After
the dot-com boom, when the internet was created, there have been handfuls of
tremendous innovations that change the way we live. However, some of these
innovations have come into legal trouble, as they pioneer touchy new ground. The
article, Legal Troubles Barely Subdue a
Bitcoin Evangelist’s Sermons, published in the New York Times Dealbook, by
Nathaniel Popper, describes the legal issues a leader of the currency company
Bitcoin, Charles Shrem. The currency that the company distributes, Bitcoins,
are virtual and can be traded into real-world currencies. They are stored on a
digital ‘wallet’, often kept on a flash drive. Mr. Shrem has been accused of
money laundering and doing drugs, both while using Bitcoin. This fantastic
invention which could wipe out paper money and unite the world under one
currency, however many ethical issues must be solved.
The
author, Nathaniel Popper, uses some interesting creative devices in the
article. When he is describing Mr. Shrem, he uses words like “frenetic” and
compares him to a “sports announcer” to better describe him. The author also
uses quote to illustrate key ideas. The quotes that the author uses help add
depth and illustrate the different viewpoints of the issue. The Mr. Popper
takes quotes from people who are involved directly in the issues that help the
reader form their own opinions about it. These craft moves have helped me form
my opinions about the issue.
In
my opinion, I think that the some of the charges that have been pressed should
hold, but others should not. The accusation of money laundering comes from Mr.
Shrem supposedly helped drug addicts gain access to illegal drugs. This charge
should be waved, as it has to do with the fact that Bitcoin provides an
anonymous way to purchase products. Mr. Shrem and the other executives of
Bitcoin are entrepreneurs, and legal material that was never meant to apply to
situations such as this one is being used. The court should re-assess the
charges and then decide to continue or drop the case. As Mr. Shrem said, “back
then [when he committed the offenses] I wasn’t as educated on what was legal
and what was not legal.” Mr. Shrem is an entrepreneur who could further develop
Bitcoin, and he should not be held back from that if he has not committed a
serious crime.
This
article illustrates a tremendous problem in modern day society, and the author
illustrates the issue with interesting craft moves. Many laws, often created
hundreds of years ago, are still used by courts to address issues which have
nuances that are not recognized by these laws. These laws often limit the ways
in which entrepreneurs can expand and innovate, and new laws should be drafted
which can address the current offenses directly.