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> the bitcoin ecosystem doesn't acknowledge fraud or accounting control as a concept, Neither do banks. Transferred means transferred. They had to be regulated
by the-dude 6y ago
> the bitcoin ecosystem doesn't acknowledge fraud or accounting control as a concept,
Neither do banks. Transferred means transferred. They had to be regulated into KYC. I don't recall the reason, wether it was fraud or terrorism.
- bildung 6y ago> I don't recall the reason, wether it was fraud or terrorism. Interesting question to procrastinate with :) Apparently it was both, it started with measures to prevent money laundering by the mafia, with the Federal Deposit Insurance Act of 1950[0]. The current regulations are a result of 9/11 and came as part of the Patriot Act[1]. [0] = https://authenteq.com/the-evolution-of-kyc-part-2/ https://authenteq.com/the-evolution-of-kyc-part-2/ [1] = https://en.wikipedia.org/wiki/Know_your_customer#Laws_by_country https://en.wikipedia.org/wiki/Know_your_customer#Laws_by_cou...
- pjc50 6y agoYou can get it back with a court order (or less) most of the time for domestic transfers. IBAN transfers are more of a problem. (In the UK a lot of bill payment stuff is done by direct debit, which has a better "guarantee" agreement on getting your money back)