Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The warning isn't "don't challenge the government with innovation" but rather "don't challenge the government by trying to get around paying them their tribute."
BitCoin and various other alternative/crypto currencies operate outside the realm of their tribute system, and this cannot be allowed. Whenever any money of any kind changes hands, The Beast must be fed. Challenges to that established order shall not be tolerated.
OP, are you listening to Alex Jones again or something? Because your thread title, opinion, and the article do not match each other at all. I think you're chasing conspiracy theories where there are none, again
No, you're just not astute enough to keep up. Either that or you're very naïve. Try harder.
It was a US money laundering scheme. Bitcoin was just the medium used to try and hide the illegal activity.
That being stated the US government is really only concerned about Bitcoin being used to hid illegal activity.
The feds ccould care less if people where using dog poop to buy things as long as Uncle Sugar is getting his cut.
That's the point. The USG is not getting its cut, hence the crackdown using people like the folks in the linked article as an example of the government's scorn.
That's the point. The USG is not getting its cut, hence the crackdown using people like the folks in the linked article as an example of the government's scorn.
Meh, if they can avoid paying any taxes I want to also. Nearly everyone will want to.
A bit of background here is important in regard to AML and Bitcoin. Marco Santori - Bitcoin Law In The U.S., Part I
quote:
Thus, businesses that transmitted, sold or exchanged bitcoin were now Money Services Businesses, specifically “money transmitters”, required to register with FinCEN and satisfy ongoing record-keeping and reporting requirements. From the perspective of the federal government, an entire industry of visionary startups that had not already registered, and had no intention of registering, became potential criminal enterprises overnight.
......
Some aspects of the FinCEN guidance were comforting. Some were troubling. Some were death knells for otherwise successful businesses. Some could only be described as confusing. Here are the highlights:
Individuals who merely exchange bitcoin for goods and services (and vice versa) are merely “users” of a virtual currency, not money transmitters.
Businesses that accept bitcoin from one person and send it to another are money transmitters, and are not exempt from money transmission regulation simply because they do not deal in fiat currency.
Individual bitcoin miners who convert their “created” coins to fiat are money transmitters, even though they never act “as a business,” nor accept value from one person to transfer it to a third person.
Any business that exchanges fiat currency for virtual currency – or even one virtual currency for another – is a money transmitter.
.....
For example, imagine an ATM-type vending machine that dispenses bitcoins or other digital currency. Before the FinCEN guidance, a company looking to roll out a network of such machines in the US could have reasonably catered to customers who were strangers: anyone walking up to the machine could see the machine, purchase bitcoin, and walk away with their coin in a matter of seconds. After the FinCEN guidance, though, we now know that this wouldn’t be so simple. Regulators have dismissively referred to this product as a “laundry machine” – as in money “laundering”.
Yep, the fed is a cartel because the US enforces the laws it makes.
The fact that you hit "submit reply" on the statement above is absolutely cringeworthy. It's even multi-dimensionally cringeworthy.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
