41–50 of 61 posts
Not sure how the bitcoin part is relevant. AFAIK it's not a currency even if it wants to be. So same problems and rules should apply to other trading as well. What if he had been dealing cars instead of bitcoin? A guy comes in, buys a car in cash, drives away. You use the cash to buy more cars, wait for the next guy. You pocket the diff between how much you pay and how much you ask. How do you know the money isn't fr…
The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
According the filing (linked elsewhere in this thread) she knowingly took funds (from an undercover agent) that she believed to be from drug sales... e.g. she intentionally provided a money laundering service.
The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
This is a very old article published recently. She was sentenced to one year in prison, in July.
https://www.latimes.com/business/la-fi-bitcoin-sentencing-20...
The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
I have to think that such unawareness is at least partially willful. They are no doubt aware that the government regulates a lot of things and that financial services in particular have a lot of regulation. It didn’t occur to them that they might need to find out what applies to them?
Earlier quoted context omitted.
According the filing (linked elsewhere in this thread) she knowingly took funds (from an undercover agent) that she believed to be from drug sales... e.g. she intentionally provided a money laundering service.
But was still charged with more generic offences that have nothing to do with drugs.
There’s nothing morally wrong with moving money around for people without validating their identity.
But if you make it illegal than almost everyone doing it will be doing it to launder money or evade taxes, so if you catch someone at that, it’s almost certain that they have either committed another crime or have assisted someone else at committing a crime.
The alternative to having financial crimes like that is that it becomes impossible to convict the upper levels of crime organizations of anything, and you just end up arresting low level people for crimes where you have immediate physical evidence.
The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
According the filing (linked elsewhere in this thread) she knowingly took funds (from an undercover agent) that she believed to be from drug sales... e.g. she intentionally provided a money laundering service.
Earlier quoted context omitted.
Really, you make $300,000 a year and report no taxes and you think you're not doing something illegal?
Would her paying taxes make this less illegal? If she was dealing with gold/diamonds instead of bitcoin would it be legal?
Is this something she could have registered as a business properly to avoid this fate?
Earlier quoted context omitted.
I have to think that such unawareness is at least partially willful. They are no doubt aware that the government regulates a lot of things and that financial services in particular have a lot of regulation. It didn’t occur to them that they might need to find out what applies to them?
What other commodities do I need to get a license to buy/sell?
You can run to anarcho-libertarian-utopian ideals, but you can’t hide from the fact you still live under actual laws against such things, whether or not such laws are just.
If they really believe in their ideals, they should do the hard work to change the laws in their favor, or cleverly use already existing ones, instead of childishly isolating themselves from society and the government as outlaws. There is a precedent for this: the 18th and 19th century religious communes -- some of them anarchist -- had popular support and were able to change US laws so that they could avoid taxes an…