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Author Topic: Kitco Murdered (by Revenue Quebec)  (Read 2231 times)
Marcus (OP)
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June 11, 2011, 04:15:57 AM
Last edit: June 11, 2011, 10:54:54 AM by Marcus
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Kitco Charged With Massive Tax Fraud Scheme, Business Viability In Question
By Tyler Durden
06/10/2011

"Claiming widespread tax fraud in the gold refining and trading sector, Revenue Quebec ... targeted ...Montreal location of Kitco, a major buyer and seller of gold ... Revenue Quebec said that by converting pure gold into a gold object and then refining it back into a pure state ... used “artificial transactions” to obtain refunds of taxes that were never actually paid."

Kitco is dead.
It may still show a few vital signs, but it won't survive that government attack.

Kitco provided gold and silver -- alternatives to government fiat paper currencies.
Bitcoin also provides an alternative to government paper money.
And there is similar risk for very Bitcoin point of concentration: exchangers and market-place web sites.
What can they do to protect themselves, and to protect the spreading Bitcoin meme?
Without exchangers and market-place web sites, Bitcoin dies.
And if Bitcoin goes, so goes a big chance, maybe the last chance in this generation, for finding a path to personal liberty.

The raid on Kitco is ominous news.
I hope Bitcoin exchangers and market-place web sites take it as motivation to prepare.

Links to sources:
http://www.zerohedge.com/print/404121
http://business.financialpost.com/2011/06/10/revenue-quebec-investigates-massive-gold-fraud/
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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June 11, 2011, 07:15:15 PM
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Yeah, there's a little more here than meets the eye.  Must stop the metal hoarders and bring them back to fiat. 
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