Bitcoins Seized In Drug Bust 198
First time accepted submitter Salo2112 writes "In a case believed to be the first of its kind, federal authorities have seized a Charleston man's virtual currency due to an alleged drug law violation with possible links to a shadowy online black market. From the article: 'The U.S. Drug Enforcement Administration recently posted a forfeiture notice indicating that agents had seized 11.02 Bitcoins worth $814 from 31-year-old Eric Daniel Hughes for allegedly violating the federal Controlled Substances Act. No other details were provided.'"
Comment removed (Score:2, Informative)
Re:It was bound to happen (Score:2, Informative)
Yes, we get that Bitcoin is potentially useful for tax evasion. Can you spell out why that is socially desirable?
There are massive arguments in favour of tax havens. Most effect and help people who don't use them more then you would ever think.
The biggest one in my opinion is that it creates competition for governments. You might think this is a bad thing if you are a big and unwieldy government, who isn't providing visible value for the taxation. But if you are a normal person, then it means that there is downward pressure on the government to provide value for the money it is stealing from its citizenry.
Forbes: Why Tax Havens Are A Force For Good [forbes.com]
CATO Institute: Why Tax Havens Are a Blessing [cato.org]
Foundation for Economic Education: In Praise of Tax Havens [fee.org]
Re:It was bound to happen (Score:4, Informative)