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My ETH Wallet is wrongly sanctioned
- LeoPanthera 4y agoCrypto people want to "be their own bank" without the consequences of being their own bank.
- sneed-oil 4y agoIt looks like they can be > Interestingly, in the end I was able to withdraw all my funds from AAVE through direct contract calls as illustrated above. So basically the web UI is blocked but people can still use AAVE by sending transactions to the blockchains directly. The only thing that was censoring his transactions was the website, which is centralized by design.
- hnthrow1010 4y agoBasically, the "sanction preventions" Aave is instituting are for show only, in hopes they fool the regulators. They'll annoy and disturb the casual crypto trader but will do nothing to stop the big criminals from money laundering. I hope the developers of these defi lending protocols get hit with the criminal charges next.
- sneed-oil 4y agoDo you also believe artists should be punished if their works of art are used to launder money?
- hnthrow1010 4y agoWhen the "artists" have been openly and shamelessly stating, since around 2009, that the entire purpose of their "art" is to aid in laundering money and other crimes? Yes, absolutely.
- sneed-oil 4y agoDid the AAVE developers say that?
- hnthrow1010 4y agoIf they're smart, they wouldn't admit to it publicly. But do you not remember the early history of Bitcoin, and the Silk Road? Nothing's changed since then, except some people got arrested and some haven't yet.
- sneed-oil 4y agoWhat's wrong with buying and selling drugs?
- hnthrow1010 4y agoI really don't think you want to continue the discussion in the direction of "what's wrong crime A and crime B", that'll get off the rails very quickly.
- sneed-oil 4y agoDepending on the drug and the country it might not even be a crime
- robertlagrant 4y ago> openly and shamelessly stating, since around 2009, that the entire purpose of their "art" is to aid in laundering money and other crimes? Becomes > If they're smart, they wouldn't admit to it publicly. Let me guess. Your favourite castle is motte and bailey?
- hnthrow1010 4y ago>Your favourite castle is motte and bailey? Less of this, please. Obviously, not everyone into crypto and defi says those exact words. But there are enough saying that type of thing, where I think it's wrong of anyone involved with this to feign ignorance. They know what they're getting into.
- IshKebab 4y agoWell yeah if the art is explicitly designed to make money laundering easy, of course!
- sneed-oil 4y agoIs AAVE explicitly designed to facilitate money laundering?
- hnthrow1010 4y agoBy association, yes. All cryptocurrency and "defi" ostensibly has that goal. What is it exactly you think they're trying to "decentralize"?
- sneed-oil 4y agoTransactions and storage of money. You could also argue that artists who sell their artworks for huge sums of money are associating themselves to money laundering.
- hnthrow1010 4y agoTransactions and storage of money are already decentralized, through the traditional finance system that connects at least thousands of banks and payment processors and other financial institutions. So it can't be that. >You could also argue that artists who sell their artworks for huge sums of money are associating themselves to money laundering. Yes, that's why transactions for those huge sums are subject to AML laws.
- sneed-oil 4y ago> Transactions and storage of money are already decentralized, through the traditional finance system That's not the case for every country on the planet > Yes, that's why transactions for those huge sums are subject to AML laws. And how do those prevent rich person A from paying rich person B (by buying a painting owned by B for an inflated price) for some illegal service?
- SparkyMcUnicorn 4y ago> I hope the developers of these defi lending protocols get hit with the criminal charges next. It's pretty crazy how all the arguments for freedom of speech (and software) go out the window for many people whenever cryptocurrency comes up.
- smt88 4y agoThis is impossible. DeFi is secure, decentralized, and uncensorable. You can't be sanctioned in DeFi! /s obviously
- sneed-oil 4y agoIt looks like it is > Interestingly, in the end I was able to withdraw all my funds from AAVE through direct contract calls as illustrated above. So basically the web UI is blocked but people can still use AAVE by sending transactions to the blockchains directly.
- hamiltonians 4y agoi think only usdt and usdc have the ability to freeze funds
- TylerE 4y ago"Code as law" isn't so great, is it?
- cassonmars 4y agoConsidering they could interact directly with the contract with no problem, that aspect worked out great.
- verdverm 4y agoThe ramifications might not be so great, code is still not law
- adhesive_wombat 4y agoI thought the De in DeFi was to avoid the possibility of being subject to an "authority". Hence the cute acronym.
- sneed-oil 4y agoThe author of the article did avoid being (sort of) subject to government sanctions
- verdverm 4y agoBeing able to make a transaction does not mean you are not subject to them, just that you found a workaround and probably earned yourself a spot on a list. They can still take your freedom
- mmh0000 4y agoI have nothing positive to say about this article. I giggled a little at reading it... A dude with way more money than brains is mad that "decenteralized finance" is decenteralized and can do whatever they want? The guy then admits to losing a quarter of a million; you'd think that'd be enough of a penalty for him to realize that maybe he should take his remaining money out, but nope. Gee. Who could've imangined that there's logical reasons for most financial regulations?
- sneed-oil 4y agoDid you read the article? His transactions went through in the end, just not through the website
- WheatM 4y ago
- deleted 4y ago[deleted]
- xtracto 4y agoThis reads entitled and aggressive. There are lots of people with a lot of money in the old banking system who are not tech savvy. They are routinely defrauded and affected by 3rd party fraud. Still, it doesn't warrant labeling them as "having more money than brains". In the case of the article, this is someone who had some money in a centralized exchange (AAVE) which was hacked by a bad actor, and then the breadcrumbs were traced to the sanctioned TornadoCash accounts. Victim shaming is wrong.
- nradov 4y agoAnyone who put money into an obvious scam isn't a victim.
- xtracto 4y agoMy dad just sent the money form his account on his bank after some scammer called him (saying that he was a bank officer) and convinced him that his bank account was hacked, and he needed to move his money to another account in a different bank. Needless to say, it was all a scam. Hearing and reading it looks pretty obvious... I do think he is a victim.
- throwawa3495 4y ago
- CobrastanJorji 4y agoIgnoring all the obvious jokes here about banking without regulations and throwing good money after bad, I'm interested in the technical aspect of such bans and had some trouble finding resources. The author says "blocked by DeFi protocols such as AAVE and Uniswap." What does this actually mean? I found Uniswap's FAQ on this ( https://help.uniswap.org/en/articles/6149816-address-screening-faq https://help.uniswap.org/en/articles/6149816-address-screeni... ), but I'm not sure what it means to be a blocked address. Is it just that certain companies won't execute transactions directly with those addresses? Is the author somehow prevented from trading their ETH?
- sneed-oil 4y agoThe website blocked his transaction but he was still able to make them go through by using direct calls
- BitwiseFool 4y agoHopefully some zealous prosecutor doesn't see his actions as defying sanctions.
- sneed-oil 4y agoHe never said he was sanctioned
- BitwiseFool 4y agoTrue, but I could envision a scenario in which someone working for the government might interpret his actions as bypassing measures put in place to enforce a sanction. Regardless of how valid or invalid it was for his account to be blocked in the first place.
- deleted 4y ago[deleted]
- verdverm 4y agoJust wait until staking is merged, 67% of the pools are run by centralized companies wanting to do business in the US, and they start filtering at the transaction level, including or not in blocks based on these same dirty metrics. Lots of people who became paper rich are going to go the other direction just as fast.
- stusmall 4y ago"This class of tools designed for resisting government control doesn't work correctly after it has been sanctioned by a government" lol
- sneed-oil 4y agoIt seems like they do though if you read the whole article
- Imnimo 4y ago> Interestingly, in the end I was able to withdraw all my funds from AAVE through direct contract calls as illustrated above Will this just result in the next wallet being tainted, and so on? I guess maybe you can try to cash out the crypto before whoever you're selling to catches on?
- yunfangjuan 4y agoI did do a swap using 1inch afterwards and it works OK.Ultimately I want to be removed from the sanction list because I did nothing wrong.
- verdverm 4y agoThe legal question could be "did providing liquidity to the service, by your participation, aid and abet sanctioned entities?" How do you know that you did not transact with a sanctioned entity? (and by proxy did do something wrong)
- hamiltonians 4y agoPart of the blame goes to etherscan for trying to be a gatekeeper. In 2016 it used to just be a transaction explorer, now it,s trying to determine what is legal or not.
- immibis 4y agoProbably legally required to, else the etherscan developers go bye bye
- 91edec 4y agoMonero
- sneed-oil 4y agoCan be sanctioned just like Tornado Cash
- npc54321 4y agoNice username. How?
- sneed-oil 4y agoTelling exchanges to remove it and making it illegal for merchants to accept it as payment
- deegles 4y agoThe big question is whether validators who process sanctioned contract transactions on chain are liable. I would say they are, since in theory they can choose which transactions to include. If I were a US based miner I'd be looking into it. (not that I agree but it seems the trend is more enforcement, not less, over time)