Friday, September 18, 2015

Bitcoin self-satisfied headlines

In an embarrassing use of public resources Miami-Dade County Police entrap a naive entrepreneur in a complex legal bait-and-switch which indentures him to police for an unreported time-period. Local channel 7 shares deceptively edited police video showing an undercover officer explaining to Pascal Reid his expectation to purchase tens of thousands of dollars worth of bitcoin. Another cut from the video shows the two men at a computer, when the front door flies open and another officer rushes in with a gun pointing directly at the unarmed, but now shocked Pascal. The reporters fail to substantiate their claim that the undercover officer described an identity theft scheme with Pascal, and elicited his help with laundering money acquired from the scheme.
This has link bait all over it, with our corrupt Katherine Fernandez Rundle claiming it's the first arrest of it's kind. It's certainly not the first instance of someone in South Florida acting as an "Unauthorized Money Transmitter, " simply the first time the State Attorney bothered to prosecute anyone for it, and it was a sting operation, not even an actual instance of organic criminal behavior.

One wonders how much actual unauthorized money transmission goes on which has not been prosecuted.