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Bitcoin Users Will Freak Out
• Business InsiderToday, the Department of Justice arrested the founders of Liberty Reserve, a digital currency service, and charged them with money laundering.
Created in 2006, Liberty Reserve was both a virtual currency — its denomination was called "LR's" — and an allegedly illict wire transfer service. According to DOJ's complaint, the scope of Liberty Reserve's operations was almost exclusively limited to criminal activity.
But as the FT's Stephen Foley Tweeted, the text of DOJ's complaint is a cruise missile across the bow of Bitcoin users:
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2 Comments in Response to Bitcoin Users Will Freak Out
Bitcoin is a bit different. No central company. It would be very difficult for anyone, including Government, to destroy all the copies of the Bitcoin client/program. Removing all the blockchain copies would be next to impossible. Attacking all the people who use Bitcoin would be expensive beyond all money, especially if they use VPN services or TOR.
The attack on Liberty Reserve could be made to fail. And it is probably mostly a scare tactic to scare Bitcoin users.
No more yard sales and garage sales? No more trading this for that between you and your neighbor? That's what it amounts to if Government is going to attack every method of trade out there.
It's time to take back our freedom. Government is totally NOT a freedom loving thing!
The real question is, are the LR people going to make an appearance in the Government's courts? Are they going to let Government talk them into making an appearance? Or are they going to state in the proper way that they are not making an appearance, by submitting a Notice on Non-appearance?
If they don't make an appearance - which is really acceptance of an offer to be judged - they are supposed to be released within 48 hours.
If they are not released within 48 hours, are they going to file Special Action charges against government officials and law enforcement who are holding them illegally because of no appearance?