Bitcoin - Mt. Gox Ponzi?

[j&j]

Wow, clever. oh, if you havent already, maybe read 31 USC § 5324

(Structuring transactions to avoid reporting is a federal crime.)
But, maybe you already knew that, and decided that nobody cares about such things and it would be cool to admit it on a public forum.

of course I know about that, where did I say we weren't reporting it? I'd rather do what I can to not get audited and have big gov looking into everything, sorry you're not in that position, but if you had the choice, you'd do what you could do avoid someone else looking into your finances.

keeping under 10K simply means the US bank doesn't have to report the transaction to the IRS, it has nothing to do with not reporting income.


Also, we did hear about the Dwolla seizure, but that's only semi related to the issue we are having as that was again big gov going after mt gox because they weren't licensed properly here yet, that was just their Dwolla account funds.

 

[KlokWyze]

I store in my own wallet. I do keep some over @ btc-e.com, but not my "stash". Cashing out through the big guys is not the way to go. Diversify yo shit son.

 

[MontyAC]

SEC charging man with Bitcoin ponzi scheme:


http://www.foxbusiness.com/investin...gleNewsEditorsPicks&google_editors_picks=true

 

[bbhaag]

I love all the bashing of Bitcoins going on here. Denouncing it as an illegitimate currency...lulz. As if Wall Street and the Federal Reserve is anymore legitimate.

 

[Dr. Zaus]

I love all the bashing of Bitcoins going on here. Denouncing it as an illegitimate currency...lulz. As if Wall Street and the Federal Reserve is anymore legitimate.

fairly sure no one made that comparison.

 

[bbhaag]

So you're saying no one in this thread made the assumption that Bitcoins are an illegitimate currency? Or a less than reputable currency?

 

[irishScott]

So you're saying no one in this thread made the assumption that Bitcoins are an illegitimate currency? Or a less than reputable currency?

No, but it's a less regulated currency and is therefore preferred by people who dislike regulations, which includes criminals.

Don't get me wrong I mined a few bitcoins and am still mining litecoin, and it's making me about $30/month so I'm certainly not complaining. But I have no illusions about many start-up bitcoin merchants, and the exchanges are far too immature for me to risk anything like thousands of dollars through them.

Bitcoin is to the dollar as porn sites are to professional news sites. It's simply more risky to use it.

 

[bbhaag]

Thank you I think I understand now. The more regulation we have the more legitimate it becomes.

 

[Dr. Zaus]

Thank you I think I understand now. The more regulation we have the more legitimate it becomes.

The more legitimate the exchange is relative to extant institutions, the more regulations will exist to mitigate competition.

 

[SSSnail]

So you're saying no one in this thread made the assumption that Bitcoins are an illegitimate currency? Or a less than reputable currency?

No, no one made that assumption. Because everyone KNOWS it's crap.

 

[bbhaag]

Alright you guys convinced me. Putting my dollars into more legitimate trades is the way to go.
Which ones would you suggest?

 

[SSSnail]

Try talking to a legitimate financial consultant that deals with legitimate currencies.

And this "keeping under 10K simply means the US bank doesn't have to report the transaction to the IRS, it has nothing to do with not reporting income." is the most idiotic thing I've seen.

You may have "avoided" them reporting it to the IRS... rofl... but now you're on a different level of alert for "structured" transactions.

It goes to show the intelligence level that are at play here...

 

[bbhaag]

The trouble is I'm having a hard time defining what legitimate currencies are. Is it ones backed by lies and deceit like the yuan or should I go the more traditional route like the dollar or the pound? Maybe the euro is the way to go...I'm just not sure. It's so confusing.

 

[SSSnail]

It's OK, it's perfectly understandable that you're confused and are having a hard time with the basics of life. You should go with the currency that can buy you food, fuel your car, use as legitimate tenders for rent. And if you work (somehow, I have my doubts), whatever currency denomination your employer pays you with that's classified as legal debt tender in whichever country you're from.

Now, if you're a retard, then continue to be confused.

 

[bbhaag]

Oh thank god. Finally some one came to talk some sense into me.

 

[Dr. Zaus]

It's OK, it's perfectly understandable that you're confused and are having a hard time with the basics of life. You should go with the currency that can buy you food, fuel your car, use as legitimate tenders for rent. And if you work (somehow, I have my doubts), whatever currency denomination your employer pays you with that's classified as legal debt tender in whichever country you're from.

Now, if you're a retard, then continue to be confused.

Wow trolling by simply stating rational facts... :thumbsup:

 

[SSSnail]

I couldn't care less, but, being a generous person that I am, I like helping people with mental deficiencies. Or, trolling, I couldn't decide. Mostly trolling. But, sometimes, I do have to kinda be half serious and tell people that they're fucking retarded.

 

[bbhaag]

Trolling on AnandTech is not allowed. I hope you reported him.

EDIT:Wait a minute. You guys are talking about me. I wasn't trolling. I was speaking my mind. I thought that was what ATOT was all about. Letting one express themselves.

 

[bbhaag]

I don't appreciate being called a retard btw.

 

[Miramonti]

The trouble is I'm having a hard time defining what legitimate currencies are. Is it ones backed by lies and deceit like the yuan or should I go the more traditional route like the dollar or the pound? Maybe the euro is the way to go...I'm just not sure. It's so confusing.

I'll continue to put my extra savings into something more recession proof...Tide.

 

[bbhaag]

^^^I will continue to do the same.