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Author Topic: Charlie Shrem, the Vice Chairman of Bitcoin Foundation Arrested  (Read 5154 times)
Holliday
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January 27, 2014, 06:44:03 PM
 #21

Although this news seems bearish at first glance, it's actually quite bullish for bitcoin. The FBI/DEA have drawn the line in the sand and are pursuing folks who are engaging or supporting the sale of illegal drugs using bitcoins. They look at bitcoin as a morally nuetral technology that can have many different purposes, just like the internet. They'll crack down on drug use and bitcoin will look even better once it is less associated with illegal activities.

After all, they've done such a good job at preventing drug purchases with fiat.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
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January 27, 2014, 06:47:06 PM
 #22


http://www.bbc.co.uk/news/technology-25919482

Looks like Mr. Shrem wasn't directly involved in something illegal. He is guilty for not notifying the Gov. about a suspicious buying of coins on bitinstant whatever that means.

wow, even me could be his lawyer ... is there a movie script around (about) ?

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January 27, 2014, 07:13:13 PM
 #23


http://www.bbc.co.uk/news/technology-25919482

Looks like Mr. Shrem wasn't directly involved in something illegal. He is guilty for not notifying the Gov. about a suspicious buying of coins on bitinstant whatever that means.

He was:
http://rt.com/usa/bitcoin-operator-exchange-arrested-257/
(rt provides a link to the official statement from the justice department)

facing 25 years in a small room with a toilet and a desk (if lucky).
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January 27, 2014, 07:23:43 PM
 #24

So let's say you own an exchange, and some criminal launders some money there you're pretty much fucked.

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January 27, 2014, 07:25:52 PM
 #25

So let's say you own an exchange, and some criminal launders some money there you're pretty much fucked.

I doubt it's that simple, they're not stupid.

They obviously have some proof he was actually collaboration with someone that was hanging around SR.

It's similar charge like against that Liberty Reserve guy.

.
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January 27, 2014, 07:27:44 PM
 #26

So let's say you own an exchange, and some criminal launders some money there you're pretty much fucked.

no, read the emails. he knew the guy was doing this and he was actually helping him to get around the company's monitoring system etc.
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January 27, 2014, 07:28:43 PM
 #27

So let's say you own an exchange, and some criminal launders some money there you're pretty much fucked.

No.

Read the article plebs. Charlie allegedly:
1) Bought drugs on the internet (they got proof, apparently)
2) Operate an unlicensed money service business
3) Knowingly laundered money (they got proof, apparently)



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January 27, 2014, 07:29:32 PM
 #28


http://www.bbc.co.uk/news/technology-25919482

Looks like Mr. Shrem wasn't directly involved in something illegal. He is guilty for not notifying the Gov. about a suspicious buying of coins on bitinstant whatever that means.

You're in da office, baby!
http://www.youtube.com/watch?v=fgYBzlTqIHY

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January 27, 2014, 07:30:27 PM
 #29

Let me ask you something, why the hell is bitcoin tanking after such an event if we have this entire economy behind it?
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January 27, 2014, 07:31:36 PM
 #30

Let me ask you something, why the hell is bitcoin tanking after such an announcement if we have this entire economy behind it?

"Tanking"

I don't think that word means what you think it means.

"GOLD SLAMMED AS IT MOVES $5"

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January 27, 2014, 07:32:24 PM
 #31

Let me ask you something, why the hell is bitcoin tanking after such an announcement if we have this entire economy behind it?

"Tanking"

I don't think that word means what you think it means.

"GOLD SLAMMED AS IT MOVES $5"

well 10% in a few minutes is pretty serious, even for us.
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January 27, 2014, 07:34:15 PM
 #32

Let me ask you something, why the hell is bitcoin tanking after such an announcement if we have this entire economy behind it?

"Tanking"

I don't think that word means what you think it means.

"GOLD SLAMMED AS IT MOVES $5"

well 10% in a few minutes is pretty serious, even for us.

I can look back less than a month and see bigger moves for no apparent reason.

This thing isn't going to be stable for decades.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
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January 27, 2014, 07:34:49 PM
 #33

Let me ask you something, why the hell is bitcoin tanking after such an announcement if we have this entire economy behind it?

"Tanking"

I don't think that word means what you think it means.

"GOLD SLAMMED AS IT MOVES $5"

well 10% in a few minutes is pretty serious, even for us.

~6.25%, from which it's recovered to ~1.5%. Yawn.

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January 27, 2014, 07:34:56 PM
 #34

Yeah the same thing happed after SR got busted so I guess we're up to da moon, right?
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January 27, 2014, 07:36:11 PM
 #35

Let me ask you something, why the hell is bitcoin tanking after such an announcement if we have this entire economy behind it?

"Tanking"

I don't think that word means what you think it means.

"GOLD SLAMMED AS IT MOVES $5"

well 10% in a few minutes is pretty serious, even for us.

~6.25%, from which it's recovered to ~1.5%. Yawn.

lol gox.
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January 27, 2014, 07:37:28 PM
 #36

Yeah the same thing happed after SR got busted so I guess we're up to da moon, right?

It looks like people aren't ready to make a major move in either direction. I'm sure the TA gurus know where we are headed though!

If you aren't the sole controller of your private keys, you don't have any bitcoins.
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January 27, 2014, 07:37:56 PM
 #37

Yeah the same thing happed after SR got busted so I guess we're up to da moon, right?

Neither, probably gonna chill here a bit, as we've been doing. Until gox farts its last fart or the chinapocalypse(tm) happens.

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January 27, 2014, 07:41:21 PM
 #38

Quote
The criminal complaint says that Shrem, in addition to knowing that Faiella's business was funneling money into Silk Road, also used Silk Road himself to buy drugs, including marijuana-infused brownies.

lol charlie, I feel so sorry for you.
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January 27, 2014, 07:42:12 PM
 #39

From the Wired article:

http://www.wired.com/threatlevel/2014/01/bitcoin-exchangers-arrested/

Quote from: Wired
Faiella, concerned that BitInstant planned to keep $4,000 he had already deposited to purchase Bitcoins, threatened to contact the feds to report BitInstant. Shrem wrote back threatening to report Faiella for operating an unlicensed money exchange on Silk Road.

But authorities say Shrem then contacted Faiella privately and instructed him in how he could continue to use BitInstant surreptitiously. Although Faiella’s email address was banned from being used to conduct transactions at BitInstant, Shrem told him to simply use a different email address to secretly bypass the ban.


1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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January 27, 2014, 07:43:03 PM
 #40

Quote
The criminal complaint says that Shrem, in addition to knowing that Faiella's business was funneling money into Silk Road, also used Silk Road himself to buy drugs, including marijuana-infused brownies.

lol charlie, I feel so sorry for you.

The children can once again sleep soundly in America.



From the Wired article:

http://www.wired.com/threatlevel/2014/01/bitcoin-exchangers-arrested/

Quote from: Wired
Faiella, concerned that BitInstant planned to keep $4,000 he had already deposited to purchase Bitcoins, threatened to contact the feds to report BitInstant. Shrem wrote back threatening to report Faiella for operating an unlicensed money exchange on Silk Road.

But authorities say Shrem then contacted Faiella privately and instructed him in how he could continue to use BitInstant surreptitiously. Although Faiella’s email address was banned from being used to conduct transactions at BitInstant, Shrem told him to simply use a different email address to secretly bypass the ban.

Ouch.

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