man sentenced to 4 years for illegal bitcoin operation - page 4.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: newIndia on December 10, 2014, 02:26:44 PM

Quote from: DannyHamilton on December 10, 2014, 02:15:54 PM

Quote from: RodeoX on December 10, 2014, 02:01:35 PM

Quote from: Blazr on December 10, 2014, 01:50:41 PM

Quote from: RodeoX on December 10, 2014, 01:49:14 PM

Oh $#!T, I think I know who that is. Undecided

I'm certain he would not want me to name him, but I know a guy in that area with a sick mine. If it is who I think, there could be more to this story than a mine.

It says he was running an exchange.

It's not the guy I thought. He did not run an exchange, he had a few buyers to work with directly. But his mine was impressive when I saw it a few years back.

I'm in northern Illinois (quite a bit north of the Bloomington-Normal area where this guy was from).

As far as I know I haven't ever encountered him (which is surprising if he was moving over a million dollars of bitcoin).

I've been working on getting a Money Service Business license specifically because I was concerned about this possibility. As soon as I realized that this was an issue in Illinois, I stopped all significant bitcoin exchanging and now only purchase for my own use (at sites like Chicago Sun Times, Overstock, Tiger Direct, Expedia, etc). I've been trying to figure out what license I need and what the requirements are to get it for about 10 months now.

This is the biggest problem in almost every country. We dont know what they want. But they can catch if the want !!!

This because bitcoin is not still "regulated" in a lot of country , so you need a license to trade it .

spazzdla

legendary

Activity: 1722

Merit: 1000

Quote from: Blazr on December 10, 2014, 02:06:06 PM

Quote from: spazzdla on December 10, 2014, 01:58:06 PM

Deal in the FEDs market and they call up Merica to lay the Fing pwn down on you.

YOU WILL BE PUNISHED for competing with the USD, as I have warned many times before... the govs are just starting the war... it will get bad.. very bad.. you should have bitcoins competely offline that no one knows you own. DO NOT PUT THEM IN A bank saftey box like a putz either, they will torture you to find out the passphrase. No one can know about your stash.. not a soul. Only put 10-20% of your holdings there.. the NSA knows you have bitcoins when they come for them "I have non" will land you waterboarded for months at utter best.

Lol. Your opinion has changed a lot in a few months:

Quote from: spazzdla on March 03, 2014, 03:50:27 PM

Just popped in to say the UK is deeming bitcoin private money like the Germans. I highly doubt we will see BTC banned in any legit democracy.

Nothing wrong with change ones opinion in light of new evidence.

newIndia

legendary

Activity: 2226

Merit: 1052

Quote from: DannyHamilton on December 10, 2014, 02:15:54 PM

Quote from: RodeoX on December 10, 2014, 02:01:35 PM

Quote from: Blazr on December 10, 2014, 01:50:41 PM

Quote from: RodeoX on December 10, 2014, 01:49:14 PM

Oh $#!T, I think I know who that is. Undecided

I'm certain he would not want me to name him, but I know a guy in that area with a sick mine. If it is who I think, there could be more to this story than a mine.

It says he was running an exchange.

It's not the guy I thought. He did not run an exchange, he had a few buyers to work with directly. But his mine was impressive when I saw it a few years back.

I'm in northern Illinois (quite a bit north of the Bloomington-Normal area where this guy was from).

As far as I know I haven't ever encountered him (which is surprising if he was moving over a million dollars of bitcoin).

I've been working on getting a Money Service Business license specifically because I was concerned about this possibility. As soon as I realized that this was an issue in Illinois, I stopped all significant bitcoin exchanging and now only purchase for my own use (at sites like Chicago Sun Times, Overstock, Tiger Direct, Expedia, etc). I've been trying to figure out what license I need and what the requirements are to get it for about 10 months now.

This is the biggest problem in almost every country. We dont know what they want. But they can catch if the want !!!

Blazr

hero member

Activity: 882

Merit: 1006

Quote from: DannyHamilton on December 10, 2014, 02:15:54 PM

Quote from: RodeoX on December 10, 2014, 02:01:35 PM

Quote from: Blazr on December 10, 2014, 01:50:41 PM

Quote from: RodeoX on December 10, 2014, 01:49:14 PM

Oh $#!T, I think I know who that is. Undecided

I'm certain he would not want me to name him, but I know a guy in that area with a sick mine. If it is who I think, there could be more to this story than a mine.

It says he was running an exchange.

It's not the guy I thought. He did not run an exchange, he had a few buyers to work with directly. But his mine was impressive when I saw it a few years back.

I'm in northern Illinois (quite a bit north of the Bloomington-Normal area where this guy was from).

As far as I know I haven't ever encountered him (which is surprising if he was moving over a million dollars of bitcoin).

I've been working on getting a Money Service Business license specifically because I was concerned about this possibility. As soon as I realized that this was an issue in Illinois, I stopped all significant bitcoin exchanging and now only purchase for my own use (at sites like Chicago Sun Times, Overstock, Tiger Direct, Expedia, etc). I've been trying to figure out what license I need and what the requirements are to get it for about 10 months now.

You'll likely need to get a license in every state you do business in, so if you buy/sell bitcoins with someone in California, you need a license there too. Typically costs in excess of $100k and you should definitely see a lawyer about it. PayPal operated as an unlicensed money transmitter in a couple of states for many years and were never charged, regulators know that the system is broken. Thats why I'm pretty shocked at how bad this guy got it, there must be more to this case.

DannyHamilton

legendary

Activity: 3528

Merit: 4945

Quote from: RodeoX on December 10, 2014, 02:01:35 PM

Quote from: Blazr on December 10, 2014, 01:50:41 PM

Quote from: RodeoX on December 10, 2014, 01:49:14 PM

Oh $#!T, I think I know who that is. Undecided

I'm certain he would not want me to name him, but I know a guy in that area with a sick mine. If it is who I think, there could be more to this story than a mine.

It says he was running an exchange.

It's not the guy I thought. He did not run an exchange, he had a few buyers to work with directly. But his mine was impressive when I saw it a few years back.

I'm in northern Illinois (quite a bit north of the Bloomington-Normal area where this guy was from).

As far as I know I haven't ever encountered him (which is surprising if he was moving over a million dollars of bitcoin).

I've been working on getting a Money Service Business license specifically because I was concerned about this possibility. As soon as I realized that this was an issue in Illinois, I stopped all significant bitcoin exchanging and now only purchase for my own use (at sites like Chicago Sun Times, Overstock, Tiger Direct, Expedia, etc). I've been trying to figure out what license I need and what the requirements are to get it for about 10 months now.

Blazr

hero member

Activity: 882

Merit: 1006

Quote from: spazzdla on December 10, 2014, 01:58:06 PM

Deal in the FEDs market and they call up Merica to lay the Fing pwn down on you.

YOU WILL BE PUNISHED for competing with the USD, as I have warned many times before... the govs are just starting the war... it will get bad.. very bad.. you should have bitcoins competely offline that no one knows you own. DO NOT PUT THEM IN A bank saftey box like a putz either, they will torture you to find out the passphrase. No one can know about your stash.. not a soul. Only put 10-20% of your holdings there.. the NSA knows you have bitcoins when they come for them "I have non" will land you waterboarded for months at utter best.

Lol. Your opinion has changed a lot in a few months:

Quote from: spazzdla on March 03, 2014, 03:50:27 PM

Just popped in to say the UK is deeming bitcoin private money like the Germans. I highly doubt we will see BTC banned in any legit democracy.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: Blazr on December 10, 2014, 01:50:41 PM

Quote from: RodeoX on December 10, 2014, 01:49:14 PM

Oh $#!T, I think I know who that is. Undecided

I'm certain he would not want me to name him, but I know a guy in that area with a sick mine. If it is who I think, there could be more to this story than a mine.

It says he was running an exchange.

It's not the guy I thought. He did not run an exchange, he had a few buyers to work with directly. But his mine was impressive when I saw it a few years back.

spazzdla

legendary

Activity: 1722

Merit: 1000

Quote from: Blazr on December 10, 2014, 01:50:41 PM

Wut.

He traded $3 million and got 4 years + 3 years supervised released? holy crap seems a bit excessive.

Anyone got PACER? would love more info on this case. It sounds like they nabbed him for not being a money transmitter (IE not having the right paperwork) not because any money laundering had occurred, which is kinda ridiculous if thats the case.

Quote from: RodeoX on December 10, 2014, 01:49:14 PM

Oh $#!T, I think I know who that is. Undecided

I'm certain he would not want me to name him, but I know a guy in that area with a sick mine. If it is who I think, there could be more to this story than a mine.

It says he was running an exchange.

Deal in the FEDs market and they call up Merica to lay the Fing pwn down on you.

YOU WILL BE PUNISHED for competing with the USD, as I have warned many times before... the govs are just starting the war... it will get bad.. very bad.. you should have bitcoins competely offline that no one knows you own. DO NOT PUT THEM IN A bank saftey box like a putz either, they will torture you to find out the passphrase. No one can know about your stash.. not a soul. Only put 10-20% of your holdings there.. the NSA knows you have bitcoins when they come for them "I have non" will land you waterboarded for months at utter best.

Blazr

hero member

Activity: 882

Merit: 1006

Quote from: redsn0w on December 10, 2014, 01:52:47 PM

Thanks for the link , but is it really or not ?

<< Investigators found that Powell received more than $3 million from individuals during an 18-month period ending in February 2014, according to the U.S. attorney's office. >> \

Story appears to have originated from an Associated Press wire, so it's likely legit. OP said he found the case on PACER too.

galiano_tiramani

newbie

Activity: 6

Merit: 0

I looked it up on pacer, very few details, he was also charged with distributing marijuana, but that was dropped as a result of a plea bargain

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Thanks for the link , but is it really or not ?

<< Investigators found that Powell received more than $3 million from individuals during an 18-month period ending in February 2014, according to the U.S. attorney's office. >> \

Blazr

hero member

Activity: 882

Merit: 1006

Wut.

He traded $3 million and got 4 years + 3 years supervised released? holy crap seems a bit excessive.

Anyone got PACER? would love more info on this case. It sounds like they nabbed him for not being a money transmitter (IE not having the right paperwork) not because any money laundering had occurred, which is kinda ridiculous if thats the case.

Quote from: RodeoX on December 10, 2014, 01:49:14 PM

Oh $#!T, I think I know who that is. Undecided

I'm certain he would not want me to name him, but I know a guy in that area with a sick mine. If it is who I think, there could be more to this story than a mine.

It says he was running an exchange.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Oh $#!T, I think I know who that is. Undecided

I'm certain he would not want me to name him, but I know a guy in that area with a sick mine. If it is who I think, there could be more to this story than a mine.

EDIT: It's not who I thought.

galiano_tiramani

newbie

Activity: 6

Merit: 0

http://www.pantagraph.com/news/local/crime-and-courts/b-n-man-sentenced-for-illegal-bitcoin-operation/article_30069152-125b-5ef1-8d19-e8f8176678de.html

Does anyone know who this was or any details?

Topic: man sentenced to 4 years for illegal bitcoin operation - page 4. (Read 13184 times)