Illinois Man Gets 4-Year Prison Sentence for Illegal Bitcoin Exchange

[Cryptology]

Full story here: http://dcmagnates.com/illinois-man-gets-4-year-prison-sentence-for-illegal-bitcoin-exchange/

[caga]

Full story here: http://dcmagnates.com/illinois-man-gets-4-year-prison-sentence-for-illegal-bitcoin-exchange/

That's horrible.
I feel bad for the guy as he did nothing wrong.

Point of the matter is judges/government are cracking down on bitcoin.
Judges for the reason of not understanding what bitcoin is.
Government hates it for obvious reasons.

4 Year is kind of a pretty long time for this.

[senseless]

Insanity. Does the commissary accept bitcoin?

[Southpaw0]

theyre currently working on uncovering the name and other details of the exchange.

[Cryptology]

theyre currently working on uncovering the name and other details of the exchange.

Would be interesting to know.

[Sophie.Greek]

Full story here: http://dcmagnates.com/illinois-man-gets-4-year-prison-sentence-for-illegal-bitcoin-exchange/

That's horrible.
I feel bad for the guy as he did nothing wrong.

Point of the matter is judges/government are cracking down on bitcoin.
Judges for the reason of not understanding what bitcoin is.
Government hates it for obvious reasons.

where is oppression there, there is resistance here

for bitcoin! for freedom!!

[cryptocoiner]

That's why you should not use fiat money at all. Don't exchange bitcoin for fiat. Just use bitcoin as money. Buy and sell stuff. And fuck goverments and banks.

[MCHouston]

In the USA, he would have to register for a MSB license (Money Services Bussiness) from the Treasury Department.  That is probably all they got on him, which is why he was arrested.  Kind of like running a bar without a liqour license, not doing anything illegal but you need a license for that business.

[traderman]

I have been saying that for a long time, fiat is absolute poison.

That's why you should not use fiat money at all. Don't exchange bitcoin for fiat. Just use bitcoin as money. Buy and sell stuff. And fuck goverments and banks.

In the USA, he would have to register for a MSB license (Money Services Bussiness) from the Treasury Department.  That is probably all they got on him, which is why he was arrested.  Kind of like running a bar without a liqour license, not doing anything illegal but you need a license for that business.

[Sellers]

About to read this , Thanks for the share

[WorldWideBTC]

Ugh. That's pretty messed up. Things are definitely changing for the worse.

[cloverme]

Full story here: http://dcmagnates.com/illinois-man-gets-4-year-prison-sentence-for-illegal-bitcoin-exchange/

Awful... Anything that challenges the status quo of the financial system quickly gets dealt with.  There's a good blog here about getting a MSB license from fincen:
http://moneytransmitterlicense.blogspot.com/

This article reminds me of the casascius coin guy that got busted.
http://www.wired.com/2013/12/casascius/

[Fioraver]

This is to reproduce the White Terror!

[Snorek]

4 years of prison?! For what?! I've seen murderers and massive thieves with shorter sentences. This is insane and unfair. Way to go authorities!