Bitcoin Exchange Shutdown and Vultures Swarm Calling for Regulation

 Mt.Gox the largest Bitcoin Exchange has shut down causing an estimated loss of $300,000,000 plus worth of Bitcoin to go unaccounted for. This has left the Bitcoin market to fall about 50% of it's value currently trading at around $540 per 1 BTC. The closure of Mt.Gox has lead to a swarm of supporters, media, and politicians to call for regulations on Bitcoin.

"U.S. Treasury Department, for example, has suggested that bitcoin exchanges should follow anti-money-laundering rules that apply to money-transfer companies such as Western Union Co"

I was originally intrigued by Bitcoin because of the fact there is no oversight over what is being done with my money. Yes, you can launder money and yes you can buy illegal goods using Bitcoin but who is to say what or where my money goes towards?

 This is a big blow for Bitcoin and I wouldn't be surprised if governments had something to do with it. I for one lost a small fortune due to this and for now my days in the BTC trade are over. The US Government is the largest holder of Bitcoin and they are scared to death of anything that can destroy their fiat banking system. I see this as an attempt to co-op the Bitcoin exchanges and turn this into their favor. Perhaps a One World Currency??

 We all take risks doing anything online we even take risks shopping outside. The recent Target credit card breach left over 10million of it's customers credit cards to become compromised. Everyday we become targets in both the digital and the real world. That is why we should protect ourselves and our money. I still feel BTC is the future and a good investment but I will feel the opposite if we let bureaucrats and regulators step in.

Even with my loss I still see anything outside the fractional reserve banking system as something to embrace so long as it's not issued or regulated by the same central banks.


                                                                                                               -Sodaghar 2/27/14

Bitcoin The Evolution

  By now I'm sure all of you in some way have heard of this thing called Bitcoin. Bitcoin is the first decentralized, digital currency that uses the internet to buy, trade and exchange money worldwide. Decentralized meaning you don't have over bearing banks or financial institutions charging and telling you how to use your own money. Bitcoin is not a fiat printed currency like our dollar so there no risk of inflation and the main benefit I see from Bitcoin is keeping prying eyes like the IRS away from your money. Like I said Bitcoin is a digital currency that fluctuates just the dollar and other currencies.

  The story I'm about to tell you is a personal story of regret
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 A little over a year ago I heard about this Bitcoin thing and after doing some research it got me real excited. I told myself my friends and family that this is the future. The dollar is going nowhere and even if it was it's still controlled by institutions and governments. I went on and on about Bitcoin (BTC for short). And this was when BTC was hovering between $9 and $12! 
  I did end up buying a couple of Bitcoins and at that time; a year and half ago I told myself to invest at least $1000. Now Bitcoin is well over $400 for one! We should all revel in the fact that this exists because what it means is that we get to keep our own money and watch it grow! I predict by this time next year BTC will be around $1500 if not more. Major companies like Amazon are now beginning to accept BTC because they know this is the future.  JP Morgan Chase is even trying to capitalize on Bitcoin. Many other retailers also accept BTC.
 Even if your not looking to buy using BTC it's a safe haven for your money and within 15mins that money can be transferred into cash around the world. The dollar is already at an an all time low.  No more will we have big brother watching our spending habit's, No more will we have our money lose value and No more will we be taxed on what we earn. Don't make the mistake I did and start investing in Bitcoin now. It's only going to rise in value and it's only going to gain popularity.

  Bitcoin is inflation proof because it's not printed hand over the fist like the dollar and the only way to stop BTC is to shut down the internet. The global economy relies on consumers and consumers do everything online from banking to shopping. Everyone reading this should consider BTC as an investment before it becomes way too expensive. Whether we like it or not Bitcoin may very well destroy the dollar. Blockchain is a leading Bitcoin wallet it's fast, free and in about 5 minuets you can have your very own wallet and address. You can go to any place that does western union or money gram and in less than a half hour you will have the Bitcoins in your own personal wallet and with this you can keep your hard earned money hidden and transfer it globally.

If you're still unsure or have questions about Bitcoin please feel free to contact me and I will help you and tell you some other uses of Bitcoin.



                                                                                                  - Sodaghar 12/12/13