cryptoanarchist
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Merit: 1003
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January 28, 2014, 03:33:22 AM |
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Well actually there is a law. It is the BSA (or more correctly "The Currency and Foreign Transactions Reporting Act of 1970"). The BSA gives FinCEN rather wide latitude in determining which institutions fall within its scope, and what regulatory requirements they must meet.
Which has nothing to do with bitcoins. @jballs - awesome name Did BitInstant only deal in bitcoins? ""The Currency and Foreign Transactions Reporting Act of 1970"" doesn't apply to selling bitcoins. Of course Feds will say anything since they have the most guns (for now). Does "The Currency and Foreign Transactions Reporting Act of 1970" apply to fiat transactions. Did BitInstant make fiat transactions? huh? I bought Jack n the Box today transacting with fiat...am I subject to "The Currency and Foreign Transactions Reporting Act of 1970"  ? No...derp |
I'm grumpy!!
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Holliday
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Merit: 1010
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January 28, 2014, 03:45:01 AM |
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Well actually there is a law. It is the BSA (or more correctly "The Currency and Foreign Transactions Reporting Act of 1970"). The BSA gives FinCEN rather wide latitude in determining which institutions fall within its scope, and what regulatory requirements they must meet.
Which has nothing to do with bitcoins. @jballs - awesome name Did BitInstant only deal in bitcoins? ""The Currency and Foreign Transactions Reporting Act of 1970"" doesn't apply to selling bitcoins. Of course Feds will say anything since they have the most guns (for now). Does "The Currency and Foreign Transactions Reporting Act of 1970" apply to fiat transactions. Did BitInstant make fiat transactions? huh? I bought Jack n the Box today transacting with fiat...am I subject to "The Currency and Foreign Transactions Reporting Act of 1970" ? No...derp Oh, come on. Were other people paying for your sandwich by depositing fiat into your bank account? |
If you aren't the sole controller of your private keys, you don't have any bitcoins.
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Danglebee
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January 28, 2014, 03:50:48 AM |
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i hope fbi take down half of bitcoin foundation member next.
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Holliday
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Merit: 1010
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January 28, 2014, 03:53:17 AM |
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i hope fbi take down half of bitcoin foundation member next.
Wow. What do you wish upon your enemies? |
If you aren't the sole controller of your private keys, you don't have any bitcoins.
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DoomDumas
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Activity: 1002
Merit: 1000
Bitcoin
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January 28, 2014, 04:00:50 AM |
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This news is actually good. IT seems this is just an extension of the SR investigation. And we all agree that SR was detrimental to btc at this stage. This has nothing to do with the actual btc platform. In fact, in the statement released, there is more evidence that bitcoin as an entity will be left alone. : "Truly innovative business models don't need to resort to old-fashioned law-breaking, and when Bitcoins, like any traditional currency, are laundered and used to fuel criminal activity, law enforcement has no choice but to act." http://www.marketwatch.com/story/ceo-of-winklevoss-backed-bitcoin-company-arrested-2014-01-27?link=MW_latest_newsall in all, its a fascinating development, but in a blazay kind of way. THIS.. If they knew about the fact they breack the law, and they do.. And Law enforcment have been able to track this and act, this is good for Bitcoin. This prove that Bitcoin is'nt more "anonymous" than fiat, afaik, unless super0precautions are taken. Then, Law Enforcment can't hate Bitcoin at a point they want to destroy it, because they seems able to look and act in case of a criminal action... This makes Bitcoin more interesting to everyone, including law inforcments agencies. IMO : overall, it's good news if all true ! |
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ArticMine
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Activity: 2282
Merit: 1050
Monero Core Team
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January 28, 2014, 04:05:50 AM |
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Well actually there is a law. It is the BSA (or more correctly "The Currency and Foreign Transactions Reporting Act of 1970"). The BSA gives FinCEN rather wide latitude in determining which institutions fall within its scope, and what regulatory requirements they must meet.
Which has nothing to do with bitcoins. @jballs - awesome name Did BitInstant only deal in bitcoins? ""The Currency and Foreign Transactions Reporting Act of 1970"" doesn't apply to selling bitcoins. Of course Feds will say anything since they have the most guns (for now). Does "The Currency and Foreign Transactions Reporting Act of 1970" apply to fiat transactions. Did BitInstant make fiat transactions? The position of the US Government when it comes to money laundering is that to all intensive purposes it make little or no difference if the funds being laundered are USD or BTC. Start with the FINCEN guidance http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html and follow the press releases of government officials. So the pirateat40 "funny money" defence will get you a jail cell. |
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jballs
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January 28, 2014, 04:21:55 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
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VforVictory
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Activity: 280
Merit: 250
V for Victory or Rather JustV8
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January 28, 2014, 04:23:55 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
I hear Somalia is a nice place to set up shop... |
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jballs
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January 28, 2014, 04:26:02 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
I hear Somalia is a nice place to set up shop... I was thinking Grand Cayman or one of the other islands the bankers own to exempt themselves and their wealth from the laws they enforce upon the plebs. Somalia not so much. |
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Holliday
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Activity: 1120
Merit: 1010
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January 28, 2014, 04:26:48 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
I hear Somalia is a nice place to set up shop... The conditions in Somali are a result of multiple failed corrupt institutions in a sequence. |
If you aren't the sole controller of your private keys, you don't have any bitcoins.
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VforVictory
Sr. Member
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Activity: 280
Merit: 250
V for Victory or Rather JustV8
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January 28, 2014, 04:27:56 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
I hear Somalia is a nice place to set up shop... The conditions in Somali are a result of multiple failed corrupt institutions in a sequence. Maybe you can "Un-corrupt" them with the magical power of Bitcoin? Then you can go on to free(rule) all of Africa. |
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Trance
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January 28, 2014, 04:36:02 AM |
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Charlie Shrem could be a patsy and the NSA probably spied on him just like every other VIP figure in the BTC Network. It's only a matter of time before they start taking down other high profiles within the community!
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Some people are so poor ALL they have is money
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Holliday
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Activity: 1120
Merit: 1010
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January 28, 2014, 04:36:59 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
I hear Somalia is a nice place to set up shop... The conditions in Somali are a result of multiple failed corrupt institutions in a sequence. Maybe you can "Un-corrupt" them with the magical power of Bitcoin? Then you can go on to free(rule) all of Africa. Sorry, as cool as Bitcoin is, you don't undo decades of destruction with a magic wand. I don't want to rule anything, especially other people. What a tiresome job that would be, like herding cats. |
If you aren't the sole controller of your private keys, you don't have any bitcoins.
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Trance
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January 28, 2014, 04:37:27 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
I hear Somalia is a nice place to set up shop... I was thinking Grand Cayman or one of the other islands the bankers own to exempt themselves and their wealth from the laws they enforce upon the plebs. Somalia not so much. Go to Belize or Panama ! Columbia has the Chinese version of the Panama Canal and will be a very lucrative thing to happen! |
Some people are so poor ALL they have is money
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Trance
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January 28, 2014, 04:38:10 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
I hear Somalia is a nice place to set up shop... The conditions in Somali are a result of multiple failed corrupt institutions in a sequence. Maybe you can "Un-corrupt" them with the magical power of Bitcoin? Then you can go on to free(rule) all of Africa. Sorry, as cool as Bitcoin is, you don't undo decades of destruction with a magic wand. I don't want to rule anything, especially other people. What a tiresome job that would be, like herding cats. Cats or Sheep, same thing? |
Some people are so poor ALL they have is money
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Holliday
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Activity: 1120
Merit: 1010
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January 28, 2014, 04:40:12 AM |
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Seems the moral of the story is anyone involved in bitcoin business, legit or not, really ought to bug out of the USA, and find a free country to do business in.
I hear Somalia is a nice place to set up shop... The conditions in Somali are a result of multiple failed corrupt institutions in a sequence. Maybe you can "Un-corrupt" them with the magical power of Bitcoin? Then you can go on to free(rule) all of Africa. Sorry, as cool as Bitcoin is, you don't undo decades of destruction with a magic wand. I don't want to rule anything, especially other people. What a tiresome job that would be, like herding cats. Cats or Sheep, same thing? No... not at all. You must misunderstand the phrase. |
If you aren't the sole controller of your private keys, you don't have any bitcoins.
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cryptoanarchist
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Activity: 1120
Merit: 1003
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January 28, 2014, 05:08:47 AM |
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Charlie Shrem could be a patsy and the NSA probably spied on him just like every other VIP figure in the BTC Network. It's only a matter of time before they start taking down other high profiles within the community!
No, its all political theater. Shrem will be fine. He registered with FINCEN. He's helping promote them. Its psychological warfare. Be scared, you could be next! |
I'm grumpy!!
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datz
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Activity: 295
Merit: 250
"to survive, we must live and fly"
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January 28, 2014, 05:12:39 AM |
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After watching my little brother go into rehab and come out overweight and sluggish but clean after a Silk Road fueled drug stint, I sympathize with the actions of the government bodies in this case. Knowingly supplying the means to purchase drugs is abhorrent and wrong. That being said, Yankee is a martyr in a philosophical sense and I hope one day we can grant him a Presidential pardon. He is a necessary force in this Universe that has greatly fostered economic equal opportunity and efficiency. Someone had to do the dirty work of the early days of cryptocurrency advocacy.
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Phinnaeus Gage
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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January 28, 2014, 05:15:30 AM |
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He should step down from the foundation ASAP.
"Guard! Guard!" "What is it, Chuck?" "I need to make a phone call ASAP!" "To a lawyer?" "No! To The Bitcoin Foundation. I want to make sure they don't give my seat away. BTW, can I have another blanket? Guard! GUARDDD!" |
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Phinnaeus Gage
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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January 28, 2014, 05:28:42 AM |
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Prosecutor can kindly go burn in Hell. Speechless. This is the most blatant anti-Bitcoin rights violation I've seen yet, way worse than the thug letters sent to Caldwell.
Shrem shouldn't step down from anything over this. The Foundation should be supporting him, not throwing him under the bus because they think they can influence the BTC price a couple points higher. Have some fucking integrity.
If The Bitcoin Foundation fails to expunge this guy, it will forever taint the entire coin in the general public's eye. The acceptance of the general public is the only path for Bitcoin to grow beyond what it is today. Read the indictment, this guy was clearly funding illegal activity, exactly what Bitcoin doesn't need. ~BCX~ The ball is most definitely in The Bitcoin Foundation's court, and while they're at it...   |
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