First, the facts. Michell Espinoza was charged with money laundering and acting as an unauthorised money transmitter after selling bitcoin to undercover cops who found him through a bitcoin-selling website, Local Bitcoins. Over a series of meetings, Espinoza sold the undercover agent $2,000-worth of bitcoin, which the agent said would be used to purchase stolen credit card numbers. Espinoza was then arrested after a bogus fourth sale was arranged for $30,000-worth.
Sacramento area community musical theater (esp. DMTC in Davis, 2000-2020); Liberal politics; Meteorology; "Breaking Bad," "Better Call Saul," and Albuquerque movie filming locations; New Mexico and California arcana, and general weirdness.
Wednesday, July 27, 2016
Bitcoin Is Property; Not Money
Interesting distinction. It's not money laundering if it's property. Property laundering isn't illegal:
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