[1557] in Privacy_Forum
[ PRIVACY Forum ] Senators seek to shut down BitCoin-related "Silk
daemon@ATHENA.MIT.EDU (privacy@vortex.com)
Fri Jun 10 11:38:58 2011
Date: Fri, 10 Jun 2011 08:25:35 -0700
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----- Forwarded message from David Farber <dave@farber.net> -----
Date: Fri, 10 Jun 2011 10:44:31 -0400
From: David Farber <dave@farber.net>
Subject: [IP] BitCoin
Reply-To: dave@farber.net
To: ip <ip@listbox.com>
Begin forwarded message:
From: Dewayne Hendricks <dewayne@warpspeed.com>
Date: June 8, 2011 6:52:31 PM EDT
To: Multiple recipients of Dewayne-Net <dewayne-net@warpspeed.com>
Subject: [Dewayne-Net] BitCoin
Reply-To: dewayne-net@warpspeed.com
[Note: This item comes from reader Randall. DLH]
From: Randall Webmail <rvh40@insightbb.com>
Date: June 8, 2011 2:31:50 PM PDT
To: Dewayne Hendricks <dewayne@warpspeed.com>
Subject: BitCoin
<http://www.chicagotribune.com/news/politics/sns-rt-us-financial-bitcoitre757
3t3-20110608,0,6328122.story>
Senators seek crackdown on "Bitcoin" currency
ST. LOUIS (Thomson Reuters Accelus) - Two senators are pressing federal
authorities to crack down on an online black market and "untraceable"
digital currency known as Bitcoins after reports that they are used to
buy illegal drugs anonymously.
Democratic Senators Charles Schumer of New York and Joe Manchin of West
Virginia wrote to Attorney General Eric Holder and Drug Enforcement
Administration head Michele Leonhart in a letter that expressed concerns
about the underground website "Silk Road" and the use of Bitcoins to
make purchases there.
The letter prompted a discussion among Bitcoin enthusiasts about whether
the government was capable of closing related bank accounts and thereby
stifling the currency.
The senators released a copy of their letter on Monday. It cites recent
media reports that some tech-savvy individuals were using an
"anonymizing network" known as Tor to gain clandestine access to Silk
Road and buy illegal drugs.
Silk Road buyers pay with Bitcoins and sellers mail the drugs, the
Gawker blog reported. The transactions leave no traditional money trail
for investigators to follow, and leave it hard to prove a package
recipient knew in advance what was in a shipment.
"The only method of payment for these illegal purchases is an
untraceable peer-to-peer currency known as Bitcoins. After purchasing
Bitcoins through an exchange, a user can create an account on Silk Road
and start purchasing illegal drugs from individuals around the world and
have them delivered to their homes within days," the senators' letter
states. "We urge you to take immediate action and shut down the Silk
Road network."
[snip]
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