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Bitcoin Trader Agrees To Work For Police In Plea Agreement
An anonymous reader writes: Florida Bitcoin trader Pascal Reid, who was arrested in a February 2014 sting operation as part of his plea agreement, promised to carry out 20 sessions of law enforcement training in Bitcoin as well as serve as a consultant in criminal cases involving Bitcoin. This is in addition to 90 days in jail with credit for time served and a $500 reimbursement to the State of Florida for the expense of prosecuting him. Qntra has a write up on the case and the full text of the draft plea agreement.
So, once you got arrested by the cops, they can extort you for anything by throwing the book at you, and you either risk wasting your life in jail or comply.
This is your so-called "justice" in America?
You're conveniently leaving out the bit where he was helping undercover cops with Bitcoin for the purpose of obtaining stolen credit card numbers. Fuck this guy.
Eagles may soar, but weasels don't get sucked into jet engines.
The money laundering charge he received wasn't because bitcoin is money, it's because he agreed to take $30,000 and help them pay for stolen credit cards by converting their US dollars (money) into bitcoin with which they can swap for the CC numbers. Instead of bitcoin they could've used gold bars or silver or pearl necklaces, it's just that bitcoin was more convenient.
First, he took $25,000 USD cash. Since cash is most definitely money, money was involved. Bitcoin was also involved.
Secondly, a commodity is a fungible thing of value.
Money is a fungible thing of value (commodity) that does not spoil (it's a store of value) which can readily exchanged within a community.
So if it's money it is therefore also a commodity. It's not either/or , it's "yes, this is a commodity, is it also money".