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This is not surprising. The minute Libra starts operating it becomes the main money laundering tool in the world. Depending on how it's implemented it could eas

This is not surprising. The minute Libra starts operating it becomes the main money laundering tool in the world. Depending on how it's implemented it could easily topple the economies of smaller countries, and significantly increase funding for terrorist organizations and garden variety criminals. I don't see how any government, and especially the US government, agrees to any of that anytime soon.

solotronics 7y ago
lol.. I don't think people realize how the legacy banking systems already facilitate this activity HSBC was recently fined for laundering billions for the cartels. This activity happens on an industrial scale and a Facebook cryptocurrency isn't needed for these groups to move money.
- luckydata 7y ago
  I'm not sure how I should reply to this. You really believe I don't know how money laundering is currently performed?
- sdinsn 7y ago
  Of course laundering already occurs. But that doesn't mean we should ignore things that could further enable it.
codehalo 7y ago
How will it become a main money laundering or terrorist tool? Can you elaborate? A launderer or terrorist (actually ANYBODY - good or bad) would have to be the biggest fucking idiot to use Libra and expect the transaction to be anonymous or private. I sincerely hope you were just whipping out the typical ML/T FUD and don't believe that yourself.
anchpop 7y ago
What does libra do for money laundering that other currencies like zcash and nano don't already do much better?
- bradstewart 7y ago
  Guessing here, but potentially allow you to actually mix fraudulent funds into real (or seemingly real) transactions? Assuming people actual use Libra to buy stuff. To use a Breaking Bad example, the car wash cashier says 100 people paid $30 each for a car wash (and generates receipts for those) when only 10 cars actually showed up. Zcash is great for anonymously moving money, but you can still trace the inputs and outputs since you ultimately need fiat to buy weapons and such.
  - luckydata 7y ago
    Libra will almost surely be fungible on Facebook marketplace. I can easily think of a scheme to list fake stuff and use the money to buy it between two complicit parties or one. Do it at scale with bots, you have a great, completely automated way of squirrel away tons of money $10-15 at the time. Nobody would be able to effectively trace all those transactions if it's done well enough, and budget is not exactly an issue for the people involved in this kind of stuff.
magnamerc 7y ago
Pretty sure the USD will remain the main money laundering tool in the world. The USD as cash is partly fungible, whereas Libra is not. The only reason the Russian agents involved in the 2016 misinformation campaign got caught was because they used Bitcoin to purchase their equipment.

solotronics 7y ago

lol.. I don't think people realize how the legacy banking systems already facilitate this activity HSBC was recently fined for laundering billions for the cartels. This activity happens on an industrial scale and a Facebook cryptocurrency isn't needed for these groups to move money.

luckydata 7y ago
I'm not sure how I should reply to this. You really believe I don't know how money laundering is currently performed?
sdinsn 7y ago
Of course laundering already occurs. But that doesn't mean we should ignore things that could further enable it.

codehalo 7y ago

How will it become a main money laundering or terrorist tool? Can you elaborate? A launderer or terrorist (actually ANYBODY - good or bad) would have to be the biggest fucking idiot to use Libra and expect the transaction to be anonymous or private. I sincerely hope you were just whipping out the typical ML/T FUD and don't believe that yourself.

anchpop 7y ago

What does libra do for money laundering that other currencies like zcash and nano don't already do much better?

bradstewart 7y ago
Guessing here, but potentially allow you to actually mix fraudulent funds into real (or seemingly real) transactions? Assuming people actual use Libra to buy stuff. To use a Breaking Bad example, the car wash cashier says 100 people paid $30 each for a car wash (and generates receipts for those) when only 10 cars actually showed up. Zcash is great for anonymously moving money, but you can still trace the inputs and outputs since you ultimately need fiat to buy weapons and such.
- luckydata 7y ago
  Libra will almost surely be fungible on Facebook marketplace. I can easily think of a scheme to list fake stuff and use the money to buy it between two complicit parties or one. Do it at scale with bots, you have a great, completely automated way of squirrel away tons of money $10-15 at the time. Nobody would be able to effectively trace all those transactions if it's done well enough, and budget is not exactly an issue for the people involved in this kind of stuff.

magnamerc 7y ago

Pretty sure the USD will remain the main money laundering tool in the world. The USD as cash is partly fungible, whereas Libra is not. The only reason the Russian agents involved in the 2016 misinformation campaign got caught was because they used Bitcoin to purchase their equipment.