back to article Assange thanks USA for forcing him to invest in booming Bitcoin

Endurance couch-surfer and WikiLeaker-in-chief Julian Assange has thanked US authorities for the banking blockade that made it hard to donate fiat currencies to his organisation, because it inadvertently enriched the organisation. The blockade first appeared in 2010, after the United States expressed its ire at WikiLeaks' …

  1. Winkypop Silver badge
    Devil

    Does the Ecuadorian commissary accept Bitcoin?

    How much change do you get for a Mars bar and a can of Redbull?

    1. This post has been deleted by its author

      1. Charles 9

        Re: Does the Ecuadorian commissary accept Bitcoin?

        Are you sure? Without solid backing, e-currencies like Bit coin are prone to severe fluctuations.

        1. This post has been deleted by its author

          1. Charles 9

            Re: Does the Ecuadorian commissary accept Bitcoin?

            A lot of "it is said"s in that entry. Lots of conjecture, nothing in the way of solid evidence, though.

          2. Alan Brown Silver badge

            Re: Does the Ecuadorian commissary accept Bitcoin?

            "Without the Plunge Protection Team, normal currencies would be as prone to severe fluctuations as Bitcoin is."

            Even with that team, today's announcement that the UK is ~£450billion pounds worse off than it thought it was will have similar effects.

        2. Anonymous Coward
          Anonymous Coward

          Re: Does the Ecuadorian commissary accept Bitcoin?

          "Backing" is a euphemism. There is no "backing" of any currency. There is only faith and coercion. I must pay my taxes to the government with fiat currency, thus I must obtain it and so it has value commensurate with scarcity. Beyond that, faith in its value underpins its utility in commerce. All essentially ephemeral, like Bitcoin et al. Volatile? Sure, relatively, at present...

          So what does the Director of the IMF think? Well...

          https://www.imf.org/en/News/Articles/2017/09/28/sp092917-central-banking-and-fintech-a-brave-new-world

      2. MyffyW Silver badge

        Re: Does the Ecuadorian commissary accept Bitcoin?

        To paraphrase Princess Leia - "you invested you money in that, you're braver than I thought".

      3. DavCrav

        Re: Does the Ecuadorian commissary accept Bitcoin?

        "All of this will be seriously disruptive to the traditional banking system: The days of fractional reserve banking (and sanctions) are numbered. Currency is far too important to trust to any one entity."

        Uh huh. So let's hope you never have to pay any taxes. The country you are in generally gets to decide the currency in which you pay them. That's why there's always a demand for each currency. As for your pretend stuff, there's no intrinsic demand for it. It really is only of value because it's convertible into something useful. If you really think that the international community is going to let you and your IT project threaten the entire global economy, think again.

  2. Scorchio!!

    Daily Telegraph article: "'Bitcoin is broken', researchers warn". I've forgotten how to do html tags, so this: http://www.telegraph.co.uk/technology/news/10430079/Bitcoin-is-broken-researchers-warn.html

    There have been other such warnings, and JPMorgan Chase chairman and CEO Jamie Dimon said the currency is a "fraud" that will blow up. This too from the register, which used strike through html to voice the opinion that it's a Ponzi scheme: https://www.theregister.co.uk/2013/04/11/bitcoin_currency_meltdown/

    I still feel sorry for the poor bloke who hadn't backed his bitcoin savings up, put his PC/HD on the tip by mistake, and lost millions. I bet he doesn't drink Carling Black label.

    1. stevel

      Just saying...

      That would be JP "no ulterior motive" Morgan (http://www.telegraph.co.uk/technology/news/10510933/JPMorgan-files-patent-for-bitcoin-killer-currency.html") and The Daily "totally unbiased" Telegraph (https://www.theguardian.com/media/2015/feb/19/telegraph-250m-loan-hsbc-editorial-changes-yodel) would it?

      Not that The Grauniad has better credentials, just the first link that came up.

  3. Anonymous Coward
    Anonymous Coward

    How can you make a profit on something that's supposed to be used for the running of the website and not left as bitcoins?

  4. Pete 2 Silver badge

    Paper profits only

    If Wiki was "forced" to dip its toe in the BTC world, it won't actually make any profit from Bitcoins until it cashes them in. But since it is prevented from doing that whatever value it thinks it has, in its Bitcoin wallet(s) is purely theoretical. And so long as it is embargoed from using proper money it will remain asset rich, but illiquid.

    1. This post has been deleted by its author

    2. MR W B Jones

      Re: Paper profits only

      Not really if you use coin base you can store cash in your coin base account, I know as i have a grand trapped in my coin base account while i wait for the months it takes them to approve your bank account...

    3. Adam 1

      Re: Paper profits only

      Why can't they cash in their bitcoins? As far as I know the visa status et al ban (although didn't MasterCard break ranks?) only stops credit card payments. It wouldn't stop any other exchange for goods or cash.

    4. Velv
      Headmaster

      Re: Paper profits only

      You're making the assumption that anyone Wikileaks wants to pay won't accept Bitcoin. If they can spend the Bitcoin then they're not illiquid.

  5. Anonymous Coward
    Anonymous Coward

    Funny how Julian Assange made all those rape and sexual assault allegations disappear by hiding in the Ecuadorean embassy for seven years and claiming that whole thing was a setup by the US government.

  6. Anonymous Coward
    Anonymous Coward

    Thanks Julian !

    Another numpty portaying BitCoin/cryptocurrencies as a nerdy get-rich-quick-scheme.

    One the one hand, tainting it by association with timeshares - Bad.

    On the other, stirring up the FUD, ensuring that proper deep understanding is not valued. Yet. - Good ?

    1. Rameses Niblick the Third Kerplunk Kerplunk Whoops Where's My Thribble?

      Re: Thanks Julian !

      Obligatory XKCD

  7. macjules

    What's a 50000% return on nothing? It's nothing.

    "WikiLeaks is a not-for-profit media organisation."

    Could have fooled me ...

  8. Aquilus

    April fool?

    Bet you wish you had patented it ;P

    1. Anonymous Coward
      Anonymous Coward

      Re: April fool?

      I want to know who the El Reg reader is who saw that piece and went and acted on it...

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