2012-09-04 findlaw.com - What is a Bitcoin? Drug Dealers Taking Advantage of ...

[julz]

What is a Bitcoin? Drug Dealers Taking Advantage of 'Legal Gray Area'

Andrew Lu
2012-09-04

http://blogs.findlaw.com/technologist/2012/09/what-is-a-bitcoin-drug-dealers-take-advantage-of-legal-gray-area.html

...
The Bitcoins are an artificial currency that only existed in the digital world. However, drug dealers and money launderers reportedly were able to turn this digital currency into real dough.
...

But as use of Bitcoins become more commonplace and the layperson (and politicians) learn what is a Bitcoin, the laws will eventually catch up and the legal gray areas will become black and white. Until then, legal authorities may have to bust drug dealers through means other than Bitcoins.

[justusranvier]

After all, remember that the Internet was first a playground for child pornographers and sex predators before the government got their act together and cracked down on these practices.

I wonder what other fairy tales the author believes. Has anyone told Andrew Lu that the tooth fairy isn't real yet?

[nimda]

After all, remember that the Internet was first a playground for child pornographers and sex predators before the government got their act together and cracked down on these practices.

I wonder what other fairy tales the author believes. Has anyone told Andrew Lu that the tooth fairy isn't real yet?

Lol... if you think there's no child porn on the internet, you haven't looked at all. The US government is all but powerless against child pornographers and sex predators. Not condoning the practices.

[giszmo]

After all, remember that the Internet was first a playground for child pornographers and sex predators before the government got their act together and cracked down on these practices.

I wonder what other fairy tales the author believes. Has anyone told Andrew Lu that the tooth fairy isn't real yet?

Lol... if you think there's no child porn on the internet, you haven't looked at all. The US government is all but powerless against child pornographers and sex predators. Not condoning the practices.

Well, the quote implies, there were anything done successfully against child porn. Maybe in relative numbers, less and less of the internet is child porn but in absolute numbers I strongly doubt that.

[cbeast]

 We all just need THX1138 then the gubbermint will be happy and these FUDsters can STFU.

[matonis]

There is very little legal oversight of the Bitcoin exchanges because frankly there are no laws that regulate digital made-up money, reports ARS Technica.

I love that line in the article. Yes, "Laws that regulate made-up money" could also be used to eventually regulate air guitars.

The author gets it correct at the end when he states that using money as identity tracking mechanism is no longer that useful.