US seizes and freezes funds at Mt. Gox

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US seizes and freezes funds at Mt. Gox Empty US seizes and freezes funds at Mt. Gox

Post by Gauz on Wed May 15, 2013 10:05 pm

http://www.theverge.com/2013/5/15/4332698/dwolla-payments-mtgox-halted-by-homeland-security-seizure-warrant

This isn't completely outrageous, but awfully lame. I don't think the DHS should be doing this or have much of a legitimate reason to.

They're handling peoples 'money' like it's nothing.
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Post by Rotaretilbo on Thu May 16, 2013 5:00 am

Honestly, though, BitCoin is a joke as a legit currency. It exists solely because it's very nature makes it very convenient for organizations and individuals providing illicit services that don't want to be tracked.

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Post by Lord Pheonix on Thu May 16, 2013 5:13 am

Money Laundering for the internet lol.

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Post by KristallNacht on Fri May 24, 2013 2:13 pm

Rotaretilbo wrote:Honestly, though, BitCoin is a joke as a legit currency. It exists solely because it's very nature makes it very convenient for organizations and individuals providing illicit services that don't want to be tracked.

Except, last I checked, every bitcoin transaction is publicly listed.

And what of normal citizens that just don't want to be tracked?
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Post by Dud Doodoo on Sat May 25, 2013 10:11 am

Rotaretilbo wrote:Honestly, though, BitCoin is a joke as a legit currency. It exists solely because it's very nature makes it very convenient for organizations and individuals providing illicit services that don't want to be tracked.
More like it exists on the premise that the internet should be free of governmental control, and it provides a worldwide currency for use on the internet free of government taxes or regulation. That's why the people of Cyprus made the switch, not because they're all drug dealing criminals and need to launder their money.

Considering the scope and power the government has achieved over us in information technology, a little anonymity nowadays would be nice.

To NT: There are plenty of services available for you to "wash" your bitcoins for a 1% fee.

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Post by Rotaretilbo on Mon May 27, 2013 7:30 pm

And that's a point in its favor, Dud? Clearly, what we need is for the government to be more in debt, because we're bypassing taxes and tariffs. It was a neat idea, but it doesn't work as a currency. Half the people using it are using it to launder money or buy illicit services/goods, and the other half are either hoarding it because of its extremely limited nature or day trading it because the exchange rates are so incredibly unstable.

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