Bitcoin and Money Laundering on Trial California

FrgMstr

FrgMstr

Just Plain Mean
Staff member
Joined
May 18, 1997
Messages
56,162
Bitcoin is very likely about to hit a milestone in terms of how the US Federal Government views the cryptocurrency. What happens when you trade Bitcoin for cash is at the heart of the matter. Making the case a bit more exciting are the facts that Rockcoons, the target of the Federal suit, identified himself as a money manager that moved money anonymously. Then got caught up in a sting involving hash oil producing equipment. Do money laundering and banking rules apply when there is not federally backed currency on one end of the transaction? Making it even more interesting, Rockcoons, the self proclaimed mountain man that only needed money for food, was apprehended at the Palms Casino Resort in Las Vega. I feel the making of a "movie of the week," going straight to Netflix.


"This case will basically make Bitcoin use a crime, something I will NOT allow as CEO of Bitcoin inc," Rockcoons told the Union-Tribune in a Twitter message when asked about the case. "It's my fiduciary responsibility to protect all Bitcoin users, Bitcoin developers and Bitcoin companies using the Bitcoin network world wide, so I will fight these made up bogus charges all the way to the Supreme Court if I must."
 
same thing as the Chinese underworld network using tokens in exchange for money transfers and loans. (shadow banking and the such. Not only the Chinese underworld obviously. From MLM to company grocery store tokens, the main concept is the same)

once any instrument is used for as currency for other illegal transactions, the commensurate penalty is equal to what it is worth in their market.

but holding this or any token is only illegal if the method to obtain it was

in this case, the entire issue is moot because no bitcoin was used to buy any illegal drug making machinery. Just an exchange of money for bitcoins. ONLY the limit allowed for transactions was exceeded. Nothing but a technicality, and some hot shot trying to make a name of themselves...
 
Last edited:
Bitcoin is rarely used anymore for illegal activity. Bitcoin isn't fully anonymouse. XMR and other coins are used instead.

This is just a concerted effort of attack by people who have an interest to see Bitcoin itself go down.
 
katanaD said:
LOL damn.. at first i read that as

raccoons

and had a serious WTF moment
Click to expand...
Rocky the Rabid Raccoon wants to steal your coins. Makes sense to me.
rocky-the-rabid-raccoon-reboot-23.4.jpg

(I am sure someone here will get that reference)
 
JerRatt said:
Bitcoin is rarely used anymore for illegal activity. Bitcoin isn't fully anonymouse. XMR and other coins are used instead.

This is just a concerted effort of attack by people who have an interest to see Bitcoin itself go down.
Click to expand...


The world should have an interest in seeing bitcoin go down. The amount of energy output increase to run the fad is a very bad thing.
 
???
I'm not quite sure i get the implications. I feel as if this is being conflated to hide this guys other crimes.

Buying and selling virtual crap is something anyone can do. How is that even up for discussion on how the federal government views it?
 
Gigus Fire said:
???
I'm not quite sure i get the implications. I feel as if this is being conflated to hide this guys other crimes.

Buying and selling virtual crap is something anyone can do. How is that even up for discussion on how the federal government views it?
Click to expand...

it's not really dudes just blowing smoke to try to make himself look like a crusader instead of a crook. This case if won by the government will make selling bitcoin a crime.... if you are using those sales to launder money that has been garnered from illicit activities.
 
kinjo said:
it's not really dudes just blowing smoke to try to make himself look like a crusader instead of a crook. This case if won by the government will make selling bitcoin a crime.... if you are using those sales to launder money that has been garnered from illicit activities.
Click to expand...
But how is selling bitcoin (a virtual good) any different than selling baseball cards or wow accounts?
 
Gigus Fire said:
???
I'm not quite sure i get the implications. I feel as if this is being conflated to hide this guys other crimes.

Buying and selling virtual crap is something anyone can do. How is that even up for discussion on how the federal government views it?
Click to expand...



Because the gov wants a cut. I mean to fair tax everything.
 
Johnx64 said:
Because the gov wants a cut. I mean to fair tax everything.
Click to expand...
It should count as income, just like if you sell something to a friend. You're supposed to pay tax on it, but lol, yeah right almost no one reports that kind of stuff on income if it's below 1000$. If you're making huge amounts of money no matter what means, the gov always wants a cut.
 
alxlwson said:
The world should have an interest in seeing bitcoin go down. The amount of energy output increase to run the fad is a very bad thing.
Click to expand...

The world shouldn't want any $200B+ industry to crash. As an investor, what happens next? You get scared and pull in all your investments in to be more secure, which sparks other people doing the same, which is not good.

Build more solar panels and windmills.
 
Mr34727 said:
The world shouldn't want any $200B+ industry to crash. As an investor, what happens next? You get scared and pull in all your investments in to be more secure, which sparks other people doing the same, which is not good.

Build more solar panels and windmills.
Click to expand...


It's not an "industry". You have a handful of people worldwide with the majority of the holdings, with few to zero employees. Just because you have money in something doesn't make it a sound investment. It's a risk you took. There is nothing but pure harm caused by mining. It's an inefficient process with no benefit to the world other than making some folks money, and those same folks manipulate the market to drive up pricing for a temp short so they can sell/buy. I'm no tree hugger, but it's pure harm for the environment with no societal benefit. For Pete sake, why couldn't they have added at least protein folding into the chain?
 
alxlwson said:
It's not an "industry". You have a handful of people worldwide with the majority of the holdings, with few to zero employees. Just because you have money in something doesn't make it a sound investment. It's a risk you took. There is nothing but pure harm caused by mining. It's an inefficient process with no benefit to the world other than making some folks money, and those same folks manipulate the market to drive up pricing for a temp short so they can sell/buy. I'm no tree hugger, but it's pure harm for the environment with no societal benefit. For Pete sake, why couldn't they have added at least protein folding into the chain?
Click to expand...

It is an industry. Look at AMD and Nvidia profits. Look at the cost of the electricity that you brought up- that means profits for power companies and probably more jobs.

Not sure how this is any more harm to the environment than ICE cars, consumer use of electricity, or anything else that is less than perfectly efficient or recyclable.

You don't like it, and because you don't like it or agree with it, you are putting blinders on your logic.
 
Mr34727 said:
It is an industry. Look at AMD and Nvidia profits. Look at the cost of the electricity that you brought up- that means profits for power companies and probably more jobs.

Not sure how this is any more harm to the environment than ICE cars, consumer use of electricity, or anything else that is less than perfectly efficient or recyclable.

You don't like it, and because you don't like it or agree with it, you are putting blinders on your logic.
Click to expand...

Lol.
 
its only a money making scheme using the power of a small country and destroying the pc industry. whats wrong with that?
 
pendragon1 said:
its only a money making scheme using the power of a small country and destroying the pc industry. whats wrong with that?
Click to expand...

And how much power do the friendface/insta/imgur and all those other even less usefull services use? I don't see you showing the same level of silly hate in threads about those services.

And killed the PC industry? wtf are you talking about. You not being able to afford the current prices of ultra l33t video card you want is not the pc industry getting destroyed. In fact, they are making a ton of extra profits due to the extra demand. It may be killing pc gamers wallets though, but the industry is doing just fine.
 
Based on the article. each one of these cases mention. Something linked with crime was there. If your're going to sell something with the intent to use the cash for something illegal. Then they cause to arrest you.
I like the one where the guy says he was living in the mountains. Then when they find him he was in las vegas. lmao.

This is far different than selling some btc for cash. Long as you don't use the cash for something illegal. I don't see an issue.
 
Biznatch said:
And how much power do the friendface/insta/imgur and all those other even less usefull services use? I don't see you showing the same level of silly hate in threads about those services.

And killed the PC industry? wtf are you talking about. You not being able to afford the current prices of ultra l33t video card you want is not the pc industry getting destroyed. In fact, they are making a ton of extra profits due to the extra demand. It may be killing pc gamers wallets though, but the industry is doing just fine.
Click to expand...

wtf are you talking about?! oh right trying to justify what youre doing...
 
alxlwson said:
It's not an "industry". You have a handful of people worldwide with the majority of the holdings, with few to zero employees. Just because you have money in something doesn't make it a sound investment. It's a risk you took. There is nothing but pure harm caused by mining. It's an inefficient process with no benefit to the world other than making some folks money, and those same folks manipulate the market to drive up pricing for a temp short so they can sell/buy. I'm no tree hugger, but it's pure harm for the environment with no societal benefit. For Pete sake, why couldn't they have added at least protein folding into the chain?
Click to expand...

exchanges in Japan ( and around the world) are not staffed by AI
 
Galvin said:
Based on the article. each one of these cases mention. Something linked with crime was there. If your're going to sell something with the intent to use the cash for something illegal. Then they cause to arrest you.
I like the one where the guy says he was living in the mountains. Then when they find him he was in las vegas. lmao.

This is far different than selling some btc for cash. Long as you don't use the cash for something illegal. I don't see an issue.
Click to expand...

they DID sell BTC for cash. Only they exceeded the $10k limit.

then the DA(or whomever is the prosecutor) bundled all the other charges after, cause for career progression and all that
 
Anyway I think selling btc in person is super dangerous. Its like walking up to a stranger with a bag of cash to buy something.
 
pendragon1 said:
wtf are you talking about?! oh right trying to justify what youre doing...
Click to expand...

I'm not 'doing' anything since i don't own or mine crypto and never have..... Just fighting stupid 'arguments' from people using whatever dumb reasoning they can to hate crypto.
 
You must log in or register to reply here.
Back
Top