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Bitcoin comes under scrutiny of US government as the distributed crypto currency gains momentum

category international | anti-capitalism | news report author Friday May 17, 2013 07:19author by lefty Report this post to the editors

Homeland security in the US has frozen the account of one of the largest Bitcoin traders "Dwolla"

Homeland security in the US has frozen the account of one of the largest Bitcoin traders "Dwolla"

This is not the first time the decentralised alternative cryptocurrency has come under attack. There was also the massive DDos attack on "MtGox" recently.

It's clear that the financial terrorists and governments are starting to worry that bitcoin will get real traction and if this happens on a large scale, they may lose their iron grip on the currency market and interest rate regulation.


What is bitcoin?

For those who don't already know, Bitcoin is a crypto currency which can easily be transported and can change hands virtually (with appropriate precautions!) anonymously without incurring the large fees currently required. It has a fixed upper limit of 21 million on the total number of Bitcoins (or BTC) allowed to be in circulation, so money printing is not an option.

Bitcoin transactions are verified by a decentralised peer network of bitcoin miners, which invites comparisons with the bittorrent network. Bitcoin miners "mine" for bitcoins by running high powered computers to crunch difficult mathematical problems. Essentially trading electricity for money. While doing this, the software they are running also helps to validate bitcoin transactions across the network. The incentive they have for this activity is the "discovery" of new bitcoins, and a small fee for processing.

Some useful links:


author by Tpublication date Thu Mar 06, 2014 21:42Report this post to the editors

If you are a threat to the system then you are dead. And so Bitcoin which came on the scene in the last few years has been recognised as a threat to the existing money order. Already Bitcoin is banned in China and the US feds are all over it.

Last week one of the main Bitcoin exchanges Mt.Gox filed for bankruptcy in Japan. And now this latest news where a 28 year old American woman Autumn Radtke who was the CEO of a bitcoin exchange in Singapore has been found dead. Even though the press are trying to say it was suicide, her family said it is out of character and it clearly is part of the signal going out to all major players in the bitcoin arena. Back off and shutdown or else.

Related Link: http://intellihub.com/28-year-old-bitcoin-exchange-ceo-...cide/
author by fredpublication date Wed Mar 12, 2014 13:29Report this post to the editors

"Hackers" (or is it US government hackers?? ) are holding bitcoin MT Gox customers to ransom over their personal data.

Looks like the people who pulled down MT Gox are looking for maximum bad press for bitcoin


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