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overtheedge
Member since May 2012
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Capital Controls Likely to be Imposed on Your Savings Accounts for Banking Fines & Debt - Charleston Voice -

What may have been a good article went in the dumpster because you couldn't resist reposting ... ,

"The major banks have not only made Bitcoin de facto useless within the banking system by closing accounts, ..."

Bitcoin was useless from the day of its inception. When any medium of exchange lacks widespread acceptance by the public, it lacks the quality required for utility.
Turn off either the electricity or internet connection and the meager utility Bitcoins might have is eliminated until internet connectivity returns.
Then there is the problem of Bitcoins having unpredictable trade value.

FBI busts Silk Road and seizes Bitcoins. Value of Bitcoins drops substantially. This sure doesn't happen with USD, Euros, Yen, Rupees or Rubles.

Still no one has positively identified the code writer for this silliness. Has anyone figured out what is actually being run on the Bitcoin mining computers? And for who? And for what purpose? Are you and your computer safe from FBI and Interpol investigation over computer crimes because you use Bitcoins?

If you haven't figured it out, digital money already exists in the form of national fiat currency. If you want a small measure of anonymity, try using cash. If you need a large measure of anonymity, well ... good luck with that. Do you honestly believe the Bitcoin program can withstand the efforts of the NSA?

Maybe you shouldn't quote Jeff Berwick from The Dollar Vigilante when it comes to Bitcoin.

But then again, maybe one should form their own opinions rather than shop around for an agreeable one and then plagiarize it. Ah but research and analysis takes time and real effort. Investigative journalism is the exception rather than the rule. The liberal use of data from several sources nowadays is termed research aka meta-analysis.

Don't blame the banks for the on-going demise of Bitcoins and other digital currencies. Their very nature assures their destruction. Who could be so blind as to confuse conditional utility as an attribute of a viable currency? Obviously there are some who think so. But then again, someone somewhere might accept a bowl of mashed turnips for settlement of a debt.

Commented 3836 days ago

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Beginning of the headline :Indeed, the information coming our way certainly does appear to be setting up a takedown of commonfolk's savings accounts. Probably 401Ks and IRAs will be thrown in the stew also. Here's what's developing: Capital Controls: Transfers excluded, JP Morgan Chase is Wired October 23, 2013 By 21wire James Hall 21st Century Wire The rumblings of capital and currency controls are causing a stir among perceptive financial observers. You do not have to be a business-banking customer to fear t... Read More

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