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If a legal activity is heavily overrepresented by financial crime, as crypto is, it would be incredibly irresponsible not to take action from a regulatory level

by devmor 2y ago

If a legal activity is heavily overrepresented by financial crime, as crypto is, it would be incredibly irresponsible not to take action from a regulatory level. A full-stop is surely overboard, but a pause on business related to this activity until mitigation strategies are implemented seems reasonable to me. For a microcosm example, I work in fintech and have had to pause all gift card processing on payment gateways due to insecure/improperly implemented payment forms belonging to integrators being used to test stolen gift cards or do refund scams.

monero-xmr 2y ago
Two of the most fraud areas of society are in SNAP benefits and improper Medicaid payments. Yet we never seem to take regulatory action to solve this over-representation of crime.
- SpicyLemonZest 2y ago
  Because they don't pose systemic risk. If it were possible for a customer doing SNAP fraud to do so much damage that the stores they shop at are forced to close, there'd be a lot more regulation.
- lotsofpulp 2y ago
  You can even rise to the level of US Senator if you defraud Medicare/Medicaid: https://en.wikipedia.org/wiki/Rick_Scott https://en.wikipedia.org/wiki/Rick_Scott
- arrosenberg 2y ago
  Individuals who defraud those programs are regularly caught and prosecuted, the systemic offenders who get away with it are always wealthy and connected, and they wind up becoming the Governor and Senator of Florida instead of going to prison.
  - monero-xmr 2y ago
    I find it extremely hilarious you think there is a massive effort (up until now) to root out fraud in either of these programs
    - arrosenberg 2y ago
      You find something you made up hilarious? That's kind of sad, don't you think? I said individuals are routinely prosecuted, which doesn't take a massive effort, it takes a regular effort. It would take a massive effort to do something about Rick Scott's $100M+ fraud, and since he's in the Senate, you can be sure I don't think that.
      - monero-xmr 2y ago
        I know someone involved in organized crime, and the entire crime is around stealing from Medicaid. The scam he is a component of involves hiring an immigrant to get into a contrived accident, then they go to their clinic to get treatment, then go to their specialists, and so on. All of it bilks Medicaid. There is literally no one who could care if I report this, and probably I would be killed. The mafia never disappeared. They just fleece the government now. Much safer than shaking down pizza shops
        arrosenberg 2y ago
        Cool story? Doesn’t conflict with what I said. Medicaid still does way more good than bad and has lower overhead and waste than private insurers. The alternative is the working poor dying in poverty from a lack of available care.
        monero-xmr 2y ago
        This is the core difference in opinion. You are empathetic, which is a noble virtue, and give the benefit of the doubt. I am a hustler, and I understand the mindset of hustlers, and there are way more hustlers out there than you think, because your virtue and good nature has made you think the vast majority are this way. Unfortunately the hustlers are businessmen, and their business is stealing from taxpayers. We need to do far, far more to prevent the fleecing of taxpayers from top to bottom. It is endemic and I have seen it with my own eyes in so many ways.
- devmor 2y ago
  The USDA reported $43 million in SNAP fraud in 2024... of a $118 billion budget. I would like to see what source or comparison you used to determine that was one of the "most fraud areas of society".
  - monero-xmr 2y ago
    Ah yes, no one trades SNAP purchases for cash. I cannot roll my eyes harder
    - devmor 2y ago
      No one made that claim. That is a strawman argument.
      - monero-xmr 2y ago
        You say the government found a tiny amount of fraud as evidence there is not fraud. My counterpoint the government doesn't have systems in place to ensure there is no fraud, and I know there is massive fraud, because I am friends with people who do this fraud. Why am I friends with them? Because I am an active member of my church and I help these people, and I know the way they work the system in order to earn cash. Additionally, I own many rental properties. Some of them I have rented via Section 8. And I am a good landlord, and my tenants trust me. So I sign their forms, and help them work the system, and I don't make them pay me the cash portion of the section 8 because I'm rich and I don't need it. I know how the scams work, the disability, the SNAP, the "my niece lives with me so I get extra payments". It's so incredibly easy to scam the system. I don't like this! I don't like the fraud! I'm not reporting these people, but it's so ingrained into the process it's just commonplace. I don't want an entire society of people who refuse to get gainful employment because it would jeopardize their welfare benefits. The system is fucked
        devmor 2y ago
        You put a great deal of prose behind it, but what you have said is “don’t trust data from the administrators of this program, trust my personal anecdotes”. That is not and should not be a compelling argument to anyone, for anything. Surely if fraud on the scale you fervently believe exists, someone is tracking it. Until you can present that evidence, there is absolutely no reason to treat your beliefs as even probable. Beyond that, by your admission you are a landlord who engages in crypto speculation. Two markets that provide you with profit that would be heavily stifled by common sense regulation. There is ample reason specifically to distrust anything you claim on this issue.
- taude 2y ago
  You're not surely suggesting the scale of SNAP theft is anywhere near the potential of banks and crypto, are you?
- deleted 2y ago
  [deleted]

by devmor 2y ago

monero-xmr 2y ago

Two of the most fraud areas of society are in SNAP benefits and improper Medicaid payments. Yet we never seem to take regulatory action to solve this over-representation of crime.

SpicyLemonZest 2y ago
Because they don't pose systemic risk. If it were possible for a customer doing SNAP fraud to do so much damage that the stores they shop at are forced to close, there'd be a lot more regulation.
lotsofpulp 2y ago
You can even rise to the level of US Senator if you defraud Medicare/Medicaid: https://en.wikipedia.org/wiki/Rick_Scott https://en.wikipedia.org/wiki/Rick_Scott
arrosenberg 2y ago
Individuals who defraud those programs are regularly caught and prosecuted, the systemic offenders who get away with it are always wealthy and connected, and they wind up becoming the Governor and Senator of Florida instead of going to prison.
- monero-xmr 2y ago
  I find it extremely hilarious you think there is a massive effort (up until now) to root out fraud in either of these programs
  - arrosenberg 2y ago
    You find something you made up hilarious? That's kind of sad, don't you think? I said individuals are routinely prosecuted, which doesn't take a massive effort, it takes a regular effort. It would take a massive effort to do something about Rick Scott's $100M+ fraud, and since he's in the Senate, you can be sure I don't think that.
    - monero-xmr 2y ago
      I know someone involved in organized crime, and the entire crime is around stealing from Medicaid. The scam he is a component of involves hiring an immigrant to get into a contrived accident, then they go to their clinic to get treatment, then go to their specialists, and so on. All of it bilks Medicaid. There is literally no one who could care if I report this, and probably I would be killed. The mafia never disappeared. They just fleece the government now. Much safer than shaking down pizza shops
      - arrosenberg 2y ago
        Cool story? Doesn’t conflict with what I said. Medicaid still does way more good than bad and has lower overhead and waste than private insurers. The alternative is the working poor dying in poverty from a lack of available care.
        monero-xmr 2y ago
        This is the core difference in opinion. You are empathetic, which is a noble virtue, and give the benefit of the doubt. I am a hustler, and I understand the mindset of hustlers, and there are way more hustlers out there than you think, because your virtue and good nature has made you think the vast majority are this way. Unfortunately the hustlers are businessmen, and their business is stealing from taxpayers. We need to do far, far more to prevent the fleecing of taxpayers from top to bottom. It is endemic and I have seen it with my own eyes in so many ways.
devmor 2y ago
The USDA reported $43 million in SNAP fraud in 2024... of a $118 billion budget. I would like to see what source or comparison you used to determine that was one of the "most fraud areas of society".
- monero-xmr 2y ago
  Ah yes, no one trades SNAP purchases for cash. I cannot roll my eyes harder
  - devmor 2y ago
    No one made that claim. That is a strawman argument.
    - monero-xmr 2y ago
      You say the government found a tiny amount of fraud as evidence there is not fraud. My counterpoint the government doesn't have systems in place to ensure there is no fraud, and I know there is massive fraud, because I am friends with people who do this fraud. Why am I friends with them? Because I am an active member of my church and I help these people, and I know the way they work the system in order to earn cash. Additionally, I own many rental properties. Some of them I have rented via Section 8. And I am a good landlord, and my tenants trust me. So I sign their forms, and help them work the system, and I don't make them pay me the cash portion of the section 8 because I'm rich and I don't need it. I know how the scams work, the disability, the SNAP, the "my niece lives with me so I get extra payments". It's so incredibly easy to scam the system. I don't like this! I don't like the fraud! I'm not reporting these people, but it's so ingrained into the process it's just commonplace. I don't want an entire society of people who refuse to get gainful employment because it would jeopardize their welfare benefits. The system is fucked
      - devmor 2y ago
        You put a great deal of prose behind it, but what you have said is “don’t trust data from the administrators of this program, trust my personal anecdotes”. That is not and should not be a compelling argument to anyone, for anything. Surely if fraud on the scale you fervently believe exists, someone is tracking it. Until you can present that evidence, there is absolutely no reason to treat your beliefs as even probable. Beyond that, by your admission you are a landlord who engages in crypto speculation. Two markets that provide you with profit that would be heavily stifled by common sense regulation. There is ample reason specifically to distrust anything you claim on this issue.
taude 2y ago
You're not surely suggesting the scale of SNAP theft is anywhere near the potential of banks and crypto, are you?
deleted 2y ago
[deleted]