edited 25th Jan '14 8:42:22 PM by DeviantBraeburn
Everything is Possible. But some things are more Probable than others. JEBAGEDDON 2016Cute. I hope they don't plan to use Mt. Gox; they'll probably get banned.
"It's Occam's Shuriken! If the answer is elusive, never rule out ninjas!"Maybe the government could figure out a way to actually withdraw money from Mt Gox.
Blind Final Fantasy 6 Let's PlayI can imagine the government trying to cash out all those bitcoins could kill bitcoin almost entirely, exchange rate wise. If it's show the U.S. government can't sell them off, It'll scare the fuck out of investors who will try to pull out, and when they realize they can't properly they might sell well below value to try and salvage something.
I don't see this ending well for bitcoin, no matter what happens.
EDIT- well actually the alternate is that the government steps in and actually regulates all these bitcoin exchanges. That might work out.
edited 17th Jan '14 8:42:12 PM by joesolo
I'm baaaaaaackSeems that the FBI may sell them at auction. Given doubts about the long-term viability and short-term price stability of bitcoin, I would find it very unlikely that they'd be offered bids at more than a fraction of market value. Regardless, this represents liquidity exiting the bitcoin market, not entering it, which is only going to make the hoarding problem worse. It's not like the FBI is going to buy more bitcoins with the proceeds.
edited 17th Jan '14 8:49:21 PM by Fighteer
"It's Occam's Shuriken! If the answer is elusive, never rule out ninjas!"Canada rules bitcoin is not legal tender.
The instability of the currency is the real issue. Whatever price I put up for a good in BTC is just random. I can't make a business model, I can't tell my investors what to expect and I don't even know how much money I have after someone has paid me in BTC. Price drops 50%, goes up 100%, drops 75% in a matter of days. This is worse than gold.
But... if you wanted to make money? Sure! It's basically commodities trading.
I just don't see why anyone thinks it is a viable alternative currency rather than a commodity that floats on a price based on ideology.
edited 22nd Jan '14 10:24:41 PM by breadloaf
Bitcoin deemed a commodity, not a currency in Finland.
Sweden Will Treat Bitcoin as an Asset Not a Currency.
edited 24th Jan '14 12:08:13 PM by DeviantBraeburn
Everything is Possible. But some things are more Probable than others. JEBAGEDDON 2016J.P. Morgan's CEO Jamie Dimon says bitcoin is a 'terrible store of value'.
Treasury Secretary Jack Lew skeptical of bitcoin ‘phenomenon’.
Nobel Laureate economist Robert Shiller: Bitcoin is an ‘amazing example of a bubble.'
edited 24th Jan '14 6:56:29 PM by DeviantBraeburn
Everything is Possible. But some things are more Probable than others. JEBAGEDDON 2016

Wells Fargo has convened a group of finance executives, virtual currency experts and representatives from the US government to discuss “rules of engagement” with Bitcoin.
PayPal President Says Company 'Believes' In Bitcoin.
Dogecoin seeing almost double the daily usage of Bitcoin.
Everything is Possible. But some things are more Probable than others. JEBAGEDDON 2016