Economy

Demeter

(85,373 posts)

12. Here's Why The Feds Seized Assets From The World's Biggest Bitcoin Exchange

Mon May 20, 2013, 01:39 AM

May 2013

http://www.businessinsider.com/mt-gox-bitcoin-exchange-shut-down-2013-5

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.

By using a confidential informant to move Bitcoins through Mt. Gox to Dwolla, one of the most popular ways to turn the digital currency into physical currency, authorities were able to trace the money and find it to be a violation.

This is an interesting (and major) way for the government to acknowledge Bitcoin...Gawker has the full seizure warrant, which we've embedded below: SEE LINK

Read more: http://www.businessinsider.com/mt-gox-bitcoin-exchange-shut-down-2013-5#ixzz2ToBjFgXw

MORE AND MORE, WE ARE REDUCED TO CASH, GOLD AND BARTER BY THE PREDATORS OF FINANCE AND THEIR FASCIST GOVERNMENT MINIONS

THIS DOESN'T EXPLAIN WHY...IT OUTLINES THE PRETEXT AND THE HOW....BUT NOT THE WHY.

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