Bitcoin arrests makes front page of NYPOST online. Not good for crypto.

[illpoet]

to me it looks like all the one guy did was run bitinstant, which committed the crime of being easy to use anonymously.  This is government cracking down on businessmen for not doing the governments job for them.  what a bunch of a holes.

[pungopete468]

THere is no "no good for crypto" in that.

This is only "no good for guys like him" crypto is just another way of paying and stashing your profits. When you read about a drug dealer, you're not thinking "oops, not good for dollars", are you?

The only difference in reality is that the USD is already cemented in your life where Bitcoin is fighting for new ground.

[greyhawk]

to me it looks like all the one guy did was run bitinstant, which committed the crime of being easy to use anonymously.  This is government cracking down on businessmen for not doing the governments job for them.  what a bunch of a holes.

or you could read the indictment

[desired_username]

This is going to ruin Bitcoin's good name!

If everyone already knew what Bitcoin was this would do nothing. If TBF had not set themselves up as the premiere Bitcoin organization this would do nothing. If the main devs were not closely tied to TBF this would do nothing. Their are many perception issues here that will hurt when you attempt to recruit the average joe into Bitcoin from this point forward.

Sadly I fear you're right on this one. It won't kill us but it certainly won't help us.

This needs to be considered and discussed.

I think this is yet another overrated "news/event". A CEO of an exchange (or any other individual or company) cannot represent bitcoin, because it's an open source, decentralized payment system.

The media published mostly negative articles about bitcoin so far. Their attitude is laughable and didn't change much since I'm following them (2011).
The sensationalistic headlines and associated criminals have no effect on the the potential of bitcoin. I find all this FUD pathetic, they act like illegal activities and money laundering didn't exists in the old money world.

I think everyone knows by now what currency is used by the most high profile criminals

Anyone who worries about news like this shouldn't have bought any BTC or other alts.

[minerpart]

No impact on spot price.

It's a non-event.

A lot of bitcoiners will know who this guy is but no-one else does. It's just another drugs bust running on from the Silk Road investigation. These events will always happen so long as drugs are illegal. How many drug traffickers or suppliers are found with large sums of FIAT on them? This really should not be seen as BTC related - it's a drugs bust.

[knedle]

THere is no "no good for crypto" in that.

This is only "no good for guys like him" crypto is just another way of paying and stashing your profits. When you read about a drug dealer, you're not thinking "oops, not good for dollars", are you?

The only difference in reality is that the USD is already cemented in your life where Bitcoin is fighting for new ground.

I think bitcoin will do just fine, reading an article in Bloomberg never made me feel otherwise.

[inspiredinvestor]

That's right, this publicity is good for Bitcoin. It will guarantee, that in the minds of all Americans, Bitcoins are only for drug users and drug related businesses. Excellent news! O_o

And for betting on the 420 Bowl I--Washington vs. Colorado.

+1

if you really want anon it's cash all the way,

[QuestionAuthority]

THere is no "no good for crypto" in that.

This is only "no good for guys like him" crypto is just another way of paying and stashing your profits. When you read about a drug dealer, you're not thinking "oops, not good for dollars", are you?

Dollars can't die because they are supported by government. Bitcoin is not.

[Frost000]

Must be a really slow news day for this to make the first page.

Though I do think there is such a thing as bad publicity, I'm not sure this would be it. If Bitcoin was becoming mainstream to the point where most of middle America knew what it was, I wouldn't say.

As it stands, I'm more into thinking that regular Americans who have no clue what Bitcoin is will simply ignore the article and not give it a second thought.

[Prometheuz]

Bitcoin will weed itself out of these problems.

[TheButterZone]

More victimless "criminals" having the boot stamping on their face forever. Just a matter of time before every single localbitcoins seller is prosecuted for not harming anyone, because "economic liberty must be destroyed"!

[keithers]

Governments are trying their best to smear cryptos through the press, and steering unknowledgable people to believe that bitcoin and other alt currencies serve as a safe haven for criminals and traffickers....such a joke

[QuestionAuthority]

You think Yankee can help me with a couple of warrantee returns on a some lock blade knives he sold me in the marketplace forum before he goes to the big house?

[Coin_Master]

THere is no "no good for crypto" in that.

This is only "no good for guys like him" crypto is just another way of paying and stashing your profits. When you read about a drug dealer, you're not thinking "oops, not good for dollars", are you?

Dollars can't die because they are supported by government. Bitcoin is not.

Bitcoin can't die because it is an "Idea".  Stop thinking it has to be called Bitcoin, or that it has to be SHA-256.  Satoshi Nakamoto could have called it anything, used any block reward system, any protocol.  The concept is the important thing here, people creating their own "method of payment".
Bitcoin, Litecoin, Feathercoin, Dogecoin, Catcoin, Stablecoin, Megacoin, an "as yet to be released" coin!
Get the idea?  The government "ain't stoppin nuffin!!!".  Think of trying to stop Bitcoin and related crypto currencies as a game of "Whac-A-Mole".
http://en.wikipedia.org/wiki/Whac-A-Mole
The genie is out of the bottle, and it isn't going back in.

[Honeypot]

We are cleaning out the irresponsible, ignorant, and childish elements of crypto and actually encouraging people who are self-aware and know their shit to step up to the plate.

We don't need fools like DPR or this 'ceo' to have a crypto.

You are right. Crypto is an idea. It doesn't need you, most of all.

[BTCisthefuture]

Certainly it's a black eye because there's a lot of people who don't understand bitcoin and quite a few uneducated people who already think it's only used for crime (not even close to true).  So something like this only helps feed those peoples ideas about bitcoin being used for illegal actions.

With that said, DPR being arrested was also front page news and a things died down and people moved on bitcoin was not only fine but it continued to grow in exchange rate value , adoption, and innovation.  Same will be true in this case.  Let the media fire die down, adoption and innovation continue to grow and bitcoin will be fine.

I give it a few days to a week or two for people to 'forget' and move onto more important news.

[Coin_Master]

We are cleaning out the irresponsible, ignorant, and childish elements of crypto and actually encouraging people who are self-aware and know their shit to step up to the plate.

We don't need fools like DPR or this 'ceo' to have a crypto.

You are right. Crypto is an idea. It doesn't need you, most of all.

Very funny Honeypot/QuestionAuthority/TheButterZone.  Wait until we unleash the "voter verified voting system" that uses Bitcoin to allow people to cast anonymous yet verifiable votes.  Bye Bye rigged elections.  There are three kinds of people in this world Honeypot.
1. People that make things happen
2. People that watch things happen
3. People that don't know what happened
It is clear you are in the 2nd category.  Guess you missed out on making a ton of money on Bitcoin.

[Mobo]

http://nypost.com/2014/01/27/dea-irs-bust-bitcoin-pitchman-for-selling-currency-to-silk-road/

This isn't how the masses should be introduced to crypto.

I agree, hence why we saw a bit of a crash yesterday.

[Erdogan]

Negative, but this is part of growing up. Growing pain. It is inevitable. Nothing is changed.

[DieJohnny]

my sister emailed me and advised me to sell all my bitcoin right away because the government was cracking down..... so funny