191–200 of 345 posts
Maybe I don't know much about bitcoin, but can't you track the address where the bitcoins were being transferred to? Seems like it would be difficult to launder that volume of bitcoin all anonymously where it can be tracked, to a certain extent, through the public blockchain?
Earlier quoted context omitted.
And this is the problem. These guys are not regulated. There is no transparency. There are no external auditors. There is no control. When we find out, it is always too late. Every "cryptocurrency bank" is a potential Enron. I fear both the involvement of Central Banks and at the same time the lack of it. If EY (or anyone else serious about this) 'follows the money' then that would be a very interesting report to rea…
> These guys are not regulated. There is no transparency. There are no external auditors. There is no control. But that's a feature, not a bug, at least according to the crypto people. But, so far, all they have managed to do is rediscover lessons about the need for regulation, oversight and accountability that the financial industry has learnt decades or even centuries ago.
> But that's a feature, not a bug, at least according to the crypto people. But, so far, all they have managed to do is rediscover lessons about the need for regulation, oversight and accountability that the financial industry has learnt decades or even centuries ago.
I feel this is only true for people who have not truly embraced the decentralized aspect of cryptocurrency. For example, many people leave all of their money in one wallet. Centralization. Many people use only one exchange for converting fiat to crypto. Centralization. The harder you look, the more you will find that the only people upset about the state of cryptocurrencies are those that did not diversify and instead reverted to a concept squarely against the cryptocurrency ethos.
Thus is human nature. Who wants to manage 30,000 wallets each containing only a few dollars? The supporting tooling is not there (or is not easy enough to use) and thus we see this recurrent user pattern.
For some reason this sounds like the plot of a movie starring Leonardo DiCaprio. CEO of Crypto Company... 1) Takes time off to build orphanage in region noted for fake deaths. 2) Subsequently dies unexpectedly. 3) Is immediately cremated. 4) Wife waits a month before saying "oh by the way he is dead" 5) Wife claims all keys on encrypted laptop 6) World watches as wallets mysteriously empty 7) Experts crack laptop 8)…
For some reason this sounds like the plot of a movie starring Leonardo DiCaprio. CEO of Crypto Company... 1) Takes time off to build orphanage in region noted for fake deaths. 2) Subsequently dies unexpectedly. 3) Is immediately cremated. 4) Wife waits a month before saying "oh by the way he is dead" 5) Wife claims all keys on encrypted laptop 6) World watches as wallets mysteriously empty 7) Experts crack laptop 8)…
Perhaps blockchains’ lasting impact will be as an overused plot device in future period pieces set in the early 21st century.
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> region noted for fake deaths There is a place that is known for this specifically? Where can I read more about this?
There are several documentaries on YouTube exploring how easy it is to fake death certificates in, say, Delhi. Search for ‘quacks’
There are companies that have stocks of decades or century-old paper that they use to forge aged government documents. I can't find a link to a story at the moment :-(
Earlier quoted context omitted.
And this is the problem. These guys are not regulated. There is no transparency. There are no external auditors. There is no control. When we find out, it is always too late. Every "cryptocurrency bank" is a potential Enron. I fear both the involvement of Central Banks and at the same time the lack of it. If EY (or anyone else serious about this) 'follows the money' then that would be a very interesting report to rea…
This would seem to be a private problem. If people choose to park their money with a non-transparent, unaudited random crypto startup, that's their decision and their problem. I'm not interested in paying for "regulators" in such cases.
Earlier quoted context omitted.
And this is the problem. These guys are not regulated. There is no transparency. There are no external auditors. There is no control. When we find out, it is always too late. Every "cryptocurrency bank" is a potential Enron. I fear both the involvement of Central Banks and at the same time the lack of it. If EY (or anyone else serious about this) 'follows the money' then that would be a very interesting report to rea…
This would seem to be a private problem. If people choose to park their money with a non-transparent, unaudited random crypto startup, that's their decision and their problem. I'm not interested in paying for "regulators" in such cases.
Earlier quoted context omitted.
Before/after the 850k/650k hack there were numerous other hacks, the total number of stolen BTC is still not clear, new proof of other hacks is still being discovered. Apparently Karpeles also found a 'forgotten' wallet of 200k BTC, which he still seems to own. It's a mess.
No, the found wallet is under the control of the trustee overseeing the bankruptcy of MtGox. We know this for certain because he sold 35,000BTC when BTC was around 10,000USD, ensuring the creditors will get their full investment back. Doesn't make us whole of course, but it is nice.
My take on this is that they probably were insolvent for a long time already due to previous hacks/theft. The CEO just decided to lie about the supposedly 137M in funds 'safely' stored on his laptop. This is also what happened at MtGox, except that at MtGox they 'lost' wel over a million BTC. Edit: relevant listening: https://darknetdiaries.com/episode/9/