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Originally Posted by NEW XTC
ADG do you actually know anything about Bitcoin? Why are you laughing? (above) - for people who understand BTC it's very obvious that your laugh of smug self satisfaction is actually just ignorance.
I could be an "Executive of Bitcoin Business" in less time than it takes to wash a car. Do you understand that these guys have nothing to do with the actual Bitcoin System? They are just guys like you or me who TRADE BTC (and exchange it into currencies).
People can use BTC legally - or use it to break the law - these guys are just USERS of BTC - if there is any impact (price drop) on BTC from these arrests it will only be if the exchange they are running goes down and they deal with enough volume to cause a disruption (probably won't cause a ripple) I sure hope this bust causes a crash - it will only be a BUY opportunity.
Now watch this: 
Thats a real laugh - one that comes from knowledge, laughing at ignorance. |
Did you bother to check the background of the two individuals arrested?
They were not simply some losers with a few bitcoins (like so many ignorant GFY bitcoin cheerleaders, and crypto-anarchist wannabes).
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NEW YORK — The federal government has arrested one of the biggest names in the bitcoin community in the latest crackdown on digital currencies and their illicit use.
Charlie Shrem, chief executive of digital currency exchange BitInstant, stands accused with a Florida man of laundering money through a notorious drug-trafficking website.
Shrem is also vice chairman of the Bitcoin Foundation, a nonprofit group aimed at promoting the digital currency.
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Not only is Shrem prominent in the digital currency world, but so are two backers of his company: Cameron and Tyler Winklevoss, the twins famous for alleging that Facebook was their idea.
The Winklevosses have also been trying to win regulatory approval for a financial vehicle that would enable ordinary investors to cash in on bitcoins, whose value has skyrocketed over the last year.
Federal prosecutors also accused Shrem and Faiella of sidestepping regulations aimed at keeping criminal proceeds out of the financial system.
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Shrem, also the chief compliance officer of BitInstant, allegedly knew the purpose of Faiella's exchanges. In addition, the government says, Shrem himself bought drugs on Silk Road.
Shrem was also charged with alleged willful failure to file a suspicious activity report with regulators related to Faiella's numerous bitcoin purchases conducted through his exchange.
"Truly innovative business models don't need to resort to old-fashioned law-breaking, and when bitcoins, like any traditional currency, are laundered and used to fuel criminal activity, law enforcement has no choice but to act," said Preet Bharara, the U.S. attorney in Manhattan, whose office brought the case. "We will aggressively pursue those who would co-opt new forms of currency for illicit purposes."
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This is a big story whether you want it to be or not. I can't say whether it will directly impact the price of BTC today, however it appears certain to have an impact into the future as government investigations into Bitcoin widen and deepen.
ADG