Virtual Money Laundering Fed Crackdown

[url=http://www.cracked.com" onclick="window.open(this.href);return false;]www.cracked.com[/url] had an article a couple months ago about the virtual money you can make in video games like World of Warcraft. You play the game win treasure like super swords and then can sell your treasure to other players who don't have the time but do have real US dollars to give you.
It turns out that North Korea has this building set up where they just play the games day and night and sell their treasures to bring back hard currency to the broke country.

We talked about drone pilot medals, do they award food rations to the North Korean players if they earn extra money selling flying horses and enchanted armor to lazy Americans?

This has attracted the interest of the Feds and now they want to crackdown on virtual money laundering.

Side note: There is a widespread virtual money out there called bitcoin that investors actually buy positions in and out of. I am leery of getting into it. I have enough trouble trusting the US fiat money, why would I trust bitcoin?

bitcoin: There is something happening here. I have read that Cyprus depositors would have been better off with bitcoins.

I do not know if that is informed comment or crazy talk.

http://www.zerohedge.com/news/2013-03-2 ... laundering

Cyprus? Russia uses the banks on the island nation/tax haven and are quite upset that they are closed right now. Oops, one of the problems with storing your ill gotten gains in other countries.

"Side note: There is a widespread virtual money out there called bitcoin that investors actually buy positions in and out of. I am leery of getting into it. I have enough trouble trusting the US fiat money, why would I trust bitcoin?"

Most financial transactions are essentially virtural currency based....ATMs providing real cash are a very small part of the worldwide exchange system. BITCOIN.....hummmmm...sounds a lot like PAYPAL.....part of the system.

BTW....the Cyprus solution to another extraction from the productive sector with the typical transfer via the clerks back to the masses is a desparate move. The powers in this Socialist state are avoiding taking entitlements from the "voters"....to do so may lead to violence and revolution.......to take bank deposits will lead to a collapse of the banks in that most deposits are large and foreign......trapped. Lets see how creative the government is here....a default as we saw in Argentina may be a solution.

Virtual money? Something like only 10% of U.S. currency is actual paper and 90% of that is overseas instead of local currencies.