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Monday, June 20, 2011

Malware Theft of Bitcoins a False Flag to Discredit Revolutionary Currency?

Could be true and it would make sense. There's a lot of noise about bitcoin right now and I will continue to follow it. I am also the owner of some coins if anything as a way of learning the system. I recognize the risk and that this could be a losing gamble.

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Malware Theft of Bitcoins a False Flag to Discredit Revolutionary Currency?

http://www.activistpost.com/2011/06/malware-theft-of-bitcoins-false-flag-to.html

It's not the validity of the event that I question, it's the curious timing in an ominous news cycle for Bitcoin. What was once a fringe "underground" currency only known to open-source geeks has now stormed the mainstream media in dramatic fashion, not least because of extensive coverage by the alternative media. What's interesting about the coverage of the Bitcoin is its rapid decent from clear and sunny to treacherously cloudy in the blink of an eye. Well, more like three weeks, but breathtakingly fast nonetheless.

Bitcoin was introduced somewhat slowly with a sudden surge in interest coming in late May. It's construct of peer-to-peer anonymous trade quickly became glorified as "revolutionary." So much so that it prompted an immediate response from some U.S. Senators seeking to "crack down" on it. Next came reports of wild fluctuations in value to expose Bitcoin's vulnerabilities. And, finally, the mother of all bombs, there's a confirmed hack attack on the supposedly impenetrable Bitcoin technology causing a "collapse" of one Bitcoin exchange. Below is a selection from the numerous recent articles to illustrate how quickly the storm clouds gathered around Bitcoin:

Date -- Title -- Source
May 19th -- What is Bitcoin? -- Gizmodo
May 25th -- What Bitcoin Is, and Why It Matters -- MIT's Technology Review
May 26th -- BitCoin Digital Currency: Financial Revolution or Doomed to Fail? -- 40Tech
June 1st -- The Underground Website Where You Can Buy Any Drug Imaginable -- Gawker
June 1st -- Bitcoin and The End of State-Controlled Money (Video) -- ReasonTV
June 3rd -- Decentralized Currency Stimulating Underground Barter Economy -- Activist Post
June 8th -- Max Keiser: Is Bitcoin the Resistance Currency? -- Max Keiser
June 9th -- Senators seek crackdown on "Bitcoin" currency -- Reuters
June 10th -- Bitcoin Triples Again -- Smart Money
June 10th -- Digital Black Friday: First Bitcoin "Depression" Hits -- Daily Tech
June 16th -- New Malware Steals Your Bitcoin -- Wired
June 20th -- Bitcoin Exchange Collapses Due to Compromised Account -- TechCrunch

In short, Bitcoin went from being introduced to the public, to hailed as a savior of failed centralized banking and debt-based money, to being thoroughly discredited in less than a month. Does that seem strange to anyone but me? It seems that just the idea of peer-to-peer anonymous digital currency -- if as advertised by MIT and others -- is potentially a major threat to the banskter's monopoly on money and the state's ability to vampire the taxes from online transactions.

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z

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