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DOJ Finally Going After The Criminal Masterminds With Arrest Of 24 Year-Old Bitcoin Exchange Founder
The US crackdown on Bitcoin has been long in coming, with ebbs and flows of enforcement as regulators have been unsure exactly how to proceed with dismantling the digital fiat alternative. This morning the ebb became a rising tide, after U.S. prosecutors announced charges against two men operating Bitcoin exchange businesses for attempting to sell $1 million worth of Bitcoin to users of the underground black market website Silk Road, which was shut down by authorities in September.
Reuters reports that the U.S. Attorney's office in Manhattan said in a statement that authorities arrested Charlie Schrem, chief executive officer of the exchange BitInstant.com, on Sunday and Robert Faiella, who ran an underground Bitcoin exchange called BTCKing, on Monday. The two were charged with conspiring to commit money laundering and operating an unlicensed money transmitting business. Schrem is also vice president of the main Bitcoin-focused trade group, the Bitcoin Foundation, according to the foundation's website and Schrem's LinkedIn profile.
Some details from the charge against the defendants:
Federal prosecutors charged Faiella, 52, and Shrem, 24, with engaging in a scheme to sell more than $1 million of Bitcoins to users of Silk Road. Each defendant was charged with conspiring to commit money laundering, which carries a maximum prison sentence of 20 years. They are additionally charged with operating an unlicensed money transmitting business, which has a max sentence of five years in prison.
The U.S. also charged Shrem with violating the Bank Secrecy Act by “willfully failing” to file suspicious activity reports on Faiella’s questionable transactions. This charge carries a maximum sentence of five years in prison.
In addition to the Manhattan U.S. Attorney, the charges were announced by the Drug Enforcement Agency and the criminal investigation division of the Internal Revenue Service.
“Hiding behind their computers, both defendants are charged with knowingly contributing to and facilitating anonymous drug sales, earning substantial profits along the way,” said DEA acting special-agent-in-charge James Hunt.
Schrem was apprehended by authorities at JFK International Airport in New York on Sunday and is set to appear in federal court in Manhattan later on Monday. Faiella was arrested at his Cape Coral, Fla., home on Monday and is expected to appear in federal court in the Middle District of Florida.
The court documents allege Faiella operated an underground Bitcoin exchange on the Silk Road website between December 2011 and October 2013 that sold the crypto currency to users who wanted to buy illegal drugs on the site. After receiving orders, he filled them through a New York company designed to enable customers to exchange cash for Bitcoins anonymously, the U.S. alleges.
Shrem served as the New York Bitcoin company’s CEO during much of that timeframe and was “fully aware that Silk Road was a drug-trafficking website” and that Faiella was operating an exchange service for Silk Road users, the documents say.
Prosecutors say Shrem still did business with Faiella to maintain a “lucrative source” of revenue. He personally processed Faiella’s orders, gave him discounts on high-volume transactions, failed to file a single suspicious activity report and even helped Faiella “circumvent” the company’s anti-money laundering policies, the documents allege.
Bharara said the investigation remains ongoing.
As a reminder, BitInstant, which at the time "aimed to be the go-to site" to buy and sell bitcoins, received a $1.5 million investment by Winklevoss Capital in May 2013. From the TechCrunch profile of the startup:
BitInstant, which has a full-time staff of 16 led by CEO Charlie Shrem, has emerged as a key player in the nascent Bitcoin market: The company already processes approximately 30 percent of the money going into and out of Bitcoin, and last month alone facilitated 30,000 transactions, the Winklevosses said in a phone call this week. The funding is meant to allow the company to further scale up its staff and product as it angles to become the go-to site for Bitcoin transfers.
The US charge is not a ringing endorsement for the premise behind the Winklevi investment:
The Winklevosses say they were attracted to invest in BitInstant in large part because of its leadership. CEO Shrem is the vice chairman of the Bitcoin Foundation, and CIO Alex Waters previously worked with the core developers on the original Satoshi Bitcoin client. “Charlie has been in the space for a very long time, and he has an impeccable reputation among Bitcoiners. He knows everyone in the space and everyone in the space knows him,” Cameron Winklevoss said. “One of the most exciting things about people who are into Bitcoin is that they’re a really passionate community, and Charlie is a passionate entrepreneur. He would be in that category of someone who lives, breathes, and sleeps Bitcoin.”
Perhaps. However, in retrospect Charlie's biggest crime was not being CEO of JPM or, at worst, HSBC, where money laundering and other criminal activity is not only encouraged but rewarded with soaring bonuses. The good news is that one can once and for all confirm that when it comes to "Justice" in the US, some - those who deal with legacy status quo mandated and enforced ponzi scheme fiat - are far more equal than anyone who dares to think outside the Fed's printer.
Finally, here is a recent profile of 24 year old "criminal mastermind" Schrem via Bitcoin Examiner.
Meet Charlie Shrem. He’s 23 years old and the co-owner of Evr, one of the most famous gastro pubs in Manhatan. The name might sound familiar, since we talked about this pub before, when it became one of the first establishments to receive Bitcoin as a payment for drinks and food in New York City.
But why is Charlie Shrem different from other crypto-millionaires? Because he is now a BitAngel, member of an investment group created to invest in Bitcoin startups. We’ve also talked about this group before here.
Today, whenever someone pays at Evr with digital coin, Shrem gets a little bit richer, but he’s using his money to help others. Everything started in 2011, when Bitcoin became more famous, he bought thousands of Bitcoins for about $20 each. He invested almost everything he had in what could have been a dangerous game. However, since then, the digital coin value has skyrocketed.
After his investment in the bar, he founded the exchange platform Bitinstant. “Infrastructure is what we need. We’ve got to build, build, build–financial software, exchanges, and different payment products”, says Charlie Shrem, who clearly followed his own advice and profited with it.
He might not have the same funds as big Silicon Valley investors, but he has turned into a Bitcoin angel anyway. “The early guys are the ones that run everything. In this space, how long you’ve been around matters”, explains the entrepreneur.
However, we would like to look at him and others and see some kind of Bitcoin ambassadors, the ones that are setting the example and showing how it’s possible to grow once you leave your fear behind and go deep into a new world like cryptocurrency. Because they show what Bitcoin is for real: an opportunity.
* * *
And now, please join us in a moment of solemn silence as we fondly recall the memory of all the HSBC bankers who were thrown in prison for aiding, abetting and profiting from laundering money with known global terrorists...
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Looks like the DOJ doesn't need to pursue these cases as best as I can see from the attitudes displayed on this blog. The wimps have already scared themselves out of owning Bitcoin and admitted defeat to the money masters.
All seeing eye anyone?
Bitcoin trades like any other company stock. Why would an alternative currency's value be reflected by this news? It shouldn't.
Free Jon Corzine!
The Honorable Jon Corzine
............
Round up the usual suspects...Casablanca
Another example of a capricious, selective, Gangster-Bankster perpetuating (in)justice system, otherwise known as a Protection Racket for the Status Quo Top 0.1%-ers.
“It's a Criminal system, built by Criminals for Criminals. The business of America used to be business. Now the businesses of Amerika are war, theft, mass murder, and police state crackdown on anyone who objects.” –-Chupacabra
"It's a big fuckin' club, and you ain't in it."
-Mr. Carlin
the brilliant Larry Summer
Phony star, are you going to help your BTC brothers by posting bail in BTC? Oh, wait...nevermind.
I'm glad they finally caught these two. They look very dangerous.
TOTALLY OFF TOPIC:
Yahoo is apparently going to buy some company called Tomfoolery for 16 billion USD.
http://portal.ransquawk.com/headlines/yahoo-yhoo-are-in-talks-to-buy-tom...
A few points.
1) I didn't realize Yahoo was solvent. What do they do?
2) I have no phukkin' idea what Tomfoolery does/is.
3) If you had ANY doubt that we are in dot.com bubble v2.0, doubt it no more.
Every day now seems to be more like it will be the last day of the Ponzi.
Charlie Shrem
https://www.youtube.com/watch?feature=player_detailpage&v=sqzubpLxmSQ#t=775
I hope he can get eyebrow cuts at Riker's.
Not that the Guvmnt shouldn't go after these guys if they, in fact are breaking the law. But why them and not Dimon, Blankfein...
the sec should be a sub set of the fbi. because right now they are nothing costing us billions.
First they came for the Liberty silver dollars.....
http://libertydollararrest.blogspot.com/
I don't have a problem with bitcoins.....I'm not going to buy one.....but I don't have a problem with them.
Something tells me this Shrem guy won't be dumb enough to have his bitcoin wallet stolen from him by the feds like the Silk Road guy.
Doesn't help too much from inside a prison sell, but hey, it's those small victories that count.
Bitcoin takedown, Phase 1... discredit participant and leadership.
These "Bitcoin Foundation" leaders are stooges. Arrest the lot of them for all I care, we have no leaders or representation. We ignore the status quo and do not offer explanations to congress members.
@fonestar
Yeah, been saying for a while that the Bitcoin Foundation idiots were off their rocker to extend a hand to the government to be "partners". This is why Satoshi is anonymous.
The people who don't like what you're doing make damn sure they can use anything against you. Whether these charges were merely manufactured or he's deep in a hell of his own making - it just shows that you can't yell "OVER HERE, YOOHOO!" to the "Eye of Sauron" and expect to come out unscathed.
I full expect the JPMorgan "summit" to result in legislation that will constrict and constrain Bitcoin exchange activity in the USA. No big surprise there. We're in the "Then they fight you" phase of the Bitcoin struggle.
Boris is observation...
Boris is sadly prediction BitCoin is dead and crash by end of year... along with USD, Ruble, Hryvnia, Rupee, Yuan, Yen, Peso, etc. as WWIII is commence.
Always nice to hear from the optimist in the room!
Points well put (for anyone familiar with your 'English' that is!)
Mr.Boris. Bitcoin can't die. As long as people use it, it is alive and well.
TPTB can't keep every human on the planet from using the bitcoin network to do transactions. It's NOT POSSIBLE.
Bitcoin value will fluctuate like crazy...yes...
I say what I haven't said in a long time: BTFD! Buy the fucking dip.
No, my virtual Russian friend, Bitcoin will not die by years end. The powers that be just want to send a flare that dealing with illegal drugs (THEIR TURF) will not be accepted. If the powers that be wanted to kill Bitcoin they could have done it years ago.
Some idiots say: Bitcoin is a threat to the U.S. dollar.
At that time, they forget that Bitcoin is supported by the U.S. Senate and the U.S. Army.
http://bitcoinmagazine.com/8531/u-s-air-force-building-bitcoin-payment-g...
If someone thinks, that the system which represents a real threat to the hegemony of the dollar will have the support of the Senate and the U.S. Army, he is definitely a full idiot.
The boyz behind the curtain ALWAYS play both sides of a dialogue. It's how they force change.
They created Bitcoin and they also pretend to oppose it. The synthesis WILL be an electronic currency fully controlled by them.
Thanks for that nice link that exposes their stealthy background moves. Soon, all government payments will be electronic...and fully traceable/taxable at every step.
I like that word... "dubiosity".
This Boris guy is good
Hiding behind their computers, both defendants are charged with knowingly contributing to and facilitating anonymous drug sales, earning substantial profits along the way,” said DEA acting special-agent-in-charge James Hunt.
OMG they made SUBSTANTIAL PROFITS!? And made money from GASP! drugs? And money laundering? And they are not part of the Fascist-Corporate Elite!?
THIS WILL NOT STAND!!
They should plead for instant death, rather than torture, then death. What kind of imbecile tries to earn debt instruments, AKA FRN, without being in the club?
This from the administration that has been selling guns to the Sinaloa cartel? No matter how cynical I get, I just can't keep up.
@redpill: ""It's a big fuckin' club, and you ain't in it." - G. Carlin
With all deference to Carlin (RIP, bro!), I believe he 'misspoke'... I'd argue that it's a small club, and we ain't in it. A club of the "1-2 Percenters".
I just sent some of my Bitcoin to Czech Republic, converted it into Litecoin on BTC-E and got it back to my wallet in Canada. Whole process took less than twenty minutes, totally outside of banks and governments.
Amazing technology.
You started with nothing and ended with nothing. Good job.
You do realize he only has two bitcoins lol.
I have many, many Bitcoins, hundreds of Litecoin and even bought some NMC just for the hell of it.
glad you are actually dumping and not just pumping. Not surprised you actually have more LTC than BTC. Keep FUD Pumping the good fight, but get out while you still can.
It was never a currency, and its first adopter status is irrelevant. Take the free money from "the greater fools" while you still can.
Unfortunately true. While a noble effort, Bitcoin's legacy could ultimately play out as the biggest pyramid scheme in the history of mankind once fed.gov finally decides to tighten the screws.
Your .gov is just one of many .govs on planet Earth.
The sum total power of all of these .govs, their machine guns, aircraft carriers, attack helicopters, drones, satellite systems is less than one brilliant idea.
Possible, but unfortunately that idea is not Bitcoin. Believe me I wish it were.
Boris is special talent to pass spaghetti noodle into nose, through nasal passage, and back out through mouth. Is gross, time consuming, extremely full for pain, but is can be done, like BitCoin transactional.
Boris is consider first boil spaghetti noodle so is more softer.
In Glory Days of Mother Russia, black-out-drunk vodka fueled sex with gulag Mongoloid women in Siberia stayed in Siberia.
LMAO!!!!!!!
ROTFL!!!...I swear Boris, you kill me...lol.
Try it with some encryption sauce next time, a little moar expensive (just like a fee or tax or cost of doing biz, whatever) but makes zeee transaction smoother and doesn't tickle the back of the throat ;-)
... and back to square 1:
"If you don't hold it....."
they can't take it?
Boris, you make me snot on screen.
Boris owes me 3 monitors and 2 keyboards.....I've sent him a bill.
So far.....nothing.
maybe is Boris be invent Noodlecoin!
The sum total power of all of those .govs, their machine guns, etc. etc., --is less than one brilliant idea"; Viper one, be advised, target claims to have secret weapon defense, "brilliant Idea"; "Viper, check; will open with chain gun from max. range". OH, too bad; your magic didn't work.
.gov shill
To ignore reality for this long takes some serious wishful thinking. At least they'll need their surveillance drones to find my Blanton's and Van Winkle stash.
Dude, how can you even mention "the biggest pyramid scheme in history" in the same sentence with "fed.gov", without acknowledging the obvious? Sheeez, wake up!
You must be colorblind.
Canada weeps
http://freebitcoinz.com/r/ezbtc
Get more every day
Guards! Seize him!
I have many, many Bitcoins, hundreds of Litecoin and even bought some NMC just for the hell of it. -- fonestar
fonestar's chequing account is $14 overdrawn as we speak. Savings account is $0. -- fonestar
Then fonestar is not objective about bitcoin -- all his observations and pronouncements ought be taken with a grain of salt.
I get bitcoin, fonestar, I really do. And I wish it were real. But I suspect it's not. I could be wrong. But the simple fact is, a currency is based on trust. As is a crypto algo. And the bitcoin algo is suspect. This is an assessment based on experience.
It's your money. Good luck...
But you ought be aware that this "technical" issue means bitcoin transactions and wallets are fully transparent to no such agency.
Money is a confidence game. No confidence, no game.
2 bits equal 25 cents right?
That's superior to the deal you get on Wall $treet.
Fonestar I did something similar this weekend.
I ran a bunch of Unicorn farts through my still and bottled the resulting ambrosia. Next I collateralized the bottles, sold swaps, and am now either penniless or the King of Norway.
I can't tell.
LOL Rafter!
JP MORGAN KNOWINGLY turned a blind eye to Madoff's ginormous ponzi scheme to the tune of 65B USD for DECADES, violating all sorts of criminal laws and aboslutely no criminal charges were filed against the bank or its employees. JP Morgan pays a fine for "ignoring signs", the two guys are going to jail for a potential 1MM USD exchange.
Something is rotten in the state of Denmark!
If Shakespeare had known about the US he would have used a stronger word than 'rotten'
Dimon got a raise to $20 million (any stock options on top of that?) while JPM employees got NO raises this year.
HSBC pled guilty to money laundering charges for drug cartels - none of their execs were arrested.
The list of TBTF bank execs who are blatantly guilty of violations of the law is huge but...... nobody even gets charged. Why is that?
+10000000000000
The Banks are the government.
Madoff was ignored by JPM as long as he didn't try to rip of the Upstream System (FRB). He only got nailed when he was outed for having ripped off the rich & powerful in his own Tribe. Clearly, they could not stand for that and he had to be made an example of.
BTC, on the other hand, IS a threat to the FRB system -- and the System (Fed/Gov) won't stand for that. A subtle, but important distinction.
btc is in their pocket - they'll use it to attack you, not the other way around.
"Something is rotten in the state of Denmark!"
You got that right.
Fireworks are already being shot off.
Quick, where's the door!
http://www.youtube.com/watch?v=8bx40Ws_o-Q
And when you say Honorable, you mean lying thieving cunt? Like our honorable judges and politicians? Yeah, I thought so.
GOVERNOR John Corzine
HOW MUCH LONGER NEED JON SUFFER!!!!
when you try to beat the FED, you get F*** in the A** by a stranger.
Give up, lube up, bend over.
The ZH battle cry.
Big sell off volatility on a couple of the exchanges
fonestar doesn't care if it goes to $500 or $5,000 first.
fonestar is buying the superior system.
this is just a small bump on the fascist road, bitcoin will prevail eventually
I wouldn't even consider it a bump. Members of the anglosphere have somehow deluded themselves into thinking they and their governments are relevant.
Naw, the thousands of nuclear warheads at their disposal sort of make that true...
Yes, more like a pebble. And let's not forget that this is the same government that throws babies out of incubators, they will not stop at nothing to maintain their monopoly of violence.
It's funny to watch this and the comments on BTC-E as it happens! The people selling think that Bitcoin is a news driven market (like the end of the world China fake ban on Bitcoin)? What do they think this is? Certainly not something they understood in the first place.
Bitcoin is not hive mind friendly. It's the free market and it rewards people who think for themselves.
So in other words, not friendly to people who think there is one type of value only and it is a magical particle that exists in some coins and not others?
They do not think, that's the problem. They belong to the rubber stamp club.
“Universal literacy was supposed to educate the common man to control his environment. Once he could read and write he would have a mind fit to rule. So ran the democratic doctrine. But instead of a mind, universal literacy has given him rubber stamps, rubber stamps inked with advertising slogans, with editorials, with published scientific data, with the trivialities of the tabloids and the platitudes of history, but quite innocent of original thought. Each man's rubber stamps are the duplicates of millions of others, so that when those millions are exposed to the same stimuli, all receive identical imprints. It may seem an exaggeration to say that the American public gets most of its ideas in this wholesale fashion. The mechanism by which ideas are disseminated on a large scale is propaganda, in the broad sense of an organized effort to spread a particular belief or doctrine.”
? Edward L. Bernays, Propaganda
+1. If you haven't read Bernays, you don't understand the world you were born into..
What would you estimate the "true value" of one bitcoin to be?
I don't subscribe to the notion that dollars have value. I do not know how many ounces of gold or silver 1 BTC is worth or should be worth.
since btc has no atoms, btc = 0.
Real money must have an ATOMIC nucleus.
when 1 satoshi = the smallest logical unit of trade
or if BTC is used to back other (crypto or national) currencies, more than that
Value is subjective.
Derp
I think this may fit....
Pride goes before destruction, a haughty spirit before a fall.
I'm an atheist, but there are some good quotes in that old book.
I'm really happy for you and your superior system; really, I am. I think every deluded fool should be allowed to revel in whatever crackbrain scheme they fall prey to; but could you do it silently? It contributes absolutely nothing to this blog; I mean it's vaguely aumuzing that you think you're superman and you're going to beat the Govt. and etc. but couldn't you have these fantasies somewhere else? Isn't there a Bitcoin mutual masturbation blog, or something? I'm sure there must be. Try Yahoo, blogs.
Are you referring to the FRN crackbrain debt ponzi scheme ?
sadly FRN's are about 100,000x more stable than bitcoin. Pretty sad.
Yep, 7% average volatility is actually low balling your 100,000 times less stable figure. Bitcoin will remain volatile while its market cap remains small.
actually it's not market-cap, it's the fiat exchanges. Until fiat exchanges are all removed bitcoin can't be stable.
They all need to be replaced with stores selling goods & services priced only in btc. Until that day bitcoin is doomed.
7% average volatility isn't bitcoin. Bitcoin could be +50% to -80% at any given day compared to the prior day.
LOL - I love how a slump of 70 bucks is a "big deal" to the ZH-heads. You should've been around when it was rallying its ass off in mid-November of 2013. This is "old hat" to anyone trading Bitcoin.
I realise that all currencies can vary in value, but one of the important requiremnts for a stable currency is it being stable in value.
I'd hate to have to get up every morning and wonder what the value of my currency is today, if it's bouncing around all over.
I know the value of our present fiat isn't stable, but for now its value is sliding in a known direction at a pace that I can keep up with (didn't say I like the idea, or am comfortable with it, but it's a fact)
If it starts to take off, the Fed will get their political enforcers to just outlaw its use in transactions. Kind of like an inverse legal tender law.
Whatdya expect for an fixed-supply asset class that started at zero a few short years ago and who's market participation rate hasn't been established yet.
As far as outlaw use in transactions, what kind of vocabulary do you think they'll come up with? Bitcoins are intangible, existing only in a worldwide ledger that nobody controls. A person in charge of a bitcoin address cannot stop others from sending funds to it. The government will make it illegal to render goods or services if some numbers happen to change on the ledger?
Sounds like you will be needing some lube yourself. I will trade you some for gold. Got gold?
How's that armed rebellion against all enemies foreign and domestic working out? Slavetards allowed to own guns.
Total crybaby. Boo hoo little boy.
The Bitcoiners are making history as you wimps hide out waiting for the CRIMEX to default.
Charles Ponzi made history, as did Madoff.
plant
generation.
Word association games are fun.
What does Google-NSA pay per post? What do you think it will be worth in terms of BTC five years from now?
Tylers.....can you please add a rule to the TOS for posting....if you get 1,000 downvotes in 1 day, your account is blocked for a week....if you get 1,000,000 down votes, it is blocked forever. what do you think? (nah, I'm too big a proponent of free speech...let fone get his head bashed in repeatedly).
That's kind of funny in a censorship kind of way. Let him rant. He might or might not be a fool. If you don't like the movie, change the movie.
"What do you think it will be worth in terms of BTC five years from now?"
Zero.
seed.
Is that a mugshot of Ezra PoundED IN THE ASS you've got there?
yes, a tulip plant. A very rare coloration. Easily worth a discount price of one fwazeeelyun bitcoins.
That's what you're left with? Calling someone a crybaby? Ughhhh.. ZH weighs on the cranium sometimes. Even Tyler can't resist the propaganda because he knows he stirs the shit with BTC. Fuck you Tyler.
Hey fuckstar once shitcoin hits ZERO are you still going to hang out on ZH so we can laugh at you?
Bitcoin will not go to $0 but morons like yourself are incapable of understanding why that is.
You have no business on this blog or living in the 21st century.
It''s pretty obvious that if it was truly a Ponzi scheme the governments would be welcoming it with open arms .
like bitcoin miners mostly being NSA server-farms now?
right, bitcoin will go to 0.00000001 but not zero.
Bitcoin will be the best performing asset this year as it has been the previous 4 years.
measured in what, pocket-lint?
Not in dollars, certainly not in ounces of gold or silver.
Hey fuckstar once shitcoin hits ZERO are you still going to hang out on ZH so we can laugh at you?
Had to post twice to prove to everyone what a dipshit you are?
Finally, a point I can agree with you on. Sheep with guns. Guns but no guts. That's what American so-called "patriots" are.
There should have been a revolution long ago. Now with things like zerocare destroying the last tidbits of individual rights, it's getting highly embarrassing for those so-called "patriots". They keep saying "it's not time yet", and they're becoming the laughing stock of the entire world.
fonestar is Canadian but likes Jefferson and the ideals of the republic. It's too bad Americans can no longer find the fire in their belly, the kind Alex Jones has and displayed on Communist News Network.
AJ style ranting and raving isn't guts nor courage. "Getting the truth out" is meaningless, as we've seen 5 yrs now on ZH and many other "truth" sites.
People knowing the truth about a criminal cabal govt doesn't rein in that criminal cabal govt one little bit.
No, it doesn't make you a hero or courageous but people still viewing those programs need to be woken from their opiate-like slumber. If loud noises and yelling can help, why not?
It will come when a SWAT team destroys the wrong home allegedly looking for drugs and kills the father's 4 year old daughter (unarmed), takes out their dog(unarmed) and arrests the family for fighting back(resisting a peace officer).
Those bastards need to die.
"fonestar is Canadian but likes Jefferson and the ideals of the republic".
Fonstar is an idiot, regardless of his nationality and political preferences.
....losing at $50 BTC, losing at $800 BTC, losing at $5,000 BTC. Losers will be losers.
there you go valuing in fiat again
fiat currency does have value.... when it comes to waging psychological warfare.
and who's to say the platform isn't more valuable at let's say $800 than at $5,000?
I have no idea what you're raving about; thank god. If I did, I'd really be in trouble.
In your timeline claims you need to include the segment where you sold at $200 to "pay some bills" and then bought back in a few months later at $800.
We all bow to the financial wizardry of paying 1600% (annualized) to buy back your own Btc.
You have neither a pot to piss nor the same courage in your convictions that you incessantly clamor that everyone else should have.
THIS POSTING SHOULD BE YOUR TAGLINE SINGATURE TO EVERY ONE OF YOUR BTC POSTS. Your posting history hangs you.
bitKONAmon has spoken!
I'm loading up on Treasuries, ImpossibruCoin & ZNGA before I miss out!
There should have been a revolution long ago.
Yeah, because revolutions always result in increased liberty. Your reasoning seems childlike - "things aren't going my way, so the only solution is to throw a tantrum."
Quick... someone call Saul Goodman!
when you try to beat the FED, you get F*** in the A** by a stranger.
Bow down and lick your master's boots, coward.
fer fucks sakes... Bitcoin is not a stock! It is a currency!
fer fucks sakes... Bitcoin is not a stock! It is a fiat currency!
There. Fixed that for ya!
Most of you are too fucking stupid to even know the meaning of the word fiat. So yeah, good luck understanding Bitcoin!
It appears that "we" understand it better than "thee". Good luck with that.
Look it up bitches.
http://en.wikipedia.org/wiki/Fiat_money
From wikipedia? You are dumber than I thought, and a very poor LOSER. There is no such thing as fiat money. Only fiat currency. You need to learn the difference between currency and money obviously. Gold and silver are money. BTC, FRN's, EURO's, etc. are currencies. It's not that hard really. Perhaps you should post less and read more.
The US Treasury's silver certificate was a fiat currency. Bitcoin is a voluntary currency. Who needs to read more?
The US Treasury's silver certificate was a fiat currency.
Wrong.............................again
Right again. Sorry, you don't get to hijack words and their meanings. At least not if you don't want other people who converse in that language to think you're crazy.
you're right and the red necks are wrong as usual