Here's Why The Feds Seized Assets From The World's Biggest Bitcoin Exchange
Dylan Love | May 15, 2013
Business Insider
Ars Technica reports on the finer details of how the government was able to seize a bunch of cash from Mt. Gox, the world’s largest Bitcoin exchange.
Homeland Security says it had probable cause to believe that Mt. Gox is guilty of money transmitting without a license. Companies like PayPal and Western Union have this license, but Mt. Gox does not.
Punishment for money transmitting without a license is a fine or a maximum of five years in jail.
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for crying out loud this is terrible,I think bit coin is a great idea,it kinda takes the steam out of the all mighty dollar.It is a shame it will go down like this,but the feds with all their fiat money cant have any competition,that would mean no taxes,no support from the consumer,jee where they gonna get their money then???
ITS ALL ABOUT THE DOLLAR AND HOW MANY OF THEM BERNACKE AND HIS CRONNIES CAN TAKE FROM US.
While I agree with you, Bitcoin itself is a fiat currency. The problem is not with fiat currency, like you have been mislead to believe. Instead, the problem lies with who is in control of that fiat currency. Fiat currency has been repeatedly used to defeat the banksters and usury peddlers. Take for instance the dollar. If the dollar were once again backed by gold, who do you think would still be in control of the dollar? Yep, those who control all of the gold. It would not stop them from still printing out endless bills of paper, as they would just lie about the amount of gold that they have in reserves. In order to fix the world’s ills, you need to put the authority of money and currency issuance back in the hands of the people.
Actually, Bitcoin is not a fiat currency. Fiat means “by decree”, spoken into existence by an issuing authority. Bitcoin has no such centralized authority but is instead rooted in a mathematical algorithm.
Instead, Bitcoin is a medium of exchange whose value is arbitrarily agreed upon by its users, which is no different from the use of FRNs or any other currency with no basis in some physical commodity. However, that basis in a physical commodity is itself an arbitrary value.
Bitcoin is limited in quantity, difficult to mine, easy to exchange even over great distance, requires little to almost nothing in terms of storage, is anonymously exchanged, and is protected with robust digital security. Its only downside is dependence upon electricity and a global network of computers. But if those go away, so also does life as we know it, and currency will be the least of our problems. And all other currencies suffer the same vulnerability.
the IRS admits bitcoins are money!! that ought to BOOST their value immensely.
Everyone in the government WORKS FOR THE BANKS. Bitcoin was an exit from doing business with the banks. It’s the same as the infiltration of Libya. If they didn’t have gold and oil..do you really think the USA would have been interested? It was never about humanitarian purposes because NATO killed more than 35,000 innocent people there.
Always stand outside the box and look in. It’s cleaner out here. You can see the corruption a lot better.
Without the illegal banks/ corps and the USA shadow government.. the elite would lose control of THE PEOPLE.. Once that happens… we would all be able to live in PEACE.. They can’t have that.
The banks carry on a ponsi scheme where you buy your house.. they bundle up your mortgage and sell it, they get paid for it PLUS… like a good slave, you pay them twice.
Why would the wealthy ever wanna lose that? Plus.. it’s good to have slaves.. they live in FEAR and do what they’re told.
Well, 35,000 that are know of. We can probably at least double that unfortunately.
Bitcoin is a failed experiment. It’s a virtual currency, as worthless as paper money. It’s only as valuable as we make it, and for me, it has no value whatsoever.
While I have doubts about value & legitimacy of Bitcoin, I do realize that the Govt considers it a threat only because the Govt cannot tax or manipulate it.
Government cannot have completion you know!
Well, all currency is virtual wealth. Look at a $100 bill. Paper — no intrinsic value. But you, me, the IRS and everybody else is willing to take it in payment. On the other hand, I wouldn’t take a bitcoin for mowing somebody’s lawn. Heck, a gift card from the local grocery store is more valuable.
A store gift certificate is no different that bitcoin because the merchant is willing to accept it as payment. If they accept bitcoin, it’s currency.
What is department solely started for airline safety involved with issuing warrants? Obama has turned it into a private government army not affiliated with the military. This also explains the build up in armor and weopens.
You are all wrong. You have no government. What you have is organized crime representing government. Your government was overthrown a long time ago. When you recognize this fact you will then be better prepared to advance into the future. You are not being protected; you are being robbed and enslaved, as well as your children. Recognize who your enemy is. Quit supporting your own destruction and enslavement.
The Dwollar Account is an account; not Mt.Gox.
The Dwollar Account is not “The World’s Biggest Bitcoin Exchange.”
Mt.Gox is the worlds biggest bitcoin exchange; not the Dwollar Account.
The title of this article is like saying that my bank account at my bank is the biggest bank in the world.
unfortunately, bitcoin isn’t defined as MONEY! it is not legal tender!!! but the government at the behest of BANKERS will stifle ALL competition!
Bankers print money out of thin air EVERY DAY!! when you take out a supposed loan from a bank, no money ever changes hands! you get a check, from an account the bank creates and then creates another account and prints a check it hands to you AT INTEREST for a loan that NEVER happened!
BANKS DO NOT NOW NOR HAVE THEY LOANED MONEY!
That’s because they want to control everything.
The cabal don’t like competition.
This should prove once and for all that it is not the Rothchild’s that are behind the ‘cabal’ – it’s the U.S. government that IS THE BANK.
Anything that threatens the banksters is against the law as they make and own the law as well as the government. They don’t like competition and are greedy to a fault which is why they can print and loan paper money with impunity and have the irs as their own personal law enforcement agency. ….After all they wrote and direct the irs codes…
Totally agree with you on this and people are unfortunately stupid enough to believe they are actually gaining anything from this while they are being openly duped and used…