4 Billion bitcoin laundering arrest - WTF

MaddyMax · 07-26-17, 11:36 AM

all the crypto currency crashing hard.

had a feeling when all the fake news pumped up cripto currencies couple of weeks ago.....all the big shots were pumping them up with fake news to dump them.

remember that news that went viran on social media about a some kind becoming a millionaire through bitcoin, that news was fishy as hell and went viral and got lot of newbies to get into bitcoin at its peak couple of weeks ago and now its crashing lol. that news was fake news.

biggie12 · 07-26-17, 11:38 AM

The arrest has nothing to do with the price

MaddyMax · 07-26-17, 11:42 AM

Originally posted by biggie12

The arrest has nothing to do with the price

its does. 4 billion in laundering...it just shows that crypto currencies are a good gateway for illegal money. its the widely used currency in all illegal transactions in the darknet. rules will get stricter. yes the government cannot get rid of these currencies but they can do things to make these currencies worthless. bigger crash is coming.

ManOfValue · 07-26-17, 11:43 AM

War on crypto currency the new war on drugs. Won't ever stop. Just like the silk road. They locked that kid up for life and shut the site down now its back up.

Sam Odom · 07-26-17, 11:44 AM

no one has ever laundered US Dollar or Sterling Pound or Euros

Sam Odom · 07-26-17, 11:45 AM

Originally posted by ManOfValue

War on crypto currency the new war on drugs.

are you saying this guy was arrested because he used bitcoins ?

ManOfValue · 07-26-17, 11:46 AM

The guy I'm talking about was the supposed founder.

Philmill · 07-26-17, 11:47 AM

if the powers to be sold the 4 billion off.... it would bring the price down.....

Sam Odom · 07-26-17, 11:48 AM

Founder of what? Silkroad or bitcoins

ManOfValue · 07-26-17, 11:48 AM

I mean founder of the silk road, not bitcoin. He did use them though. There is a documentary on netflix. Ross Ulbricht.

Optional · 07-26-17, 11:50 AM

Wow. That's a lot of money. Wonder what that has funded over those years?

"Since 2011 the 38-year-old has been running a criminal organization which administers one of the most important websites of electronic crime in the world," police said in a statement, describing an alleged money laundering operation that "legalizes proceeds from illegal activities".

It was thought that 'at least' $4 billion in cash had been laundered through a bitcoin platform since 2011; the platform had 7 million bitcoins deposited, and 5.5 million bitcoins in withdrawals.

Originally posted by MaddyMax

all the crypto currency crashing hard.

What?

Sam Odom · 07-26-17, 11:50 AM

Originally posted by Philmill

if the powers to be sold the 4 billion off.... it would bring the price down.....

Feds will try and get the btc then auction them off

biggie12 · 07-26-17, 11:52 AM

Manofvalue. the DNM make up about 5% if that of total bitcoin transactions. Most people have moved on from bitcoin to monero or zcash on DNM anyways.

I can guarantee that the arrest of this guy did not make the price of the coin drop. When alphabay got shut down (the newer silk road) the coin barely took a big hit and i can confirm there was 5+ million worth of bitcoin transactions happening daily.

Sam Odom · 07-26-17, 11:52 AM

Originally posted by ManOfValue

I mean founder of the silk road, not bitcoin. He did use them though. There is a documentary on netflix. Ross Ulbricht.

That guy was doing illegal stuff

using btc is not illegal

he was arrested for the illegal stuff

MaddyMax · 07-26-17, 11:59 AM

Originally posted by Sam Odom

That guy was doing illegal stuff

using btc is not illegal

he was arrested for the illegal stuff

yes using bitcoin may not be illegal. but majority of the transactions are FOR illegal stuff....
bitcoin acts as a gateway to move illegal money.
so that cause the govs to tighten the grip on these currencies and as a result the prices will go down

ManOfValue · 07-26-17, 12:00 PM

I know I veered off course with the silk road referral but my point was that it won't matter if bitcoin craches. These sites will keep popping up. Not sure if bitcoing use is technically legal or illegal but its certainly discouraged by the government.

Sam Odom · 07-26-17, 12:03 PM

Originally posted by MaddyMax

yes using bitcoin may not be illegal.

No "may" to it...

We all know that no one uses cash for illegal transactions or activities - If they did there would be a 'War on Cash'

biggie12 · 07-26-17, 12:06 PM

sources says the guy was linked to BTC-e

Sam Odom · 07-26-17, 12:07 PM

Originally posted by ManOfValue

I know I veered off course with the silk road referral but my point was that it won't matter if bitcoin craches. These sites will keep popping up. Not sure if bitcoing use is technically legal or illegal but its certainly discouraged by the government.

The Govt sells/auctions btc

US Government to Sell 44,000 BTC in Final Silk Road Auction

Pinoy-T-X · 07-26-17, 12:09 PM

4 Billion?!
you gotta admit that's a lot of money.

MaddyMax · 07-26-17, 12:10 PM

Originally posted by Sam Odom

No "may" to it...

We all know that no one uses cash for illegal transactions or activities - If they did there would be a 'War on Cash'

Using cash for illegal activity is one thing. But using something like a bank, bitcoin, payment network to move illegal cash or cash for illegal stuff is another thing.

Sam Odom · 07-26-17, 12:12 PM

Maddy

you're getting stretched thin

Wheatgrass · 07-26-17, 12:19 PM

cant the gov search your coinbase account at any time?

jjgold · 07-26-17, 12:20 PM

GOVT is going to stop BITCOIN WITH BAD HABIT SOON

Pinoy-T-X · 07-26-17, 12:24 PM

Originally posted by jjgold

GOVT is going to stop BITCOIN WITH BAD HABIT SOON

NOOOOOOOOOOOOOOO!!!!!!!!!!!!!!

jjgold · 07-26-17, 12:32 PM

When something is running rampant as far as illegal $$$ gov't will regulate just snapping their fingers

Sam Odom · 07-26-17, 12:39 PM

JJ

Call the Bitcoin Office and ask about this and record it

jjgold · 07-26-17, 12:44 PM

Do not leave much bitcoin in your wallets any longer

Too risky

Philmill · 07-26-17, 12:45 PM

Originally posted by jjgold

GOVT is going to stop BITCOIN WITH BAD HABIT SOON

feds would have closed it already..... looks like there just getting the bad apples out of it.....

lets hope they dont start coming after and making it harder for the little sports guys.....

this may be the start of the clean it up task force .....feds dont quit

ManOfValue · 07-26-17, 01:05 PM

That doesn't mean they encourage it. Probably confiscated and figured they might as well cash in. These same people acquitted Bodog owner but "kept the money" remember? Its a big loss that transactions are executed without the government in the middle. That what bitcoin does.

Originally posted by Sam Odom

The Govt sells/auctions btc

US Government to Sell 44,000 BTC in Final Silk Road Auction

themike78 · 07-26-17, 02:47 PM

Originally posted by Philmill

feds would have closed it already..... looks like there just getting the bad apples out of it.....

lets hope they dont start coming after and making it harder for the little sports guys.....

this may be the start of the clean it up task force .....feds dont quit

I think they will eventually make it very hard to use Bitcoin. Too much illegal stuff going on with it. Remember what happened to neteller years ago? Same thing will happen to Bitcoin when it comes to sports books.

Bluehorseshoe · 07-26-17, 03:18 PM

Originally posted by jjgold

GOVT is going to stop BITCOIN WITH BAD HABIT SOON

Access Denied

http://www.cnbc.com/2017/07/26/sec-moves-closer-to-taming-wild-west-of-digital-currencies.html

TheMoneyShot · 07-26-17, 03:23 PM

Bitcoin = The New Age Mafia Money

Nitrogen · 07-26-17, 04:43 PM

Originally posted by MaddyMax

rules will get stricter. yes the government cannot get rid of these currencies but they can do things to make these currencies worthless. bigger crash is coming.

Short them and make millions.