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Originally posted by Acidtastic
Maybe there's some kind of illegal activity going through the site,...
Originally posted by Wrabbit2000
This would be why I never touched bitcoin in any way that matters...for anything that matters. New generations can make a great case for money/currency or whatever someone wants to call this, that doesn't exist and has no physical form.
In the end? It's still a construct with no form...hence no meaning ...hence no value. Everything else is perceptions and faith of value. Not unlike our real money. At least real money still gives me paper to show I'm supposed to have some.
I feel sorry for people who got burned on this....but what did they expect? The whole point was some rebellious notion of a currency beyond reach of the authorities? Well.. That was a foolish belief that was going to be crushed eventually. I just hope the reality didn't come TOO painfully for everyone involved.edit on 15-5-2013 by Wrabbit2000 because: (no reason given)
Feds reveal the search warrant used to seize Mt. Gox account
The Department of Homeland Security is investigating Mt. Gox, the largest Bitcoin exchange, for violating laws on US money exchange and money transfers—and it's grabbing the exchange's money in the process.
DHS officials refused to comment on the ongoing investigation, but they did provide a copy of the warrant that was used yesterday to seize funds that Mt. Gox had in Dwolla, a money transfer service. Dwolla is a Des Moines, Iowa company that provides one of the most popular ways to move US dollars to Mt. Gox, where they can be used to buy bitcoins.
In the warrant, a special agent with Homeland Security Investigations (HSI), states that there's probable cause to believe Mt. Gox is engaging in "money transmitting" without a license, a crime punishable by a fine or up to five years in prison. The warrant goes on to demand that Dwolla hand over the keys to account number 812-649-1010, which is owned by Mt. Gox subsidiary Mutum Sigillum LLC, and held in the custody of Veridian Credit Union.
The funds in that account "are those of Mt. Gox customers that withdraw said funds from Mt. Gox and direct their transfer to Dwolla."
Homeland Security used a confidential informant, based in Maryland, to conduct the investigation. The informant simply created accounts with Dwolla and Mt. Gox, bought bitcoins, and then changed them back into dollars. Tracing that money, HSI was able to see that the money passed through a Wells Fargo account, number 7657841313, which was created by a single authorized signer: Mark Karpeles, the president and CEO of Mt. Gox. The Dwolla account shows transfers to Dwolla going back to at least December 2011, according to the warrant...
When you pass on a dollar, you agree to pay that person in the future with something real...
What this means in the real world is shocking.
... if you have a dollar you have a liability, not an asset.
Originally posted by ManBehindTheMask
Seems like there was a thread a few weeks back , in which I told everyone that the world currencies would never allow bitcoin to function like everyone was praising it would.....
To that end, everyone poo-pooed me and basically told me I didnt know what I was talking about, and there was no way to stop bitcoin........
Who has egg on their face now?