Posted on Jan 27, 2014
CPL(P) Cyber Threat Intelligence Consultant
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Like Social Media, Bitcoin is considered as a disruptive innovation. Bitcoin is in the forefront of disruptive financial transaction technologies. For those who are not aware of this, Bitcoin is an electronic form of currency unbacked by any real asset and without specie, such as coin or precious metal. As of this writing, it is not regulated in the US by any financial or government institution however very recently SEC ruled that it has subject matter jurisdiction over purported use of Bitcoin when used as investment.  The courts have ruled that SEC has subject matter jurisdiction over Bitcoin investmentment services. 

Bitcoins are  being used globally by citizens, businesses, online gamblers, Non profit organizations and other actors for executing commercial transactions. People are purchasing coffee to donating to non-profits using Bitcoin. Recently, Texas Congressman Steve Stockman offered to take donations in bitcoins.  Bitcoins, although a virtual currency can being converted to real currency, effectively making it a real currency.


Very recently,  DoD/Air Force funded  SBIR grant to a well known US high tech firm  for  development of dual use technology  aimed at establishment of trust and  security of transactions between digital wallets and physical point-of-sale machines.  The Bitcoin online magazine did not hesitate to publicize this grant for  PR of Bitcoin. 



While USG, general public and the world at large gets familiar with this new currency and understands the opportunities and risks, what preventive measures would you  recommend so the unsuspecting service member  does not get carried away with this virtual currency and more importantly, until the hazards/technology / risks of this currency is not clear,  how can this  topic be introduced at unit level CRM for protecting our subjects in the absence of any DoD directives. ? 

Posted in these groups: 79c97f6 OPSECBitcoin euro BitcoinCRMInfosec logo INFOSEC
Edited >1 y ago
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Responses: 18
SGT Forward Observer
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I thought I was the only person in the military who knew about bitcoin.  Good to see that I underestimated my brethren.
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SGT Gary Frank
SGT Gary Frank
>1 y
I keep getting e-mails titled "Edison's Revenge on the Dollar" trying to get me to purchase Bitcoins. 
I believe that it was Thomas Jefferson who warned us against Paper Money and Central Banks [still looking for the quote]. Regardless from who those warning came, imagine what our Forefathers would think about E-Money. 

As technology advances we loose sight of things that are Tangible and begin to favor Virtual Assets. This is a huge mistake. Virtual Books, Economies, etc, can all be wiped out at the push of a button or some virtual virus.

No Thanks, I'll stick to Printed Books and look into investing in Gold and Silver.  
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MSgt Fred Gondzar
MSgt Fred Gondzar
6 y
Gold and silver are good to have...and they will go up in value as the dollar goes down, but try to send a $1000 in silver to a relative on the other side of the world. It can be done, but with bitcoin, you can do it in 1 second for 1 cent...a much better option.
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CPL(P) Cyber Threat Intelligence Consultant
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MSgt Fred Gondzar
MSgt Fred Gondzar
6 y
That is actually a good plan. When the workers get their bitcoins, they can either immediately change them into dollars, or they can keep some of their bitcoins and let them increase in value. the USD they have will never increase in value. In fact, the USD has lost 96% of it's buying power since 1913.
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LTC Program Manager
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"form of currency unbacked by any real asset and without specie, such as coin or precious metal."

Are you talking about the Dollar??

Things are worth what people are willing to pay for them. People are willing to pay more and more for Bitcoin and less and less for the dollar.

I do not trust the dollar to maintain it's value. I have no idea what will happen with bitcoin but I don't think the government needs to do anything. The less the government does the better.
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MSgt Fred Gondzar
MSgt Fred Gondzar
6 y
True!
The USD will never increase in value. In fact, the USD has lost 96% of it's buying power since 1913. Wouldn't we rather want to have something that will increase in value, and we can turn it into USD any time we want?
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