I said the US government not the US federal government.
The US government is comprised of the federal, state, and local governments. The federal is comprised of the judiciary, legislative, and executive branches.
The US government shut down a private company that sold gold and silver coins or notes backed by gold and silver that they stored. They argued that they were producing Counterfeit money, and seized all the gold they had stored.
Was that the federal, state, or local US government?
Initially the US Attorney's Office of the District of Columbia entered a motion to seize and liquidate the entire gold reserve of e-gold under asset forfeiture law. This would have allowed the law enforcement agency to add the proceeds of the sale to their operating budget. At the time e-gold held more gold in its vaults than the bottom third of the countries on the IMF list of central bank gold reserves, which would have made it one of the largest asset forfeitures in history at that time. However, the federal judge in the case denied the motion and ordered the reserves to be held and liquidated for the e-gold account holders who could prove the origin of their funds.
e-gold was placed into receivership and the gold reserve was liquidated for USD 90 million. The court ordered "Rust Consulting", a private company in Maryland, to organize refunds to account holders who could prove legitimate sources for the funds. The balance of unclaimed funds will be claimed by the US Attorney's Office for the District of Columbia under the asset forfeiture law. A three month window has been set from June 3rd, 2013 to October 1, 2013 for e-gold account holders to submit a claim on their funds
First they deny licenses on the grounds of "you are not a money transmitter" then they sue them for asset seizure for "being a money transmitter without a license". Although that particular charge failed to hold in court.The USA Patriot Act, passed in the wake of the 9/11 terrorist hijackings more than five years after e-gold had been launched, made it a federal crime to operate a money transmitter business without a state money transmitter license in any state that required such a license. At the time a "money transmitter" was in most states defined as a business that cashed checks or accepted cash remittances to send from one person to another person across international borders, such as Western Union or MoneyGram. For example, prior to 2010, California regulated money transmitters under the "Transmission of Money Abroad Law". [31] One of e-gold's competitors, the e-Bullion company, applied for a money transmitter license from the State of California in 2002, but was informed by the State of California that their business which dealt in gold accounts did not fall under the state's definition of a money transmitter.
Translates to: "I'm still upset AMD's GPU's were better at nvidia's in some aspect, and now I'm going to go sulk since no one hoisted me on their shoulders after posting this information."Whatever. Just sharing info. If ya don't like it, go after the originator of said info.
/peace.
Woot. I'm having fun with this now. Got a 7950 mining in a dedicated rig and a 7850 on my main rig. Both are Gigabytes which I heard good things about. What brand do you guys prefer?
Still waiting on my Jalapeno from butterflylabs. They have a customer reward program where I can get 2 free chips.
I tried btcguild overnight and the payouts were extremely low even though I was getting better hashrates. Just went back to bitminter, but am using cgminer instead. What BTC/LTC/FTC pools do you guys use?
I will switch my GPU miners to a LTC mining once ASIC mining start noticably ramping up more.....
I just don't understand the logic.
For example, take a company that uses paypal to handle money transactions.
Paypal needs the money transmitter licenses, but any company that uses paypal does not. They are simply using paypal, not actually being a money transmitter directly- paypal is doing that.
But in the case of bitcoin, bitcoin works on it's own without ANY company controlling it.
If you treated it the same way, a company using bitcoin wouldn't need a money transmitter licenses, just bitcoin itself. Of course bitcoin isn't controlled by any company so it makes it somewhat impossible for it to be licensed itself, but I don't see how that changes things for the end-user company.
You use paypal to handle money transactions, all is good.
You use bitcoin to handle money transactions, suddenly you need multiple millions of dollars worth of money transmitter licenses? It doesn't make any logical sense.
Bitcoin itself is doing the transactions, not your company, just like paypal is doing the transactions when you use paypal.
I am pretty sure this is a DIFFERENT company than the one I am referring to (can't for the life of me remember their name) but:
http://en.wikipedia.org/wiki/E-gold#Gold_Seizure
Best part?
First they deny licenses on the grounds of "you are not a money transmitter" then they sue them for asset seizure for "being a money transmitter without a license". Although that particular charge failed to hold in court.
Scrambling for a toehold resembling moral authority when none exists.
Heh... it's kind of true. Sure, some Bitcoin users actually believe that they're creating a new currency revolution... but most people are probably still using it for money laundering and buying illegal stuff.
As a former Bitcoin/Litecoin miner, I tried not to think about what the funny Internet money I was making was actually being used for. That said, it still gnaws at my conscience a bit.
Heh... it's kind of true. Sure, some Bitcoin users actually believe that they're creating a new currency revolution... but most people are probably still using it for money laundering and buying illegal stuff.
As a former Bitcoin/Litecoin miner, I tried not to think about what the funny Internet money I was making was actually being used for. That said, it still gnaws at my conscience a bit.
Don't fret. USD is still the currency of choice for all forms of transactions legal or otherwise. People aren't illegally selling drugs, guns, etc... because of bitcoins.
I moved some BTC there after gox blocked dwolla. So far I've had no issues with them, other than they make it very difficult to find your own BTC adddress (it's under account settings -> integration, which makes little sense to me).What do you guys think about Coinbase?
What do you guys think about Coinbase?
Today I shut down my mining operation that has been running since October 2012. Not a long career, but it was fun while it lasted. I mined about 16 BTC during that period, mostly using a single 5870, although I did add in a few more GPUs over the last four months.
I didn't sell all those coins at the optimal time, and I didn't make a fortune, but it was entertaining and I made at least enough to build a mini-ITX gaming rig that currently lives at my friend's place for use on LAN nights.
Hopefully LTC mining stays profitable for those still in the game. I considered switching over, but I like to use my mining rigs for other purposes, and LTC hashing makes computers pretty much unusable otherwise.