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(The Register)   Yarr, the Bitcoins, they arrrre not gold bullliiiion   (theregister.co.uk) divider line 16
    More: Ironic  
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2985 clicks; posted to Geek » on 11 Jul 2014 at 9:51 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-07-11 09:09:46 AM  
It's an interesting defense angle, but he's still going down.
 
2014-07-11 10:21:30 AM  
So... He's trying to argue that an electronic money, which its supporters openly intend to use as money, was not money. Yet it is an instrument of value with only one use.

Pretty sure no judge would let that slide.
 
2014-07-11 10:26:55 AM  

way south: So... He's trying to argue that an electronic money, which its supporters openly intend to use as money, was not money. Yet it is an instrument of value with only one use.

Pretty sure no judge would let that slide.


Pretty much. His second argument of "Well I can't be held responsible for what other people do on my website!" has been used and smacked down so many times with streaming video and porn sites to the point it isn't even worth your breath trying.
 
2014-07-11 10:56:35 AM  
 
2014-07-11 10:58:56 AM  
I'd put that defense in the "look, it can't hurt at this point" column...
 
2014-07-11 11:04:39 AM  
dumbass should have cashed in and disappeared long before they caught up to him
 
2014-07-11 11:06:44 AM  

ferretman: Kudlow: Bitcoin is not real money: http://www.cnbc.com/id/101457244

Bitcoin Charges Called Improper Because Currency Not Real: http://www.bloomberg.com/news/2014-02-27/bitcoin-charges-improper-und e r-florida-law-lawyer-says.html

Why Bitcoin will never be 'real' money: http://www.smh.com.au/money/investing/why-bitcoin-will-never-be-real- m oney-20140213-32jdk.html


The judge disagreed.  It could make for an interesting appeal though.
 
2014-07-11 11:09:51 AM  

davynelson: dumbass should have cashed in and disappeared long before they caught up to him


This.

Quitting while you're ahead is not the same as quitting.
 
2014-07-11 11:13:11 AM  

davynelson: dumbass should have cashed in and disappeared long before they caught up to him


The previous DPR did exactly that.
 
2014-07-11 11:13:45 AM  
bitcoin lol
 
2014-07-11 11:28:31 AM  

Flappyhead: ferretman: Kudlow: Bitcoin is not real money: http://www.cnbc.com/id/101457244

Bitcoin Charges Called Improper Because Currency Not Real: http://www.bloomberg.com/news/2014-02-27/bitcoin-charges-improper-und e r-florida-law-lawyer-says.html

Why Bitcoin will never be 'real' money: http://www.smh.com.au/money/investing/why-bitcoin-will-never-be-real- m oney-20140213-32jdk.html

The judge disagreed.  It could make for an interesting appeal though.


I will wonder how the Judge will reconcile this with the IRS' assertion that BitCoins are property and not currency. If he can be tried and convicted of money laundering because BitCoin is currency as adjudicated by the Court, how does that affect the IRS' rule promulgation that it is not a currency and instead property?

I haven't read the court docs yet, but I am surprised at the characterization of the Judge "laughing" that argument off.
 
2014-07-11 11:29:09 AM  

Radak: davynelson: dumbass should have cashed in and disappeared long before they caught up to him

The previous DPR did exactly that.


His name was Cummerbund.
 
2014-07-11 11:56:51 AM  

The_Six_Fingered_Man: I will wonder how the Judge will reconcile this with the IRS' assertion that BitCoins are property and not currency. If he can be tried and convicted of money laundering because BitCoin is currency as adjudicated by the Court, how does that affect the IRS' rule promulgation that it is not a currency and instead property?

I haven't read the court docs yet, but I am surprised at the characterization of the Judge "laughing" that argument off.


She did say that the law is broad enough to cover the transfer of funds by any means. So it doesn't sound to me like she said Bitcoins are currency, but that this law doesn't depend on them being currency. Presumably, if I tried to launder money through a Gold-4-Cash type company I could still be convicted of money laundering, even though I melted down people's heirlooms into bullion in the middle.
 
2014-07-11 12:01:18 PM  
upload.wikimedia.org
 
2014-07-11 03:57:24 PM  
The_Six_Fingered_Man:

I will wonder how the Judge will reconcile this with the IRS' assertion that BitCoins are property and not currency. If he can be tried and convicted of money laundering because BitCoin is currency as adjudicated by the Court, how does that affect the IRS' rule promulgation that it is not a currency and instead property?

I haven't read the court docs yet, but I am surprised at the characterization of the Judge "laughing" that argument off.


Because the judge did not rule Bitcoins were currency.  She ruled that they fit that law's definition of funds, which is pretty broadly defined to mean something of agreed value between parties (not the direct definition, but my paraphrase).  Basically, you cannot get around the law's intent just by trading stuff.  So, me giving you goats is functionally equivalent to me giving you cash for this law.  All she said was that since this guy and his confederates all were quite vocal that they considered Bitcoins to have value - and had agreed upon what that value was, again publicly - it qualified for the broad category of funds as afar as this particular law was concerned.  What the IRS has classified Bitcoins as doesn't enter into it.

And she "laughed the argument off" because this law is rather explicit on how it is defining terms for itself.  He effectively complained there was no legislative branch of the US government n the Constitution, and she pointed out Article I
 
2014-07-11 08:24:34 PM  

SmackLT: It's an interesting defense angle, but he's still going down.


Into the PIT OF DESPAAAAIIIIR
 
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