1. TechSpot is dedicated to computer enthusiasts and power users. Ask a question and give support. Join the community here.
    TechSpot is dedicated to computer enthusiasts and power users.
    Ask a question and give support.
    Join the community here, it only takes a minute.
    Dismiss Notice

U.S. government to study Bitcoin as possible terrorist threat

By Himanshu Arora ยท 29 replies
May 5, 2014
Post New Reply
  1. The US Department of Defense is investigating whether Bitcoin and other virtual currencies are a potential terrorist threat, according to an IBTimes report.

    Read more
  2. GhostRyder

    GhostRyder TS Evangelist Posts: 2,151   +588

    Ok I read the title and my first thought was "Ummmm What?". So I read through the entire article thinking it would make sense once I finished reading. Well my response still is "What?" lol. I get what they are trying to say, but Bitcoins are now (apparently) promoting terrorism (Joke). I have now seen everything...sarcasm
    Last edited: May 5, 2014
    MikeAcker likes this.
  3. hahahanoobs

    hahahanoobs TS Evangelist Posts: 2,540   +918

    "Although transactions are public, the parties involved are kept anonymous. "

    How can you not get it? It's all right there.
  4. Chazz

    Chazz TS Evangelist Posts: 679   +75

    I don't think they said that at all. I'd actually be HIGHLY offended if I found out my government didn't do their research. This is their job, if they aren't doing their friggin job, I don't want to be a part of this country. If any Country's government is not up on the latest technology, then they are doomed.

    Computer technology moves incredibly fast. How would you feel if you learned your government was ignorant when it came to technology. I WANT them to investigate, now what they do is a different story. They need to exhibit a proper plan, one that embraces Bitcoin but keeps a handle on cash security.
    lmike6453 likes this.
  5. GhostRyder

    GhostRyder TS Evangelist Posts: 2,151   +588

    Do I really have to add the actual word "Joke" to the end of the sentence for people to know im joking...I was clearly joking when I said "Bitcoin is promoting Terrorism".

    Again I was joking, guess I will start adding "sarcasm" or "joke" to the end of my sentences since lol is not enough anymore. Its anonymous currency, silk road is a use of getting illegal products so it makes sense to investigate it. But its not going to be easy to track the transactions in general. As far as it being a terrorist threat, who knows if they really want to use it as such. As far as it being used for making illegal black-market style transactions thats a completely different story.
    Last edited: May 5, 2014
  6. Anything that disrupts the petrodollar is worse than terrorism it is ruinous. Think we can pay back our debts, lol?
  7. Chazz

    Chazz TS Evangelist Posts: 679   +75

    Ya, what I was saying to you is I see this as more of a precautionary statement. More so, along the lines of "lets get informed before it's too late." I get that you weren't completely serious, I just don't think this is a time where our government is crying wolf for terrorism. It seems like they're trying to be prepared for what could come. Governments have to be forward thinking(I think now is already very late to the party). I wasn't insulting you or anything, I know our government is pretty crap and uses fear and terroism a lot, but from reading this and the source article, it actually seems like they're being sensible.

    I added the caveat at the end, because although this seems like a good way to handle things, our government can be a bit screwy. I see this as a small step towards legitimizing Bitcoin, especially with them making the investigation public. I hope I'm not being naive.
    GhostRyder likes this.
  8. GhostRyder

    GhostRyder TS Evangelist Posts: 2,151   +588

    Well as much as I have put my opinion about how I never liked the virtual currencies (mostly because only bitcoin early was the only real lucky get rich scheme) can't get a break. I just thought it was funny the way this was listed and that the government is now trying to see if there is a link to terrorism. Personally, I think its a hard sell even to Terrorists just because the amount of coins in existence and how hard they are to mine (since essentially they would still have to purchase them and cash really is not king on a virtual currency). It might get linked to some small things possibly (though im more betting on things like drugs, small illegal weapons etc) but I do not think full fledged terrorism (Except maybe in the case of guns). Its just interesting that this is the thing they are investigating next.
  9. Ha, when the usa looks something than not benefit them, they call it terrorist so they can blow the thing.
  10. spencer

    spencer TS Addict Posts: 201   +22

    Yeah a virtual currency that works on protocol is a terrorist tool, just like Cliven Bundy is Rascist and Ron Paul is in the KKK obamacare will save you money you get to keep your doctor;guns are only good in the hands of a monopoly;the patriot act is patriotic and the NDAA is constitutional. :) YAY FOR AMERICA!!!
    Misagt likes this.
  11. Burty117

    Burty117 TechSpot Chancellor Posts: 3,493   +1,295

    "Bitcoins can allow illegal operations with the ease and speed of the Internet, but with the secrecy of a cash deal."

    But surely by this logic, they should also be investigating cash? ;)
    RenGood08 likes this.
  12. Kisai

    Kisai TS Rookie

    This topic comes up on Continuum Season 3 Episode 7 (which aired last night in Canada)

    The thing is, Bitcoin, or anything derived from the same idea is a highly efficient means of money laundering. More so than using freemium game currency.
  13. The govt. knows how to use the net and they know how search engine bots work.
    Creating titles like these will keep some people from associating with bitcoin just because the word "terrorist" is next to bitcoin.
    I am sure high profile politicians have a keen interest to keep money going as is and would be threatened if another currency takes over.
    Expect more titles as such in the future.
  14. Hahaha.... buuwoo.. the us lost money on bitcoin... thats terrorism...
  15. NTAPRO

    NTAPRO TS Evangelist Posts: 809   +104

    Ploy by the gov to drop the value even more
  16. Trillionsin

    Trillionsin TS Evangelist Posts: 1,806   +407

    An online currency is a threat
  17. "Money is the route to all evil"
  18. MikeAcker

    MikeAcker TS Enthusiast Posts: 37   +6

    .........anything "they" don't like........... is now "terroristic".
    their self-granted license for stomping.
  19. fredderf81

    fredderf81 TS Enthusiast Posts: 51   +40

    ....its the US...for the last 10 years, everything is a terrorist threat. This is just stupid though.
  20. RenGood08

    RenGood08 TS Booster Posts: 183   +13

    I really don't know what to say about this...I don't see this being the next big threat to mankind, but maybe in the virtual world I can see it being a threat. Like virtual terrorists or black hat hackers maybe.
  21. Wow, US really waging war on humanity. Bitcoin is about the only sliver of light in the tunnel. Sick of these fuc|<ing tyrants. Kerry is a sick person, Obama just a useles drone.
  22. You really need to educate yourself. It's REALLY REALLY important that people get this. It is the exact opposite of a "threat". We need to free ourselves from these... people.

    Sic Semper Tyrannis
  23. RenGood08

    RenGood08 TS Booster Posts: 183   +13

    I will definitely do some research on this subject. I really don't know anything about it. I research and try to understand what I don't. I am professionally curious. ;D
  24. Wendig0

    Wendig0 TechSpot Paladin Posts: 1,146   +142

    What if I told you the biggest terrorist threat was our own government... Our government knowingly supplies terrorist groups, and drug cartels with weapons on a regular basis, yet Bitcoin is somehow a threat? Yeah, ok.
    Holotus likes this.
  25. Holotus

    Holotus TS Enthusiast Posts: 67   +9

    This is very true. They label anything a terrorist if it threatens their position of power.

Add your comment to this article

You need to be a member to leave a comment. Join thousands of tech enthusiasts and participate.
TechSpot Account You may also...