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> Ethereum blockchain wallet “that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours befo

> Ethereum blockchain wallet “that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published.” It talks volumes that had they done this in a privately held network, it might have been harder to catch them. All the "blockchain is anonymous, hence it's made by and for fraudsters" is a total nonsense.

duxup 4y ago
And yet the story is about a fraudster?
- rmbyrro 4y ago
  About a fraudster that was caught by a random person who could look at his fraud publicly, under the light of the sun. The part after "fraudster..." is what sets apart the blockchain and traditional financial networks, when it comes to fraud. If you commit fraud in the traditional financial system, only the financial institution has a chance to find it suspicious and tip the government agency responsible to investigate. In the blockchain, literally ANYONE ON THE PLANET can keep an eye on the fraudster.
  - duxup 4y ago
    >is what sets apart the blockchain and traditional financial networks, when it comes to fraud Are you telling me that fraudsters get caught on the blockchain more than other places?
    - incone123 4y ago
      This might be the same problem as libre open source software: Anyone can search for evidence of fraud (or software bugs) but not many are doing so.
      - georgeecollins 4y ago
        This! It's so obvious from the buy / sell ratios of coinbase that they are fueled by millions (or 100ks) of small investors investing $10k or less. Joe consumer isn't going to sue over a bad investment. I am guessing that polygon, gamestop is similar. Also the counter parties aren't major US companies, they are often small to mid cap LLCs. So when the thing they push collapses they sort of fade away. If this were a major US company ripping off say a US bank, there would be investigation. But a small start up (I'm thinking of the issuers, not coinbase) ripping off people all over the world for $100- $20k with false promises-- it's practically a victimless crime. Coinbase and the exchanges aren't necessarily guilty of this but they are complicit.
    - rmbyrro 4y ago
      > Are you telling me that fraudsters get caught on the blockchain more than other places? I'm sorry, but I did not say "more" and "other places" in my comment. What I said is what I wrote. My point is: blockchain is not anonymous. The hate bandwagon that says fraudsters have a safe heaven for doing whatever they want without a slight chance of being caught is just fantasy land...
      - duxup 4y ago
        > doing whatever they want without a slight chance of being caught I’ve never heard it stated that way.
LordDragonfang 4y ago
Evidence of flaws in using software for a given use case is not evidence that that use case is not what was intended. Software can have bugs or be badly designed for its intended purpose, especially when it comes to security. People on this forum should understand that better than most.
superjan 4y ago
The fraud is there not because it is anonymous, it’s there because crypto trade is not sufficiently regulated.

duxup 4y ago

And yet the story is about a fraudster?

rmbyrro 4y ago
About a fraudster that was caught by a random person who could look at his fraud publicly, under the light of the sun. The part after "fraudster..." is what sets apart the blockchain and traditional financial networks, when it comes to fraud. If you commit fraud in the traditional financial system, only the financial institution has a chance to find it suspicious and tip the government agency responsible to investigate. In the blockchain, literally ANYONE ON THE PLANET can keep an eye on the fraudster.
- duxup 4y ago
  >is what sets apart the blockchain and traditional financial networks, when it comes to fraud Are you telling me that fraudsters get caught on the blockchain more than other places?
  - incone123 4y ago
    This might be the same problem as libre open source software: Anyone can search for evidence of fraud (or software bugs) but not many are doing so.
    - georgeecollins 4y ago
      This! It's so obvious from the buy / sell ratios of coinbase that they are fueled by millions (or 100ks) of small investors investing $10k or less. Joe consumer isn't going to sue over a bad investment. I am guessing that polygon, gamestop is similar. Also the counter parties aren't major US companies, they are often small to mid cap LLCs. So when the thing they push collapses they sort of fade away. If this were a major US company ripping off say a US bank, there would be investigation. But a small start up (I'm thinking of the issuers, not coinbase) ripping off people all over the world for $100- $20k with false promises-- it's practically a victimless crime. Coinbase and the exchanges aren't necessarily guilty of this but they are complicit.
  - rmbyrro 4y ago
    > Are you telling me that fraudsters get caught on the blockchain more than other places? I'm sorry, but I did not say "more" and "other places" in my comment. What I said is what I wrote. My point is: blockchain is not anonymous. The hate bandwagon that says fraudsters have a safe heaven for doing whatever they want without a slight chance of being caught is just fantasy land...
    - duxup 4y ago
      > doing whatever they want without a slight chance of being caught I’ve never heard it stated that way.

LordDragonfang 4y ago

Evidence of flaws in using software for a given use case is not evidence that that use case is not what was intended. Software can have bugs or be badly designed for its intended purpose, especially when it comes to security. People on this forum should understand that better than most.

superjan 4y ago

The fraud is there not because it is anonymous, it’s there because crypto trade is not sufficiently regulated.