US Government Begins BitCoin Crackdown

[BrewCrewFan]

This is being blown out of proportion.

The only reason this happened is because Mtgox were foolish enough to lie and say they aren't a 'money transmitter' and try to operate without a license.

If they had the appropriate license this wouldn't have happened. A lesson to other exchanges in the future.

This cannot be said enough.  The government has had previous chances to go after BTC and has declined.  They are only targeting a company that broke the law with this warrant.  

If Mt. Gox is smart (which that's debatable), they'll immediately reach a deal with the government, in which they agree to properly register and pay whatever penalties/fines are assessed.  

The government is NOT going after BTC.  Atleast not yet.  

Exactly! For starters, MtGox ≠ Bitcoin. If anyone read the warrant, it is clearly intended to go after MtGox because of their failure to comply with US law, when they established US bank accounts, and planned to do business in US currency with US citizens. If this were to happened to Jo Blow's Brokerage house, it would merely get a back page mention, as this type of stuff happens everyday.

If anything, this makes me more confident in the future of Bitcoin, as exchanges will be more inclined to follow the laws in the countries they plan to operate within. It amazes me that when a government steps in to ensure the customer is protected, everyone goes all crazy. Who would you trust more, a government enforcing its clearly identified laws to protect customers of financial institutions from fraudulent activity, or some schmuck based in another country who lies on business applications and has questionable business dealing with other companies?

LOL  WUT? You honestly think that the feds are capable of not turning stuff to shit? Who the fuck you think created the housing bubble? Then the gov swings and takes back what they wanted therefor again making it next to impossible to get a loan unless you got next to perfect credit.

Im not saying some regualtions "might" be good. What I tend to see time and time again is that "some" turns into a lot.

Who know maybe that will be the end of it. I doubt it though. The saying is if you give them an inch they take miles.

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[RodeoX]

I have an idea. How about I just don't suck it? How about I just go on using bitcoin no matter what some gov does? They can throw their bitcoin laws in same waste bin that contains anti-filesharing laws, drug laws, gun laws and other laws that Americans have no intention of following.

[Number6]

This is being blown out of proportion.

The only reason this happened is because Mtgox were foolish enough to lie and say they aren't a 'money transmitter' and try to operate without a license.

If they had the appropriate license this wouldn't have happened. A lesson to other exchanges in the future.

This cannot be said enough.  The government has had previous chances to go after BTC and has declined.  They are only targeting a company that broke the law with this warrant.  

If Mt. Gox is smart (which that's debatable), they'll immediately reach a deal with the government, in which they agree to properly register and pay whatever penalties/fines are assessed.  

The government is NOT going after BTC.  Atleast not yet.  

Exactly! For starters, MtGox ≠ Bitcoin. If anyone read the warrant, it is clearly intended to go after MtGox because of their failure to comply with US law, when they established US bank accounts, and planned to do business in US currency with US citizens. If this were to happened to Jo Blow's Brokerage house, it would merely get a back page mention, as this type of stuff happens everyday.

If anything, this makes me more confident in the future of Bitcoin, as exchanges will be more inclined to follow the laws in the countries they plan to operate within. It amazes me that when a government steps in to ensure the customer is protected, everyone goes all crazy. Who would you trust more, a government enforcing its clearly identified laws to protect customers of financial institutions from fraudulent activity, or some schmuck based in another country who lies on business applications and has questionable business dealing with other companies?

LOL  WUT? You honestly think that the feds are capable of not turning stuff to shit? Who the fuck you think created the housing bubble? Then the gov swings and takes back what they wanted therefor again making it next to impossible to get a loan unless you got next to perfect credit.

Im not saying some regualtions "might" be good. What I tend to see time and time again is that "some" turns into a lot.

Who know maybe that will be the end of it. I doubt it though. The saying is if you give them an inch they take miles.

I never said the government is the epitome of all that is good and pure, but all this FUD is getting out of hand. MtGox, or more correctly its US based subsidiary, broke US law, and now they are facing the consequences, pure and simple. Any further reading into that is pure hyperbole and speculation at this point.  

[TruCoin]

Bitcoin users Seeking out BitBars to secure there digital wealth!!! Seen a 500% increase in Bitbars

[justabitoftime]

Careful, many of us in the early poker community took the same attitude of 'It's only a few shutdowns' or 'It's their own fault because' and then the UIEGA was passed. No big deal, the gov't cant control foreign poker sites.  The gov't started to slowly make it more and more difficult to move USD to/from sites. Boom, Black Friday hits and another leg is chopped off.

Here's what many new to this fight might not realize. They don't have to stop it, they simply need to make it difficult enough for everyday Joe Sixpacks to move USD.. that's how you cripple it.

[aetos]

Careful, many of us in the early poker community took the same attitude of 'It's only a few shutdowns' or 'It's their own fault because' and then the UIEGA was passed. No big deal, the gov't cant control foreign poker sites.  The gov't started to slowly make it more and more difficult to move USD to/from sites. Boom, Black Friday hits and another leg is chopped off.

Here's what many new to this fight might not realize. They don't have to stop it, they simply need to make it difficult enough for everyday Joe Sixpacks to move USD.. that's how you cripple it.

thats   what happened..  party poker was in Cyprus  full tilt and rest Costa Rica     where are they now?
  no usd   no markets after all   its here that the interest  is created... where the money is... everyone else is just a gold digger:) 

[dree12]

Careful, many of us in the early poker community took the same attitude of 'It's only a few shutdowns' or 'It's their own fault because' and then the UIEGA was passed. No big deal, the gov't cant control foreign poker sites.  The gov't started to slowly make it more and more difficult to move USD to/from sites. Boom, Black Friday hits and another leg is chopped off.

Here's what many new to this fight might not realize. They don't have to stop it, they simply need to make it difficult enough for everyday Joe Sixpacks to move USD.. that's how you cripple it.

There is no reason the government would target Bitcoin. That would be like throwing away science because it had the potential of putting psychics out of business.

[aetos]

Careful, many of us in the early poker community took the same attitude of 'It's only a few shutdowns' or 'It's their own fault because' and then the UIEGA was passed. No big deal, the gov't cant control foreign poker sites.  The gov't started to slowly make it more and more difficult to move USD to/from sites. Boom, Black Friday hits and another leg is chopped off.

Here's what many new to this fight might not realize. They don't have to stop it, they simply need to make it difficult enough for everyday Joe Sixpacks to move USD.. that's how you cripple it.

There is no reason the government would target Bitcoin. That would be like throwing away science because it had the potential of putting psychics out of business.

i was always wondering where all these power ends up?  can one use all this to create a malicious   attack? direct all this to  one purpose and reward you in bbq coins be it ftc or ltc lol etc?  just wondering what can a script do  stealth mode and direct  lets say to crack  databases somewhere?

[cdog]

This is an alt-currency sub-forum. Its way overcluttered as is, do we really need this discussion here mods?

[Praxis]

"The land of the free and the brave ..."

[hashman]

There is no reason the government would target Bitcoin. That would be like throwing away science because it had the potential of putting psychics out of business.

Would Galileo also lol?

Of course, any statement which purports actions have been taken by "the government" is likely false.  "The government", depending who you ask, consists of 30 to 100 percent of the population, and also includes large groups which fight each other like wolves over a kill.  That's on a good day. 

[smith88]

This is being blown out of proportion.

The only reason this happened is because Mtgox were foolish enough to lie and say they aren't a 'money transmitter' and try to operate without a license.

If they had the appropriate license this wouldn't have happened. A lesson to other exchanges in the future.

Precisely- very well said.  No worries here folks, carry on.  This is not a threat to the industry, but rather more sign of its acceptance.

[kelvinhsu]

mt will down

[josiasrdz]

"First they ignore you, then they laugh at you, then they fight you, then you win."
 

[justabitoftime]

Careful, many of us in the early poker community took the same attitude of 'It's only a few shutdowns' or 'It's their own fault because' and then the UIEGA was passed. No big deal, the gov't cant control foreign poker sites.  The gov't started to slowly make it more and more difficult to move USD to/from sites. Boom, Black Friday hits and another leg is chopped off.

Here's what many new to this fight might not realize. They don't have to stop it, they simply need to make it difficult enough for everyday Joe Sixpacks to move USD.. that's how you cripple it.

There is no reason the government would target Bitcoin. That would be like throwing away science because it had the potential of putting psychics out of business.

No reason? Really? No reason? Look, I want Bitcoin to succeed as much as the next guy but let's be really honest with one another here. Bitcoin is a real threat to the existing banking system.. you know, the banking system that benefits those they get to utilize the currency first.. before us peons get it. 

Tell the guys over at Liberty Dollar that there is nothing to fear.

[Rex_Heston]

This is being blown out of proportion.

The only reason this happened is because Mtgox were foolish enough to lie and say they aren't a 'money transmitter' and try to operate without a license.

If they had the appropriate license this wouldn't have happened. A lesson to other exchanges in the future.

How stupid can they be? They are *the* definition of a money transmitter. Serves them right in my opinion.

[hope2907]

lol they are crackdown mtgox not bitcoin