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Topic: 2013-05-29 Why Bitcoin Enthusiasts Should Pay Attention To Liberty Reserve's .. (Read 926 times)

member
Activity: 70
Merit: 10
Quote
The Treasury Department set a precedent in using the 2001 Patriot Act against a virtual currency to sever the link between Liberty Reserve and the U.S. financial system.

What can't the patriot act do ? Tongue Its like the swiss army knife of "fuck you" laws.

It can't do anything unless you have a central server or individual to shut down/arrest.
mem
hero member
Activity: 644
Merit: 501
Herp Derp PTY LTD
Quote
The Treasury Department set a precedent in using the 2001 Patriot Act against a virtual currency to sever the link between Liberty Reserve and the U.S. financial system.

What can't the patriot act do ? Tongue Its like the swiss army knife of "fuck you" laws.
legendary
Activity: 2114
Merit: 1031
Never realized Liberty Reserve has such a shady start.  Perhaps this article is very biased.

Luckily, bitcoin can't be shutdown (which the article articulates); however, the exchanges are the weak points.
legendary
Activity: 1450
Merit: 1013
Cryptanalyst castrated by his government, 1952
"As Tim Lee of the Washington Post notes, the way Liberty Reserve is described in the indictment “could just as easily describe Bitcoin.”"

Nasty, nasty stuff. "The way it is described" may or may not have much to do with "the way it actually is". I think everyone here knows there are immense differences between LR and BTC. What's emerging is a campaign of (mis)perception. It's getting ugly out there.


Edit: on a more cheerful note, look at the comments section of the Forbes article. At the moment, the Good Guys are way ahead. This is pretty cool given that Forbes' target readership is "the bankster class" (people heavily invested in the status quo) and that such people might be expected to wage a troll campaign in any Forbes article comments.
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