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Author Topic: Newsflash!! Visa and Mastercard to be shut down by Senator - Proxy transactions!  (Read 1138 times)
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June 10, 2011, 12:07:56 PM

"In new developments in the world of online transfers it has been established that anonymously exchanged online virtual Visa and Mastercard debit gift cards have been used to buy drugs, child pornography and illegal pirated digital goods from online shops proxy-posing as legitimate digital downloadable goods distributors."

Whilst the above quoted scenario might definitely be a possibility in our everyday existence, it is used fictionally as a demonstration of a possibility.  In the main stream media however, a blind eye is turned to this possibility.  Is a big deal of this possibility made, or even investigated by powerful Senators?  Or are the Senators first waiting for a donation from Bitcoin to give Bitcoin the same respectful treatment, in order to be - not smear campaigned?  It is not Bitcoin in default, but the Bitcoin (or any other asset) laundering criminals that should be investigated.  Shouldn't it be publicly corrected and clearly be stated, that your crusade is against criminals and not the legal Bitcoin trading public?  Don't you have all the legislation currently in place to bring a suspected Bitcoin launderer (like any other asset launderer) to book?  If anonymization is the problem, is the problem you have not with the Tor network endorsed by some?  Because anonymization is not a standard feature of the Bitcoin algorithm.

A criminal's Bitcoins are worthless if it can not, at some stage, access an economical use, at its network entry or exit point.  Please use the transparent, publicly available Bitcoin blockchain to investigate your Bitcoin laundering criminals, subpoena a suspected Bitcoin user, or any under investigation, to testify what the source of their Bitcoins were.  You can even transfer it out of existence to any address without a corresponding private key - that is to say if a legitimate source can not be proven (this is if the onus under your jurisdiction is on the suspect to prove innocense) - it will justly increase the value of legitimately acquired Bitcoins for the damage done in recent press articles.  And then leave the legitimate free market, digital goods (uniquely identifiable Intellectual property of Bitcoin cryptographic keys, accounting allocation system in this instance) trading community, out of the generalizations - or be equatable and publicly demonize the debit gift card industry as well - and face damage claims from the companies/individuals involved.  Anonymous and untraceable is a misrepresentation - with engough time, effort and protocol and ip monitoring (in combination with tor monitoring already conducted), an investigation can reveal everything, if the onus of proof lies with the investigator and not the investigated.

Note:  It is not the Bitcoin algorithm's standard protocol to launder Bitcoins - it is a wilfull illegal act.  It is also against Debit Gift card companies' policy to transfer ownership from the recipient of a debit gift card - but debit gift card laundering will be an illegal wilfull act.

Disclaimer:  Postings of Cloud9 are only individual views of opinion and/or musings and/or hypothesisses.  On a non-authoritative, peer-to-peer public forum, you do not need permission from Cloud9 to derive your own conclusions or opinions, so please do.  Calculations and assumptions to be verified.
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