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The U.S. attorney in the Southern District of New York said Shrem helped someone he hadn't met in person, Robert Faiella, sell more than $1 million worth of bitcoins to Silk Road customers. Faiella, a 52-year-old Florida man, allegedly ran an underground Bitcoin exchange using the alias BTCKing.
You still can't launder drug money. I'm not sure the point of the article. If they had been arrested for simply operating an alternative exchange I would support them. I'm suppose to feel bad for them for laundering money?
You still can't launder drug money. I'm not sure the point of the article. If they had been arrested for simply operating an alternative exchange I would support them. I'm suppose to feel bad for them for laundering money?
Come on now. Money laundering is the excuse to make an example out of someone, which ultimately serves to stifle the industry. This is by design. Did you really think this type of monetary system outside of the reach of the U.S. Government would go unchallenged? Of course not. This is the opening salvo.
Come on now. Money laundering is the excuse to make an example out of someone, which ultimately serves to stifle the industry. Did you really think this type of monetary system outside of the reach of the U.S. Government would go unchallenged? Of course not. This is the opening salvo.
Maybe it is, maybe it isn't. The article doesn't exactly deny they were laundering money.
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
Maybe it is, maybe it isn't. The article doesn't exactly deny they were laundering money.
It would appear that the opposite is true.
I wonder why the CEO of Paypal and other payment processing means, like western union and Moneygram, arent being charged then. We all know they have processed payments for things like marijuana etc..
I wonder why the CEO of Paypal and other payment processing means, like western union and Moneygram, arent being charged then. We all know they have processed payments for things like marijuana etc..
I have no idea if they have or not. I can only comment on what is presented. That said, transferring money from a buyer and seller is separate from money laundering. Both would still be illegal.
I imagine people have wrote checks for pot before but I don't really expect Chase banks to get arrested.
Though Shrem knew where the money ultimately ended up, he never reported it to the Treasury Department, according to the U.S. attorney.
Although Shrem never knew Faiella by his actual name -- only by BTCKing -- the young executive helped the older man avoid trouble. For example, when Faiella's frequent and large cash deposits raised eyebrows at a cash processing company, Shrem advised Faiella on how to avoid sounding alarms.
He was laundering drug money, knew about it, and even helped the person trying to launder the money escape notice. If any bank, or service, knew it was laundering money and helped the person do it by advising them...they would be in jail to.
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.
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