Two Executives of Bitcoin Businesses Are Arrested - GoFuckYourself.com

AsianDivaGirlsWebDude · 01-27-2014, 01:43 PM

In other Bitcoin news...

Quote:

Two Executives of Bitcoin Businesses Are Arrested

One of the most prominent players in the Bitcoin universe, Charles Shrem, was arrested on Sunday and accused of helping grease the wheels for drug transactions on the now defunct online bazaar Silk Road.

Mr. Shrem was the founder and chief executive of a popular website, Bitinstant, where Bitcoins could be bought using dollars. The criminal charges unsealed on Monday allege that Mr. Shrem used his company to convert money anonymously for people interested in buying narcotics on the Silk Road site, and also personally bought drugs on the site. He was arrested at John F. Kennedy Airport.

The scheme was allegedly operated in cooperation with another man, Robert Faiella, known as BTCKing, who was arrested on Monday.

The complaint says that when a co-founder of Mr. Shrem?s company questioned the cooperation with Mr. Faiella, Mr. Shrem wrote back that ?we make good profit from him.?

Bitinstant stopped operating last summer, but the site was viewed as a pioneer in the industry, and Mr. Shrem had recently said that he planned to restart it. The company won early backing from Winkelvoss Capital, which is run by the Winkelvoss brothers, who were early players in Facebook.

In a statement, Winkelvoss Capital said, ?We were passive investors in BitInstant and will do everything we can to help law enforcement officials. We fully support any and all governmental efforts to ensure that money laundering requirements are enforced, and look forward to clearer regulation being implemented on the purchase and sale of Bitcoins.?

Mr. Shrem has been an outspoken advocate for the virtual currency. He is the vice chairman of the Bitcoin Foundation, a non-profit that educates the public on digital money. Mr. Shrem was still listed on Monday as a member of the foundation?s board.

A spokeswoman for the foundation, Jinyoung Englund, said, ?We are surprised and shocked by the news today. As a foundation, we take these allegations seriously and do not condone illegal activity.?

The unsealing of the complaint comes just a day before the New York State Superintendent of Financial Services, Benjamin Lawsky, is set to hold hearings where the legality of Bitcoin is set to be discussed.

ADG

CAHEK · 01-27-2014, 01:52 PM

1 down , few more to go

mineistaken · 01-27-2014, 02:00 PM

2 down, few more to go

Jman · 01-27-2014, 02:24 PM

All your bitcoins belongs to US....A ;)

AsianDivaGirlsWebDude · 01-27-2014, 04:00 PM

Quote:

Federal agents have charged a Bitcoin dealer and an executive at a Bitcoin company with money laundering for allegedly selling more than $1 million worth of the cyber currency to people doing business on Silk Road, a black market website that dealt in drugs and other illicit goods.

Robert Faiella, 52, allegedly known as "BTCKing," was arrested Monday at his home in Cape Coral, Fla., and charged with money laundering and operating an unlicensed money transmitting business.

Charlie Shrem, 24, chief executive officer and compliance officer at the Bitcoin exchange company BitInstant.com, was arrested Sunday at John F. Kennedy International Airport in New York City. He is charged with money laundering, operating an unlicensed money transmitting business and violating the Bank Secrecy Act by failing to file reports of suspicious activity with the federal government for Faiella's transactions on the Bitcoin exchange.

Bitcoin, launched in 2009, is a decentralized digital currency that is traded from person to person rather than through banks. It is generated by a computer algorithm and has no issuing or regulating country.The currency is not illegal in the United States and many businesses accept it as a form of payment.

Silk Road, an underground drug bazaar shut down by federal agents in October, required all buyers and sellers to transact their business in Bitcoins. Unlike credit cards or checks, Bitcoin transactions can be conducted anonymously, like cash.

Shrem is well-known in the Bitcoin community. He is vice president of the BitCoin Foundation, a trade group that promotes Bitcoin as an alternative currency. In his bio on the foundation's website, Shrem is described as using "his position in both the old banking world and new, alternative currency world to help pave the way for the Bitcoin economy to emerge in early 2011."

In the computer hacker world, the bio says, Shrem is known as "Yankee."

Foundation spokeswoman Jinyoung Lee Englund said the organization is "surprised and shocked" by Shrem's arrest.

"As a foundation, we take these allegations seriously and do not condone illegal activity," she said.

BitInstant.com, one of the earliest Bitcoin businesses, drew interest and investment from the tech-savvy Winklevoss twins, Cameron and Tyler. The brothers' Winklevoss Capital last year invested $1.5 million in the business. In a statement issued Monday, the brothers said they were passive investors.

"When we invested in BitInstant in the fall of 2012, its management made a commitment to us that they would abide by all applicable laws -- including money laundering laws -- and we expected nothing less," the statement said. "Although BitInstant is not named in today's indictment of Charlie Shrem, we are obviously deeply concerned about his arrest."

Dissatisfied customers sued BitInstant in July, accusing the company of inflated fees, violating the Electronic Fund Transfer Act and falsely representing its services.

Court papers say Faiella ran an underground Bitcoin exchange on Silk Road from December 2011 until October that allegedly exchanged "tens of thousands of dollars a week" for Bitcoins.

Investigators say Faiella filled orders for Bitcoins through a New York-based company run by Shrem that allowed customers to anonymously exchange cash for Bitcoins for a fee. As the company's compliance officer, Shrem is required to ensure that the company followed federal anti-money laundering laws, the court papers say.

In e-mails obtained by the government, Shrem initially banned "BTCKing" from doing business with BitInstant and sent copies of the e-mail to his business partner and another cash processing business. When "BTCKing" thought Shrem would keep his money, he threatened to report him to the federal government.

"Do not threaten me as you currently sell your services on the illegal Silk Road," Shrem wrote.

But in private e-mails to "BTCKing," Shrem allegedly advised "BTCKing" how to evade money laundering rules and continue to use BitInstant, an affidavit made public Monday says. Shrem then personally processed Faiella's transactions.

Federal agents say Shrem knew the nature of Silk Road and used it at least once to purchase drugs.

Seems like these Bitcoin people turn on each other fast once the heat is on.

ADG

nikki99 · 01-27-2014, 04:07 PM

Holy Jesus!!!

thumbuilderic · 01-27-2014, 04:08 PM

WOW. That's a big story.

brassmonkey · 01-27-2014, 04:10 PM

Internet Guy · 01-27-2014, 04:38 PM

I am sure they'll treat it like this case: http://www.bloomberg.com/news/2013-0...ng-accord.html

Light finger wagging, % of illicit profits paid as a fine, nobody goes to jail.

edgeprod · 01-27-2014, 04:39 PM

Those accusations are quite serious. If they participated in money laundering, it's certainly looking grim for them.

In the meantime, buyer's market!

PornDiscounts-V · 01-27-2014, 04:53 PM

That dude is fucked

2MuchMark · 01-27-2014, 04:55 PM

D'oh!

ilnjscb · 01-27-2014, 06:02 PM

Goodness gracious! It seems as if some of the original pushers of bitcoins are enriching themselves at the expense of the public!

NEW XTC · 01-27-2014, 06:30 PM

First of all there is no such thing as an "Executive of Bitcoin" Anyone can start a Bitcoin exchange and break the law, or follow the law - just like a trader in any other investment vehicle.

You people don't know anything about Bitcoin if you think there is anything the US Gov can do to stop it.

Price hasn't dropped at all since the news broke

seeandsee · 01-27-2014, 06:33 PM

Quote:

Originally Posted by **********

D'oh!

lol is this from months ago?

AsianDivaGirlsWebDude · 01-27-2014, 06:57 PM

Quote:

Originally Posted by NEW XTC

First of all there is no such thing as an "Executive of Bitcoin" Anyone can start a Bitcoin exchange and break the law, or follow the law - just like a trader in any other investment vehicle.

You people don't know anything about Bitcoin if you think there is anything the US Gov can do to stop it.

Price hasn't dropped at all since the news broke

Read the entire sentence, "Executives of Bitcoin Businesses".

As for the innocence/guilt of the two prominent people arrested today, I guess they will be able to argue their case in front of a judge:

Quote:

According to the allegations contained in the Criminal Complaint unsealed today in Manhattan federal court:

From about December 2011 to October 2013, FAIELLA ran an underground Bitcoin exchange on the Silk Road website, a website that served as a sprawling and anonymous black market bazaar where illegal drugs of virtually every variety were bought and sold regularly by the site?s users.

Operating under the username ?BTCKing,? FAIELLA sold Bitcoins ? the only form of payment accepted on Silk Road ? to users seeking to buy illegal drugs on the site. Upon receiving orders for Bitcoins from Silk Road users, he filled the orders through a company based in New York, New York (the ?Company?).

The Company was designed to enable customers to exchange cash for Bitcoins anonymously, that is, without providing any personal identifying information, and it charged a fee for its service. FAIELLA obtained Bitcoins with the Company?s assistance, and then sold the Bitcoins to Silk Road users at a markup.

SHREM is the Chief Executive Officer of the Company, and from about August 2011 until about July 2013, when the Company ceased operating, he was also its Compliance Officer, in charge of ensuring the Company?s compliance with federal and other anti-money laundering (?AML?) laws. SHREM is also the Vice Chairman of a foundation dedicated to promoting the Bitcoin virtual currency system.

SHREM, who personally bought drugs on Silk Road, was fully aware that Silk Road was a drug-trafficking website, and through his communications with FAIELLA, SHREM also knew that FAIELLA was operating a Bitcoin exchange service for Silk Road users.

Nevertheless, SHREM knowingly facilitated FAIELLA?s business with the Company in order to maintain FAIELLA?s business as a lucrative source of Company revenue.

SHREM knowingly allowed FAIELLA to use the Company?s services to buy Bitcoins for his Silk Road customers; personally processed FAIELLA?s orders; gave FAIELLA discounts on his high-volume transactions; failed to file a single suspicious activity report with the United States Treasury Department about FAIELLA?s illicit activity, as he was otherwise required to do in his role as the Company?s Compliance Officer; and deliberately helped FAIELLA circumvent the Company?s AML restrictions, even though it was SHREM?s job to enforce them and even though the Company had registered with the Treasury Department as a money services business.

Working together, SHREM and FAIELLA exchanged over $1 million in cash for Bitcoins for the benefit of Silk Road users, so that the users could, in turn, make illegal purchases on Silk Road.

ADG

Jman · 01-27-2014, 07:04 PM

Anyone wants to buy bitpassporte.com ;)

adultmobile · 01-27-2014, 07:07 PM

keeps $950-$1000 still

Lykos · 01-27-2014, 07:44 PM

I don't think it has anything with bitcoins itself !

NEW XTC · 01-27-2014, 07:55 PM

Quote:

Originally Posted by AsianDivaGirlsWebDude

Read the entire sentence, "Executives of Bitcoin Businesses".

ADG

ADG do you actually know anything about Bitcoin? Why are you laughing? (above) - for people who understand BTC it's very obvious that your laugh of smug self satisfaction is actually just ignorance.

I could be an "Executive of Bitcoin Business" in less time than it takes to wash a car. Do you understand that these guys have nothing to do with the actual Bitcoin System? They are just guys like you or me who TRADE BTC (and exchange it into currencies).

People can use BTC legally - or use it to break the law - these guys are just USERS of BTC - if there is any impact (price drop) on BTC from these arrests it will only be if the exchange they are running goes down and they deal with enough volume to cause a disruption (probably won't cause a ripple) I sure hope this bust causes a crash - it will only be a BUY opportunity.

Now watch this:

Thats a real laugh - one that comes from knowledge, laughing at ignorance.

jscott · 01-27-2014, 08:25 PM

Funny how people attacking bitcoin as if it was the problem. This arrest was based on 1 guys bad decisions. It's like if US dollar was being attacked because of Kenneth Lay and the Enron scandal LOL

NEW XTC · 01-27-2014, 08:39 PM

Quote:

Originally Posted by jscott

Funny how people attacking bitcoin as if it was the problem. This arrest was based on 1 guys bad decisions. It's like if US dollar was being attacked because of Kenneth Lay and the Enron scandal LOL

Well said.

It's goes deeper - the press coverage of this is obviously slanted to fool people like ADG into thinking these guys are actually involved or in control of Bitcoin. The financial sector has a lot of status quo players who will jump on anything that may undermine confidence in cryptos.

BTC has a very precarious confidence curve still (that will go away eventually) - so anything even slightly threatening to the system will cause a crash in confidence (and price) - these guys getting arrest won't slow the train down one bit.

Wellness Cash · 01-27-2014, 08:57 PM

Quote:

Originally Posted by NEW XTC

Well said.

It's goes deeper - the press coverage of this is obviously slanted to fool people like ADG into thinking these guys are actually involved or in control of Bitcoin. The financial sector has a lot of status quo players who will jump on anything that may undermine confidence in cryptos.

BTC has a very precarious confidence curve still (that will go away eventually) - so anything even slightly threatening to the system will cause a crash in confidence (and price) - these guys getting arrest won't slow the train down one bit.

Exactly, if anything it just opens up the market to a better, more well managed exchange.

Every time an exchange or BTC business gets harassed, it lets those looking to get into the business know the type of things to avoid painting a bull's-eye on their forehead inadvertently.

TheSquealer · 01-27-2014, 09:31 PM

You can keep saying "you don't understand BTC... so therefore,...." but that means absolutely nothing because you clearly don't understand the international banking system.

I understand international banking and commerce and anyone who has to do business globally, runs or has ran entities in multiple countries, has to deal in multiple currencies and moves a lot of money around, understands fully that no country is going to allow a fully anonymous currency enabling people to launder money, buy and sell illegal weapons, evade taxes, hire people to kill their wives, buy and sell illegal drugs and fund terrorism.

Countries are slowly clamping down on it and ultimately, it can at best, only exist outside the banking system and with no possibility of it being exchanged into hard currency, otherwise, anonymity will have to go. There are no other possible outcomes.

Thinking otherwise, is just beyond incredibly naive and wishful thinking... and outright delusional and something only someone who doesn't understand the controls and monitoring that goes on in banking and why those rules, laws and regulations and complete and total financial cooperation between nations, exist.

TheSquealer · 01-27-2014, 09:42 PM

Additionally, you guys have no idea what it means for the US State Department to put any foreign bank on the list of money laundering institutions. They are effectively fucked, can get all their assets frozen in any cooperating nation, effectively cannot transact business in Dollars, other cooperating nations join in like the EU/GB etc and do the same and exert the same pressures. They don't remove the bank from that list until their own auditors have flown to their tiny little shit hole in Eastern Shittystan and inspect every record, every account holder and every single cent that is in the bank or that has moved through it. You can't hide in the banking world anymore. 9/11 changed everything. You can only "not get caught".

NEW XTC · 01-27-2014, 10:19 PM

Quote:

Originally Posted by Wellness Cash

Exactly, if anything it just opens up the market to a better, more well managed exchange.

Every time an exchange or BTC business gets harassed, it lets those looking to get into the business know the type of things to avoid painting a bull's-eye on their forehead inadvertently.

Exactly - funny how the nay sayers were jumping up and down when China put the brakes on how their citizens could legally buy or sell BTC - "China bans Bitcoin! Party's over!" "It's crashing!" haha yea right - China's new regs are the reason it hasn't dipped below 900 since.

NEW XTC · 01-27-2014, 10:26 PM

Quote:

Originally Posted by TheSquealer

Countries are slowly clamping down on it and ultimately, it can at best, only exist outside the banking system and with no possibility of it being exchanged into hard currency, otherwise, anonymity will have to go. There are no other possible outcomes.

Thinking otherwise, is just beyond incredibly naive and wishful thinking... and outright delusional and something only someone who doesn't understand the controls and monitoring that goes on in banking and why those rules, laws and regulations and complete and total financial cooperation between nations, exist.

wow I have heard a lot of blanket statements about the future of Bitcoin but this takes the cake. You're ALL IN Squealer...what are you going to do when your wild opinion never comes to fruition...don't hang yourself but no one will blame you if you do.

Who's delusional coming in here implying that Bitcoin exists anywhere BUT outside the banking system - "anonymity will have to go" that's full tard man - major exchanges that are regulated are not anonymous now (mtgox)... and you're totally overlooking that anyone anywhere can buy or sell person to person for cash (or pay though any other digital means (pay pal etc)...countries are "clamping down"? quite the opposite actually - regulations only help BTC not hurt.

AsianDivaGirlsWebDude · 01-27-2014, 10:42 PM

Quote:

Originally Posted by NEW XTC

ADG do you actually know anything about Bitcoin? Why are you laughing? (above) - for people who understand BTC it's very obvious that your laugh of smug self satisfaction is actually just ignorance.

I could be an "Executive of Bitcoin Business" in less time than it takes to wash a car. Do you understand that these guys have nothing to do with the actual Bitcoin System? They are just guys like you or me who TRADE BTC (and exchange it into currencies).

People can use BTC legally - or use it to break the law - these guys are just USERS of BTC - if there is any impact (price drop) on BTC from these arrests it will only be if the exchange they are running goes down and they deal with enough volume to cause a disruption (probably won't cause a ripple) I sure hope this bust causes a crash - it will only be a BUY opportunity.

Now watch this:

Thats a real laugh - one that comes from knowledge, laughing at ignorance.

Did you bother to check the background of the two individuals arrested?

They were not simply some losers with a few bitcoins (like so many ignorant GFY bitcoin cheerleaders, and crypto-anarchist wannabes).

Quote:

NEW YORK — The federal government has arrested one of the biggest names in the bitcoin community in the latest crackdown on digital currencies and their illicit use.

Charlie Shrem, chief executive of digital currency exchange BitInstant, stands accused with a Florida man of laundering money through a notorious drug-trafficking website.

Shrem is also vice chairman of the Bitcoin Foundation, a nonprofit group aimed at promoting the digital currency.

Quote:

Not only is Shrem prominent in the digital currency world, but so are two backers of his company: Cameron and Tyler Winklevoss, the twins famous for alleging that Facebook was their idea.

The Winklevosses have also been trying to win regulatory approval for a financial vehicle that would enable ordinary investors to cash in on bitcoins, whose value has skyrocketed over the last year.

Federal prosecutors also accused Shrem and Faiella of sidestepping regulations aimed at keeping criminal proceeds out of the financial system.

Quote:

Shrem, also the chief compliance officer of BitInstant, allegedly knew the purpose of Faiella's exchanges. In addition, the government says, Shrem himself bought drugs on Silk Road.

Shrem was also charged with alleged willful failure to file a suspicious activity report with regulators related to Faiella's numerous bitcoin purchases conducted through his exchange.

"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," said Preet Bharara, the U.S. attorney in Manhattan, whose office brought the case. "We will aggressively pursue those who would co-opt new forms of currency for illicit purposes."

This is a big story whether you want it to be or not. I can't say whether it will directly impact the price of BTC today, however it appears certain to have an impact into the future as government investigations into Bitcoin widen and deepen.

ADG

NEW XTC · 01-27-2014, 10:51 PM

ADG your post just confirms that you have not the slightest grasp of what Bitcoin is "government investigations" into what...Bitcoin??? or Criminals - haha no there is no "investigation" into Bitcoin - but thats not surprising, in all my dealings with people - never have I talked to a nay sayer that has the slightest clue as to what Bitcoin actually is from a technical standpoint.

You should study a little before regurgitating some talking points that have been spoon fed to you from people with an agenda.

TheSquealer · 01-27-2014, 11:09 PM

Quote:

Originally Posted by NEW XTC

major exchanges that are regulated are not anonymous now (mtgox)...

Right... transactions on MTGOX can't be anonymous and must adhere to US Government regulations because that is what is required to be legitimate and survive. Even then, there is still no guarantee of a future. No country has to allow Bitcoins or for any business to be done in Bitcoins... particularly if they aren't going to adhere to the insane amount of laws governing currency, banking, investments, taxes and so on. Ultimately, it will all have to be regulated or it will be destroyed. Not a tough concept to grasp. It will never survive as an "anonymous" currency.

And PayPal is hardly anonymous - seems you're just making shit up as you go.

Paul · 01-27-2014, 11:34 PM

Quote:

Originally Posted by NEW XTC

wow I have heard a lot of blanket statements about the future of Bitcoin but this takes the cake. You're ALL IN Squealer...what are you going to do when your wild opinion never comes to fruition...don't hang yourself but no one will blame you if you do.

Who's delusional coming in here implying that Bitcoin exists anywhere BUT outside the banking system - "anonymity will have to go" that's full tard man - major exchanges that are regulated are not anonymous now (mtgox)... and you're totally overlooking that anyone anywhere can buy or sell person to person for cash (or pay though any other digital means (pay pal etc)...countries are "clamping down"? quite the opposite actually - regulations only help BTC not hurt.

That's not the point he's making and you know it. If the banking industry decide they don't want any banks dealing with Bitcoin exchanges then the price of Bitcoin will drop through the floor and it'll drive out the majority of the speculators that only have money invested due to it's incredible capital gain in such a short space of time.

The potential of Bitcoin as a technology is inexplicably linked and depends on the users ability to convert fiat to Bitcoin and vice versa.

Also TheSquealer hasn't made any "blanket statements" what he has done is make some excellent points, he's one of the few voices of reason in this thread!

Quote:

Originally Posted by TheSquealer

I understand international banking and commerce and anyone who has to do business globally, runs or has ran entities in multiple countries, has to deal in multiple currencies and moves a lot of money around, understands fully that no country is going to allow a fully anonymous currency enabling people to launder money, buy and sell illegal weapons, evade taxes, hire people to kill their wives, buy and sell illegal drugs and fund terrorism.

Countries are slowly clamping down on it and ultimately, it can at best, only exist outside the banking system and with no possibility of it being exchanged into hard currency, otherwise, anonymity will have to go. There are no other possible outcomes.

Thinking otherwise, is just beyond incredibly naive and wishful thinking... and outright delusional and something only someone who doesn't understand the controls and monitoring that goes on in banking and why those rules, laws and regulations and complete and total financial cooperation between nations, exist.

Nailed it!

Crypto currencies are a direct threat to the consolidation of control the banking industry has managed to exert over us all, that control is only going to continue to increase.

HSBC are now imposing restrictions on large cash withdrawals

http://www.bbc.co.uk/news/business-25861717

You now have to provide them with proof before the bank decides if they want to give you your money.

They're all slowly starting to roll out these policies, next up monthly fees for personal accounts!

JFK · 01-28-2014, 01:54 AM

Quote:

Originally Posted by AsianDivaGirlsWebDude

Seems like these Bitcoin people turn on each other fast once the heat is on.

ADG

they sure do

NEW XTC · 01-28-2014, 06:42 AM

Quote:

Originally Posted by Paul

That's not the point he's making and you know it. If the banking industry decide they don't want any banks dealing with Bitcoin exchanges then the price of Bitcoin will drop through the floor and it'll drive out the majority of the speculators that only have money invested due to it's incredible capital gain in such a short space of time.

The potential of Bitcoin as a technology is inexplicably linked and depends on the users ability to convert fiat to Bitcoin and vice versa.

Also TheSquealer hasn't made any "blanket statements" what he has done is make some excellent points, he's one of the few voices of reason in this thread!

Nailed it!

Crypto currencies are a direct threat to the consolidation of control the banking industry has managed to exert over us all, that control is only going to continue to increase.

HSBC are now imposing restrictions on large cash withdrawals

http://www.bbc.co.uk/news/business-25861717

You now have to provide them with proof before the bank decides if they want to give you your money.

They're all slowly starting to roll out these policies, next up monthly fees for personal accounts!

The radically invasive policy change of HSBC, accompanied by their absurd statement that they feel no need to even inform customers of it - is stomach turning big brother shit - I highly doubt they would have the balls to try this in any of their US branches.

Your posts are just as bad as the squealers with your predictions of what would or could happen to the price of BTC - telling a guy that he nailed it with uninformed crap doesn't make it any more true.

VinceRuth · 01-28-2014, 07:39 AM

LooooL...this guy is a BIG IDIOT

Paul · 01-28-2014, 07:56 AM

Quote:

Originally Posted by NEW XTC

The radically invasive policy change of HSBC, accompanied by their absurd statement that they feel no need to even inform customers of it - is stomach turning big brother shit - I highly doubt they would have the balls to try this in any of their US branches.

Read the US, UK & EU anti money laundering regulations.

I gave HSBC as an example of where we're headed. You can "doubt" it all you like, it won't make it any less true. They're a powerful bank, they can do as they please.

Correct it is stomach churning and the western banking industry has gone to great length to implement these practices, we live in a climate where privacy is a thing of the past and that's why I doubt Bitcoins long term prospects. Even if they do regulate the shit out of it, it's still gonna be an utter pain in the ass for any bank involved with Bitcoin having to comply with governments AML & KYC regulations.

Bitcoin needs the banking system, the banking system doesn't need Bitcoin

I feel like I'm replying to Franck from 8 months ago, so I think I'm gonna stop posting in this thread.

dave90210 · 01-28-2014, 07:57 AM

I highly doubt these guys knew that the Bitcoins being purchased through there site was for buying illegal drugs!

So basically If I buy some coffee at 7-eleven and 7-eleven gives my money I used to buy the coffee to someone as change, the person who takes the change then uses it to buy illegal drugs I would be guilty of that persons illegal actions? On how many levels is that fucked up? That would never happen with US dollars but looks like the US government is trying to bully these guys!

adultmobile · 01-28-2014, 11:20 AM

01-27-2014, 01:52 PM	#2
CAHEK C.C.C.P. Industry Role: Join Date: Aug 2003 Location: Novorossiya Posts: 7,029	1 down , few more to go __________________ Pharma from True-Meds. High converting shop in Europe and USA, fast payouts via BTC !!!

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01-27-2014, 04:38 PM	#9
Internet Guy Confirmed User Join Date: May 2006 Posts: 402	I am sure they'll treat it like this case: http://www.bloomberg.com/news/2013-0...ng-accord.html Light finger wagging, % of illicit profits paid as a fine, nobody goes to jail. Last edited by Internet Guy; 01-27-2014 at 04:42 PM.. Reason: this is sarcasm

01-27-2014, 02:00 PM	#3
mineistaken See signature :) Industry Role: Join Date: Apr 2007 Location: ICQ 363 097 773 Posts: 29,656	2 down, few more to go

01-27-2014, 04:08 PM	#7
thumbuilderic Just some porn guy Industry Role: Join Date: Aug 2012 Location: LA Posts: 365	WOW. That's a big story.

01-27-2014, 04:39 PM	#10
edgeprod Permanently Gone Industry Role: Join Date: Mar 2004 Posts: 10,019	Those accusations are quite serious. If they participated in money laundering, it's certainly looking grim for them. In the meantime, buyer's market!

01-27-2014, 04:53 PM	#11
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01-27-2014, 06:02 PM	#13
ilnjscb Confirmed User Industry Role: Join Date: Jun 2009 Posts: 8,869	Goodness gracious! It seems as if some of the original pushers of bitcoins are enriching themselves at the expense of the public!

01-27-2014, 06:30 PM	#14
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	First of all there is no such thing as an "Executive of Bitcoin" Anyone can start a Bitcoin exchange and break the law, or follow the law - just like a trader in any other investment vehicle. You people don't know anything about Bitcoin if you think there is anything the US Gov can do to stop it. Price hasn't dropped at all since the news broke __________________ Those who can make you believe absurdities can make you commit atrocities. -Voltaire Last edited by NEW XTC; 01-27-2014 at 06:35 PM..

01-27-2014, 07:04 PM	#17
Jman Too lazy to set a custom title Industry Role: Join Date: Sep 2003 Location: Canuckstikan Posts: 22,752	Anyone wants to buy bitpassporte.com ;) __________________ email: [email protected] Best AI Affiliate Program We also do WL at $0.00 upfront costs FantasyXXX.AI Teams: jean.francois.laverdiere TG: @jman1216

01-27-2014, 07:07 PM	#18
adultmobile No, I am not banned Industry Role: Join Date: Nov 2003 Location: ChatGF.com Posts: 5,345	keeps $950-$1000 still __________________ TubeCamGirl.com

01-27-2014, 07:44 PM	#19
Lykos Too lazy to set a custom title Industry Role: Join Date: Apr 2003 Location: World Posts: 31,027	I don't think it has anything with bitcoins itself ! __________________

01-27-2014, 08:25 PM	#21
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	Funny how people attacking bitcoin as if it was the problem. This arrest was based on 1 guys bad decisions. It's like if US dollar was being attacked because of Kenneth Lay and the Enron scandal LOL

01-27-2014, 09:31 PM	#24
TheSquealer BANNED Industry Role: Join Date: Oct 2004 Location: In Your Head Posts: 25,190	You can keep saying "you don't understand BTC... so therefore,...." but that means absolutely nothing because you clearly don't understand the international banking system. I understand international banking and commerce and anyone who has to do business globally, runs or has ran entities in multiple countries, has to deal in multiple currencies and moves a lot of money around, understands fully that no country is going to allow a fully anonymous currency enabling people to launder money, buy and sell illegal weapons, evade taxes, hire people to kill their wives, buy and sell illegal drugs and fund terrorism. Countries are slowly clamping down on it and ultimately, it can at best, only exist outside the banking system and with no possibility of it being exchanged into hard currency, otherwise, anonymity will have to go. There are no other possible outcomes. Thinking otherwise, is just beyond incredibly naive and wishful thinking... and outright delusional and something only someone who doesn't understand the controls and monitoring that goes on in banking and why those rules, laws and regulations and complete and total financial cooperation between nations, exist. __________________ . Yes, fewer illegal immigrants working equates to more job opportunities for American citizens. Rochard

01-27-2014, 09:42 PM	#25
TheSquealer BANNED Industry Role: Join Date: Oct 2004 Location: In Your Head Posts: 25,190	Additionally, you guys have no idea what it means for the US State Department to put any foreign bank on the list of money laundering institutions. They are effectively fucked, can get all their assets frozen in any cooperating nation, effectively cannot transact business in Dollars, other cooperating nations join in like the EU/GB etc and do the same and exert the same pressures. They don't remove the bank from that list until their own auditors have flown to their tiny little shit hole in Eastern Shittystan and inspect every record, every account holder and every single cent that is in the bank or that has moved through it. You can't hide in the banking world anymore. 9/11 changed everything. You can only "not get caught". __________________ . Yes, fewer illegal immigrants working equates to more job opportunities for American citizens. Rochard Last edited by TheSquealer; 01-27-2014 at 09:44 PM..

01-27-2014, 10:51 PM	#29
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	ADG your post just confirms that you have not the slightest grasp of what Bitcoin is "government investigations" into what...Bitcoin??? or Criminals - haha no there is no "investigation" into Bitcoin - but thats not surprising, in all my dealings with people - never have I talked to a nay sayer that has the slightest clue as to what Bitcoin actually is from a technical standpoint. You should study a little before regurgitating some talking points that have been spoon fed to you from people with an agenda. __________________ Those who can make you believe absurdities can make you commit atrocities. -Voltaire

01-28-2014, 07:39 AM	#34
VinceRuth Confirmed User Industry Role: Join Date: Nov 2013 Posts: 789	LooooL...this guy is a BIG IDIOT __________________ Sex Xxx Free Porn Pictures Free

01-28-2014, 07:57 AM	#36
dave90210 Registered User Join Date: Mar 2007 Posts: 1,745	I highly doubt these guys knew that the Bitcoins being purchased through there site was for buying illegal drugs! So basically If I buy some coffee at 7-eleven and 7-eleven gives my money I used to buy the coffee to someone as change, the person who takes the change then uses it to buy illegal drugs I would be guilty of that persons illegal actions? On how many levels is that fucked up? That would never happen with US dollars but looks like the US government is trying to bully these guys!

01-28-2014, 11:20 AM	#37
adultmobile No, I am not banned Industry Role: Join Date: Nov 2003 Location: ChatGF.com Posts: 5,345	__________________ TubeCamGirl.com