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Bitcoin Was Created By DARPA

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JPMorgan's Biggest Concern Is That Bitcoin Will Succeed

http://www.zerohedge.com/news/2014-03-07/jpmorgans-biggest-concern-bitcoin-will-succeed

 

 

After digesting all the hyperbole and the pessimism, my biggest concern is not that Bitcoin will fail, but that it or one of its many virtual currency competitors will one day succeed.

 

In the extreme, Bitcoin may lead to economic activity moving from the regulated economy to the underground “shadow” economy (after all, one of its primary selling points lay in its inability to be traced), even if some Bitcoin recipients faithfully declare it as income.

 

If this were to happen, the tax burden would fall disproportionately on the regulated economy that remains, creating a lot of unwelcome distortions.

 

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Oggle goggle google gob

 

When paper money was first intoduced to Europeans it immediately facilitated economic activity moving from the regulated e-con-omy to a primordial ethereal shadow oekonomia behind the curtain.

 

The tax burden has since fallen disproportionately on the regulated economy of exchange of goods and services, creating a lot of unwelcomed distortions. Actually, there have been nothing but distortions, fall-outs, booms-n-busts, resets and revaluations since the the inception of prommissory notes - or the materialisation of trust - alluding to the intangibilty of cultural norms and face value.

 

The vestment of trust in anyone or anything by any other means than hope and prayer is of the Devil (*Fire and Brimstone*) and everything man-made is flawed - or at least off-perfect - except History. Maybe that's why so many find history boring... It's a given. One can research and learn and understand and change one's historical perspective but that won't change history, only one's personal perception of it.

 

So, historically, was there ever a secure currency? Tangible ones, yes. Secure, no. Never. Embezzled, forged, counterfeit, short-changed, clipped, lost or destroyed. Gold, paper, trust or electric it's all virtual at the point of transaction.

 

No more time for writing - tangible or virtual - I'm off into the world to use my debit card on drugs and alcohol!

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Morgan Stanley MS +1.09% will be holding a microfinance bitcoin event on Thursday at its New York headquarters, despite CEO James Gorman saying the virtual currency is "totally surreal". Three bitcoin supporters, Marco Santori, Juan Llanos and Rik Willard, will present at the panel organized through the MicroFinance Club of New York titled "Digital Currencies in Microfinance: Their impact on remittances and financial inclusion"

http://www.marketwatch.com/story/morgan-stanley-to-host-bitcoin-event-2014-03-17?siteid=yhoof2

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MtGox finds 200,000 Bitcoins in 'forgotten' wallet

Andrew Trotsman

March 21, 2014

 

 

 MtGox, the Tokyo-based digital currency exchange says, 200,000 Bitcoins were found in an old-format wallet believed to be empty, but checked after the company's bankruptcy filing.

 

 

"MtGox, the Bitcoin exchange that filed for bankruptcy last month, has found $116m-worth of the virtual currency it thought was lost.

 

The Japanese exchange said yesterday it had found 200,000 bitcoins in an online digital wallet that had lain forgotten since 2011.

 

It takes the number of bitcoins lost by MtGox down from 850,000, worth around $500m, to 650,000.

“MtGox had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins,” said Mark Karpeles, chief executive.

 

However, “on March 7, 2014, MtGox confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 bitcoins”, he added."

snip

http://www.telegraph.co.uk/finance/currency/10715553/MtGox-finds-200000-Bitcoins-in-forgotten-wallet.html

 

 

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Bitcoin at a ‘Fork in the Road,’ Analyst Says

http://dealbook.nytimes.com/2014/03/28/bitcoin-at-a-fork-in-the-road-analyst-says/

 

 

The guidance that the Internal Revenue Service provided on Tuesday that  Bitcoin should be treated as property rather than as currency for tax purposes has prompted a fair amount of commentary, including a Standard Deduction column by DealBook’s Victor Fleischer.

Steven Englander, the chief foreign exchange strategist for Citigroup,  sees the I.R.S. decision as ending “a couple of Bitcoin mythologies”  and possibly nudging  virtual currencies toward becoming mainstream payment systems. In a note sent out on Thursday night, Mr. Englander  said that the belief that one can operate outside the financial system and conduct transactions of any significant size anonymously has been shattered.

He also pointed to “a real fork in the road between the Bitcoin as an asset and Bitcoin as a transactions medium.”

Many consumers and retailers may use the generic Bitcoin transactions technology, saving on the transactions charge from conventional credit card and money transfer companies, but avoiding the I.R.S. reporting burden. So they will want to transact in Bitcoin, but not hold it, and they will be pretty much indifferent which [digital currency] they use. Exposure will be infinitesimally short.

snip

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Did the IRS Just Make Bitcoin a New Tax Loophole?

 

http://bitcoinmagazine.com/12065/irs-just-make-bitcoin-new-tax-loophole/

 

 

As most people have now heard, the IRS just granted itself the power to tax the gains realized when individuals sell or spend their bitcoins — much like stocks. That means you are also responsible for knowing exactly how much your Bitcoin holdings have increased in dollar terms since you bought them. If you are a miner, it even means all those 1’s and 0s sitting idly on your cold storage hard drive are now considered gross income. Naturally, this has produced some trepidation among Bitcoin lovers, who now are obliged to keep incredibly onerous tax records if they want to stay on the right side of the law.

 

Compliance will almost assuredly be an ongoing issue, given the private nature of the technology. “While users with sizeable Bitcoin wallets might be motivated to comply with the new policy, those with smaller wallets might not find the hassle worth their time,” noted the Tax Foundation in a recent blog post on the ruling. But there may be some unforeseen issues for the IRS — and benefits for Bitcoin users. Given the inherent difficulty with enforcement, the IRS ruling could backfire if more people self-report their Bitcoin holdings as capital losses (in order to gain tax benefits) than capital gains.

 

If that happened, Bitcoin could essentially become a tax loophole. With the reliance on self-reported Bitcoin holdings and the anonymity of private wallets, the government may need an army of cryptographers and a substantial increase in audits to ensure compliance from small-time Bitcoiners. As with pirated movies and software, enforcement would need to be so draconian it is likely infeasible.

 

Better yet: if the Bitcoin community managed to change the protocol to increase the rate that miners can “unlock” new coins… Bitcoin might have a built-in incentive to both adopt the currency and report taxable earnings. Let’s say that we accepted an inflationary Bitcoin, much like we have an inflationary dollar, around 2 or 3% annualized. At the end of the year, a consistently inflating bitcoin would trigger no capital gains liability, only capital losses, reducing the tax liability of the filer.

If this held, then Bitcoin could actually trigger regular refunds of varying quantities for both hoarders and spenders alike. Businesses large and small, as well as ordinary consumers could essentially earn a reduced tax burden every time they used Bitcoin, as long as its value kept falling.

 

Of course, proceeds from Bitcoin sales would still have to be reported, but that is less of a problem than reporting every single capital gain throughout the year. So inflation could mitigate the worries that many Bitcoin businesses and investors have about the new IRS rules.

 

A perpetually inflating Bitcoin would also be great for miners, in that it would both reduce the cost and increase the incentive to continue mining. It would also be great for law enforcement, since it would encourage voluntary tax compliance. This would also reduce the reporting burden for bitcoin users and add a little extra incentive to use the cryptocurrency. Everybody wins!

 

If the Bitcoin protocol doesn’t change in this respect, some other cryptocurrency might realize a potential competitive advantage here and take its place as the electronic money of choice. Many economists have already pointed out that a deflating Bitcoin is going to stifle adoption. The IRS ruling will likely only make that worse, forcing the Bitcoin community to improvise.

 

At the end of the day, Bitcoin is a very unique tool with properties of both an asset and a currency. In that sense, it remains malleable, and with sufficient momentum, may continue to outwit attempts to control or stamp it out. “While the IRS has finally provided an answer,” said the Tax Foundation, “there are good reasons to believe that they got it wrong. Virtual currencies are tricky assets to categorize.”

 

As Princess Leia said to Governor Tarkin in Episode IV: “The more you tighten your grip, Tarkin, the more star systems will slip through your fingers.”

If the IRS starts to tighten that grip too much, expect Bitcoiners to start syncing up those wallets.

Author’s Note: Matt McKibbin of Liberty Panacea contributed to this post

 

 

 

Current price shown at coinbase.com $451.95

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Texas will not regulate virtual currencies like bitcoin as money

http://rt.com/business/texas-bitcoin-regulation-currency-257/

 

 

Texas banking regulators have established licensing and security rules for cryptocurrencies, like bitcoin, and their exchanges. Virtual currencies will not be treated as money, but Texans can use them to buy and sell goods and services free of regulation.

 

Texas Banking Commissioner Charles G. Cooper offered a regulatory guidance memo last week, which clarified that cryptocurrencies like Bitcoin, Litecoin, Peercoin, and Namecoin will not be considered sovereign currency, like legal tender backed by the government and central banks, in the state.

 

"At this point a cryptocurrency like Bitcoin is best viewed like a speculative investment, not as money," Cooper said in the memo. "However, as this innovative technology develops, the [Texas Department of Banking] will continue to evaluate whether the nature of cryptocurrencies and the potential harm to the public warrant additional action."

 

Virtual currency, Cooper wrote, “does not entitle its owner to anything, and creates no duties or obligations in a person who gives, sells, or transfers it. There is no entity that must honor the value of a cryptocurrency … The only way to convert a unit of cryptocurrency to sovereign currency is to find a willing buyer. Therefore cryptocurrencies as currently implemented cannot be considered money or monetary value under the [Texas] Money Services Act.”

 

Therefore, the exchange of cryptocurrency between two parties for sovereign currency is not a money transaction, nor is the exchange of one cryptocurrency for another or the transfer of cryptocurrency by itself.

~snip~

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Let’s say that we accepted an inflationary Bitcoin

 

Let's rather not. Whatabout saying general non-compliance. Or just f*** it. How can you ever win a game somebody else keeps changing the rules to? And whatabout the other 60-odd digital crypto-currencies mentioned in this thread, are they included in this? BTC is a front. Paving the way for a cashless society. Some Brother with a wet dream's fancy.

 

Next up: Governement taxes Monopoly winnings.

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Lone, I'm not a coiner, so I have zero answers.

 

I'm a skeptic all round. 

 

I'm just trying to watch the road here, and post the mile-markers. 

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‘Bitcoin better than any form of money that has ever existed before’

April 24, 2014

 

"Bitcoin is shaping up to be the currency of the future, enabling people to send and receive money anywhere in the world free of charge in a currency that govts are unable to control, Roger Ver, bitcoin investor and the CEO of Memory Dealers told to RT.

 

RT: Why do you think this Moscow Bitcoin conference is important?

 

Roger Ver: Bitcoin is a global phenomenon. It’s important to everybody on the entire planet. Anybody who uses money, bitcoin is important to them.

 

RT: Russia isn’t banning bitcoin but when it comes to Russia’s central bank and prosecutor’s office, they are against it; does that suggest bitcoin is not welcome, is that going to change do you think?

 

RV: I don’t have a direct insight into what goes on inside of Russia but one guy at the conference just a moment ago when I asked that same question, he said nobody cares, so that may be the attitude of the people within Russia. And at the end of the day nobody can block or stop or prevent anyone using bitcoin if they want to, it’s just a protocol and it just works.

 

RT: If you had to name three reasons why bitcoin is better than traditional money what would they be?

 

RV: Bitcoin is the first time anyone can send and receive any amount of money with anyone anywhere on the planet. So that’s one reason.

snip

http://rt.com/op-edge/154400-bitcoin-money-currency-internet/

 

This is kind of a bit of propaganda methinks, but you might like to read it.

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Monday, August 18, 2014

BREAKING Bitcoin Price Collapse
 

The price of Bitcoin is down 9.15% this morning and is trading at $477.88. There has been no news development behind the collapse, though it does appear there is at least one major seller in the market.

In the last week there have been  sell orders of more than 1000 bitcoins at a time pushing the Bitcoin price downwards, according to CryptoCoinNews.

As recently as August 10, Bitcoin traded at $590, that's a 20% drop over the last 8 days. The all time high for Bitcoin was around $1,220.00. The current price is decline of  60.8% from that peak.

Over time, I expect a further collapse in the e-currency. The number of people interested in Bitcoin has likely peaked. Peak buying has likely been exhausted. Technical upticks will occur from time to time that will suck in dumb money (It happens in any collapsing asset), but the major trend will be down.

Bitcoin is not a libertarian currency and it is not a good investment.

There was a fun trade in Bitcoin, but that was it. In the EPJ Daily Alert, I advised a buy at aprox. $40 and a sell at aprox. $700. Now, I woudn't go near the thing, even for a short-term trade.

 

http://www.economicpolicyjournal.com/2014/08/breaking-bitcoin-price-collapse.html

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FTC nails pin in Bitcoin mining rig maker Butterfly Labs

By Neil McAllister

September 23, 2014

 

Claims biz took in as much as $50m for kit it never shipped

 

"The US Federal Trade Commission has shut down Bitcoin mining equipment vendor Butterfly Labs over allegations that the company accepted as much as $50m in orders from customers but failed to deliver their purchases.

 

Butterfly purported to sell dedicated Bitcoin mining machines, with its more powerful models carrying price tags of up to $29,899.

 

But according to an FTC press release on Tuesday, although the company began advertising its wares on June 2012, by September 2013 more than 20,000 customers had reportedly still not received their orders.

 

Worse, by that time the computers the customers were waiting on were already obsolete. As of August 2013, Butterfly was advertising a second generation of mining machines that was allegedly more powerful than the first."

 

That left some customers wondering whether they would receive an automatic upgrade to the new model when their orders finally shipped. But according to the FTC complaint, they should have been wondering whether they'd receive their orders at all. By August 2014, the agency claims, "few, if any" of the new machines had shipped, either."
snip

http://www.theregister.co.uk/2014/09/23/ftc_shuts_down_butterfly_labs/

 

 

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It's not related to DARPA but it's a release of info re: Mt.Gox loss of around 650,000 BTC in Japan.

 

Source: http://www.yomiuri.co.jp/it/20141231-OYT1T50135.html?from=ytop_top

 

The police investigation revealed that only about 1% (7000 BTC) was the result of external attacks, but all the rest of 643,000 BTC were lost because of INSIDER job.

 

So basically though the idea of BTC was interesting, it ends up whether you can believe in those who are providing the services to get them and hold them safely.

 

...In a sense, there's nothing different from using ordinary banks of the world, hey.... :ph34r:

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I think Bitcoin (like so many other alternative avenues) will fallover become a thing of the past. Anyone who has it will be left with nothing for their investment IMO.

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I think Bitcoin (like so many other alternative avenues) will fallover become a thing of the past. Anyone who has it will be left with nothing for their investment IMO.

 

I actually see a future for Crypto Currency (not just BitCoin) in products and commodities that are controversial in nature. Take marijuana for instance, even though it may well be legalised in future (as it has been in many parts of the world) I can almost guarantee that PayPal, Credit Card merchants and some big banks will not let people transact using their services. This leaves vendors between a rock and a hard place, so a real solution to this is to offer Bitcoin or other Crypto Currency. The same goes for certain herbs that I sell like Damiana or Kava... Paypal will not let me sell them even though they are legal in my country, but with Crypto, I'm away.

 

I also question that if the IMF wanted to create Bitcoin, why would they make it open source, and allow Alt Coins to follow suit?

 

Interesting thread  ;)

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Really good points Mindy. I too think one day soon there will be a completely different form of (one world) currency, all electronic and probably used via card or microchip (if we get that far before any real shift).

The IMF minions plan everything, years and years in advance, the methods of trading, currency, how to take one down and promote another. It is part of their gameplan to control everyone and everything. Things could change overnight, literally overnight and nothing can be guaranteed.

Nothing is as it seems and we should not believe anything that we hear and half of what we see. Life on this planet is an illusion, it is not real, it is a game, albeit a very sofisicated game that we all agreed to play. The rules of the game are secret to the herd and all we have is our own innate feelings to guide our way (and even then sometimes this is simply not enough to avoid the pot holes in the road of life.)

So glad to have you here with us Min and have a great day.

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Ummmm and I wish money less world with trust and common effort and become mature society, like it's set forwarded by M. Tellinger by Ubuntu community idea. (It poses difficulties in transitional times 1) setting up, 2) when other society stop handling currencies. Hope all communities can merge the benefit and retain small set up site as is, so no way we go back to centralised, big governments to be established again.)

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CGI's Greyotter: The Current State of Bitcoin

Posted By: Susoni [send E-Mail]

Date: Sunday, 1-Feb-2015 21:50:51

The Current State of Bitcoin

It has been two months now since the announcement of the termination of Mt. Gox. Within those two months we have seen the price of Bitcoin drop from about $800.00 all the way to $330.00 and then rise back up to the current rate of $450.00. The difficulty rate has more than doubled since then, and the network hashing power has nearly tripled. But what does it all mean?

It means that Bitcoin isn't going anywhere. Not anytime soon anyway.

The shear popularity of the cryptocurrency and the widespread news coverage is helping build the foundation for which the currency will ultimately be able to grow. More and more people are beginning to recognize the existence of Bitcoin, and it's probing international interest. Numerous "Alt-coins" have been invented that build off of Bitcoin, and implement interesting and useful new features. These alternative coins will help steer the future of cryptocurrencies as a whole, forging a digital path to individual financial independence.

Additionally, Bitcoin's acceptance into the realm of e-commerce is a major step up for all cryptocurrencies. More places than ever now accept payment in the form of Bitcoin, and some even accept altcoin payments as well. Places such as tigerdirect.com and overstock.com are huge attributors to the current state of Bitcoin. Now payments can be made directly between consumer and seller rather than involving third parties such as banks, and with negligent processing time.

But Bitcoin's success stems beyond simply digital merchandise. New Bitcoin ATM's have emerged in places all over the world. Even local retail shops are beginning to take cryptocurrencies as a form of payment.

It has been a remarkable year for Bitcoin, and we are all anxious to see where it will go from here.

http://www.cryptonetwork.net/

Source http://www.rumormillnews.com/cgi-bin/forum.cgi?noframes;read=9752

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Bitcoin has just entered the financial system, it is approved the issue of the shares at blockcoin

Posted By: IZAKOVIC
Date: Thursday, 17-Dec-2015 09:02:56

 

 

SEC approved shares to blockhain where works cryptic value bitcoin

sanja.jpg

Sanja Simic

http://www.telegram.hr/autor/sanjas/

The US Securities and Exchange Commission (SEC) approved online dealer Overstock issuance of shares of the company on the Internet, via blockchaina, published by Wired on Wednesday. The decision could be its biggest breakthrough kriptovalute bitcoin in the traditional financial system.

Blockchain (chain blocks) is a database shared by all computers networked in a system based on the Bitcoin protocol. The specialty blockchaina is full transparency, all in the network can see and track each bitcoin transaction ever executed. In addition to viewing the game, Bitcoin system has proven to be the superior safety because so far no one has managed to hack.

SEC Approves Plan to Issue Stock Via # Bitcoin's #Blockchain
https://t.co/sXkDwKJ7h4CadeMetzOverstock

- Patrick Byrne (OverstockCEO) December 16, 2015

The financial industry wants technology bitcoin

Director Patrick Byrne, Overstock has developed a technology that allows the blockchain to let market stocks, bonds and other securities and the value of transactions to be monitored just as transparent as the Bitcoin.

Overstock is one of hundreds of companies, including all the leading banks, impressive technology bitcoin attempt to introduce into the financial system. Overstock is already used blockchain for issuance of private bonds in the United States do not require the explicit approval of the regulator.

Reducing the impact of agents on the market

Securities Commission now has allowed the issuance of public securities through blockchaina, what if you could expand substantially reduce the impact of agents on the market, significantly cheaper and speed of transaction because it is a decentralized system in which actors share value almost immediately.

Overstock's technology "kriptovrijednosnica" developed in its subsidiary to.com and plans as a
service
to offer to others who want to issue shares through blockchaina.

Nasdaq develops blockchain for private companies

Byrne, who is a protege of Warren Buffett believes that its technology "for the capital market npraviti as the Internet made for consumers." He thinks he could zamieniti systems that are now used by the New York Stock Exchange NYSE and NASDAQ and make trading safer. "The market can now be manipulated in many ways, we want to make it impossible," said Byrne for Wired. Nasdaq already developed a system that uses blockchain to monitor shares of private companies and announced that the same technology could be applied to the shares on the stock exchange.

Things will not develop so quickly, use blockchaina for securities transactions is completely unregulated laws, there is no wealth to many investors may be skeptical about the use of these technologies. The financial industry is conservative, but if the Nasdaq and the big banks have already largely developed technology, it is likely that things will change.

---

And so on.

IZAKOVIC

Source
http://www.rumormillnews.com/cgi-bin/forum.cgi?read=35404

 

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Silk Road Case Sets Precedent for Total Government Control of Currency

December 6, 2016   |   Alice Salles

Source: Anti-Media

Link: http://theantimedia.org/silk-road-total-control-currency/

The pursuit of justice in the United States has never been never easy — or cheap.

In 2014, Texan Ross Ulbricht was convicted of founding and running the black market site known for drug sales, the “Silk Road,” under the pseudonym “Dread Pirate Roberts.” Due to his alleged involvement with the site, Ulbricht was convicted of drug trafficking and other charges in February 2015. Following a trial riddled with inconsistencies and likely corruption, he was sentenced to two life sentences.

While charges associated with an alleged murder-for-hire scheme were eventually removed from the indictment, a separate charge of “procuring murder” is still pending trial in Maryland. However, Ulbricht and his lawyers have always dismissed these charges, arguing there were multiple individuals who used the “Dread Pirate Roberts” name and that, regardless, no murders ever took place.

In order to help the Ulbricht family raise the $14,000 required to appeal Ross’s double life sentence for nonviolent charges, a group of free-thinking and libertarian-leaning economists, policy researchers, artists, authors, journalists, politicians, and entrepreneurs held a “Free Ross-a-thon” on Sunday, December 4th.

While the main goal of the event was to pool enough money to ensure the “printing and binding” of the “appeal documents for the court,” the event also sought to bring awareness to Ulbricht’s case and its context, which is deeply entrenched in the drug war.

During the event, many of the participants touched on drug prohibition — the ongoing federal and state governments’ effort to target all drug use and commerce. But one of the most compelling arguments linking Ulbricht’s case and the drug war came from Roger Ver, a bitcoin angel investor who supports him.“The question isn’t: should drugs be legal or illegal,” Ver told viewers. “The question should be: Does each individual human being own their own body?”

Implying Ulbricht’s case is solely about an individual breaking immoral drug laws, Ver told the group and viewers he is “probably the only person on this call who has actually spent time in federal prison.” Ver continued that as a federal prisoner, “[he] got to see firsthand somewhere between 70 and 90 percent of the people [he] was there with were there for victimless crimes,” including individuals who were handed 15-year sentences for selling marijuana.“Did morality change when politicians wrote down different words on a piece of paper?”  Ver asked, answering his own question by arguing the problem is not what’s in the law. Rather, he argued, the problem has always been that the “laws were wrong to begin with.”

While many have always insisted that the Free Ross movement is misguided, claiming they somehow have done a “great disservice” to efforts to end the drug war, in an article for the Foundation for Economic Education, economist Robert Murphy confirms that — with the exception of the murder-for-hire charges — all crimes Ulbricht is accused of committing are “victimless.” This has prompted libertarians and those who agree with libertarian principles to call for Ulbricht’s release.

That’s why this case and the subsequent coverage and debate are important: because they force us to discuss the drug war.

If Ulbricht did create a market that was, for some time, free from government interference, he helped countless consumers gain access to drugs they wouldn’t be able to obtain in a ‘normal’ setting, making him yet another victim of the drug war — after all, he wouldn’t have ventured into the deep web if it hadn’t been for the restrictions imposed by prohibitionist policies.

Ulbricht never personally sold drugs on his decentralized exchange, but rather, provided a platform for others to do so. Still, the U.S. justice system considers the fact that he might have created this marketplace at all to be a much more sordid crime than drug trafficking. As he was handed a double life sentence for what libertarians often call “victimless crimes,” many began to question the harsh ruling, pointing out New York City Federal Judge Katherine Forrest’s claims regarding Ulbricht’s double life term; she said the harsh sentence was “meant to serve as a message to discourage other people from following in Ulbricht’s path.”

But that’s not the only reason this case is relevant. It’s also important because it forces us to question the government’s intrusive tactics in pursuing particular cases, especially considering Ulbricht’s case sets a precedent that paves the way for the prosecution of digital currency users and entrepreneurs.

The Tech Side of Ulbricht: How the Silk Road Case Sets a Precedent
After the Ulbricht trial, two Silk Road investigators were convicted of using “pseudonyms to steal bitcoins from the site, [attempting] to extort money from Ulbricht, and also [having] sold him law enforcement information.” One secret service agent on the case confessed to stealing $800,000 worth of the digital currency. These facts alone serves as an example that despite the widespread coverage, few bring up the involvement of the corrupt agents in the justice system — and the possibility they may have tampered with evidence electronically by hacking into Ulbricht’s alleged account.


Recently, lawyers defending Ulbricht pointed out that a third corrupt agent may have been discovered in the case.
In recently unveiled private chats, Ulbricht’s pseudonym, Dread Pirate Roberts, talks to a user known as “albertpacino,” “alpacino,” or “notwonderful,” who offers “information about the law enforcement investigation into Silk Road” to the Silk Road creator in exchange for weekly payments.

Claiming these “chats didn’t appear in earlier versions of the forum logs shared by the prosecution and defense,” Ulbricht’s lawyers have suggested that “someone in law enforcement tampered with evidence to cover up those conversations.”

As the Ulbricht family gears up for yet another round of appeals in light of new evidence, it’s important to analyze the Ulbricht in light of how the state has used him as an example to discourage similar subversive behavior from others.
With libertarianism and free association becoming more popular across the country, the idea that an individual accused of refusing to comply with the rules of the system could be set free certainly poses a threat to state dominance.

It’s clear that many agents within the government may have had incentives to push Ulbricht’s sentence to the limit. Nevertheless, these are just theories. We can only say for certain that there is something foul about this case once evidence is unearthed.

Until then, it’s important to discuss the obvious drug war-related themes associated with the case without forgetting to stress the importance of putting an end to an immoral set of laws like those that comprise, which only creates more deadly black markets. In the process, let’s not forget to bring awareness to how this case sets a precedent in other fields, one that may put other entrepreneurs and digital currency users in grave legal danger.

You can learn more about Ulbricht’s case and donate to his cause here.

 

This article (Silk Road Case Sets Precedent for Total Government Control of Currency) is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Alice Salles and theAntiMedia.org

 

 

 

 

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