Why doesn't the US just shut down/ block localbitcoins, if anybody selling coins is guilty of running an unlicensed money transfer business?
It would provide clarity and make life less uncertain for Bitcoin users.
Topic: LocalBitcoins BTC sellers being taken to court and pleading guilty - page 2. (Read 2732 times)
Ouch! Thats sad for localbitcoin users out there in the US. So i guess exchanges are still the best option to buy BTC. Thats not new to me tho. Just use exchangers for now until US government totally legalised bitcoin. Afaik bitcoin legalisation still on process in US. But luckily im not from US.
The issue is that the government knows this is an easy way to hide income. When involving fiat, they want all transactions to be completed on a ledger that they can get their hands on when needed (ie your bank account). Just keep your withdrawals under $5000
That sucks, but it is not surprising. You need to jump through the legal hoops in order to exchange cryptocoins for FIAT in the USA. It was only a matter of time before the government started to go after those who don't do so. As far as USA faced buyers and sellers... when enforcement really ramps up, and this is only the beginning, then Localbitcoins will eventually be a ghost town. We will be stuck with Coinbase, et al.
It is a shame really. Local Bitcoins is such a convenient and fast way to exchange some coinage...
It is a shame really. Local Bitcoins is such a convenient and fast way to exchange some coinage...
Well this just proves that btc is really just for an online transaction and can only be used if u converted it through online then you can use it for goods. $1490+ is a high value that is just roaming in the streets. Taking it out in the open would make the coin vulnerable. This also proves that is already considered a threat by authorities. But this is just of reports regarding the disposition of a coin. Let's wait for some speculations on what other effects can a btc give if traded like that.
That sucks, but it is not surprising. You need to jump through the legal hoops in order to exchange cryptocoins for FIAT in the USA. It was only a matter of time before the government started to go after those who don't do so. As far as USA faced buyers and sellers... when enforcement really ramps up, and this is only the beginning, then Localbitcoins will eventually be a ghost town. We will be stuck with Coinbase, et al.
It is a shame really. Local Bitcoins is such a convenient and fast way to exchange some coinage...
It is a shame really. Local Bitcoins is such a convenient and fast way to exchange some coinage...
So what are the rules on privately buying/selling BTC/cryptos? Were these people now facing charges doing something other than what every other user of LocalBitcoins does? Are there really any rules at all? Bitfinex suspends cash withdrawls. Coinbase reduces their deposit/withdrawal limit from $10000/day to $15000/week for their highest level of verification. LocalBitcoins users prosecuted. Is there a pattern here? Are we heading for a point where fiat prices of bitcoin and other cryptos are purely imaginary because there will be no legal way to cash out?
That would really be sad. What we are experiencing here are clash of power because there are resistance to the changes the Bitcoin are bringing. When authorities feel that they can't control Bitcoin itself, they are now trying many ways and means to undermine the said currency.
That is why it is quite a big good news that Japan is now officially recognizing Bitcoin as a form of payment. Hope that soon other big countries would follow suit and would lay down the rules for the general public to follow regarding Bitcoin and other altcoins.
Wish as we might, we could never live in a bubble. Bitcoin is decentralized yes but we still need the traditional infrastructures to move the money in and out. And in fact, we still need fiat money to buy Bitcoin.
So what are the rules on privately buying/selling BTC/cryptos? Were these people now facing charges doing something other than what every other user of LocalBitcoins does? Are there really any rules at all?
Bitfinex suspends cash withdrawls. Coinbase reduces their deposit/withdrawal limit from $10000/day to $15000/week for their highest level of verification. LocalBitcoins users prosecuted. Is there a pattern here?
Are we heading for a point where fiat prices of bitcoin and other cryptos are purely imaginary because there will be no legal way to cash out?
Bitfinex suspends cash withdrawls. Coinbase reduces their deposit/withdrawal limit from $10000/day to $15000/week for their highest level of verification. LocalBitcoins users prosecuted. Is there a pattern here?
Are we heading for a point where fiat prices of bitcoin and other cryptos are purely imaginary because there will be no legal way to cash out?
http://www.coindesk.com/localbitcoins-user-pleads-guilty-undercover-sting/
Best to hold till mainstream adoption! at least in the US
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