BitCoins?

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sknguy II
BitCoins?

I'm curious if anyone has been involved in the BitCoin market? I'm trying to get my head around understanding Bitcoin's application other than what's explained in the Wikipedia. At this time there aren't any retailers that accept Bitcoins. I believe it's more in the realm of a fanbase trade and echange just yet. Interesting concept to have a currency that's not fixed and can be user valued.

A Youtube video on Bitcoins here, Yale law student's paper on legal aspects of Bitcoins here, And here is a site that promotes the use of Bitcoins.

Although I think the idea is unique, I could see market manipulation just like regular money. In this system, just as in regular money markets, there's is both value and volume to manipulate. But, this is probably something we'll see more of in the future though.

Spectrum Spectrum's picture

Interesting?

abnormal

Bitcoin is already being investigated for money laundering - more accurately pretty much every senior person involved with Bitcoin has been subpoenaed over it's money laundering controls (or lack thereof).

http://tinyurl.com/l32q2ku

If you google "bitcoin money laundering" without the quotes you'll get dozens of hits.

BTW, if anyone thinks that simply being investigated over your money laundering controls (or lack thereof) is a "minor" thing you might want to read this:

Quote:
You’ll recall that HSBC was hit with $1.9 billion in fines over allegations about money laundering? You’ll also have noted that no one ever actually did prove that it shifted around money for Mexican drug dealers and all the rest. Rather, that it’s internal documentation processes were inadequate to show that it had not been doing so. It was not a $1.9 billion fine for laundering money: it was a $1.9 billion fine for not following the regulations about how to monitor and or prevent money laundering.

">http://tinyurl.com/k4vs5vh

and this 

Quote:
HSBC bank has reportedly asked more than 40 diplomatic missions to close their accounts as part of a programme to reduce business risks.

">http://www.bbc.co.uk/news/uk-23565506

And the list goes on.

For the record, it's not just HSBC - it includes any number of international banks.

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Sorry for the thread drift here but it's important to realize that Bitcoin is just one of many potential players in the "money laundering business".