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(CNN)   Bitcoin CEO arrested for money laundering, virtually   (money.cnn.com) divider line 70
    More: Obvious, Bitcoin CEO, Tyler Winklevoss, Silk Road, Russian media, Cape Coral, Charlie Shrem, John F. Kennedy International Airport  
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4795 clicks; posted to Geek » on 27 Jan 2014 at 9:51 PM (11 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



70 Comments   (+0 »)
   
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2014-01-27 08:04:17 PM
I fail at reading comprehension, headline writing, and apparently life.  Carry on.
 
2014-01-27 08:41:43 PM
Those Winklevoss twins can't catch a break.
 
2014-01-27 08:45:04 PM

AverageAmericanGuy: Those Winklevoss twins can't catch a break.


Sure, they aren't "Facebook" rich, but they managed to scare up 1.5 million to throw at a harebrained scheme, so they obviously caught some breaks at some point.

If you are throwing money at bitcoin, catching breaks isn't going to cut it.
 
2014-01-27 09:14:25 PM
This is my surprised face.
 
2014-01-27 09:19:17 PM
So, is it a good thing I converted my 401(k) to Bitcoins?
 
2014-01-27 09:53:46 PM
This guys "crime" is operating a currency that the US government has no control over.  Meanwhile no executives at HSBC have been arrested for doing actual money laundering to Terrorists and drug cartels.
 
2014-01-27 10:00:42 PM

Warlordtrooper: This guys "crime" is operating a currency that the US government has no control over.  Meanwhile no executives at HSBC have been arrested for doing actual money laundering to Terrorists and drug cartels.


I think it's scale that makes the difference

/and protection money
 
2014-01-27 10:08:41 PM
dl.dropboxusercontent.com

Warlordtrooper: This guys "crime" is operating a currency that the US government has no control over.  Meanwhile no executives at HSBC have been arrested for doing actual money laundering to Terrorists and drug cartels.


Those launderers, knowing the problems they were up against using legitimate currency systems, hid their tracks alot better than this guy probably did.
The main value of bitcoin is the fact that no government controls it directly and that its supposedly anonymous, which tends to attract its own brand of criminal activity and encourages open criminality.
Its easy pickings for the fed.

/People have also been using it as a get rich quick investment.
/It'll fail, even as a money substitute, if they all try to dump bits for hard currency in a crisis.  
/Being difficult to use without an exchange means your investment is tied to a sloppy accounting system.
 
2014-01-27 10:15:30 PM
It amuses me watching smart people do incredibly stupid things.
 
2014-01-27 10:17:48 PM
Looks like they got zhou tonged.

http://soundcloud.com/zhoutonged

The something awful thread on bitcoins, with buttcoins and cosby coins, is perma engrained in my head. That thing had more hilarity than humanly possible on SA.
 
2014-01-27 10:20:30 PM
This is why I only use Dog coins.

cdn0.sbnation.com
 
2014-01-27 10:21:45 PM
ROFL
 
2014-01-27 10:23:33 PM

rhiannon: It amuses me watching smart people do incredibly stupid things.


I'm personally amazed that people don't make their money quick and then get out as fast as they possibly can and hide themselves in New Hampshire like Walter White.
 
2014-01-27 10:25:10 PM

MaudlinMutantMollusk: Warlordtrooper: This guys "crime" is operating a currency that the US government has no control over.  Meanwhile no executives at HSBC have been arrested for doing actual money laundering to Terrorists and drug cartels.

I think it's scale that makes the difference

/and protection money


No, this idiot gave someone written instructions on how to smurf AND sent it out in an unencrypted email.  The guys at HSBC were at least smart enough to never write anything down.  Plus, the suits at HSBC were dealing with the hawala who already know how to launder money and didn't need to do anything other than process the wires.
 
2014-01-27 10:32:06 PM

NewportBarGuy: So, is it a good thing I converted my 401(k) to Bitcoins?


How much is $401,000 worth in bitcoins?
 
2014-01-27 10:32:14 PM

rhiannon: It amuses me watching smart people do incredibly stupid things.


Then you came to the right place.
 
2014-01-27 10:33:08 PM

AverageAmericanGuy: Those Winklevoss twins can't catch a break.


Arguably, by financing an
operation that facilitates money laundering they could find themselves with conspiracy charges.
 
2014-01-27 10:35:13 PM
Thanks to that article, I've found and registered at Silk Road 2.0. Now to get some Bitcoin...
 
2014-01-27 10:42:17 PM

MaudlinMutantMollusk: Warlordtrooper: This guys "crime" is operating a currency that the US government has no control over.  Meanwhile no executives at HSBC have been arrested for doing actual money laundering to Terrorists and drug cartels.

I think it's scale that makes the difference

/and protection money


and the fact that Eric Holder and Obama are owned by Wall Street.
 
2014-01-27 10:45:03 PM

Triumph: Then you came to the right place.


Comment of the year.
 
2014-01-27 10:54:01 PM
Headline is as misleading and useless as
"U.S. Dollar CEO arrested for money laundering, virtually"
 
2014-01-27 10:54:55 PM

way south: Those launderers, knowing the problems they were up against using legitimate currency systems, hid their tracks alot better than this guy probably did.


They got completely and utterly caught and the government had ample evidence to prosecute them for money laundering, but decided not to because the banks would then cease operating in the US and their withdrawal from the US and/or collapse could destabilize the global economy.

The government literally said they were too big to jail.
 
2014-01-27 11:03:04 PM

ArcadianRefugee: NewportBarGuy: So, is it a good thing I converted my 401(k) to Bitcoins?

How much is $401,000 worth in bitcoins?


About $2.50?

;
 
2014-01-27 11:14:20 PM

phedex: That thing had more hilarity than humanly possible on SA.


Nah the actual funny shiat is their mods like Aatrek who is a convicted pedophile who was a moderator for 5 years....it took one damn google search to find that information out.
 
2014-01-27 11:15:15 PM

8 inches: I fail at reading comprehension, headline writing, and apparently life.  Carry on.


You are inspiration to aspiring Fark submitters everywhere.  Godspeed, sir.
 
2014-01-27 11:16:37 PM

htjars: This is why I only use Dog coins.

[cdn0.sbnation.com image 640x394]


*Doge

img.fark.net
 
2014-01-27 11:17:49 PM

Triumph: rhiannon: It amuses me watching smart people do incredibly stupid things.

Then you came to the right place.


We're smrt hear?
 
2014-01-27 11:22:02 PM
Hey look, the thread is full of people who didn't read the article and have some sort of irrational hatred of Bitcoin.

We get it.  Bitcoin bad.  Bitcoin not normal.  Bitcoin for fools.
 
2014-01-27 11:36:25 PM

Nightjars: This is why I only use Dog coins.

[cdn0.sbnation.com image 640x394]


If there was a tipbot here or something similar, I'd tiop you 1000 doge. For now , have my "smart" click.

/Drew should accept dogecoin as payment for TotalFark
//I'd subscribe tomorrow
 
2014-01-28 12:06:34 AM
I think they should call them Pokécoins or Coinémon. Gotta catch `em all!
 
2014-01-28 12:11:02 AM

ArcadianRefugee: NewportBarGuy: So, is it a good thing I converted my 401(k) to Bitcoins?

How much is $401,000 worth in bitcoins?


img.fark.net
 
2014-01-28 12:19:51 AM

NewportBarGuy: So, is it a good thing I converted my 401(k) to Bitcoins?


All of my 401(k) money is invested in NyanCoin.
i.imgur.com
 
2014-01-28 12:24:29 AM

Triumph: rhiannon: It amuses me watching smart people do incredibly stupid things.

Then you came to the right place.


Ha!
 
2014-01-28 12:35:22 AM

buckler: Thanks to that article, I've found and registered at Silk Road 2.0. Now to get some Bitcoin...


Not serious, I hope. If I were the Feds, the first thing I'd do after busting Silk Road is set up a new one, to see what else I could entrap.
 
2014-01-28 12:42:41 AM

forgotmydamnusername: buckler: Thanks to that article, I've found and registered at Silk Road 2.0. Now to get some Bitcoin...

Not serious, I hope. If I were the Feds, the first thing I'd do after busting Silk Road is set up a new one, to see what else I could entrap.


Just going there and browsing is no crime.
 
2014-01-28 12:44:47 AM

forgotmydamnusername: buckler: Thanks to that article, I've found and registered at Silk Road 2.0. Now to get some Bitcoin...

Not serious, I hope. If I were the Feds, the first thing I'd do after busting Silk Road is set up a new one, to see what else I could entrap.


Besides, I'm using Tor Browser and VPN...I'm behind 30 proxies.
 
2014-01-28 12:49:22 AM
I might be failing at comprehension.   But to me it sounds like he ran a bank that accepted money from people who are doing things illegally,  and hence he is getting arrested?   So if I go sell a quarter sheet,  and deposit my money in the bank,  is that bank liable for the fact that I've used them as an intermediary for my drug sales?  Because if so,  I like this precedent.  Let's go arrest some bankers.
 
2014-01-28 01:10:41 AM

Poorlytoldjoke: I might be failing at comprehension.   But to me it sounds like he ran a bank that accepted money from people who are doing things illegally,  and hence he is getting arrested?   So if I go sell a quarter sheet,  and deposit my money in the bank,  is that bank liable for the fact that I've used them as an intermediary for my drug sales?  Because if so,  I like this precedent.  Let's go arrest some bankers.


Only if you tell them upfront about where you got the money. They will then refuse to handle it, as the marijuana dispensary operators have discovered. If it's enough money, like a few 100s of millions of dollars, they might find a way to help you out, of course. Anyway, it's a bad idea. You'd get a fark of a lot more time for moving the sheet than they would for the money laundering.
 
2014-01-28 01:36:01 AM

lewismarktwo: Hey look, the thread is full of people who didn't read the article and have some sort of irrational hatred of Bitcoin.

We get it.  Bitcoin bad.  Bitcoin not normal.  Bitcoin for fools.


What about those of us with a rational hatred for Bitcoin, it being an easily manipulatable currency, with evidence of manipulation already, with market flood "protections" that simply cause flooding to harm the miners in the near term to spread the damage of flooding to the production sector while not preventing damage long term, a fiat currency with the ability to hide value transactions making it more difficult to stabilize what little value is not being manipulated or part of a prospecting bubble... and it's not even truly an anonymous currency.

Bitcoin is for fools.  Or those who got in early and get out before the pop.  It is not a serious currency and ignores centuries of currency theory and value theory.
 
2014-01-28 01:52:27 AM

NewportBarGuy: So, is it a good thing I converted my 401(k) to Bitcoins?


 Please, please, PLEASE Be joking
 
2014-01-28 01:54:01 AM

viscountalpha: NewportBarGuy: So, is it a good thing I converted my 401(k) to Bitcoins?

 Please, please, PLEASE Be joking


Oh man. I think he's really being serious there.
 
2014-01-28 02:08:48 AM

ex0du5: lewismarktwo: Hey look, the thread is full of people who didn't read the article and have some sort of irrational hatred of Bitcoin.

We get it.  Bitcoin bad.  Bitcoin not normal.  Bitcoin for fools.

What about those of us with a rational hatred for Bitcoin, it being an easily manipulatable currency, with evidence of manipulation already, with market flood "protections" that simply cause flooding to harm the miners in the near term to spread the damage of flooding to the production sector while not preventing damage long term, a fiat currency with the ability to hide value transactions making it more difficult to stabilize what little value is not being manipulated or part of a prospecting bubble... and it's not even truly an anonymous currency.

Bitcoin is for fools.  Or those who got in early and get out before the pop.  It is not a serious currency and ignores centuries of currency theory and value theory.


They're rebels man.  You'll never understand because you're too much of an insider.
 
2014-01-28 05:23:49 AM

lewismarktwo: Hey look, the thread is full of people who didn't read the article and have some sort of irrational hatred of Bitcoin.

We get it.  Bitcoin bad.  Bitcoin not normal.  Bitcoin for fools.


You fool - we get.
 
2014-01-28 06:00:34 AM
I don't get the silk road stuff and how bitcoin is anonymous. If you place an order using Bitcoins and say "deliver my ultra-drugs to Joe McFanny @ 342 Evergreen Terrace, etc", how is that anonymous? Or is there a special secret way they let locations for delivery be known? Using a carrier pigeon?
 
2014-01-28 06:13:40 AM
Fools and their money....
 
2014-01-28 06:17:30 AM

ex0du5: lewismarktwo: Hey look, the thread is full of people who didn't read the article and have some sort of irrational hatred of Bitcoin.

We get it.  Bitcoin bad.  Bitcoin not normal.  Bitcoin for fools.

What about those of us with a rational hatred for Bitcoin, it being an easily manipulatable currency, with evidence of manipulation already, with market flood "protections" that simply cause flooding to harm the miners in the near term to spread the damage of flooding to the production sector while not preventing damage long term, a fiat currency with the ability to hide value transactions making it more difficult to stabilize what little value is not being manipulated or part of a prospecting bubble... and it's not even truly an anonymous currency.

Bitcoin is for fools.  Or those who got in early and get out before the pop.  It is not a serious currency and ignores centuries of currency theory and value theory.


Not to mention that any real value it might have had gets spent "mining" it, unless that's being done illegally (by stealing the electrical power and/or processing time.)
 
2014-01-28 07:21:42 AM

Kyosuke: ex0du5: lewismarktwo: Hey look, the thread is full of people who didn't read the article and have some sort of irrational hatred of Bitcoin.

We get it.  Bitcoin bad.  Bitcoin not normal.  Bitcoin for fools.

What about those of us with a rational hatred for Bitcoin, it being an easily manipulatable currency, with evidence of manipulation already, with market flood "protections" that simply cause flooding to harm the miners in the near term to spread the damage of flooding to the production sector while not preventing damage long term, a fiat currency with the ability to hide value transactions making it more difficult to stabilize what little value is not being manipulated or part of a prospecting bubble... and it's not even truly an anonymous currency.

Bitcoin is for fools.  Or those who got in early and get out before the pop.  It is not a serious currency and ignores centuries of currency theory and value theory.

Not to mention that any real value it might have had gets spent "mining" it, unless that's being done illegally (by stealing the electrical power and/or processing time.)


I agree.

FTFA: Several lawmakers have called for increased regulation of Bitcoin in light of the currency's heightened privacy, given that they can be traded without using names and are difficult to trace to an individuals.

As long as its value is tied to people exchanging it for a government backed fiat currency, it is dependent on said governments. Being dependent on governments opens it up to regulation. So it isn't the independent anonymous government regulation free currency people think it is. The fact that it is internet based makes it less anonymous in my opinion and I am sure the NSA knows pretty much every transaction. I predict either Bitcoins will become another type of PayPal or Money Gram in order to become legitimate and give governments a piece of the action, or laws will be passed by the governments eventually rendering it worthless.
 
2014-01-28 07:25:07 AM

MaudlinMutantMollusk: Warlordtrooper: This guys "crime" is operating a currency that the US government has no control over.  Meanwhile no executives at HSBC have been arrested for doing actual money laundering to Terrorists and drug cartels.

I think it's scale that makes the difference

/and protection money


You mean like, "A single death is a tragedy, a million deaths is a statistic?"
 
2014-01-28 07:50:41 AM

rzrwiresunrise: You mean like, "A single death is a tragedy, a million deaths is a statistic?"


More like "rob a single person, and you're called a criminal, rob a nation and you're Goldman Sachs"
 
2014-01-28 07:51:36 AM

forgotmydamnusername: buckler: Thanks to that article, I've found and registered at Silk Road 2.0. Now to get some Bitcoin...

Not serious, I hope. If I were the Feds, the first thing I'd do after busting Silk Road is set up a new one, to see what else I could entrap.


That sounds like something a Fed would say.
Shia LeBoeuf
 
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