The Shadowy World of Cyber Currency

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The Shadowy World of Cyber Currency

Postby Cate McCalley » Mon May 15, 2017 10:58 pm

The recent and ongoing malware attack of 'ransomware' that has infected several million business computers, and demanding a ransom payment of $300 in Bitcoins to unlock and restore access their data, has become a huge worldwide problem. Companies in more than 90 countries have reported their databases targeted and attacked with ransom demands as high as $2,000.

U.S. cyber security experts are saying it will take weeks, if not months to unravel the networks that were used for the ransom demands and payments.

Bitcoin software was developed in 2008 and released by an unidentified source that used a cyber identity and disappeared in 2011. The creator of the Bitcoin set a maximum release of 21 million Bitcoins. Today's price for one Bitcoin is $1,800. The U.S. requires identification to cash Bitcoins into currency, but many other countries don't.

Since anyone can buy Bitcoins on the internet without proof of identity, catching hackers demanding ransom in Bitcoins is impossible. As they can be cashed in other countries that do not require identification to exchange them for currency.

It seems the only way to control the black market motivation to acquire and cash Bitcoins and exchange them for currency, is to heavily sanction financial institutions in countries that cash Bitcoins for currency in without requiring and recording identification of persons cashing them.

As the U.S. dollar is the world's reserve currency, it must take the lead to get control of the Bitcoin that is primarily used by drug cartels, cyber hackers, hi jackers, terrorist groups and most any criminal network that uses cyberspace to hide their identity and escape consequences of their crimes.


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Re: The Shadowy World of Cyber Currency

Postby CrissyAlwaysSunny » Tue May 16, 2017 7:24 am

ID for a bitcoin but not to vote.
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Re: The Shadowy World of Cyber Currency

Postby Cate McCalley » Tue May 16, 2017 9:13 am

CrissyAlwaysSunny wrote:ID for a bitcoin but not to vote.


That's correct. The U.S. requires identification for all banking transactions. As any country holding the world's reserve currency should.

There's only one reason to enact laws that make voting more difficult. That reason is to suppress a vote that statistics show would be unfavorable to your Party's candidates.

If I can obtain a drivers license, trade stock, exchange currency's, buy a retired army tank and perfectly able to live off the grid (as many anti-government paramilitary types do in this country) without a photo ID, I should damn well be able to exercise my American citizen vote without proving I am who I say I am with a photo ID.

The same proof required to obtain a photo ID, should damn well be good enough to prove my eligibility to vote. I shouldn't have to show proof of a government approved ID that uses that same proof of my voting eligibility. to issue that government approved photo ID.

People in this country should be encouraged to exercise their voting rights. Not suppressed.


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Re: The Shadowy World of Cyber Currency

Postby Legion » Tue May 16, 2017 2:48 pm

I have to show an ID to vote. I can't think of many areas more poor than this one.
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Re: The Shadowy World of Cyber Currency

Postby Cate McCalley » Tue May 16, 2017 3:41 pm

Legion wrote:I have to show an ID to vote. I can't think of many areas more poor than this one.


We're not discussing the current policy in any particular State. We're discussing the philosophical right and wrong of requiring a government photo ID.

Oddly enough the same anti-establishment, anti-government people posting on this forum just so happen to be all over having a government photo ID to vote! SMH


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Re: The Shadowy World of Cyber Currency

Postby Cate McCalley » Thu Dec 07, 2017 2:22 pm

The bitcoin increased 40% in value overnight. A year to date gain of 1500%. Most of it driven by Japanese and South Korean traders. It seems the financial gurus either don’t want to explain this phenomena or can’t.

Recognizing the stability of Western Alliances are dependent on the U.S. Dollar’s reserve currency status, the shadowy Bitcoin cryptocurrency is indeed a real threat.

While Putin’s regime has excelled in destabilizing the Ukraine & western elections with propaganda via cyber hacking, it needs cryptocurrency to disrupt global financial markets. Markets currently controlled by the Centralized banking system’s IMF (International Monetary Fund) that loans currency to destabilized governments moving toward democracy.

Government corruption is extremely difficult to reverse. Though the people of Ukraine rid itself of one pro-Russian President illegally elected, it’s replacement is now gravitating to his own internal brand of corruption.

There’s complete truth in the adage ‘Power corrupts & absolute power corrupts absolutely’.


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Re: The Shadowy World of Cyber Currency

Postby Political Plague » Sat Dec 09, 2017 2:48 pm

I saw where hackers stole 64 million dollars in cyber currency.
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Re: The Shadowy World of Cyber Currency

Postby Cate McCalley » Sun Dec 10, 2017 8:57 am

Political Plague wrote:I saw where hackers stole 64 million dollars in cyber currency.


Currency exchanged via the internet deemed ‘cybercurrency’ is not the same as currency deemed ‘cryptocurrency’. The bitcoin is cryptocurrency because of it’s unknown origin. Currency exchanged over the internet and traceable such through PayPal are cleared by banking systems where the currency is traceable to a known origin.


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Re: The Shadowy World of Cyber Currency

Postby Cate McCalley » Mon Dec 11, 2017 9:49 am

There’s an article today in Reuters on our U.S government allowing a Chicago Exchange to offer Futures in Bitcoins, effective next Sunday. It’s the first for any government regulated financial institution to make such an offering.

Trading Futures for any commodity is a bet traders make that the commodity will go up or down in value. Shorting the Bitcoin will be allowed, as it is with all commodities. Shorting is a financial contract with an expiration date. If the value of the commodity goes up and a trader has bet it will go up, he is paid the profit on the value of that commodity at the contracts expiration date. The traders that bet the commodity will go down in value must pay the difference in the price of the commodity when they entered the contract, and the value of the commodity upon the contracts expiration date.

The article is interesting because it defines the U.S. fininacial institutions offering futures trading for the Bitcoin at the moment, and those that are not. Currently the Bitcoin cryptocurrency is not available for retail trade in the U.S. Financial market, only Futures. It’s unsettling that our U.S. government is allowing even Futures of the Bitcoin cryptocurrency to be offered.


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Re: The Shadowy World of Cyber Currency

Postby Cate McCalley » Mon Dec 11, 2017 10:11 am

When you hear ‘experts’ saying the ‘digitalization of money’ is inevitable (meaning the acceptance of cryptocurrency like the Bitcoin, is inevitable), and comparing it to the digitalization of retail trade (like Amazon’s replacement of 50% of brick and mortar retail stores), it’s frightening.

Our Capitalist system has survived by regulating markets. Breaking up monopoly industries to allow for fairer competition. Regulating industries that to prevent monopolization of markets born and bred via Crony Capitalism. What happens when a digitalized world currency such as the Bitcoin (of unknown origin) cannot be broken up by any government regulation?


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