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A discussion with the Silver Vigilante about the bitcoin price surpassing the price of one ounce of silver, theĀ stubbornnessĀ of some precious metals advocates in spite of massive financial gains, Ron Paul’s use of force to steal domains names using the centralized ICANN system (a government backed monopoly where any terms of contract are void because of lack of consent due to duress just like citizenship ‘responsibilities’, etc. are void for lack of consent) and how Namecoin could forge a better and more secure system for decentralized DNS and the defensive power of cryptography versus the unlimited force of nuclear weapons.

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  1. I have looked into bitcoin and wanted to get on board. Here is issue. The only way to get money into the system is via recorded transaction. This is to say, you must tell someone about how much money you are putting into bitcoin. This gets filed with government.


    This means in an audit, they can come in and say…”i see you have put money into the bitcoin system…please show us who the money was sent to.”

    In simple business terms, they will come up with the equivilent of a 1099 form. You don’t file and they find out, you have a problem.

    There is no way to get into the system with anonymity aside from being a miner. I wish there was.

    I have tried to contact Trace and he will not respond. There is a terrible support system for this and I thought Trace was the man for his instructions he put out, but he won’t answer my newest concerns..this system needs more work.

    Stick with cash, silver, gold, ammo and other barter goods. Everything else, including bitcoin can be traced back to you.

    Comment by Like Coins — February 20, 2013 @ 9:46 am

  2. Like Coins, it seems you are too word about potentialities instead of what actually exists.

    Are you unaware of Local Bitcoins? You can meet people all over the world and exchange physical cash for bitcoins and vice versa. There are some who even trade in gold, silver, etc. Plus, there is mining which allows for the acquisition of bitcoins without any record.

    And I have received no emails, form submissions, etc. from you. But if you are new to Bitcoin then grab a copy of the Free Bitcoin Guide to work through a lot of the early noob stuff. You do not need a Calculus professor to teach your basic addition and subtraction.

    Comment by Trace Mayer, J.D. — February 20, 2013 @ 9:54 am

  3. You could in fact be correct…that is the problem…not sure what to believe anymore!

    I LOVE the fact that bitcoin network is peer to peer, but what bugs me a tiny bit is the harsh way the US gov has attacked bitcoin…I see why obviously, but I am not interested in being identified as a tax dodger or a money launderer..I have run businesses and sold my own…I know what they can bring to the table…and the average guys can not play in that sandbox.

    I think a great idea..just wish I could get in with more anonymity

    Comment by Like Coins — February 20, 2013 @ 10:24 am

  4. Like Coins, when and how has the US government ever attacked bitcoin?

    Comment by Trace Mayer, J.D. — February 20, 2013 @ 10:29 am

  5. Look, I’m not interested in a dispute here…like I said I love the concept and downloaded your primer etc etc and love to hear what you have to say about bitcoin and the future. I was bummed I didn’t hear back from you, but now that we have finally connected I am very glad you are engaging me with my concerns. So…thank you.
    As for USG…do a google search regarding USG and bitcoin…there are dozens of articles regarding what the gov could/should/might do in regards to bitcoin. My ONLY concern was anonymity. Period. Since your primer was published, you now have to provide full ID to make cash purchases for bitcoin. I know I could use a private person, but I am wanting to do a couple thousand USD at a time, then hold some of that for bitcoin appreciation and potential online spending.
    Now regarding the concern with USG, they have identified bitcoin as a potential competing currency, so I am sure they are concerned and are going to monitor it heavily. Do you really think they won’t use nefarious means to inhibit bitcoin use if it really gains traction?
    Now, in reality, I have paid full taxes on my money and if I put into bitcoin…it was after tax cash that I purchased the coins with…so I know I haven’t really done anything “wrong” per se…but I’m sure there are not many people walking into walmart wanting to add $5000 in cash onto their bitcoin accounts…so, since you are now required to show full ID when making a purchase, these purchases are already being tracked. Pretty small group of people to keep an eye on in the grand scheme of things. Now…as I write this, I just went on to bitinstant, and it is no longer and option to go from cash at walmart to your Bitcoin Address…so…since your primer was printed it has gone from anonymous, to “present ID”, to “not available”.
    I would love to chat more about this..not sure you want to continue via the comments section of this blog….
    Thanks again for your expertise.

    Comment by Like Coins — February 20, 2013 @ 12:06 pm

  6. Hi there

    Don’t forget, you can also EARN bitcoins as a merchant or seller, by ACCEPTING bitocins as payment.

    This is in addition to buying bitcoins using fiat currencies or mining.

    Thanks Trace for sharing your knowledge. Great job.

    Peace and best regards

    Comment by Mohammed Ashik — February 21, 2013 @ 3:04 am

  7. ???
    not interested in discussing this further?

    Comment by Like Coins — February 21, 2013 @ 7:36 am

  8. Mohammed, that is a great point about earning bitcoins. And with places like MPEx, and the MPEx brokerage CoinBR, you can take those earnings and invest them into stocks, options, futures, etc. and earn dividends, etc.

    Comment by Trace Mayer, J.D. — February 21, 2013 @ 9:28 am

  9. Like Coins, discuss what? The issues you raised were all answered in the previous comment and you specifically stated you did not want to discuss specific facts about the US Government ever attacking Bitcoin. So, I do not really see any actionable question, etc. to discuss.

    Comment by Trace Mayer, J.D. — February 21, 2013 @ 9:31 am

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