, Fed Chairwoman Janet Yellen and other financial regulators, West Virginia Senator Joe Manchin demanded that they “take appropriate action to limit the abilities of this highly unstable currency.”
“This virtual currency is currently unregulated and has allowed users to participate in illicit activity, while also being highly unstable and disruptive to our economy,” Manchin wrote. He went on to cite Bitcoin’s use by the Silk Road and other black markets for anonymous transactions, as well as its volatility as a currency. “The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me weary of its use.”U.S. Senator Calling For Bitcoin Currency Ban [forbes.com]
“This virtual currency is currently unregulated and has allowed users to participate in illicit activity, while also being highly unstable and disruptive to our economy,”
I'm not one for over-regulation but, he's right. I find it amusing that a lot of the people who got into it for the very reason that it IS unregulated (ie little to no protection), are now a lot of the same people crying that somebody should do something, because they lost their money.
The very anonymity of Bitcoin works against it.
Did the US become a planned economy since I last blinked? *sigh*
You shouldn't make the assumption that they "got into it for the very reason that it IS unregulated"; A fairer assumption would be that "they" "got in to it" because of the crooks at the federal reserve bank and the gangsters supporting them in Washington. A completely unregulated, unelected and unaccountable central bank versus an unregulated form of free trade poses no question in my mind.
Incidentally, I highly doubt that very many of these people are begging Washington, D.C. to bail them out, though correct me if I'm wrong. CNN, Fox and MSNBC don't count in my books
You're sort of proving the stereotype of who thinks this is great... The typical anarchist mentality, who basically believes that, anything that is sort of... 'sticking it to the man'... is something that is automatically good and should be welcomed... Whether it makes sense or not.
It has to have regulation if it is going to have legitimacy, imho.
Yet another Bitcoin institution has had its coffers drained by hackers and will be forced to shut down as a result.
Self-termed "Bitcoin bank" Flexcoin has told its customers that the theft of its Bitcoins, valued at $610,000 (£366,000), has driven the company over a cliff. Effective immediately, the site said it will be shutting down and suspending its service.
Your investment could be worthless in the click of a mouse. Being unregulated, dark forces could easily infiltrate the system and destroy the currency.
Self-termed "Bitcoin bank"
As of today, no web wallet services provide enough insurance to be used to store value like a bank.
We have taken every precaution to defend your bitcoins from hackers and/or intruders. However, Flexcoin Inc is not responsible for insuring any bitcoins stored in the Flexcoin system. You are entering into this agreement with Flexcoin Inc. You agree to not hold Flexcoin Inc, or Flexcoin Inc's stakeholders, or Flexcoin Inc's shareholders liable for any lost bitcoins.
in my opinion Bitcoin is to difficult to understand to become mainstream.
[edited by: graeme_p at 10:38 am (utc) on Mar 6, 2014]
joined:Mar 15, 2013
I'm confused, are they talking about Bitcoin or the US dollar and the volatile stock market?
A cryptocurrency exchange called Poloniex has lost more than ten per cent of its entire stash of Bitcoin after allegedly being hacked.
Tristan D'Agosta, who runs Poloniex under the pseudonym Busoni, admitted to the loss and issued a comprehensive rundown of what went wrong.
This approach contrasts starkly with the wall of silence put up by Mt. Gox after last week's mysterious collapse.
joined:Mar 15, 2013