01-27-2014, 06:57 PM
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Purveyor, Fine Asian Porn
Industry Role:
Join Date: Jul 2004
Location: San Francisco Bay Area
Posts: 38,323
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Quote:
Originally Posted by NEW XTC
First of all there is no such thing as an "Executive of Bitcoin" Anyone can start a Bitcoin exchange and break the law, or follow the law - just like a trader in any other investment vehicle.
You people don't know anything about Bitcoin if you think there is anything the US Gov can do to stop it.
Price hasn't dropped at all since the news broke
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Read the entire sentence, "Executives of Bitcoin Businesses". 
As for the innocence/guilt of the two prominent people arrested today, I guess they will be able to argue their case in front of a judge:
Quote:
According to the allegations contained in the Criminal Complaint unsealed today in Manhattan federal court:
From about December 2011 to October 2013, FAIELLA ran an underground Bitcoin exchange on the Silk Road website, a website that served as a sprawling and anonymous black market bazaar where illegal drugs of virtually every variety were bought and sold regularly by the site?s users.
Operating under the username ?BTCKing,? FAIELLA sold Bitcoins ? the only form of payment accepted on Silk Road ? to users seeking to buy illegal drugs on the site. Upon receiving orders for Bitcoins from Silk Road users, he filled the orders through a company based in New York, New York (the ?Company?).
The Company was designed to enable customers to exchange cash for Bitcoins anonymously, that is, without providing any personal identifying information, and it charged a fee for its service. FAIELLA obtained Bitcoins with the Company?s assistance, and then sold the Bitcoins to Silk Road users at a markup.
SHREM is the Chief Executive Officer of the Company, and from about August 2011 until about July 2013, when the Company ceased operating, he was also its Compliance Officer, in charge of ensuring the Company?s compliance with federal and other anti-money laundering (?AML?) laws. SHREM is also the Vice Chairman of a foundation dedicated to promoting the Bitcoin virtual currency system.
SHREM, who personally bought drugs on Silk Road, was fully aware that Silk Road was a drug-trafficking website, and through his communications with FAIELLA, SHREM also knew that FAIELLA was operating a Bitcoin exchange service for Silk Road users.
Nevertheless, SHREM knowingly facilitated FAIELLA?s business with the Company in order to maintain FAIELLA?s business as a lucrative source of Company revenue.
SHREM knowingly allowed FAIELLA to use the Company?s services to buy Bitcoins for his Silk Road customers; personally processed FAIELLA?s orders; gave FAIELLA discounts on his high-volume transactions; failed to file a single suspicious activity report with the United States Treasury Department about FAIELLA?s illicit activity, as he was otherwise required to do in his role as the Company?s Compliance Officer; and deliberately helped FAIELLA circumvent the Company?s AML restrictions, even though it was SHREM?s job to enforce them and even though the Company had registered with the Treasury Department as a money services business.
Working together, SHREM and FAIELLA exchanged over $1 million in cash for Bitcoins for the benefit of Silk Road users, so that the users could, in turn, make illegal purchases on Silk Road.
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