Libertarian Tea Party De-Regulation Results, Bitcoin Busted!

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  Jan 27, 2014 9:24 PM GMT

  Two bitcoin exchange operators charged in money laundering scheme
  http://finance.yahoo.com/news/two-bitcoin-exchange-operators-charged-money-laundering-scheme-162424352--finance.html
  
  
  
  
  Created in 2009 by a developer or team of developers going by the name Satoshi Nakamoto, whose true identity remains unknown, bitcoin's earliest adopters have included people expressing a desire to conduct their affairs in a realm outside of government-sanctioned commercial spaces.
  
  Bitcoin was the currency used on Silk Road, which was allegedly founded and operated by Ross Ulbricht, a libertarian-minded, 29-year-old American, who was arrested during a raid by federal authorities on the site last year.
  
  "the Winkelvoss twins said that they "look forward to clearer regulation being implemented on the purchase and sale of bitcoins."
  

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• PolitiMAC
  
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  Jan 27, 2014 9:28 PM GMT

  Bitcoin always sounded like this would happen. Too volatile and without proper oversight.

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  Jan 27, 2014 9:35 PM GMT

  PolitiNerd saidBitcoin always sounded like this would happen. Too volatile and without proper oversight.

  
  
  Regulation.
  
  That dirty word that protects the libertarians from themselves.

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  Jan 27, 2014 9:42 PM GMT

  PolitiNerd saidBitcoin always sounded like this would happen. Too volatile and without proper oversight.

  
  
  That is the whole point that tea turds don't seem to understand, regulation is necessary in any business to control the out of control criminal minded activity, there will always be the people who tempt the system to see what they can get away with, without any check and balance, criminals have free rein, that includes corporations. And we all know how some unions have mob ties.
  
  I could not imagine de-regulating the newly formed marijuana business in Colorado, that would be like asking the criminals to step in and run it. And we all know how they manage that in Mexico
  
  So far, the only 'business' that seems to have 'free rein' is Wall Street, although the SEC does a pretty good job

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• PolitiMAC
  
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  Jan 28, 2014 12:58 AM GMT

  FitStriver said

  PolitiNerd saidBitcoin always sounded like this would happen. Too volatile and without proper oversight.

  
  
  Regulation.
  
  That dirty word that protects the libertarians from themselves.

  
  
  Funny how Leftists think they fully understand Libertarians yet they display misunderstanding at almost every turn
  
  Libertarians like myself recognise that regulation is necessary. We just believe it should be less.

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  Jan 28, 2014 1:14 AM GMT

  FitStriver said

  PolitiNerd saidBitcoin always sounded like this would happen. Too volatile and without proper oversight.

  
  
  Regulation.
  
  That dirty word that protects the libertarians from themselves.

  
  They're hardly alone; the Republicans are right behind them.
  

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  Jan 28, 2014 2:37 AM GMT

  PolitiNerd said

  FitStriver said

  PolitiNerd saidBitcoin always sounded like this would happen. Too volatile and without proper oversight.

  
  
  Regulation.
  
  That dirty word that protects the libertarians from themselves.

  
  
  Funny how Leftists think they fully understand Libertarians yet they display misunderstanding at almost every turn
  
  Libertarians like myself recognise that regulation is necessary. We just believe it should be less.

  
  
  Be careful. You're becoming as guilty as those that paste all Conservs and Liberals with their generalization brush. Just as there are assinine Republicans and in in lesser numbers Liberals, there are a vast number of nutbars (I'm being kind), greater than in either Conserv and Lib parties combined, that hide under the banner of libertarian.
  
  *waits for bitchy insult*

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  Jan 28, 2014 3:14 AM GMT

  Libertarianism is an adolescent boy fantasy that normal people outgrow with the advent of pubic hair.

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  Jan 28, 2014 4:04 AM GMT

  Aristoshark saidLibertarianism is an adolescent boy fantasy that normal people outgrow with the advent of pubic hair.

  
  
  Depends on the definition of libertarian, of which there are many, in spite of the tinfoil hat protests by some libertarians on here (no names) that they're a unified cohesive bunch. Con artists love wearing the libertarian title.

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• PolitiMAC
  
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  Jan 28, 2014 4:14 AM GMT

  meninlove said

  PolitiNerd said

  FitStriver said

  PolitiNerd saidBitcoin always sounded like this would happen. Too volatile and without proper oversight.

  
  
  Regulation.
  
  That dirty word that protects the libertarians from themselves.

  
  
  Funny how Leftists think they fully understand Libertarians yet they display misunderstanding at almost every turn
  
  Libertarians like myself recognise that regulation is necessary. We just believe it should be less.

  
  
  Be careful. You're becoming as guilty as those that paste all Conservs and Liberals with their generalization brush. Just as there are assinine Republicans and in in lesser numbers Liberals, there are a vast number of nutbars (I'm being kind), greater than in either Conserv and Lib parties combined, that hide under the banner of libertarian.
  
  *waits for bitchy insult*

  
  
  You'll be waiting a long time, honey. I'm not the one who's bitchy here. You should look at yourself and Aristoshark

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• PolitiMAC
  
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  Jan 28, 2014 4:16 AM GMT

  Aristoshark saidLibertarianism is an adolescent boy fantasy that normal people outgrow with the advent of pubic hair.

  
  
  Yeah, you've said that before Copy and pasting the same thing just makes you look like a fool.

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  Jan 28, 2014 4:17 AM GMT

  PolitiNerd said

  meninlove said

  PolitiNerd said

  FitStriver said

  PolitiNerd saidBitcoin always sounded like this would happen. Too volatile and without proper oversight.

  
  
  Regulation.
  
  That dirty word that protects the libertarians from themselves.

  
  
  Funny how Leftists think they fully understand Libertarians yet they display misunderstanding at almost every turn
  
  Libertarians like myself recognise that regulation is necessary. We just believe it should be less.

  
  
  Be careful. You're becoming as guilty as those that paste all Conservs and Liberals with their generalization brush. Just as there are assinine Republicans and in in lesser numbers Liberals, there are a vast number of nutbars (I'm being kind), greater than in either Conserv and Lib parties combined, that hide under the banner of libertarian.
  
  *waits for bitchy insult*

  
  
  You'll be waiting a long time, honey. I'm not the one who's bitchy here. You should look at yourself and Aristoshark

  
  
  I rest my case, lol!

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  Jan 28, 2014 4:21 AM GMT

  Scammers take advantage of conservative and libertarian concepts, it's so easy to hide behind the guise of either ideology to scam and it's easy to scam money off of fringe elements. A fool and his money are soon parted.

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• PolitiMAC
  
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  Jan 28, 2014 4:23 AM GMT

  meninlove said

  PolitiNerd said

  meninlove said

  PolitiNerd said

  FitStriver said

  PolitiNerd saidBitcoin always sounded like this would happen. Too volatile and without proper oversight.

  
  
  Regulation.
  
  That dirty word that protects the libertarians from themselves.

  
  
  Funny how Leftists think they fully understand Libertarians yet they display misunderstanding at almost every turn
  
  Libertarians like myself recognise that regulation is necessary. We just believe it should be less.

  
  
  Be careful. You're becoming as guilty as those that paste all Conservs and Liberals with their generalization brush. Just as there are assinine Republicans and in in lesser numbers Liberals, there are a vast number of nutbars (I'm being kind), greater than in either Conserv and Lib parties combined, that hide under the banner of libertarian.
  
  *waits for bitchy insult*

  
  
  You'll be waiting a long time, honey. I'm not the one who's bitchy here. You should look at yourself and Aristoshark

  
  
  I rest my case, lol!

  
  
  I rest mine

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  Jan 28, 2014 2:11 PM GMT

  The tea party and libertarians are not one and the same.

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  Jan 28, 2014 3:53 PM GMT

  Blakes7 saidThe tea party and libertarians are not one and the same.

  
  But their political methodology is very much the same.
  
  The reality is that Teabaggers want no government where THEIR interests are concerned, but they want lots of government in MY life because I'm a gay man. A very pliable and arbitrary political philosophy.
  
  Please, people who use government to bully others is as old as government itself. Whether personal bullying or collective bullying, the mindset is the same.

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  Jan 28, 2014 4:21 PM GMT

  Blakes7 saidThe tea party and libertarians are not one and the same.

  
  
  
  do you not connect the dots?
  
  
  
  
  
  
  

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  Jan 28, 2014 5:36 PM GMT

  ART_DECO said

  Blakes7 saidThe tea party and libertarians are not one and the same.

  
  But their political methodology is very much the same.
  
  The reality is that Teabaggers want no government where THEIR interests are concerned, but they want lots of government in MY life because I'm a gay man. A very pliable and arbitrary political philosophy.
  
  Please, people who use government to bully others is as old as government itself. Whether personal bullying or collective bullying, the mindset is the same.

  
  
  Anger and projecting. Way too paranoid.

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  Jan 28, 2014 5:57 PM GMT

  Blakes7 said

  ART_DECO said

  Blakes7 saidThe tea party and libertarians are not one and the same.

  
  But their political methodology is very much the same.
  
  The reality is that Teabaggers want no government where THEIR interests are concerned, but they want lots of government in MY life because I'm a gay man. A very pliable and arbitrary political philosophy.
  
  Please, people who use government to bully others is as old as government itself. Whether personal bullying or collective bullying, the mindset is the same.

  
  Anger and projecting. Way too paranoid.

  
  Way too ideological, and irrational are you. And if Teabaggers like you aren't the tin-foil-hat paranoids, and the angry "get off my lawn" crowd, then I guess the definition has changed.

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  Jan 28, 2014 5:59 PM GMT

  I love it when the left accuses the right of what the left does.

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  Jan 28, 2014 6:01 PM GMT

  Blakes7 saidI love it when the left accuses the right of what the left does.

  
  Well, I'm just putting you on Ignore. You are too stupid to be read.

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  Jan 28, 2014 6:03 PM GMT

  PolitiNerd saidYou'll be waiting a long time, honey. I'm not the one who's bitchy here. You should look at yourself and Aristoshark

  
  Oh, I can be a bit snarky at times, I admit it.
  But dealing with your level of ignorance and stubborn childishness would try anyone's patience.

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  Jan 28, 2014 6:03 PM GMT

  ART_DECO said

  Blakes7 saidI love it when the left accuses the right of what the left does.

  
  Well, I'm just putting you on Ignore. You are too stupid to be read.

  
  Good heavens, it took you this long? LOL I put Mr. Wide Load on ignore ages ago.

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  Jan 28, 2014 6:03 PM GMT

  Toodles.

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  Mar 14, 2014 1:31 PM GMT

  Personally, I'm not big on bitcoin - and I don't think it will thrive - but not because I'm anti-libertarian, but rather because it lacks intrinsic value.
  
  That being said, it's silly to label any failures because of "de-regulation results". In fact, if you look at how the markets have responded to weaknesses in the system it shows how robust markets are over regulators who are almost always laggards.
  
  Latest Bitcoin Craze? Actual Bank Vaults
  Startup Xapo Raises $20 Million to Store Digital Currency Underground
  http://online.wsj.com/news/articles/SB10001424052702303546204579437462303753346?mod=e2fb
  
  

  A Silicon Valley startup called Xapo is among a handful of young companies trying to become the Fort Knox of bitcoin, building secret bank vaults deep in the earth that would safely store millions of dollars worth of bitcoin code on computer drives. And if modern bank robbers still manage to pry open the vault? Xapo promises to fully insure all deposits.
  
  On Wednesday, Xapo said it raised $20 million in funding led by venture-capital firm Benchmark, to support a network of underground vaults that the company says are in mountainous regions on multiple continents.
  
  To break in, would-be robbers would have to face armed security guards, biometric scanners and a 24/7 video surveillance system. The company says it currently stores bitcoins for roughly 2,000 clients—many of which are hedge funds, family offices and other financial institutions.
  
  "Trust in the participants, trust in the technology, trust in the ecosystem as a whole—this is a really important block for the bitcoin ecosystem," said Matt Cohler, a partner at Benchmark, which invested in Xapo alongside Fortress Investment Group FIG -6.69% and Ribbit Capital.
  
  With Xapo, a customer uploads bitcoins to a unique address. The bitcoins' private keys, the secret data used to send funds, are encrypted and stored on physical hard drives and on paper, which are then placed in Xapo's vaults.
  
  When a customer wants to transfer funds from the vault to their "wallet," an authorized Xapo employee must first confirm the transaction by taking several steps to verify the identity of the user. Once a day, these authorized employees descend into the vault to fetch the private keys to execute the transactions.

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