Obama's push to end encryption possible attack on Bitcoin? ( conspiracy )

submitted by ding0bait

It occured to me, what Obama wants is a warrentless way to look into smartphones, which are the primary? means of buying/selling bitcoin. It wouldn't surprise me to find out in the next 5 years people who have been using crypto-currency are brought up on tax evasion charges or similar charges.

badp4nd4

There is no push to end encryption.

There is only a constant push for back doors and ways to subvert encryption by the government.

Bitcoin isn't going anywhere, but the anonymity of users of bitcoin is what the government is after, anonymous currency is perfect for everything the government doesn't want people doing... using money without taxation.

Hektik

I don't get the new war drums over cryptocurrency or encryption in this government. Not only did the US throw away it's right to regulate currency with the federal reserve it threw away it's right for encryption via patriot act. But only the poors are denied access to this, the rich have every right to it.

ding0bait

NSA collects the data anyway, in a way. Imagine firing arrows blindly at a target. Each miss tells you something. In this case, the metadata collected tells the NSA something.

In the case before Apple, I think the NSA knows whats on the phone and who he contacted. Obama seems to want more, and he mentioned the money aspect.

Chiefpacman

On electronic currency*

Bitcoin is busy digging it's own grave.

Sylian

Yes, soon they will ban crypto currencies.

Government can print unlimited supply of money. Think about it, you work at least 40 hours per week for a yearly sum around 60k and government gives their agents 1.000.000.000 dollars in mere seconds without anyone knowing it. Unlimited supply of money = government has unlimited power.

Obviously crypto currencies is a huge threat and they will successfully ban it.

Only thing people can do to break their power monopoly is if huge majority of people realise the fact that current economic system is a big scam and they don't need to buy expensive useless shit to feel happy about their lives.

REALJOHNCENA69

Because of your post I am going to start buying bitcoins just bc the government doesn't want us to

ShineShooter

I love cryptocurrencies, but they're far too small a target for a national political campaign like this. I think this attempt is a push to criminalize encryption. The court might not have dirt on you but they sure want to arrest you for having an encrypted phone/partition.

Current market capitalization ~8 billion.

dayofthehope

I think his 'Swiss bank account' comment must have been referring to Bitcoin. Could it be anything else?

Of course, having the ability to spy on cell phones doesn't stop people from keeping a paper wallet. So, it's just an excuse, an attempt to induce suspicion and paranoia to spy on everyone and everything as much as possible.

KoKansei

As a bitcoin holder I want to thank Obama for giving an amazing endorsement of the technology and currency. Bitcoin is money that, when used correctly, cannot be controlled by anyone, not even governments. The authoritarians hate it, but currently bitcoin and other cryptos are not big enough to bother with.

When the next financial crisis comes, bitcoin and probably a few other cryptos will skyrocket and that's when the government parasites will start panicking. Fortunately bitcoin is incredibly resilient and cannot be effectively neutralized short of destroying the internet.

404_SLEEP_NOT_FOUND

Anti-laundering rhetoric is always brought up during these kinds of speeches. I wouldn't read anything into it.