Federal authorities seize Bitcoins for what may be the first time

[DLow]

Bitcoin has existed as an all-digital alternative to conventional currency for some time now, and it has garnered a reputation as the premier currency for illegal dealings. While not without a 'paper trail', tracking transactions through the currency is considered significantly harder than with cold hard cash.
In Charleston, South Carolina, a change has occurred that could upset this use; federal authorities seized 11.02 Bitcoins due to alleged drug charges. The value of Bitcoins is hard to pin down due to constant fluctuation. At the time of writing, 11.02 Bitcoins is the equivalent of 814USD.
An Eric Daniel Hughes was arrested in connection with violation of the Controlled Substances Act, though little else is known. What is known, however, is that Hughes has had his apartment raided before. Among other things, Suboxone and Clozepam were found, while Hughes seemingly sold marijuana to undercover officers.
Adam Levine of Let's Talk Bitcoin has stated the following:

“This is the first time something like this has happened with Bitcoin, and the interesting subtext is: We don't have any idea just how involved the DEA is with Bitcoins.”

Shady transactions through Bitcoin are, unsurprisingly, not conducted via conventional websites. Instead, most of the time it is done through the 'Dark Internet', or 'darkweb'. The most well known vendor in this dark web is the Silk Road, which has been thoroughly investigated by numerous people.


Source: http://www.postandcourier.com/artic...in-alleged********law-violation-in-charleston

 

[Yashraj]

Bitcoins can't be shutdown. The way it works... its said its impossible to shut it down and even the name of the original founder is unknown.
If anything, they might shut down sites like Mt.Gox, bitpay, etc. since they handle maximum bitcoin business.

Suggestion: Transfer your money to your randomly generated bitcoin address/bitcoin software since they are difficult to shutdown, unlike Mtgox and bitpay.

 

[Connor]

They probably just seized his computer that his bitcoin wallet just so happened to be on.

 

[To0]

Bitcoins can't be shutdown. The way it works... its said its impossible to shut it down and even the name of the original founder is unknown.
If anything, they might shut down sites like Mt.Gox, bitpay, etc. since they handle maximum bitcoin business.

Suggestion: Transfer your money to your randomly generated bitcoin address/bitcoin software since they are difficult to shutdown, unlike Mtgox and bitpay.

Sure they can. The Government if and when they so choose to do so can completely and utterly destroy this currency.

Firstly by declaring that the BitCoin is a safe haven for Child Pornographer Earners, Uploaders and others on the Underground, deeming the service as unstable, illegal and evading Federal, State, Local & International Laws due to the excessive involvement of illegal activities & the blatant design to conceal such movements.

After that has happened, any corporation, business or entity that uses BitCoin will be put under scrutiny. So that means all of the companies that accept the BitCoin today, won't accept it when the time comes.

The BitCoin value will immediately plummet, and you'll be stuck with nothing.

This is just the beginning.

The BitCoin Prophecy has been spoken!!! http://www.wjunction.com/135-other/174858-bitcoin-prophecy.html

 

[ravim]

Only Russian, Canadian (small), Swedish and Indian kind of sites will be existing at the end of the with Digital Money. Because USA has Paypal God already and they won't allow another god on that same business.

 

[luches]

this seems like a very pooor excuse to go after bitcoin ! typical USA method . USA Gov a true plaque for this planet !

 

[blkhtr007]

Only Russian, Canadian (small), Swedish and Indian kind of sites will be existing at the end of the with Digital Money. Because USA has Paypal God already and they won't allow another god on that same business.

They will allow any company that gets the proper business licenses and money transfer service licenses and complies with the know your customer laws.

The only companies that were shut down were ones that didn't follow those rules. Stop spreading bs.

 

[ravim]

They will allow any company that gets the proper business licenses and money transfer service licenses and complies with the know your customer laws.

The only companies that were shut down were ones that didn't follow those rules. Stop spreading bs.

Yaa like 15 years ago Paypal had any license? Paypal was using for privet within few people.
If that's the case - they only shutdown who didn't follow the rules - then why Webmoney, strongpay, E-Gold, Entopay still alive? Why they are not after them right now?
Just check the Alexa Rank. When some one near Paypal, they just shutdown them. If you from USA.

 

[blkhtr007]

E-Gold no longer exists, they were shut down for being unlicensed since they allowed u.s. residents and were even doing the operations out of Florida. Webmoney does not enter U.S. jurisdiction(any u.s. citizen or resident cannot have an account) so they do not need to get a license from the U.S. government and the U.S. government has no intentions of shutting them down.

Western Union,Moneygram,Payza,ING Person2Person,Square, and Mobilized are all alternatives to paypal available in the U.S. and are not going to be shut down since they all have licenses to operate.

Entropay is a UK company that has its licenses they are also not going to be shut down.

 

[DLow]

I don't trust bitcoin one bit my self

 

[masterb56]

Didn't know Adam Levine cared so much bout the internets, I though he was busy with his gf/model.