U.S. Treasury cautions Bitcoin businesses on legal duties

Source...

ST. LOUIS (Reuters) - The U.S. Treasury Department's anti money-laundering unit is warning businesses linked to the digital currency Bitcoin that they may have to comply with federal law and regulation as money transmitters, a Treasury spokesman said.

Welp, i been watching this very closely. I had high hopes for a while until i realized it was to good to be true.

Sell them now if you can.... if they are liquid at all.

reply to post by onequestion


I'm not so sure.

For one thing, this could eventually lead to court because technically the businesses aren't money transfer centers as Bitcoin is a third party open source system with no ties to one particular entity. It's not like Western Union where the transactions are controlled by a company and the system is run by that company. It will be interesting to see what happens.

reply to post by OrphanApology


I agree.

They want to know whos using them on the dark web. IMO this is the first move in a long line of moves against the crypto currency.

I sided with caution with a friend of mine who about to buy some and im glad i did.

reply to post by onequestion


Either way this is a great experiment into currencies that are separated from banking cartels.

I imagine that if Bitcoin continues to grow there will be multiple attempts at curbing the usage. There are of course many ways they could try doing that and this is just another example.

The only way to truly destroy something like Bitcoin would be to destroy the public's access to the internet. I imagine that if "they" were trying to prevent the widespread use of a currency like this they would figure ways to kill the internet if need be or censor it completely.

reply to post by OrphanApology


The public will lose interests with bitcoin when they see its not a get rich quick scheme.

reply to post by onequestion


I'm not so sure.

The fiat system of the United States that gambles people's life savings and hard work away leaves a bad taste in the mouth.

It only takes so much before people start trying to find alternative solutions to currency and trade. You know, ones that aren't controlled by central banking cartels.

I don't think Bitcoin will die easily. Time will tell.

The biggest problem with Bitcoin is that the government controls the internet.

One thing's for sure. TPTB understand that to bring a free system down you have to do it in increments. That's why you haven't seen them going after Bitcoin full force but rather in small little bite size tyranny nuggets.

To hell with the US Treasury... Our dollar is bunk.

People, business, even countries are beginning to work around the toxicity of our currency by any means possible. Regardless of the success or failure of Bitcoin, other means of compensation will arise. They can warn all they want.

People don't give a damn, businesses are giving less of a damn, and countries are giving even less of a damn due to the fact that a bunch of whiny bitches with Zero credibility want to cry foul when they rigged the game in the first place.

Let them regulate, let them throw their empty threats about, let them thrash about and cry in their infantile manner. They brought it on themselves. Bummer that we as a people have to attempt to survive the consequences of systemic mismanagement, but oh well. I feel comforted by the fact that metropolitan populations and their blind reliance on the freedom killing security state will be less likely to survive.

Bitter optimism.... This is the world we have created.

reply to post by OrphanApology

The biggest problem with Bitcoin is that the government controls the internet.

I know it can be blasphemy in some circles, but I really have to disagree here, at least for us older folk I think. I can't speak for everyone but just a sampling I've talked to over time and no real variance in opinions.

The biggest problem isn't that the Government controls the internet. It's that this internet thing isn't REAL. Cash sucks...but if this network of mind boggling complexity just craps out some day by human action, natural event or pure industrial or technological misadventure, 100% of everything in this fantasy land is gone. *POOF*.. as if it never existed and telling folks it used to, won't buy a cup of coffee at Dennys.

It's absolutely blown me away and almost to laughing, despite how rude it would be, when talking to some of the younger generation at school. This electronic fuzz of life has so totally fixated some, it's impossible to even conceive that a world COULD exist without it, let alone that it could actually come about.

I'm more amazed it hasn't already come apart and by it's own sheer weight, if nothing else. The more I learn about networking, the more wonder I have that it works at all ....and this is what to invest SERIOUS wealth or money into for storing currency? lol... Not this bunny. Not this life.