7 ms·
... or maybe ICO's are clever ways of extorting even more money from naive cryptocurrency day traders?
by free_everybody 9y ago
... or maybe ICO's are clever ways of extorting even more money from naive cryptocurrency day traders?
- QAPereo 9y agoIt's probably also a dream come true for anyone who wants to launder some money.
- pmorici 9y agoHow do you figure? I think the general wisdom among people who have a deep understanding of block-chains is that it is about the worst way you could possibly try to launder money. Every transaction you make is forever immortalized in a publicly accessible record book. Not to mention that there is strong KYC at the entry exit points between cash and crypto currencies.
- QAPereo 9y agoAnd yet hackers steal these coins and seem to do alright, Tumblers seem to anonymize currency too.
- aml183 9y agoThe biggest tumbler closed down and none of the other existing tumblers are very trustful.
- pmorici 9y agoDo you have any stats on the percentage of traditional financial crimes that go unsolved vs the percentage of crypto-currency crimes that go unsolved? You would have a hard time finding a major crypto-currency heist, dark market, or rogue exchange that hasn't been tracked down and shut down.
- darawk 9y agoYes but cryptocurrency thieves (i.e. exchange hackers, etc) are currently batting around 100% uncaught, afaik.
- pmorici 9y agohttps://davidgerard.co.uk/blockchain/2017/09/17/kim-nilsson-of-wizsec-how-the-bitcoins-were-stolen-from-mt-gox/ https://davidgerard.co.uk/blockchain/2017/09/17/kim-nilsson-... Pretty sure they got the guy behind a lot of the thefts when they arrested that BTC-e guy earlier this year.
- jpatokal 9y agoI wouldn't describe LocalBitcoins as having "strong KYC"...
- root_axis 9y agoLocalBitcoins is pretty impractical for significant sums of cash.
- darawk 9y agoIf you have significant sums of cash, you can pay someone to sit on LocalBitcoins cashing out all day.
- ryanlol 9y agoHow do you mean impractical? I've done 100k+ trades just fine. For bigger sums you'll usually have the exchanger fly one of their reps over from another country. I would consider LBTC rather impractical for smaller trades though.
- monort 9y agoDid you do this trades in cash?
- dk8996 9y agoThere are a few coins that offer complete privacy. XMR, Pivx, ZCoin. Just to name a few.
- droffel 9y agoOnly one of those three is private by default. If it isnt private by default, calling it a privacy coin or saying it offers 'complete privacy' is farcical. Monero is the only way to go at the moment.
- the_stc 9y agoEven Monero isn't completely private. If you use an exchange to get in an out of Monero, they can probably link your transactions given an approximate timeframe. Until we have serious ringsizes this will remain an issue.
- woah 9y agoI bought a small and equal amount of ZCash and Monero, so I don't really have a horse in this race, but what's your objection to having optional in the clear transactions? It just sounds like the flimsy Monero shilling that predictably pops up on any public forum when privacy coins are mentioned.
- KomradeKeeks 9y agoYou make/invest heavily into an ICO, send your CP/ordered hit/fentanyl proceeds into it, and then sell your ICO tokens for ETH. Most ICOs don't do KYC; if they're asking for crypto-based investments they likely aren't asking for conventional investors and aren't vetting the speculators who only want to know how long they have to hold the token before dumping on the market
- crypt1d 9y agothats no longer true. Now-a-days, ICOs ask for all kind of KYC documents - passports, utility bills, etc.
- the_stc 9y agoA few maybe. It's definitely the reason we (Pink) went ICO for funding, to be able to raise money because real-world contacts didn't like the potential link to funding our venture.
- woah 9y agoI read your site last night and was intrigued by the bold use of traditional finance language to describe your ICO. "Token-shares", dividends, etc. You're not worried about US securities law?
- the_stc 9y agoWe are worried about the SEC as much as we're worried about any government action. We're operating very tightly. It's a travesty that some of these companies raise millions without giving up equity, voting, or dividends.
- sillysaurus3 9y agoMonero certainly is. Money laundering is now solved thanks to this. Want to hide your money? Use Monero. There are even services that fulfill BTC orders: you send them Monero, they send BTC to the specified address. There are also services that go the other way. It uses ring encryption and appears to be well-implemented. It will be with us for a long time.
- droffel 9y agoMonero might obscure the origin of the funds, but so does using cash. Money laundering requires an extra step - finding a plausible alternative origin of the dirty funds. Monero in and of itself is fungible, but it doesn't 'solve' money laundering.
- qeternity 9y agoExactly. It's never been difficult to move money around freely if you know how to. It's the "layering" which is the hard part i.e. avoiding questions from the relevant authorities of "where did this money come from". Monero doesn't provide good answers to those, and if anything it would raise suspicions.
- sillysaurus3 9y agoSomeone can send someone else $1M in Monero and there's nothing you can do to know about it. You can't do that very easily with cash. It's trivial with Monero. As far as raising questions, it's like cash, but it's also extremely convenient to transfer large amounts.
- deleted 9y ago[deleted]
- notahacker 9y agoI received my first Bitcoin-related spam call from an overseas callcentre this week. If his English had been a little more intelligible, I'd have been interested to find out whether he was shilling for an ICO or a fake exchange.