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(Engadget)   Crypto is still legit and safe, right guys?   (engadget.com) divider line
    More: Amusing, Affiliate marketing, Treasury Department, Theft, Federal Law Enforcement Training Center, Law enforcement agency, Tornado Cash, Federal law enforcement, shady cryptocurrency mixers  
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903 clicks; posted to Business » on 10 Aug 2022 at 5:42 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



21 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-08-10 5:59:11 AM  
Documenting our crime spree into thousands of copies of immutable ledger publicly available in the internet is the best idea we've ever had.
 
2022-08-10 6:12:54 AM  
Stay at home cryptobros...UNITE!
 
2022-08-10 6:40:56 AM  
The Feds hate it when they can't see where the money is flowing.  Take Wall Street, for example.  It's wall to wall crime on the stock market, but the Feds can see what's going on so they're cool with it.
 
2022-08-10 8:18:46 AM  
Meanwhile, cash still exists.

/Finally found a way to make my massive penny jar desirable.
 
2022-08-10 9:49:45 AM  
I heard about a couple of guys that used USD to do crimes once. Guess it's time to stop using USD.
 
2022-08-10 10:34:01 AM  
 
2022-08-10 10:39:10 AM  
Crypto being just as bad as fiat currency.  This is a win for crypto!
 
2022-08-10 11:01:40 AM  

Lord Bear: Fark mods make it sound like money laundering doesn't exist in traditional finance.
I mean here are just a few recent ones from 'respectable businesses':

https://www.cnbc.com/2022/04/29/prosecutors-search-deutsche-bank-hq-in-money-laundering-investigation.html

https://www.investopedia.com/stock-analysis/2013/investing-news-for-jan-29-hsbcs-money-laundering-scandal-hbc-scbff-ing-cs-rbs0129.aspx

https://nypost.com/2019/04/15/italian-bank-will-pay-1-3b-fine-for-money-laundering/


There's a difference between a regular "respectable business" and one whose primary purpose is money laundering.
 
2022-08-10 11:13:12 AM  
The best part about Tornado Cash is if the feds are already onto you, it doesn't do a damn thing to help you.

These idiots were doing consecutive rugpulls and because of that, the feds were watching. When money went through Tornado Cash, the feds saw it enter AND exit, because the idiots weren't smart enough to, you know. Use a different damn IP address. So yeah that's the level of brains we're dealing with.


These Scammers Are Going To Prison For A LONG Time
Youtube Gp9C-ebT24o


So yeah, Tornado Cash wasn't even all that ironclad as a laundering tool.

Creidiki: Documenting our crime spree into thousands of copies of immutable ledger publicly available in the internet is the best idea we've ever had.


Yeah, see, this is why I think crypto will NEVER fully take over tradfi.

I DON'T WANT ANYONE TO SEE MY BANK DETAILS. The bank, fine. Creditors, fine. Strangers? NOPE.

"Transparency is good" Fark y'all privacy is good.
 
2022-08-10 11:18:28 AM  

Lord Bear: Fark mods make it sound like money laundering doesn't exist in traditional finance.
I mean here are just a few recent ones from 'respectable businesses':

https://www.cnbc.com/2022/04/29/prosecutors-search-deutsche-bank-hq-in-money-laundering-investigation.html

https://www.investopedia.com/stock-analysis/2013/investing-news-for-jan-29-hsbcs-money-laundering-scandal-hbc-scbff-ing-cs-rbs0129.aspx

https://nypost.com/2019/04/15/italian-bank-will-pay-1-3b-fine-for-money-laundering/


THREE links and out of those, one from 2019 and one from 2013? You're making this way, way too easy.

What's the ratio of "respectable businesses" (your phrase) that have been exposed for fraud, compared to the ratio of crypto businesses that have been exposed for fraud in just the last month?
 
2022-08-10 11:18:36 AM  
trialpha:
There's a difference between a regular "respectable business" and one whose primary purpose is money laundering.

The fact that big banks are complicit in laundering is an issue.  Small money laundering operations are 'criminal' and get shut down.  Big ones pay a fine and then do it again and again.

Where there is value, there will always be crime.  Painting crypto as some sort of hotspot for crime is stupid as it has been shown to be used less for crime than traditional finance.

According to the UN, it is estimated that between 2% and 5% of global GDP ($1.6 to $4 trillion) annually is connected with money laundering and illicit activity. In 2020, the criminal share of all cryptocurrency activity fell to just 0.34%.

Source:
https://www.forbes.com/sites/haileylennon/2021/01/19/the-false-narrative-of-bitcoins-role-in-illicit-activity/amp/ .
 
2022-08-10 11:22:58 AM  
Don't worry. It's still as legit and safe as before.
 
2022-08-10 11:31:56 AM  

Lord Bear: trialpha:
There's a difference between a regular "respectable business" and one whose primary purpose is money laundering.

The fact that big banks are complicit in laundering is an issue.  Small money laundering operations are 'criminal' and get shut down.  Big ones pay a fine and then do it again and again.

Where there is value, there will always be crime.  Painting crypto as some sort of hotspot for crime is stupid as it has been shown to be used less for crime than traditional finance.

According to the UN, it is estimated that between 2% and 5% of global GDP ($1.6 to $4 trillion) annually is connected with money laundering and illicit activity. In 2020, the criminal share of all cryptocurrency activity fell to just 0.34%.

Source:
https://www.forbes.com/sites/haileylennon/2021/01/19/the-false-narrative-of-bitcoins-role-in-illicit-activity/amp/ .


How about in 2022? In just the last several weeks, we've had how many links pertaining to fraudulent crypto companies? Companies freezing their customers' assets and preventing withdrawals? You have personally participated in the threads, this doesn't ring a bell?
 
2022-08-10 11:37:39 AM  

Lord Bear: The fact that big banks are complicit in laundering is an issue. Small money laundering operations are 'criminal' and get shut down. Big ones pay a fine and then do it again and again.


Let's use round numbers. A big bank will be like 90% legitimate activity, and 10% money laundering. Tornado cash's business would be 90% money laundering and 10% legitimate.
 
2022-08-10 11:44:50 AM  

Lord Bear: trialpha:
There's a difference between a regular "respectable business" and one whose primary purpose is money laundering.

The fact that big banks are complicit in laundering is an issue.  Small money laundering operations are 'criminal' and get shut down.  Big ones pay a fine and then do it again and again.

Where there is value, there will always be crime.  Painting crypto as some sort of hotspot for crime is stupid as it has been shown to be used less for crime than traditional finance.

According to the UN, it is estimated that between 2% and 5% of global GDP ($1.6 to $4 trillion) annually is connected with money laundering and illicit activity. In 2020, the criminal share of all cryptocurrency activity fell to just 0.34%.

Source:
https://www.forbes.com/sites/haileylennon/2021/01/19/the-false-narrative-of-bitcoins-role-in-illicit-activity/amp/ .


Stop using Forbes dot com as a source. It makes your arguments look even less convincing. It's nothing but a clickbait farm and they just let anyone post there.

Case in point:

Fark user imageView Full Size
 
2022-08-10 1:19:29 PM  

trialpha: Lord Bear: The fact that big banks are complicit in laundering is an issue. Small money laundering operations are 'criminal' and get shut down. Big ones pay a fine and then do it again and again.

Let's use round numbers. A big bank will be like 90% legitimate activity, and 10% money laundering. Tornado cash's business would be 90% money laundering and 10% legitimate.


Scale plays into that too.  If all banks are even 1% illegitimate, it would be 400B a year.  And most numbers peg it at a multiple of that.

Eddie Hazel's E string:
How about in 2022? In just the last several weeks, we've had how many links pertaining to fraudulent crypto companies? Companies freezing their customers' assets and preventing withdrawals? You have personally participated in the threads, this doesn't ring a bell?

2022 isn't over yet, so its hard to get data.  In 2021 it was up by quantity (14B), but down by volume (0.15%).
https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/

Here an article with the same numbers with the typical bias.
https://www.reuters.com/markets/us/cryptocurrency-crime-2021-hits-all-time-high-value-chainalysis-2022-01-06/

Farkers will instantly dismiss anything from a crypto news source, but embrace anything with bias.  So here is both sides of the story, with the same numbers.
 
2022-08-10 3:40:42 PM  
I still don't understand how you steal crypto when code is law.
 
2022-08-10 7:41:08 PM  

Lord Bear: Scale plays into that too. If all banks are even 1% illegitimate, it would be 400B a year. And most numbers peg it at a multiple of that.


Scale is irrelevant. If a company's primary activity is money laundering - as is the case for Tornado Cash, it's going to get shut down.
 
2022-08-10 10:36:07 PM  

trialpha: Lord Bear: Scale plays into that too. If all banks are even 1% illegitimate, it would be 400B a year. And most numbers peg it at a multiple of that.

Scale is irrelevant. If a company's primary activity is money laundering - as is the case for Tornado Cash, it's going to get shut down.


So if Tornado Cash was only 5% criminal it should only get a fine, like the banks?

I'm not against shutting down criminal enterprises, but the only reason this got a headline is that it is crypto related.  And fark LOVES to punch at any crypto thing.
 
2022-08-11 12:00:18 AM  

Lord Bear: I'm not against shutting down criminal enterprises, but the only reason this got a headline is that it is crypto related.  And fark LOVES to punch at any crypto thing.


Crypto's only real use case is for transactions that must be conducted outside the usual regulatory framework--to wit, criming.  When the feds step in to cut off what little utility your internet pogs have, pointing and laughing is both necessary and proper.
 
2022-08-11 12:17:12 AM  

Olympic Trolling Judge: Lord Bear: I'm not against shutting down criminal enterprises, but the only reason this got a headline is that it is crypto related.  And fark LOVES to punch at any crypto thing.

Crypto's only real use case is for transactions that must be conducted outside the usual regulatory framework--to wit, criming.  When the feds step in to cut off what little utility your internet pogs have, pointing and laughing is both necessary and proper.


Or you know, just avoiding fees and stuff.  I've sent money to my brother for xmas in another country instantly for less than a penny.  My dad did the same thing using a bank and it took a week and several fees.

As per fark usual, anti-crypto people have no clue what they are talking about.
 
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