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SIM swapping has really nothing to do with crypto per se, people use it to steal identities/fiat all the time. Crypto is big, but to be fair "just" Apple is bi

by dvt 5y ago

SIM swapping has really nothing to do with crypto per se, people use it to steal identities/fiat all the time. Crypto is big, but to be fair "just" Apple is bigger than crypto. Compared to the NYSE or Nasdaq, it's small, and when compared to forex (maybe a more apt comparison), it barely registers. Incidentally, I think this is why crypto's here to stay (probably forever): it's huge and growing, very popular, and the masses seem to like it. It's like the McDonalds of financial instruments. I don't think governments care to (or can) regulate it, so as long as we're paying taxes on gains, they will let it slide.

paulpauper 5y ago
crypto is money. So you got $2.2 trillion of money lying around. So of course criminals are going to go through any means to get some, including sim swaps, but soo much more. You cannot steal stock or real estate in the same way you can steal crypto. Crypto by definition is irreversible and unbreakable. SO even way more attractive to criminals just for that property.
- miohtama 5y ago
  > You cannot steal stock or real estate in the same way you can steal crypto. In fact you can https://www.bbc.com/news/uk-england-essex-59069662 https://www.bbc.com/news/uk-england-essex-59069662
yborg 5y ago
>I don't think governments care to (or can) regulate it China has literally banned Bitcoin. Their approach is to roll out their own digicoin. Governments have been very slow to figure out how to approach crypto, but the current Wild West of tax evasion, money laundering and virtual bank robberies won't go on forever. Just like counterfeiting and money laundering exists today, there will continue to be exploitation of the financial system, but it will be explicitly criminalized.
- dvt 5y ago
  > China has literally banned Bitcoin. Their approach is to roll out their own digicoin. China "banning" cryptocurrency is a meme at this point (I think they've banned it 4 times now). > Wild West of tax evasion You literally cannot evade taxes, so I'm not even sure what this means. All US exchanges report everything to the IRS/SEC. And if the exchanges don't, your bank certainly will. Moving money in your bank account and not reporting it as income is a big no-no so good luck to anyone that tries to do this. > Just like counterfeiting and money laundering exists today This is kind of a faulty analogy, it's not like cash is banned, and most of those things are done with cash. People seem to like crypto markets as a speculative instrument. Is that good/bad? I don't know, but it's probably here to stay.

by dvt 5y ago

paulpauper 5y ago

crypto is money. So you got $2.2 trillion of money lying around. So of course criminals are going to go through any means to get some, including sim swaps, but soo much more. You cannot steal stock or real estate in the same way you can steal crypto. Crypto by definition is irreversible and unbreakable. SO even way more attractive to criminals just for that property.

miohtama 5y ago
> You cannot steal stock or real estate in the same way you can steal crypto. In fact you can https://www.bbc.com/news/uk-england-essex-59069662 https://www.bbc.com/news/uk-england-essex-59069662

yborg 5y ago

>I don't think governments care to (or can) regulate it China has literally banned Bitcoin. Their approach is to roll out their own digicoin. Governments have been very slow to figure out how to approach crypto, but the current Wild West of tax evasion, money laundering and virtual bank robberies won't go on forever. Just like counterfeiting and money laundering exists today, there will continue to be exploitation of the financial system, but it will be explicitly criminalized.

dvt 5y ago
> China has literally banned Bitcoin. Their approach is to roll out their own digicoin. China "banning" cryptocurrency is a meme at this point (I think they've banned it 4 times now). > Wild West of tax evasion You literally cannot evade taxes, so I'm not even sure what this means. All US exchanges report everything to the IRS/SEC. And if the exchanges don't, your bank certainly will. Moving money in your bank account and not reporting it as income is a big no-no so good luck to anyone that tries to do this. > Just like counterfeiting and money laundering exists today This is kind of a faulty analogy, it's not like cash is banned, and most of those things are done with cash. People seem to like crypto markets as a speculative instrument. Is that good/bad? I don't know, but it's probably here to stay.