Earlier quoted context omitted.
Look at the actual charges in the indictment. All the BTC-e stuff is not what he's charged with. He's charged with transferring stolen Mt Gox Bitcoins to Tradehill, a San Francisco based exchange (now defunct). That's the US connection that will seal his extradition. They also allege that BTC-e is (at least partially) hosted in the US and does business with many US companies, which is likely true. But that's not what…
As an actual cryptographer who has looked into it, I wouldn't put too much faith in Monero's fungibiliry. The story is not as good as the PR would have you believe, and is really not all that different from Bitcoin with CoinJoin.
BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
111–120 of 256 posts
Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#112Earlier quoted context omitted.
Yeah my favourite pharmacy just closed - pretty sure it was a money laundering op. Huge warehouse, fully staffed, inventory from pharmacy to electronics, hardware to perishable goods (but just random retail packages). In a couple years I've never seen more than 1 other car in the 50-space parking lot. Amazing service. And of course there's no victims in money laundering. It's a victimless crime that has the sole purp…
And of course there's no victims in money laundering. It's a victimless crime that has the sole purpose of helping prosecutors when they aren't able to find a real crime. While the laundry operation is victimless it often directly assists crimes that have very real crimes: Trafficking Drug abusers [0] Illegal weapons trade [1] [0]: Esp. as since it is currently illegal they suffer a lot as getting their drugs means d…
(I would have put /s here, but all these lines will be used at face value soon enough).
Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#113Earlier quoted context omitted.
Traditionally an extradition treaty would require the crimes to have occurred on US soil. We’re slowly figuring out how this applies to the digital age.
The charges in the indictment are for illicit transactions with TradeHill which was based in the US.
Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#114Earlier quoted context omitted.
For one of charges in the indictment, "Operation of an Unlicensed Money Transmitting Business" (18 USC § 1960), they allege that BTC-e satisfied two conditions, either of which alone would have been sufficient to prove the charge. One of the conditions is knowingly transmitting funds derived from a criminal offense, but the other one is just "fail[ing] to comply with the money transmitting business registration requi…
This is ridiculous overreach. It sets a dangerous precedent where any online trader must be mindful of all legislation of all possible jurisdictions on the world. Otherwise, sell porn, have one customer from Saudi Arabia, go for a vacation in Turkey, and here comes your flogging extradition trip. At the same time, US has a "Hague invasion act" authorizing military action against international prosecution of their off…
Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#115Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#116Earlier quoted context omitted.
And of course there's no victims in money laundering. It's a victimless crime that has the sole purpose of helping prosecutors when they aren't able to find a real crime. While the laundry operation is victimless it often directly assists crimes that have very real crimes: Trafficking Drug abusers [0] Illegal weapons trade [1] [0]: Esp. as since it is currently illegal they suffer a lot as getting their drugs means d…
Right. And cars manufacturers assist kidnappers and bank robbers escapes. And cell phones can be used as remote detonators. And end-to-end cryptography... no, this is an abomination , you shouldn't even think of it unless you willingly submit your private keys to the appropriate government agency for safe escrow to aid lawful investigations! (I would have put /s here, but all these lines will be used at face value so…
No. Because there never is any planning between the manufacturer and the bank robbers.
Remember: we are talking about money laundering operations here, not accidentally receiving stolen goods without knowing.
Can these use be abused? Yes. Very much. Should they still exist? Yes.
Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#117There's been no mentions of coin seizures anywhere as far as I can tell. Usually you'd see some boasting about that. Perhaps these guys were actually smart about their cold storage?
Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#1181) Arresting btc-e admin made all US customers to lose their balances on btc-e exchange. I highly doubt btc-e will come back online. 2) If you run online exchanger and have a single US customer, then you have to register your operation in USA. I find it ridiculously stupid.
What if you just ban all Americans? /duck
Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#119Earlier quoted context omitted.
As an actual cryptographer who has looked into it, I wouldn't put too much faith in Monero's fungibiliry. The story is not as good as the PR would have you believe, and is really not all that different from Bitcoin with CoinJoin.
Care to elaborate?
The problem is that there are a lot of knobs to tweak here. Which coins do you pick? They're not all random because at least one of the coins is from your wallet. People have specific usage patterns that give a prior on what output is the user's vs a randomly selected one. (E.g. an output that is 2 years old is less likely than one that is 2 weeks old to be the user's, since most outputs being spent are recent.) In addition, details of the transaction such as how many other coins are selected per signature, reveal what client might be used.
It has been our experience with bitcoin that it is incredibly hard to mask what software is used to generate a transaction. It turns out that there are a ton of things that can watermark a transaction and thereby decrease your anonymity set -- from coin selection to serialization choices to the default settings of optional knobs like fee or locktime. And these generally interact very badly with ring signature systems. If your wallet version makes transactions a certain way, and none of the other mixin inputs you included do exactly the same thing, then it is blindingly obvious which input is actually yours -- the one from a transaction that matches yours in these other respects.
Re: BTC-e and its founder charged in 21-count indictment over hack of Mt. Gox
#120Earlier quoted context omitted.
You may get it back in the future, if they open again… or not. Sorry for your loss It is reasonably well-known that it is dangerous to leave money on exchanges. BTC is only yours when it's in a wallet with a private key that is known to you, and no third party.
I've lost more in my own local wallets due to losing both of the USB flash drives that contained the keys (as ridiculous as it sounds, I think my girlfriend's cat stole one of them). Realistically, I've come to think cryptocurrency just isn't for me; it's too damned easy to lose. I also forgot my passphrase for some other BTC (I think I remember it, but it doesn't work, so, there those went). It's not huge sums; 1 BT…
https://99bitcoins.com/ledger-nano-s-review-bitcoin-wallet-b...