4 ms·

"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?
    - yunohn 3y ago
      My (& others) core point is that it has nothing to do with technology. Corruption will always find a way, it’s a result of misuse of power and governmental opaqueness - not the lack of a blockchain. That’s why I’m making the point around actual justice not being delivered to victims of crypto fraud, despite the traceable ledger. We still need the meatspace to actually catch criminals and reverse (though not exactly possible on the blockchain) the harm inflicted.

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?
  - yunohn 3y ago
    My (& others) core point is that it has nothing to do with technology. Corruption will always find a way, it’s a result of misuse of power and governmental opaqueness - not the lack of a blockchain. That’s why I’m making the point around actual justice not being delivered to victims of crypto fraud, despite the traceable ledger. We still need the meatspace to actually catch criminals and reverse (though not exactly possible on the blockchain) the harm inflicted.