“Uh, did you sell those bitcoins, like I suggested?”
“Watch out,” cautioned their father. “Governments always try to look into the future and prevent it from happening. And this is a future the feds are especially keen to stop. They have a monopoly on money. And there is no way they\’ll give it up without a fight.”
The fight has begun. The Financial Times is on the story: “Blow to Bitcoin as $3.6 million seized.”
A black market bazaar sounds like a good thing to us. Fewer zombies to worry about. Just crooks, scoundrels, and the usual riffraff.
But a “black market bazaar” also sounds like the sort of thing the feds would like to stop. Who collects taxes in a black market?
Since the Silk Road site is where many Bitcoin enthusiasts turn their money into goods and services, its closing substantially reduces the value of the new currency.
We will come back to this subject in a moment. First…a quick market check.
Well, how do you like that?
Up, down, up, down… No visible trend. What to make of it?
Read the rest via Bill Bonner Bitcoin, A Threat To The Feds….
- Online Currencies: What’s In Store for Bitcoin After Silk Road Shutdown? (socialmediatoday.com)