4 ms·
Their biggest issue (besides being a centralized service thus easy targeting) was not encrypting internal communications and allowing comments to accompany tran
by pakled_engineer 11y ago
Their biggest issue (besides being a centralized service thus easy targeting) was not encrypting internal communications and allowing comments to accompany transfers which were typically "For 200 dumps of CCs" or something similarly illegal. They tried to avoid KYC regulations by just providing the internal ledger, you had to go through 3rd party exchangers in order to buy in or cash out of the system and these parties were supposed to do KYC.
Pecunix and C-gold are other centralized, closed book-entry systems still around though Pecunix changing to a voucher system.
- atemerev 11y agoWell, lots of drugs are sold for cash. Cash is issued by the Fed. Can it be sued for facilitating drug crime?
- chipperyman573 11y agoThe feds also actively try to combat drug sales. LR made little to no efforts to do so. I agree with what you're saying but I disagree with your example.
- wavefunction 11y agoI think op meant the Federal Reserve, who are not involved in the War on Drugs.
- yardie 11y agoFederal Reserve does not issue cash, that is the job of the Treasury Department.
- Kinnard 11y agoIssuance and printing are distinct operations. Federal Reserve Notes are in fact issued by the Federal Reserve, and printed by the Bureau of Engraving and Printing, which is a part of the Treasury[1]. [1] http://economics.stackexchange.com/questions/8320/how-and-when-is-m0-money-created http://economics.stackexchange.com/questions/8320/how-and-wh...
- voxic11 11y agoWhat does the federal reserve do to combat drug sales?