Talk
show hosts like Alex Jones are buzzing about Bitcoin.org, an
international, inter-currency transfer operation its innovators
claims is untraceable by government hounds.
The
subject came up today during a shortwave interview the Austin
broadcaster with one of the principles in the Austin-based Defense Distributed, Inc., the firm that developed the amazing new product that could beat any conceivable assault weapon ban – 3-D printable composite lower receivers for AR-15 assault rifles and high capacity magazines.(click here)
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| Bitcoin.org logo |
You
feed a CAD drawing in one end, and the printer delivers a finished
product machined from composites.
If
BATFE agents try to trace the source of funds spent to obtain the
goods illegaly produced thereby without a firearms manufacturing
permit, it's going to be impossible to track them because the
peer-to-peer electronic cash system operates under a crypto-currency
transfer system between arbitrary nodes, as first described by Wei
Dei in 1998 on the “cyberpunks mailing list,” reads a statement
on the website of Bitcoin.org
According
to techno-writer Timothy B. Lee, who penned a recent report on
guidelines written by the Financial Crimes Enforcement Network in
“Forbes,” it looks like “there's some genuine ambiguity about
how U.S. Financial regulations apply to it...”
For
now, money launderers may find some golden opportunity in using the
Bitcoin system to hide their cash, mold it, fold it, transfer it, and
bank it elsewhere before bringing it back safely to their own coffers
stateside.
Bitcoins produced in June that were worth $15 at the time are now worth slightly more than $50, according to some knowledgeable observers.
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