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Bitcoins Seized In Drug Bust
First time accepted submitter Salo2112 writes "In a case believed to be the first of its kind, federal authorities have seized a Charleston man's virtual currency due to an alleged drug law violation with possible links to a shadowy online black market. From the article: 'The U.S. Drug Enforcement Administration recently posted a forfeiture notice indicating that agents had seized 11.02 Bitcoins worth $814 from 31-year-old Eric Daniel Hughes for allegedly violating the federal Controlled Substances Act. No other details were provided.'"
Most likely it was a sting operation and he sent the funds to an address the DEA had created. There was a transaction for that amount on the day they were "seized" linked to his account. If they seized the wallet on his computer I imagine it would have been more than that.
If people were allowed to trade their own labor or goods without having to invoke the mandatory use of Federal Reserve notes/bits it would be much more difficult for the USA's Federal Government to put a toll on that transaction.
Yes, we get that Bitcoin is potentially useful for tax evasion. Can you spell out why that is socially desirable?
Indeed Bitcoin is a competing currency that allows people to bargain directly with one another which the Federal Government would interpret as competition
People do bargain directly with each other now. The government isn't involved in that. But if good or services are sold, that transaction tends to be subject to taxes, although not always. And that does ignore the underground economy that tends to involve cash transactions.
I don't think you are showing much of a case here.
much of left-wing thought is a kind of playing with fire by people who don't even know that fire is hot - George Orwell