4 ms·

So, dumb question. One of the biggest impingements upon grey businesses (prostitution, pornography, imitation goods, gambling, social media profiles) is payment

by sargun 9y ago

So, dumb question. One of the biggest impingements upon grey businesses (prostitution, pornography, imitation goods, gambling, social media profiles) is payment processing. Now, VISA, AMEX, etc.. will never want to process these payments. If the Antigua, The Cayman Islands, or Panama have a healthy banking system, what prevents someone from setting up a VISA clone there? As a service provider, if you can work in their banking system as a legitmate bank, all you need is client banks -- And getting a bank account there is reasonable easy from my understanding. Similar to: https://en.wikipedia.org/wiki/E-gold https://en.wikipedia.org/wiki/E-gold https://en.wikipedia.org/wiki/E-Bullion https://en.wikipedia.org/wiki/E-Bullion Could you build a similar model to "GoldMoney" (https://en.wikipedia.org/wiki/GoldMoney https://en.wikipedia.org/wiki/GoldMoney) without KYC?

JumpCrisscross 9y ago
> Now, VISA, AMEX, etc.. will never want to process these payments Lots of legitimate business happens through the Caymans (for international finance) and Bermuda (for insurance). Wiring U.S. dollars between the Caymans and New York is instantaneous.
- Mandatum 9y ago
  This used to be true as they'd modernised their banking systems very early compared with many heavily-regulated countries and companies. However this is no longer the case, technology and platforms exist for similar speed and security offered by the aforementioned nations. The only real exceptions are countries currently embargoed or labeled as a "risk" by the IMF for money laundering.
um_ya 9y ago
If I'm not mistaken, Gold and silver is considered money under the US constitution, not a commodity... You would have to use something like Bitcoin or some other commodity.
colechristensen 9y ago
The idea is for the money to get out of and back into the US financial system. The courts will stomp on whomever is facilitating the illicit payments and making that connection. Anti-money laundering regulations and regulators are competent and experienced. If you want to start an online casino that just works for the cayman islands, sure. If you want it to work anywhere else you're going to have trouble.

by sargun 9y ago

JumpCrisscross 9y ago

> Now, VISA, AMEX, etc.. will never want to process these payments Lots of legitimate business happens through the Caymans (for international finance) and Bermuda (for insurance). Wiring U.S. dollars between the Caymans and New York is instantaneous.

Mandatum 9y ago
This used to be true as they'd modernised their banking systems very early compared with many heavily-regulated countries and companies. However this is no longer the case, technology and platforms exist for similar speed and security offered by the aforementioned nations. The only real exceptions are countries currently embargoed or labeled as a "risk" by the IMF for money laundering.

um_ya 9y ago

If I'm not mistaken, Gold and silver is considered money under the US constitution, not a commodity... You would have to use something like Bitcoin or some other commodity.

colechristensen 9y ago

The idea is for the money to get out of and back into the US financial system. The courts will stomp on whomever is facilitating the illicit payments and making that connection. Anti-money laundering regulations and regulators are competent and experienced. If you want to start an online casino that just works for the cayman islands, sure. If you want it to work anywhere else you're going to have trouble.