Roman Sterlingov, the operator of #Bitcoin Fog, has been found guilty of money laundering and faces up to 50 years in prison. All he did was operate a coin mixing service. People might use coin mixing for illicit reasons, but personally 100% of the people I know who have mixed coins are only doing so to avoid a potential confiscation event like the Gold Reserve Act of 1934. Coincidence???
Misinformation is likely responsible for the jury finding him guilty. Whatever happened to the 4th Amendment? The Privacy Act of 1974? Why is it necessary to be investigated when I haven’t committed a crime? When I’m not even a suspect?
Is privacy becoming illegal? Is hypocrisy becoming the norm?
According to the press release: most of the #Bitcoin was obtained from darknet marketplaces linked to computer fraud, illegal narcotics, and identity theft. The mixer also serviced people who supplied child sexual abuse material.
VERY SERIOUS ACCUSATIONS or MISINFORMATION/FUD?
Ngl, it’s hard for me to believe a majority came from the darknet…it’d be easier to believe this is virtue signaling to avoid getting criticized for invading privacy, but maybe I’m wrong and a majority did come from illicit activities, but it didn’t ALL come from illicit activity as their service and ones like it protect the individual from potential surveillance/data breaches.
There need to be balance between privacy and legal accountability. I can’t tell you the perfect ratio, but I can tell you the scales have been tipped.
Illicit activity existed before #Bitcoin and it’s logical to assume it will continue to exist on a #BTC standard. If I’m wrong then the government will possibly win the war on drugs. If I’m right the term illicit will become looser and looser and the invasion of privacy will compound.
They are trying to use transparency against #Bitcoin, BUT if EVERY coin join in 2023 was illicit activity it would have amounted to $24B worth of illicit activity whereas the UNODC estimates $1-2T worth of annual illicit activity is done through the dollar.
The illicit activity through #Bitcoin is likely 100x smaller than the dollar’s, but the scrutiny is 1000x more. Everything they accused #Bitcoin fog of facilitating is likely happening 100x more in the dollar…
If THIS is such a problem…why isn’t THAT?!?! 
