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InvisibleOgla
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Registered: 02/16/04
Posts: 11,321
Senators seek crackdown on "Bitcoin" currency
    #14579510 - 06/08/11 12:20 PM (12 years, 8 months ago)

June 8, 2011

ST. LOUIS (Thomson Reuters Accelus) - Two senators are pressing federal authorities to crack down on an online black market and "untraceable" digital currency known as Bitcoins after reports that they are used to buy illegal drugs anonymously.

Democratic Senators Charles Schumer of New York and Joe Manchin of West Virginia wrote to Attorney General Eric Holder and Drug Enforcement Administration head Michele Leonhart in a letter that expressed concerns about the underground website "Silk Road" and the use of Bitcoins to make purchases there.

The letter prompted a discussion among Bitcoin enthusiasts about whether the government was capable of closing related bank accounts and thereby stifling the currency.

The senators released a copy of their letter on Monday. It cites recent media reports that some tech-savvy individuals were using an "anonymizing network" known as Tor to gain clandestine access to Silk Road and buy illegal drugs.

Silk Road buyers pay with Bitcoins and sellers mail the drugs, the Gawker blog reported. The transactions leave no traditional money trail for investigators to follow, and leave it hard to prove a package recipient knew in advance what was in a shipment.

"The only method of payment for these illegal purchases is an untraceable peer-to-peer currency known as Bitcoins. After purchasing Bitcoins through an exchange, a user can create an account on Silk Road and start purchasing illegal drugs from individuals around the world and have them delivered to their homes within days," the senators' letter states. "We urge you to take immediate action and shut down the Silk Road network."

The DEA is "absolutely" concerned about Bitcoins and other anonymous digital currencies, agency spokeswoman Dawn Dearden said when asked for a response to the senators' concerns.

"The DEA is constantly evaluating and analyzing new technologies and schemes perpetrated by drug trafficking networks. While we won't confirm or deny the existence of specific investigations, DEA is well aware of these emerging threats and we will act accordingly," she said.

Silk Road may be hard to close. It could easily move from server to server around the globe and change its Web address and name at will, while remaining accessible through Tor.

However, Bitcoins must be purchased with real money; of late, they have been selling for roughly $10 each.

Therefore, there are exchanges with bank accounts, such as the Mt. Gox Bitcoin Exchange, that the Justice Department and other law enforcement agencies may be able to target. It is this weak link that worries the currency's enthusiasts.

A discussion thread this week on the primary Bitcoin forum was titled "Will Mt. Gox US Bank accounts eventually get frozen?" Some speculated that if the government bans transactions involving Bitcoin exchanges, a layer of shell companies might allow them to continue.

One user described this process as simply "growing pains" and asserted that the government "can't stop a peer-to-peer service."

U.S. law enforcers might have difficulty stopping Bitcoins without help from their peers in other countries.

While little information about Bitcoin exchanges is publicly available, an item posted on a website called Bitcoin Watch states that Mt. Gox's bank account is in Japan, and anecdotal evidence suggests many other exchanges operate outside of the US.

Mt. Gox's website does not list a phone number, representatives could not be reached via email

http://www.chicagotribune.com/news/politics/sns-rt-us-financial-bitcoitre7573t3-20110608,0,6328122.story

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InvisibleThe Whale

Registered: 11/01/10
Posts: 2,384
Loc: Flag
Re: Senators seek crackdown on "Bitcoin" currency [Re: Ogla]
    #14579599 - 06/08/11 12:39 PM (12 years, 8 months ago)

"But if you buy guns from us with paper money, we cool wid dat, mayne."


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Offlinepiracetam
bioanalytical chemist
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Registered: 05/03/08
Posts: 4,321
Loc: TX Flag
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Re: Senators seek crackdown on "Bitcoin" currency [Re: Ogla]
    #14579610 - 06/08/11 12:41 PM (12 years, 8 months ago)

$10? maybe a couple weeks ago
the current exchange rate is a hair about $29. https://mtgox.com/
thank you sensationalist media...and godspeed to all the miners out there.


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"Experiments are the only means of attaining knowledge at our disposal. The rest is just poetry, imagination." ~Max Planck

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Offline2jew4u
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Registered: 04/07/11
Posts: 1,014
Last seen: 12 years, 6 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: piracetam]
    #14579628 - 06/08/11 12:45 PM (12 years, 8 months ago)

Omg has shot up that much..... That Way fucking crazy- And besides Senators you can take more "contributions" Bribes what ever you wana call them through bitcoin- Aw remember when it was just .17 cents



The price doubled in 48 hours-

Edited by 2jew4u (06/08/11 12:47 PM)

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OfflineHeffy
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Registered: 08/30/04
Posts: 3,262
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Re: Senators seek crackdown on "Bitcoin" currency [Re: Ogla]
    #14580119 - 06/08/11 02:34 PM (12 years, 8 months ago)

Didn't one of the Bitcoin founders just contact the writer of the Gawker article pointing out that Bitcoins are NOT anonymous and untraceable?

Typical politicians, uninformed and reactive.


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I am the king of Rome, and above grammar! - Emperor Sigismund

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Offlinelfdi
Stranger

Registered: 03/29/11
Posts: 11
Last seen: 12 years, 1 month
Re: Senators seek crackdown on "Bitcoin" currency [Re: Heffy]
    #14580147 - 06/08/11 02:40 PM (12 years, 8 months ago)

http://bitcoincharts.com/markets/

The recent rise in value is huge.

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OfflineLadyLittleZeppelin
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Registered: 10/30/09
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Re: Senators seek crackdown on "Bitcoin" currency [Re: lfdi]
    #14580179 - 06/08/11 02:46 PM (12 years, 8 months ago)

I love this :awesome: Real money goes in, fake money comes out. The goverment can't tell you what to do with fake money because they can not control it! and then when you sell your product for fake money you go back and get your real money by selling your points online. I love it :yesnod:


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SHROOMS MAKE YOU GAY
~
Crystal G said:
  its cuzzzzzz i giiiiiive a meeeeean blooooowjjjobbbb.

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OfflineKonyap

Registered: 06/30/07
Posts: 33,945
Loc: Planet Piss
Last seen: 4 years, 3 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: LadyLittleZeppelin]
    #14580216 - 06/08/11 02:51 PM (12 years, 8 months ago)

the goverment has no authority over money

actually they arent even supposed to print money

its unconstitutional:yes:

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InvisibleMisterMuscaria
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Registered: 05/13/08
Posts: 27,646
Loc: Flag
Re: Senators seek crackdown on "Bitcoin" currency [Re: piracetam]
    #14580234 - 06/08/11 02:54 PM (12 years, 8 months ago)

Quote:

piracetam said:
$10? maybe a couple weeks ago
the current exchange rate is a hair about $29. https://mtgox.com/
thank you sensationalist media...and godspeed to all the miners out there.



It was 12 dollars LAST WEEK.

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InvisiblePassiveAgressive
Sleepy-_-kinoko!
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Registered: 10/16/09
Posts: 924
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Re: Senators seek crackdown on "Bitcoin" currency [Re: MisterMuscaria]
    #14580722 - 06/08/11 04:38 PM (12 years, 8 months ago)

Long live TOR and the Silk Road Market! :rabble:


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(\___/)
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:amanitajar:


Thousands of candles can be lit from a single candle, and the life of the candle will not be shortened.
Happiness never decreases by being shared. - Prince Gautama Siddharta, the founder of Buddhism, 563-483 B.C.

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Invisiblep_walter
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Registered: 04/25/11
Posts: 535
Loc: Irrelevant
Re: Senators seek crackdown on "Bitcoin" currency [Re: MisterMuscaria]
    #14580746 - 06/08/11 04:42 PM (12 years, 8 months ago)

If I ever run in to either of these two senators on the street, I'm going to cock-slap the fuck out of them, annoying little shits :mad2:


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Coaster said: so i got free drug coupons witch u floozies refer to as "money"....

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Offlinesaxx
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Registered: 02/08/10
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Last seen: 9 years, 10 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: p_walter]
    #14580751 - 06/08/11 04:44 PM (12 years, 8 months ago)

I love how they act like buying drugs and illegal things is the only thing you can do.

They're idiots, they want to rile up the moms like usual. Silkroad isn't the only place that sells drugs btw mr. seneators.


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sucking dick for drink tickets
at the free bar at my cousin's bat mitzvah

zappateer said:
I'm not wasting time at school. I'm gaining hella knowledge and life experience, not trying to use my degree for financial gain.

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Offlineeqt146
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Registered: 05/05/11
Posts: 107
Last seen: 12 years, 4 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: saxx]
    #14581081 - 06/08/11 05:53 PM (12 years, 8 months ago)

This is Adrian Chen's fault for posting the article about the Silk Road on Gawker. Has anyone else noticed that the law enforcement has never mentioned ANYTHING about the Silk Road or Bitcoins until that article was posted?

Mr. Chen is fully responsible for informing government agencies about this. I think this calls for war on Gawker.

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InvisibleDoc_T
Random Dude
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Registered: 03/06/09
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Re: Senators seek crackdown on "Bitcoin" currency [Re: eqt146]
    #14581123 - 06/08/11 06:03 PM (12 years, 8 months ago)

Yeah, that's what we need, more attention from Gawker. :rolleyes:


--------------------
You make it all possible. Doesn't it feel good?

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Offlinesaxx
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Registered: 02/08/10
Posts: 3,351
Last seen: 9 years, 10 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: eqt146]
    #14581139 - 06/08/11 06:07 PM (12 years, 8 months ago)

Quote:

eqt146 said:
This is Adrian Chen's fault for posting the article about the Silk Road on Gawker. Has anyone else noticed that the law enforcement has never mentioned ANYTHING about the Silk Road or Bitcoins until that article was posted?

Mr. Chen is fully responsible for informing government agencies about this. I think this calls for war on Gawker.





For the love of god don't assume the government is dumb. Misguided, sure. Dumb NO.

The DEA CIA and FBI has known about bitcoin and anonymous drug buying since it's conception.

Only now are we seeing political action.


--------------------
sucking dick for drink tickets
at the free bar at my cousin's bat mitzvah

zappateer said:
I'm not wasting time at school. I'm gaining hella knowledge and life experience, not trying to use my degree for financial gain.

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Offlineeqt146
Stranger


Registered: 05/05/11
Posts: 107
Last seen: 12 years, 4 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: saxx]
    #14581175 - 06/08/11 06:16 PM (12 years, 8 months ago)

Quote:

saxx said:
Quote:

eqt146 said:
This is Adrian Chen's fault for posting the article about the Silk Road on Gawker. Has anyone else noticed that the law enforcement has never mentioned ANYTHING about the Silk Road or Bitcoins until that article was posted?

Mr. Chen is fully responsible for informing government agencies about this. I think this calls for war on Gawker.





For the love of god don't assume the government is dumb. Misguided, sure. Dumb NO.

The DEA CIA and FBI has known about bitcoin and anonymous drug buying since it's conception.

Only now are we seeing political action.




Right, but the political action was incited by the Gawker article. Don't tell me it wasn't. I had never seen any news articles or heard of any government officials making public announcements about this issue before. Then as soon as the Gawker article came out, everybody started talking about it.

It still absolutely blows my mind that Mr. Chen posted that article. He should have inferred that the owners and users of the website WANTED it to be a secret. If they wanted people to know about it, they wouldn't have put it on a hidden network.

The Silk Road is gone now. The owners recently decided to shut it down because they were worried about the government crackdown, or just worried about getting too much attention. There are plenty of other similar websites that are more secretive and have better prices, but how long will it be until the government decides to crack down on them too?

The internet drug trade is likely the main reason that LSD exists throughout the USA and the world. Because there are so few manufacturers, one would expect there to be an uneven distribution of LSD availability, concentrated near the location of manufacturers and virtually nonexistant everywhere else. Websites like the Silk Road and others allow LSD to be easily transported around the globe. If this system is shut down, we can expect LSD to become 100% inaccessible to the vast majority of the population.

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InvisibleDoc_T
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Re: Senators seek crackdown on "Bitcoin" currency [Re: eqt146]
    #14581179 - 06/08/11 06:17 PM (12 years, 8 months ago)

Quote:

It still absolutely blows my mind that Mr. Chen posted that article. He should have inferred that the owners and users of the website WANTED it to be a secret.




:facepalm:

Are you stoned? Or just stupid?


--------------------
You make it all possible. Doesn't it feel good?

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Offlineeqt146
Stranger


Registered: 05/05/11
Posts: 107
Last seen: 12 years, 4 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: Doc_T]
    #14581215 - 06/08/11 06:26 PM (12 years, 8 months ago)

Quote:

Doc_T said:
Quote:

It still absolutely blows my mind that Mr. Chen posted that article. He should have inferred that the owners and users of the website WANTED it to be a secret.




:facepalm:

Are you stoned? Or just stupid?




The reason people put their websites on hidden networks is because, well, hmm... let's think about this. Oh, I guess it's because they want the whole world to know about their website, and want everyone to be publishing news articles about it that everyone, including the government, can read, right?

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Offlinesaxx
Stranger

Registered: 02/08/10
Posts: 3,351
Last seen: 9 years, 10 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: eqt146]
    #14581238 - 06/08/11 06:34 PM (12 years, 8 months ago)

Quote:

eqt146 said:
Quote:

Doc_T said:
Quote:

It still absolutely blows my mind that Mr. Chen posted that article. He should have inferred that the owners and users of the website WANTED it to be a secret.




:facepalm:

Are you stoned? Or just stupid?




The reason people put their websites on hidden networks is because, well, hmm... let's think about this. Oh, I guess it's because they want the whole world to know about their website, and want everyone to be publishing news articles about it that everyone, including the government, can read, right?




I believe it's because they don't want your average retard finding it. But close enough.


--------------------
sucking dick for drink tickets
at the free bar at my cousin's bat mitzvah

zappateer said:
I'm not wasting time at school. I'm gaining hella knowledge and life experience, not trying to use my degree for financial gain.

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Offlineeqt146
Stranger


Registered: 05/05/11
Posts: 107
Last seen: 12 years, 4 months
Re: Senators seek crackdown on "Bitcoin" currency [Re: saxx]
    #14581248 - 06/08/11 06:37 PM (12 years, 8 months ago)

Quote:

saxx said:
Quote:

eqt146 said:
Quote:

Doc_T said:
Quote:

It still absolutely blows my mind that Mr. Chen posted that article. He should have inferred that the owners and users of the website WANTED it to be a secret.




:facepalm:

Are you stoned? Or just stupid?




The reason people put their websites on hidden networks is because, well, hmm... let's think about this. Oh, I guess it's because they want the whole world to know about their website, and want everyone to be publishing news articles about it that everyone, including the government, can read, right?




I believe it's because they don't want your average retard finding it. But close enough.




That's exactly my point. And now that the Gawker article was posted, your average retard can and will find it (it doesn't take a genius to download Tor, do a quick Google search and come with a tutorial on how to use it and connect to .onion directories)

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