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Author Topic: Senators seek crackdown on "Bitcoin" currency  (Read 1965 times)
alkor
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June 08, 2011, 05:57:34 PM
 #1

An article in the Chicago Tribune:
http://www.chicagotribune.com/news/politics/sns-rt-us-financial-bitcoitre7573t3-20110608,0,6328122.story

Some interesting bits:

Quote
Two senators are pressing federal authorities to crack down on an online black market and "untraceable" digital currency known as Bitcoins after reports that they are used to buy illegal drugs anonymously.

Quote
Silk Road buyers pay with Bitcoins and sellers mail the drugs, the Gawker blog reported. The transactions leave no traditional money trail for investigators to follow, and leave it hard to prove a package recipient knew in advance what was in a shipment.

Quote
The DEA is "absolutely" concerned about Bitcoins and other anonymous digital currencies, agency spokeswoman Dawn Dearden said when asked for a response to the senators' concerns.

Quote
A discussion thread this week on the primary Bitcoin forum was titled "Will Mt. Gox US Bank accounts eventually get frozen?" Some speculated that if the government bans transactions involving Bitcoin exchanges, a layer of shell companies might allow them to continue.

This article simply confirms my thesis that Silk Road was not really the original target here, but merely a pretext to shut down bitcoin. I will not be surprised if in the near future they create child pornography sites that are also using bitcoins to further shift public opinion against bitcoins.
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westkybitcoins
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June 08, 2011, 06:02:13 PM
 #2

This article simply confirms my thesis that Silk Road was not really the original target here, but merely a pretext to shut down bitcoin. I will not be surprised if in the near future they create child pornography sites that are also using bitcoins to further shift public opinion against bitcoins.

Likely true. But if they actually succeed in shoving bitcoin underground (they can't actually destroy it), they'll just be a step away from trying to outright ban cash too....

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
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niemivh
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June 08, 2011, 06:04:56 PM
 #3

Child porn and then a site that can sell assassinations or other criminal services.

All probably setups and all as a pretext.

Remember folks: Problem --> Reaction --> Solution

I'll keep my politics out of your economics if you keep your economics out of my politics.

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June 08, 2011, 06:10:25 PM
 #4

If their US bank accounts are closed they can just open new ones in other jurisdictions under other names.

Bitcoins are not illegal.

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June 08, 2011, 06:16:12 PM
 #5

mt.gox in the cross hairs. Theyll take out what they can, the BTC will just keep floating around I suspect.
Like I said, Fiat is their power, they will at all costs protect that power, by opposing any perceived or made up threat.
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June 08, 2011, 06:18:56 PM
 #6

If their US bank accounts are closed they can just open new ones in other jurisdictions under other names.

Bitcoins are not illegal.

No, they're not, and this is just them viciously lashing out at a threat to the core of their system.

But that said, clearly, they still plan on attacking it. And in the U.S., what is or isn't legal hasn't mattered to the powers that be in the last few decades (more so in the last 10 years.)

I'm beginning to wonder how far this is going to go. Will the feds declare a War on Bitcoins? At this point they're just nuts enough to do something so stupid.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
NO_SLAVE
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June 08, 2011, 06:28:55 PM
 #7

BTC is a threat because it shifts power, takes uncle gorilla out of the picture in terms of commerce.  The most dangerous aspect is that the mobs or other deviants could corner the bit coin market and indeed pose a serious threat to the system.  Drugs, porn and crime are hard to control, more so if the commerce of those trades are cryto. Id like to see BTC buying lollipops, pizzas, airplanes,  tshirts, mini coopers, dinner with friends, not the above mentioned.
westkybitcoins
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June 08, 2011, 06:34:33 PM
 #8

BTC is a threat because it shifts power, takes uncle gorilla out of the picture in terms of commerce.  The most dangerous aspect is that the mobs or other deviants could corner the bit coin market and indeed pose a serious threat to the system.  Drugs, porn and crime are hard to control, more so if the commerce of those trades are cryto. Id like to see BTC buying lollipops, pizzas, airplanes,  tshirts, mini coopers, dinner with friends, not the above mentioned.

I'd like it all to be nice and sanitary too, but seriously, the genie's already out of the bottle, and there's nothing we can do about it. I mean, how much CASH do criminals hold and use daily? Does anyone go around wringing their hands over that? (Actually, I suppose there are a number of people nowadays who do... control freaks who want every transaction of every person tracked. Prepare for your implant, sir....)

Not too worried about criminals cornering the market though. The more that get bought, the higher the price goes, and eventually they can't buy any more.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
Bazil
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June 08, 2011, 06:46:36 PM
 #9

Of course they go for bitcoins right away.  try to blame the whole thing on bitcoins.  I don't seem them crying to shut down other currency exchanges because people are using them to buy dollars which they then use to buy drugs.

This is the thing, they need an excuse to go after bitcoin because it international they can't fall back on the good old counterfeiting and "only the government can make currency laws."  They will probably try to make it look like the only way they can "fix" this drug problem is by banning bitcoins.  Then they will use the so called drug problem to try and seize over seas accounts and force other countries into taking action..  We'll see....

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