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As some know, there was a person who met up with his customer to sell a Bitcoin. It ended up being a federal agent arresting him JUST FOR SELLING THE COIN! Now, I'm going to set up a scenario.
You go on a forum, and there's someone in your area wanting to do an in-person transaction. You agree to do it. You go to the location, exchange the money and then the Bitcoin. But wait! You're now in handcuffs, being told you're under arrest.
As you can see, this is bad. Who's to say this couldn't happen to you. So, the day of the trial, this is the very valid argument you should give:
"As I was arrested for selling a digital item, why am I being charged with money-related charges. Bitcoin, the item I sold, has been classified by the United States Government as PROPERTY. Not CURRENCY. Why should I need a money transmitter license for selling a digital item. If this is the case, why are we not arresting everyone that bought an old bike from someone on Craigslist."
Obviously, this is 100% true. You still might need to present legal documents on the subject of Bitcoin being property.
Thanks r/bitcoin!
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- 10 years ago
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