Cryptocurrency Users Won’t Be Paying Their Bail With Altcoins Anytime Soon

contentjunkie (73)in #bitcoin • 6 years ago

From NullTX

Cryptocurrencies have many use cases. Unfortunately for Martin Marsich, paying bail is not one of them. The FBI rejected his attempt to post bail with $750,000 worth of various altcoins, primarily because of the market volatility and price crash such a sell-off could trigger.
FBI Rejects Altcoin-Bail Scheme
It is evident criminals tend to have a knack for cryptocurrencies. There are dozens if not hundreds of instances in which criminals have used either Bitcoin or an altcoin to launder money, evade taxes, or otherwise cause harm. Those situations have been well-documented in the past, and it seems there will be no shortage of future stories involving crime and cryptocurrency.

One Martin Marsich attempted to do something rather clever with cryptocurrency. Marsich attempted to pay his $750,000 bail with the various cryptocurrencies in his portfolio. On paper, there is no reason not to allow such a transaction, yet the FBI is not on the same page. Selling such a large amount of coins could trigger major price fluctuations, after all.

I have to disagree with link the author draws between criminals and cryptocurrencies. The assertion that criminals have a knack for cryptocurrencies I find is unjustified. Criminals have a knack for doing criminal things with money and crypto currencies are just another form of money. The majority of crime on this planet is not taking place in the cryptosphere criminals are still using cold hard cash and the FIAT banking system.