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Bitcoin Sting Operation Nabs Egyptian Dentist (themerkle.com)
An anonymous reader writes:A 30-year-old dentist has been apprehended by Egyptian authorities for conducting bitcoin-to-dollar transactions on LocalBitcoins.com, a popular digital currency trading portal... According to today's post on the Facebook page of The Ministry of the Interior, Mr. Ahmed was captured with $13,900 in cash, as well as a cellular phone and a smart tablet that were used in the trading operation. Authorities setup Ahmed by contacting him about a potential deal on LocalBitcoins, where Ahmed was selling the digital currency for $570 per coin.
The strangest part of the article is "it is unclear what specific law Mr. Ahmed was breaking, as there are no regulations on digital currencies in Egypt."
The strangest part of the article is "it is unclear what specific law Mr. Ahmed was breaking, as there are no regulations on digital currencies in Egypt."
I'm sure he'll still get stoned to death over "something".
In a world of the blind, the one-eyed man is king--and the two-eyed man is a heretic.
Was it money laundering? Or is it illegal to buy and sell bitcoins? This makes no cents.
Is use of the United States Dollar a crime in itself in Egypt?
Or maybe it's a crime to possess enough money for the police to want to confiscate it for their own use?
Yes, it is much like bit torrent in that it is only used for criminal activity.
Caught red handed with a "smart tablet." As opposed to ... a stone tablet? I think those caused more trouble in Egypt back in the day than anything made by Samsung or ASUS. And ... caught with $13k in cash? Like ... enough to buy a modest used car? Criminal Super Villains just ain't what they used to be.
Don't disappoint your bird dog. Go to the range.
Kind of like dollar bills, which is why countries are trying to limit cash transactions. Funny though how crime doesn't seem to go away and terrorism only seems to increase despite much tighter controls than say, 40 years ago.
Seven puppies were harmed during the making of this post.
Is this meant to be a joke? Have you not noticed that there is a dictatorship in power in Egypt and there isn't a functioning rule of law.
The only crime in that type of society is "upsetting the people in power".
The real "Libtards" are the Libertarians!
Can't tell if you're being sarcastic or not, but there's just enough legal activity on both that one could argue they're legit.
However, both are used mainly for pirating and money laundering, respectively.
If the article writer was unclear what specific law was broken, the writer is not qualified to write any money related stories.
Moving money around the world is subjected to Anti-Money Laundry laws, and very possible that Egypt has some sort of foreign currency restrictions (may be as simple as all FX must go through regulated institutes, likely to fit with the same AML laws). Note, you can thanks the US for the AML laws world wide, because the US Govt would ban and sanction any financial institute which won't cooperate on AML and US tax laws.
Saying "there are no regulations on digital currencies in Egypt" is as irrelevant to say "there are no regulations on paper in Egypt" when you get caught carry a wad of bank notes (undeclared) into the country. The relevant laws are medium-independent, moving anything of value would be regulated, be it paper money, bits of metal (gold, silver), bits of rocks (gems) or clothes (paintings).
Greater knowledge of the occurrence crime isn't the same as an increased incidence of crime.
It's a crime in Canada, it is probably a crime in most places, usually it means their is criminal activity, or so says the law. Limit in Canada is 10,000 dollars.
Can't tell if you're being sarcastic or not, but there's just enough legal activity on both that one could argue they're legit.
However, both are used mainly for pirating and money laundering, respectively.
I agree with all of you, Linux and encryption should also be banned. That's why I'm voting Hillary2016.
Greater knowledge of the occurrence crime isn't the same as an increased incidence of crime.
That's not remotely the point. The point is: if all of these "security measures" were effective, then both would go down. Neither have gone down. Therefore these "security measures" are either a) total incompetence, or b) deliberate power plays that were never intended to reduce crime or increase security, but were intended to increase central control.
Illegal in Egypt for thousands of years.
Bitcoin has at least one legitimate use:
http://www.theverge.com/2014/12/11/7375771/microsoft-supports-bitcoin-payments
http://dealbook.nytimes.com/2014/07/18/dell-begins-accepting-bitcoin/?_r=0
http://dealbook.nytimes.com/2014/12/16/time-inc-begins-accepting-bitcoin-payments/?_r=1
Your argument is wrong.
We laugh at the Egyptians, but the European Union is pushing to outlaw EU 500 notes and all cash transactions over EU 5000. With fiat currencies debased so much these kinds of controls usually happen in regimes that fear hyperinflation and massive withdrawals from banks once debts are seen as unserviceable.
Citation: from the usually pro-EU/pro-Collectivist Guardian
http://www.theguardian.com/wor...
When cash disappears so does your privacy. The Orwellian State is made possible in a cashless society where Big Brother knows your every move.
Of course, this being sold as "combating terrorism" - yet the European Union is letting potential jihadi terrorists flood in unvetted by the hundreds of thousands. Banning cash looks more like a move by technocrats to control the existing tax slaves.
And still the world believes those people built the pyramids.
Yeah and autism 'going up' is because of better diagnosis and has nothing to do with all the crap you let quaks inject into your children.
Your conclusion does not follow from the premises. Your logic is faulty.
If X years ago, there were 100 incidents, of which 10 are public knowledge, and in year X+40 there are 90 incidents in which you hear about 40, it does not mean that there was actually the same or greater number of incidents.
Or c) you have no idea what's actually happening.
In the United States, at least, crime rates (violent and total) have dropped steadily since a peak in 1990, and most studies on the subject indicate that reporting rates are improving. This means that even though the crime rate figures match what was seen in the mid-1970s, it's actually likely that the 1970s were worse than the data shows, but we'll never really know for certain.
The idea that "crime doesn't seem to go away and terrorism only seems to increase" is the result of a few insidious biases. First is the availability heuristic, by which we rely more on recent and emotionally-charged events more than events farther in the past or less emotional. Perhaps you've forgotten the Weather Underground, or the Unabomber? We also have confirmation bias, which is why despite actual measurements showing otherwise, crime doesn't seem to go away and terrorism seems to increase. Once you have formed the opinion that the government is either evil or stupid, you'll continue to notice and accept any report of the government's failings, while rejecting any report of successes.
With that in mind, it appears that new security measures (including reducing cash transactions) are working to reduce crime, but they are not perfect or infallible... just like every security measure ever devised.
You do not have a moral or legal right to do absolutely anything you want.
There's just as much evidence that it's the Muslims. Have you considered that?
The offense is clearly baksheesh evasion.
Don't forget that Egypt is living under a dictatorship that came in power with the recent military coup.
And also don't forget that Western countries supported this coup to the first democratically elected president in Egypt. The coup which started by snipers killing the supporters of Morsi.
Egypt is a place where almost every government is somewhat related to military (e.g. every mayor is a high rank military officer).
So it is just a matter of coincidence for you to get arrested in Egypt, even if you didn't do anything questionable.
Now I'm no fancy technology expert, but I've consulted major doctorate scientists who have informed me that the overwhelming usage for people employing encryption schemes is to in fact support a deliberate intent to hide something, ladies and gentlemen of the jury.
"The strangest part of the article is "it is unclear what specific law Mr. Ahmed was breaking, as there are no regulations on digital currencies in Egypt."
Not really if you know history. Our Founders gave us the Bill of rights for good reason having lived under a monarchy all their lives.
Perhaps you should think about that a bit including the Second Amendment which would be very valuable in the the modern Middle East and perahps one day here in the USA again too.
I'm a fundamentalist, it was my first thought.
If he had exchanged his bitcoins for egyptian pounds he would have been fine. But he exchanged against a foreign currency for which there a re law regulating and only allowing banks, exchanged among other. You cannot setup a street corner egyptian pound to dollar or euro exchange. That is the law he broke. This is not about bitcoins being legal or not this is about exchanging for foreign currency , laws which many of the country of the world I went to had.
C. Sagan : A demon haunted world:
http://www.amazon.com/gp/product/0345409469/
visit randi.org
Obviously he didn't pay the right government official.
Excuse me, but please get off my Pennisetum Clandestinum, eh!
Spelling, you know.
While your logic is sound, his point was the the war on terror is a load of bullshit. And that is pretty undeniable at this point.
While your logic is sound, his point was the the war on terror is a load of bullshit. And that is pretty undeniable at this point.
The war on [concept] is a load of bullshit. The war on drugs has failed horribly, there are still the same number of drug users and the distributors are even more rich and powerful after spending BILLIONS of dollars. The same with the war on poverty. The US still has tons of people in poverty, even after over 50 years of fighting the "war". The war on terror is obviously a failure, we have spent TRILLIONS and surrendered our rights for the pleasure of being groped by the TSA (who can't even stop "test" bombs and weapons from getting on a plane 95% of the time). It seems the best way to ensure that something will thrive is by having the US government declare a war on it.
Enigma
Sounds like a villain in a bad James Bond copycat. Definitely, that's evidence enough to arrest him and make him pay for his crimes.
With that in mind, it appears that new security measures (including reducing cash transactions) are working to reduce crime, but they are not perfect or infallible... just like every security measure ever devised.
It seems that SOMETHING is working to reduce crime. Private gun ownership and concealed carry permits also went up over that time. It may well be that victims shooting back is also a deterrent.
Bitcoin has at least one legitimate use:
http://www.theverge.com/2014/12/11/7375771/microsoft-supports-bitcoin-payments http://dealbook.nytimes.com/20... http://dealbook.nytimes.com/20...
Your argument is wrong.
Now watch him move the goal posts to say that only a few does not count... Absolute statements are always wrong. :)
I reckon global warming causes autism.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
It seems the best way to ensure that something will thrive is by having the US government declare a war on it.
As it has always been intended. The government knew when they started these things that it would work that way. Corrupt government and politicians being corrupt.
Millions in poverty and drug-addicted, all dependent for their survival on government entitlements, gives them immense power. The 'War On (some) Drugs is nothing but a form of price control to keep the cartels rolling n US dollars by keeping prices (and profits) high.
Strat
Progressivism (aka US 'Liberalism'): Ideas so good they need a police/surveillance-state to enforce.
Just saying "digital" is not a get out of jail free card.
Would explain the correlation...