03 Oct '13, 8pm

Uncle Sam Takes a Bite Out of Bitcoin

Uncle Sam Takes a Bite Out of Bitcoin

Remember how online gambling was finally going to let Americans evade the absurd US gambling laws? For a while it did. And then Congress sat on the banks and the credit card providers until they agreed not to process those transactions. You could still gamble online, but you couldn't get paid, which basically killed the US business. You could name half a dozen other examples of technologies which failed to provide a real alternative to currency. Some of those "technologies" are pretty low tech. Bitcoins are essentially electronic bearer bonds. Readers of 1930s-era thrillers will remember that these often figured heavily in the plot: bonds which paid out to whoever happened to be physically holding the bond. These were very useful for refugees, tax dodgers, and criminals, and anyone else who wanted to keep the government's eyes off their finances. But the usefulness of bear...

Full article: http://www.bloomberg.com/news/2013-10-03/uncle-sam-takes-...

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#bitcoin

#bitcoin

businessweek.com 02 Oct '13, 8pm

For most of its brief existence, Bitcoin has been widely associated with Silk Road—the anonymous cybercurrency, naturally ...