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Probably the criminals were upset about their withdrawals taking so long ;p It took me like 2 months to cash out the first time. Seriously, I don't think this

Probably the criminals were upset about their withdrawals taking so long ;p It took me like 2 months to cash out the first time. Seriously, I don't think this will scare off anyone, especially not exchanges. They make so much money right now they can just hire bodyguards.

jameslk 9y ago
I could imagine the current exchanges becoming banks, in the disruptive sense. What's stopping them from creating interest-earning savings accounts and loaning out on a fractional reserve basis? Seems like we'll be back where we were a century ago, bank runs and all.
- QAPereo 9y ago
  The governments of the world?
- pjc50 9y ago
  "Tether" is effectively a fractional-reserve "currency" in use by bitfinex.
  - thomasdub 9y ago
    There isn't much evidence that Tether Limited is indeed keeping a reserve of USD for each Tether printed [0]. They are minting hundreds of millions of Tethers and there are a lot of skeptics out there who don't believe that they have billions of USD in a bank. [0] https://seekingalpha.com/article/4133884-bitcoin-additional-suspicious-developments https://seekingalpha.com/article/4133884-bitcoin-additional-...
    - erikpukinskis 9y ago
      That’s what fractional reserve means.
ryanlol 9y ago
>they can just hire bodyguards Which won't be able to carry weapons in most places. You'll have a hard time finding people who'll fight back when you're being kidnapped at gunpoint.
- cglace 9y ago
  With enough armed bodyguards you aren't going to be kidnapped at gunpoint. Why risk your life going after a hardened target when there are so many vulnerable ones. I imagine its quite easy to find mercenaries that are willing to fight back. There is an entire industry for hiring people to fight wars.
  - ClassyJacket 9y ago
    I think their point was that that isn't legal in many places.
    - cglace 9y ago
      Don't go to those places. Or hire off duty police to escort you in those countries. Bill Browder can't eat at the same restaurant twice because his food may be poisoned. If you are a high profile target you have to change your patterns to remain safe.
  - ryanlol 9y ago
    >With enough armed bodyguards you aren't going to be kidnapped at gunpoint. Okay, now the kidnappers dress up as cops and "arrest" you. Perhaps they bribe the actual cops to do it for them? Armed bodyguards do not seem like a substantial increase in difficulty for someone who intends to kidnap a person.
- freeflight 9y ago
  > Which won't be able to carry weapons in most places. Most places? Places like what? Even Germany, with its rather restrictive gun laws, has exemptions for private security companies allowing to carry weapons. While I don't know any specifics, I doubt that it's gonna be that much more difficult, in Eastern Europe out of all places, to get a legal carry permit.

jameslk 9y ago

I could imagine the current exchanges becoming banks, in the disruptive sense. What's stopping them from creating interest-earning savings accounts and loaning out on a fractional reserve basis? Seems like we'll be back where we were a century ago, bank runs and all.

QAPereo 9y ago
The governments of the world?
pjc50 9y ago
"Tether" is effectively a fractional-reserve "currency" in use by bitfinex.
- thomasdub 9y ago
  There isn't much evidence that Tether Limited is indeed keeping a reserve of USD for each Tether printed [0]. They are minting hundreds of millions of Tethers and there are a lot of skeptics out there who don't believe that they have billions of USD in a bank. [0] https://seekingalpha.com/article/4133884-bitcoin-additional-suspicious-developments https://seekingalpha.com/article/4133884-bitcoin-additional-...
  - erikpukinskis 9y ago
    That’s what fractional reserve means.

ryanlol 9y ago

>they can just hire bodyguards Which won't be able to carry weapons in most places. You'll have a hard time finding people who'll fight back when you're being kidnapped at gunpoint.

cglace 9y ago
With enough armed bodyguards you aren't going to be kidnapped at gunpoint. Why risk your life going after a hardened target when there are so many vulnerable ones. I imagine its quite easy to find mercenaries that are willing to fight back. There is an entire industry for hiring people to fight wars.
- ClassyJacket 9y ago
  I think their point was that that isn't legal in many places.
  - cglace 9y ago
    Don't go to those places. Or hire off duty police to escort you in those countries. Bill Browder can't eat at the same restaurant twice because his food may be poisoned. If you are a high profile target you have to change your patterns to remain safe.
- ryanlol 9y ago
  >With enough armed bodyguards you aren't going to be kidnapped at gunpoint. Okay, now the kidnappers dress up as cops and "arrest" you. Perhaps they bribe the actual cops to do it for them? Armed bodyguards do not seem like a substantial increase in difficulty for someone who intends to kidnap a person.
freeflight 9y ago
> Which won't be able to carry weapons in most places. Most places? Places like what? Even Germany, with its rather restrictive gun laws, has exemptions for private security companies allowing to carry weapons. While I don't know any specifics, I doubt that it's gonna be that much more difficult, in Eastern Europe out of all places, to get a legal carry permit.