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(Charleston Post and Courier)   Feds: All your bitcoins are belong to us   (postandcourier.com) divider line 41
    More: Interesting, digital currency, Infraction, feds, Silk Road, Controlled Substances Act, drug laws, Suboxone, Drug Enforcement Administration  
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41 Comments   (+0 »)
   
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2013-07-07 02:20:52 PM
Yeah, who didn't see this coming from miles away?

/bitcoin value now to go down?
 
2013-07-07 02:29:09 PM

basemetal: Yeah, who didn't see this coming from miles away?

/bitcoin value now to go down?


I'm waiting for the Bitcoin line item to appear on next year's tax form.
 
2013-07-07 03:08:14 PM

basemetal: Yeah, who didn't see this coming from miles away?

/bitcoin value now to go down?


Didn't arrest the guy though.
 
2013-07-07 03:19:41 PM
The case has drawn a great deal of attention online due to its potential linkage to Silk Road, an underground marketplace that exists in the Deep Web, a sub-layer of the Internet outside the reach of standard search engines. Silk Road, accessible only through the anonymity cloaking Tor Network,

So the Feds have caught on to the Silk Road and are now operating sting operations?

Well, the inevitability of the other shoe dropping here aside a moment I've been reading recently that Snowden and Wikileaks have also utilized the bitcoin thingy to help finance their ventures and now I'm wondering if this precedent setting case will have any bearing on that.
 
2013-07-07 03:46:40 PM
Read that the first time as "All your biatches are belong to us"
 
ZAZ [TotalFark]
2013-07-07 03:48:41 PM
I'm not into drugs or child porn* so I don't know the details of this implementation of digital currency. Is it possible to revoke the bitcoins, or preemptively spend them, so the DEA has worthless bits?

I've heard that once upon a time (Reconstruction?) people refused to buy seized property from the U.S. government so forfeiture laws were not profitable.

* My lawyer made me write that.
 
2013-07-07 04:15:56 PM
They seized it from one guy, not everyone. "All" bitcoins nothing.
 
2013-07-07 04:21:07 PM

ZAZ: I'm not into drugs or child porn* so I don't know the details of this implementation of digital currency. Is it possible to revoke the bitcoins, or preemptively spend them, so the DEA has worthless bits?

I've heard that once upon a time (Reconstruction?) people refused to buy seized property from the U.S. government so forfeiture laws were not profitable.

* My lawyer made me write that.


If you have the key, you can trade them, and once the trade is made, it can't be taken back.  So theoretically if you had an accomplice that had a copy of your key, the accomplice could "spend" them.

And this is Sunday, so I know you've probably acting as your own counsel, who in this case could not act as your accomplice in this instance.
 
2013-07-07 05:01:49 PM
How did they get at them? Aren't they digital?
 
2013-07-07 05:11:19 PM
I thought bitcoin would be immune to government seizure because it's like, a new world currency that the Feds just don't understand, or something, man.
 
2013-07-07 05:13:51 PM
clonazepam?  suboxone??  why not just go to a psychiatrist and ask him to rape u
 
2013-07-07 05:14:54 PM
$841? Really? Really?

Wonder how much taxpayer money got spent paying the DEA agents to break this huge case.
 
2013-07-07 05:15:53 PM
You should never follow links from Freenet/Tor to the open Internet.
 
2013-07-07 05:16:28 PM
The war on drugs is such a f*cking waste of money. Anyone who makes their living in that racket should consider doing something more useful to society, like scrubbing urinals at dive bars.
 
2013-07-07 05:17:09 PM
Know your memes.

Every time you say "All your are belong to us," God kills a kitten.
 
2013-07-07 05:18:55 PM
There was supposed to be a "plural noun" in there. Fark doesn't like gt/lt signs, I guess.
 
2013-07-07 05:19:56 PM

SacriliciousBeerSwiller: The war on drugs is such a f*cking waste of money. Anyone who makes their living in that racket should consider doing something more useful to society, like scrubbing urinals at dive bars.


The war on drugs isn't about drugs, its about giving the govt access to all of everyones finances.
 
2013-07-07 05:21:23 PM

js34603: $841? Really? Really?

Wonder how much taxpayer money got spent paying the DEA agents to break this huge case.


They'll lose 30% converting it to cash.
 
2013-07-07 05:27:21 PM
All they needed was a guy like this.  They have probably been searching computers for months looking for someone who had bitcoins.

/I don't care about them btw, just the BS the police and feds use to justify searches.  Selective prosecution and all for political purposes.
 
2013-07-07 05:32:03 PM

doglover: How did they get at them? Aren't they digital?


The article speculates an unencrypted bitcoin wallet on the guy's computer
 
2013-07-07 05:33:08 PM
The DEA stated it seized the coins from Hughes, also known as "Casey Jones," in April, but the agency hasn't charged him with a crime.

Ah, asset forfeiture. Law enforcement does love you.
 
2013-07-07 05:33:09 PM
u know i think everything happens for a reason.  and this guy needs to stop taking these retarded drugs.  and do something more productive, like meth/adderall
 
2013-07-07 05:35:08 PM
LasersHurt:   They seized it from one guy, not everyone. "All" bitcoins nothing.

Exactly. Typical Fark overstatement.  If the matter involved a website that allowed for sales of drugs in exchange for comic books, green stamps or pogs, that would have been confiscated as well.
 
2013-07-07 05:35:19 PM

LasersHurt: They seized it from one guy, not everyone. "All" bitcoins nothing.


Yeah, but the idea that bitcoins are this perfect digital money that is untraceable, untaxable, and completely off the government radar is getting shot all to hell.

Funny thing is, as much as bitcoin enthusiasts put down conventional US Dollars as a fiat currency, bitcoins are just as fiat: they have no intrinsic value and only have as much worth as people ascribe to them.  In many ways, they're worth less than gold: gold at least has some industrial uses (as well as can be used for jewelry), and gold is a physical item that can be moved without any data trail, while bitcoins are electronic and require internet access (i.e. useless in a real disaster scenario) and involve using the net (the NSA's playground).

What, people thought that some shadow currency system would exist like that for long before the IRS, Dept. of Treasury, DEA, FBI, DHS and the whole damn alphabet soup started to look in on it?  I know some agencies were slow on the uptake about Silk Road and bitcoins, but they're catching on.   Also, the fact that wikileaks has used it for funding puts the whole bitcoin system in the spotlight.
 
2013-07-07 05:35:48 PM
The notice also states that those whose goods were taken can challenge the seizure in federal court.

Guilty until proven innocent.
 
2013-07-07 05:36:24 PM
"This website uses the digital subscription service Press+ to manage access to its content. In order to bypass the message you are reading and access our site, we need you to enable your third-party cookies or switch to a different browser. This will enable Press+ to store small bits of information in your browser that enable the site to function properly."

Without the snooping, and with more DEA propaganda goodness.
 
2013-07-07 05:45:04 PM
Ask Douglass Jackson about this ...
 
2013-07-07 05:45:32 PM
*popcorn thread*

damned interesting
 
2013-07-07 05:45:50 PM

Jon iz teh kewl: clonazepam?  suboxone??  why not just go to a psychiatrist and ask him to rape u


Nah, man. Quetiapine fumar-zzz...
 
2013-07-07 05:46:51 PM
I think that may be a liberal use of the word 'seized'.


"Just how the DEA managed to confiscate digital Bitcoins has been the source of much puzzlement and debate.

Levine said law enforcement might have gotten hold of a computer that contained an unencrypted key to the electronic "wallet" where Hughes' coins were held. More likely, he said, is that the DEA set up an online sting operation involving a transaction on Silk Road."
- TFA


They probably obtained the money in a transaction that they will later use to convict him, if they arrest him.  Either way, it is not likely that they contacted some bitcoin ' bank ' and got them to help them 'seize' the coin.
 
2013-07-07 05:52:42 PM

libranoelrose: doglover: How did they get at them? Aren't they digital?

The article speculates an unencrypted bitcoin wallet on the guy's computer


Might as well GIVE them the money as a donation, then.

I don't into bitcoins, but it's computer basics that you should never do anything unencrypted that you don't want everyone on earth to know about. If one were to be involved in any business activities online, I'd recommend learning at least the basics of computer security from a paranoid tin-foil wearing linux using anonymity nerd. If one were to engage in illegal activities, the basics are probably not enough.

Then again, if criminals are smart they get bail outs, not arrested.
 
2013-07-07 05:56:20 PM
Nobody has control over the bitcoin network -- the cops saying they now control them is laughable.

if the guy was dumb enough to leave his wallet.dat file unencrypted, and not password protected then it's the druggies fault anyway.

If he was smart - he made a backup of his wallet file, stashed it online somewhere - he can download it, and spend those 11 bitcoins like nothing ever happened. It really is funny how far behind government is when it comes to anything technology related.

The system was designed so that no single country/person/entity could control it - the US thinking they made some great accomplishment on this subject shows just how dumb they are.

The coins can never be destroyed - only forgotten about. Which actually has been quite a few when you think of overall value. I've seen multiple stories how someone formats their hard drive, wiping out the wallet file containing a few hundred BTC (this was before they gained enormous value)

Those coins are lost forever if there is no backup -- there are thousands of coins "out there" in the chain data that will never be spent again because nobody has access to them.
 
2013-07-07 05:58:50 PM
bitcoin was never long for this world.  last week, they proved the bitdoin wealth is centralized and masked through an intricate array of dummy transactions.  now this.  technology isn't the answer, its the problem.  once upon a time, the 13 colonies had 13 different types of dollars.  and a conversation between two people was private.  let's embrace the 10th amendment through Amish strategy.
 
2013-07-07 06:03:31 PM

super hardon collider: bitcoin was never long for this world.  last week, they proved the bitdoin wealth is centralized and masked through an intricate array of dummy transactions.  now this.  technology isn't the answer, its the problem.  once upon a time, the 13 colonies had 13 different types of dollars.  and a conversation between two people was private.  let's embrace the 10th amendment through Amish strategy.


Stop using deoderant and grow out some rockin' neckbeards?
 
2013-07-07 06:03:53 PM

super hardon collider: bitcoin was never long for this world.  last week, they proved the bitdoin wealth is centralized and masked through an intricate array of dummy transactions.  now this.  technology isn't the answer, its the problem.  once upon a time, the 13 colonies had 13 different types of dollars.  and a conversation between two people was private.  let's embrace the 10th amendment through Amish strategy.


I am not being a dick, but can I get a link to the article that talks about the centralized masked network? I am not a bitcoin guy, but a friend of mine is very into them, and I want to let him know if he needs to shut down his mining machines.
 
2013-07-07 06:30:34 PM

thiefofdreams: super hardon collider: bitcoin was never long for this world.  last week, they proved the bitdoin wealth is centralized and masked through an intricate array of dummy transactions.  now this.  technology isn't the answer, its the problem.  once upon a time, the 13 colonies had 13 different types of dollars.  and a conversation between two people was private.  let's embrace the 10th amendment through Amish strategy.

I am not being a dick, but can I get a link to the article that talks about the centralized masked network? I am not a bitcoin guy, but a friend of mine is very into them, and I want to let him know if he needs to shut down his mining machines.


It was posted to Fark earlier this week:  http://blog.p2pfoundation.net/how-the-bitcoin-1-manipulate-the-curren c y-deceive-its-user-community-and-make-its-future-uncertain/2013/06/30

Here's the discussion thread from it:  http://www.fark.com/comments/7824226/85148622

75 people, through a network of dummy accounts, control around 99% of all bitcoins.  That should set off some serious alarm bells to anybody who thinks they are a sound investment
 
2013-07-07 06:46:43 PM

Silverstaff: thiefofdreams: super hardon collider: bitcoin was never long for this world.  last week, they proved the bitdoin wealth is centralized and masked through an intricate array of dummy transactions.  now this.  technology isn't the answer, its the problem.  once upon a time, the 13 colonies had 13 different types of dollars.  and a conversation between two people was private.  let's embrace the 10th amendment through Amish strategy.

I am not being a dick, but can I get a link to the article that talks about the centralized masked network? I am not a bitcoin guy, but a friend of mine is very into them, and I want to let him know if he needs to shut down his mining machines.

It was posted to Fark earlier this week:  http://blog.p2pfoundation.net/how-the-bitcoin-1-manipulate-the-curren c y-deceive-its-user-community-and-make-its-future-uncertain/2013/06/30

Here's the discussion thread from it:  http://www.fark.com/comments/7824226/85148622

75 people, through a network of dummy accounts, control around 99% of all bitcoins.  That should set off some serious alarm bells to anybody who thinks they are a sound investment


The whole bitcoin thing has read like a huge pyramid scheme from the start. I have a co-worker that was attempting to convince me that bitcoins are better than real dollars. I just laughed and laughed and laughed. I grew up in the 80s. I remember Amway and other pseudo-pyramid schemes.

Seems the neck-beards didn't get the memo on what or how pyramid schemes are.
 
2013-07-07 07:07:13 PM

thiefofdreams: The whole bitcoin thing has read like a huge pyramid scheme from the start. I have a co-worker that was attempting to convince me that bitcoins are better than real dollars. I just laughed and laughed and laughed. I grew up in the 80s. I remember Amway and other pseudo-pyramid schemes.


What I find really funny is the people who try to argue that bitcoins or similar digital currencies will replace dollars and other government-backed currencies, ostensibly on the idea that bitcoins can't be manipulated.

Never mind that bitcoins can be heavily manipulated, as has been proven.

That and the US dollar will be the main currency of the United States, not the Bitcoin, just as long as:
1. The DoD and GSA pays the military and civil service with dollars.
2. The Congress mandates a minimum wage to be paid in dollars.
3. The IRS collects taxes in dollars.
4. The Federal Courts demand fines and fees to be paid in dollars.

Do people really think employers will start paying their employees in bitcoins, or start asking for them for payments for goods and services?  Apparently, judging by some economists.

You can trade bitcoins for weed on Silk Road all day and share pipe dreams about how one day bitcoins will "bring down the man", but the idea that people will abandon the dollar for this new money, created by an anonymous entity, is totally laughable.
 
2013-07-07 07:15:35 PM
Silverstaff:

Here's the discussion thread from it:  http://www.fark.com/comments/7824226/85148622

75 people, through a network of dummy accounts, control around 99% of all bitcoins.  That should set off some serious alarm bells to anybody who thinks they are a sound investment


And as was pointed out in that other thread,  that's the same situation as investing in Gold, Diamonds, the Stock Market, and Big Banks.

The interesting difference with bitcoin is the value isn't based on how much it is worth to hold it, instead on how much interest there is in doing transactions with it.  Hoarding is actually counterproductive to the long term value of bitcoins, because they gain (or at least stabilize) value thru circulation.

The ironic thing about this (repeat) story about Feds seizing bitcoin (if they attempt to claim it as asset forfeiture) is that in doing so they actually give legal basis to view bitcoin, if not as an alternate currency; then as a means of transferring and holding value in a virtual asset.
 
2013-07-07 07:33:53 PM

Seequinn: Silverstaff:

Here's the discussion thread from it:  http://www.fark.com/comments/7824226/85148622

75 people, through a network of dummy accounts, control around 99% of all bitcoins.  That should set off some serious alarm bells to anybody who thinks they are a sound investment

And as was pointed out in that other thread,  that's the same situation as investing in Gold, Diamonds, the Stock Market, and Big Banks.

The interesting difference with bitcoin is the value isn't based on how much it is worth to hold it, instead on how much interest there is in doing transactions with it.  Hoarding is actually counterproductive to the long term value of bitcoins, because they gain (or at least stabilize) value thru circulation.

The ironic thing about this (repeat) story about Feds seizing bitcoin (if they attempt to claim it as asset forfeiture) is that in doing so they actually give legal basis to view bitcoin, if not as an alternate currency; then as a means of transferring and holding value in a virtual asset.


Yeah but if the gold, silver, diamond hoarders and bankers/stock market screw up we can go take their stuff.

I don't want your bitcoin mining machine.

I think those that follow bitcoins need to learn the difference between Intrinsic Value and Extrinsic Value.

At least with banks/gold/diamonds we have a way to get back what they have if they are manipulating the market.

Bitcoins have got Space Ghost and his group of nerds to make up a pyramid scheme that has absolutely no value to anyone that 1)doesn't have the internet, 2) wants a stable money, 3)likes to be able to buy groceries.

Bitcoins, created by a phantom, hoarded by phantoms, and easily manipulated. Real people in the real world did that with currency trading on the stock market for awhile in the 80s. The government taxed the short sellers to the point where it didn't happen anymore. Regulation of outliers is what keeps economies healthy, no regulations turns your economy into the equivalent of Somalia.
 
2013-07-07 07:37:01 PM

Silverstaff: 75 people, through a network of dummy accounts, control around 99% of all bitcoins.


Sounds alot like other currencies...
 
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