Senator Schumer Says Bitcoin Is Money Laundering

[DarkKnightNomeD]

We are Drug Using Money Launderer's now LOL

http://www.techdirt.com/articles/20110605/22322814558/senator-schumer-says-bitcoin-is-money-laundering.shtml

[1714122629]

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[cc5alive]

Not surprising AT ALL to see politicians starting to take some shots at Bitcoin. We can expect a lot of this negative political attention soon with the scale of the drugs sales blown completely out of proportion.  Any bets as to when we'll see some serious legislation?

[cloud9]

We are Drug Using Money Launderer's now LOL

http://www.techdirt.com/articles/20110605/22322814558/senator-schumer-says-bitcoin-is-money-laundering.shtml

If you are biased and you generalize by attributing to a group, a subgroup or individual's actions:

Are you racist if you are biased based on race?
Are you sexist if you are biased based on gender?
.
.
.
.
etc., etc.,

What will you be if you generalize by saying bitcoiners are launderers, when only a subgroup of bitcoiners are laundering bitcoins?  Could you be dubbed a bitcoinist?

Will each of the possible roughly estimated 600,000 world wide bitcoiners ( http://forum.bitcoin.org/index.php?topic=12574.msg174344#msg174344 ) appreciate a statement like that?

[cloud9]

Not surprising AT ALL to see politicians starting to take some shots at Bitcoin. We can expect a lot of this negative political attention soon with the scale of the drugs sales blown completely out of proportion.  Any bets as to when we'll see some serious legislation?

Will you illegalize the ownership of cryptographic key pairs that entitles you to a right in a secure network (with its security measured in how hard it works)?  Is the trade in cryptographic key pairs that entitles you to a right in a secure network (with its security measured in how hard it works) legal?

If it is currently legal, will you be shutting down a lot of technological businesses that might currently make use of such cryptographic key pairs for rights to a secure network?

[DarkKnightNomeD]

we allowed to bumb?

[BookishOwl]

is there any interest in using bitcoins to get this man voted out of office?
I dont guess there is a bitcoin user here that lives in his district and will challenge him for reelection.

-could find funds via bitcoins.

[rebuilder]

If you read the original article carefully, you'll notice they don't really say what he's calling a "form of money laundering". Maybe he meant Bitcoin as a whole, or maybe he meant the way it's being used on the Silk road. If the latter, he's right, too.

[drugsmang]

the US says this about every ecurrency. we all knew this would happen.
if you are exchanging bitcoins 2 liquid traceable currency within the US borders you should be afraid, they will start rounding up victims like they did in the 90s

[Anonymous]

Think what it will do for bitcoin and silk road if they are unable to shut it down. They will be seen as the impotent douchebags we all know they are.

[drugsmang]

if anybody is in the US and trading bitcoins openly for cash/wires simply change your site and ads around to say 'credits' instead of currency or dollars. that will save you at least 10yrs off your bid as it will be more difficult to prove you are subverting the fed reserve for evil terrorists purposes (yes they will accuse you of this)


http://www.washingtonpost.com/wp-dyn/content/article/2006/10/09/AR2006100900993.html

"the U.S. Mint, which would like to remind Liberty Dollar users that since the United States already has its own currency, the only thing Liberty Dollars buy in these parts is a jail term." this is basically the same excuse they used to jail dozens of Liberty Reserve/Pecunix/Egold exchangers in the US and the reason why you won't find 1 person anywhere within US borders trading them today

[beastY]

Are we there already?:



"... and he provides that no one will be able to buy or to sell, except the one who has the mark ... "



Its a quote from a famous book.  Don't think its talking about the German Deutch mark   ?



Or have we already been there all along?



Is Bitcoin a threat to freedom of commerce medium, or is it providing wider medium choice?

[vuce]

if anybody is in the US and trading bitcoins openly for cash/wires simply change your site and ads around to say 'credits' instead of currency or dollars. that will save you at least 10yrs off your bid as it will be more difficult to prove you are subverting the fed reserve for evil terrorists purposes (yes they will accuse you of this)


http://www.washingtonpost.com/wp-dyn/content/article/2006/10/09/AR2006100900993.html

"the U.S. Mint, which would like to remind Liberty Dollar users that since the United States already has its own currency, the only thing Liberty Dollars buy in these parts is a jail term." this is basically the same excuse they used to jail dozens of Liberty Reserve/Pecunix/Egold exchangers in the US and the reason why you won't find 1 person anywhere within US borders trading them today

the problem with liberty dollar as I understand it was this
http://www.law.cornell.edu/uscode/18/486.html
http://www.law.cornell.edu/uscode/18/485.html

[cloud9]

No mentioning about Bitcoins being laundered here:  http://thehill.com/blogs/hillicon-valley/technology/164865-senators-tell-doj-to-shut-down-online-drug-market?page=2#comments

Was the senator misquoted by the other paper source?

Or did this source neglect to quote everything because it was not clear enough from the Senator's words if Silk Road and its users are accused of laundering - or whether Bitcoin is accused of laundering activities?

Isn't it the drug trafficking that is under attack?

Isn't paypal a traceable virtual currency as well, just like Bitcoin is a traceable virtual currency?  If you launder paypal credit or Bitcoin addresses - isn't that a problem?

[error]

Bitcoin was only mentioned by name in a few of the many stories written about this incident.