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Bottom Line: Crypto is a fraudster's paradise. Play at your own risk.

rvz 3y ago
A 'paradise' where those fraudsters end up getting caught for everyone to see on a public blockchain? Sounds like a fraudsters nightmare since the whole thing is traceable. That is close to nothing compared to the trillions of fraud and illicit transactions by criminals and terrorists all aided by the banks in the current system in the FinCEN files. [0] [0] https://www.buzzfeednews.com/fincen-files https://www.buzzfeednews.com/fincen-files
- cuteboy19 3y ago
  It almost doesn't matter, for example the safemoon team's scams are documented on the Blockchain but the investors don't care. We can't underestimate the financial cultism of crypto people
  - jqpabc123 3y ago
    Crooks need accounting too. Most fraud doesn't revolve around fudging the accounting. SBF made billions of other people's money disappear into the crypto void without breaking the blockchain. The idea that blockchain will prevent fraud is naive, absurd and laughable.
    - blockabot 3y ago
      The blockchain does prevent fraud as it is transparent, it just requires the end user to in essence wipe their own ass.
      - cuteboy19 3y ago
        Pseudonymity is not transparency. Transparency in theory is not transparency in practice.
      - jqpabc123 3y ago
        Blockchain is just an accounting tool. It doesn't make judgments about those using it. It works just as well for fraudsters and cyber criminals as anyone else. There are reasons ransomware extortionists always request payment in some sort of blockchain based crypto --- usually bitcoin. In other words, blockchain *facilitates* fraud and crime as easily as it *prevents* it.
- deleted 3y ago
  [deleted]
- jahsome 3y ago
  "Worse happens elsewhere" is not a good endorsement.
  - rvz 3y ago
    My point is, fraud happens everywhere, but in crypto it is much harder to get away with it and leave with illicit funds in your pocket without getting caught. As soon as it hits the exchange, it is frozen, traced and whoever sent the transaction will be traced down and caught. Unlike in the FinCEN files which the banks and criminals were all making money by processing trillions worth of transactions and a former US Treasury official who blew the whistle on this mass fraud was sent to prison [0] over the regulators not doing their job and instead was supporting criminal financing. So why wasn't this corruption stopped earlier? [0] https://www.icij.org/investigations/fincen-files/fincen-files-source-sentenced-to-six-months-in-prison/ https://www.icij.org/investigations/fincen-files/fincen-file...
    - jahsome 3y ago
      That's like, your opinion, man.
    - yunohn 3y ago
      > crypto it is much harder to get away with it and leave with illicit funds in your pocket without getting caught Ah of course, that’s why crypto neither attracts nor results in fraud or scams. Obviously, everyone who has tried has also been arrested and funds returned to the victims. /s
      - rvz 3y ago
        There you have it. Unable to answer a basic question and instead tries to use sarcastic nonsense to put words in ones mouth. Absolutely no-one said that the 'funds would be returned to the victims'. Only that the criminals will be caught once the illicit funds hit the exchange and gets frozen and traced down. Let's try again since you want to answer for the other user about the corruption evidently exposed in the FinCEN files: Why wasn't this corruption stopped earlier?

rvz 3y ago

A 'paradise' where those fraudsters end up getting caught for everyone to see on a public blockchain? Sounds like a fraudsters nightmare since the whole thing is traceable. That is close to nothing compared to the trillions of fraud and illicit transactions by criminals and terrorists all aided by the banks in the current system in the FinCEN files. [0] [0] https://www.buzzfeednews.com/fincen-files https://www.buzzfeednews.com/fincen-files

cuteboy19 3y ago
It almost doesn't matter, for example the safemoon team's scams are documented on the Blockchain but the investors don't care. We can't underestimate the financial cultism of crypto people
- jqpabc123 3y ago
  Crooks need accounting too. Most fraud doesn't revolve around fudging the accounting. SBF made billions of other people's money disappear into the crypto void without breaking the blockchain. The idea that blockchain will prevent fraud is naive, absurd and laughable.
  - blockabot 3y ago
    The blockchain does prevent fraud as it is transparent, it just requires the end user to in essence wipe their own ass.
    - cuteboy19 3y ago
      Pseudonymity is not transparency. Transparency in theory is not transparency in practice.
    - jqpabc123 3y ago
      Blockchain is just an accounting tool. It doesn't make judgments about those using it. It works just as well for fraudsters and cyber criminals as anyone else. There are reasons ransomware extortionists always request payment in some sort of blockchain based crypto --- usually bitcoin. In other words, blockchain *facilitates* fraud and crime as easily as it *prevents* it.
deleted 3y ago
[deleted]
jahsome 3y ago
"Worse happens elsewhere" is not a good endorsement.
- rvz 3y ago
  My point is, fraud happens everywhere, but in crypto it is much harder to get away with it and leave with illicit funds in your pocket without getting caught. As soon as it hits the exchange, it is frozen, traced and whoever sent the transaction will be traced down and caught. Unlike in the FinCEN files which the banks and criminals were all making money by processing trillions worth of transactions and a former US Treasury official who blew the whistle on this mass fraud was sent to prison [0] over the regulators not doing their job and instead was supporting criminal financing. So why wasn't this corruption stopped earlier? [0] https://www.icij.org/investigations/fincen-files/fincen-files-source-sentenced-to-six-months-in-prison/ https://www.icij.org/investigations/fincen-files/fincen-file...
  - jahsome 3y ago
    That's like, your opinion, man.
  - yunohn 3y ago
    > crypto it is much harder to get away with it and leave with illicit funds in your pocket without getting caught Ah of course, that’s why crypto neither attracts nor results in fraud or scams. Obviously, everyone who has tried has also been arrested and funds returned to the victims. /s
    - rvz 3y ago
      There you have it. Unable to answer a basic question and instead tries to use sarcastic nonsense to put words in ones mouth. Absolutely no-one said that the 'funds would be returned to the victims'. Only that the criminals will be caught once the illicit funds hit the exchange and gets frozen and traced down. Let's try again since you want to answer for the other user about the corruption evidently exposed in the FinCEN files: Why wasn't this corruption stopped earlier?