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Hacker Publishes 2TB of Data from Cayman National Bank

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Re: Hacker Publishes 2TB of Data from Cayman National Bank

#361
post #338

Earlier quoted context omitted.

Who's ethics? Really. Who's. Ethics isn't a black and white thing and people feel differently globally about whats ethical. Take copyright. That's a western thing, but personally I think we can do without. I like China's ethics on copyright even though most westerners would disagree.

What ethics? China has nominally had standard, WTO-compatible copyright protections for decades. The problem is inconsistent and often corrupt enforcement. The sine qua non of any legal system is consistent application of the law: https://en.wikipedia.org/wiki/Rule_of_law If you don't have the Rule of Law, you don't have much of anything. Western companies would have you think that China systematically ignores copyri…

US government would have you think that China...

The US did exactly the same thing to the UK back in the early 20th century. All developing economies do. Protecting "Intellectual Property Rights" are only relevant to a nation's economy when those rights have value in that economy.

Nations that are in the "developing" state are generally the destination of outsourced manufacturing from developed states. They are arbitraging their lower costs of labor, less developed regulatory environment ("light touch", "economic development zones") and lower standards for environmental and other protections.

China is starting to enforce IPR because it now has the developed capacity to create IP.

Re: Hacker Publishes 2TB of Data from Cayman National Bank

#362
post #251

Earlier quoted context omitted.

So this activist has somehow profited from his “hacktivism” and he wants to spread his wealth to other activists?

Or possibly someone who became wealthy in the software/opsec industry who believes what they do is for the good of humanity. To a person with a net worth of 100MM+ 100k would not be significant. The funds didn't necessarily come from the hacktivism. Edit: Given the bounty is paid in bitcoin, somewhat more likely the funds are donations/fees from hacking. Not likely it came from funds deposited to an exchange (traceab…

Also there's likely a lot of bitcoin that's known to be connected with illegal activities, say drug business and ransomware. I suppose there's ways to launder them, but it's not necessarily cheap or easy. That sort of bitcoin might be easier to give away anonymously.

Re: Hacker Publishes 2TB of Data from Cayman National Bank

#363

Earlier quoted context omitted.

It's mind blowing to me that people get angry about moving wealth to a lower tax country like Cayman, but are totally milquetoast about moving someplace within the same country that has the same effect of lowering one's effective taxation. If you are worked up about this Cayman thing, then you should be apoplectic if your neighbor moves to Texas or Florida. What horrible, disgusting people who are leaving their forme…

LOL maybe those communities should adopt some sane taxing policies instead of going all in on Nimbyism and "Imma take all your stuff because I know better how to dole it out".

Well, it’s called competition and I think it is a healthy feedback force.

Re: Hacker Publishes 2TB of Data from Cayman National Bank

#364

Earlier quoted context omitted.

> quite frankly draconian rules that usually places them on US/EU/OECD blacklists Assuming ethics is not a concern

I think the true moral crime here is preventing sovereign nations (using bullying tactics no less) who lack natural resources and other income-generating resources from offering convenient and flexible regulatory climates to business who need it. Singapore and Hong Kong were two countries that did this for decades and look where they are now - why shouldn't Vanuatu or Seychelles be offered the same opportunity?

SG is strategically located in Asia and has taken advantage of that.

HK was/is an entreport to China. Before 1949, it was not as important as Shanghai. After 1949, it was where a lot of southern Chinese escaped and became a manufacturing/cheap labor hub, while also taking advantage of British civil service practices.

Post China's economic changes, HK became the bridge between the world and China's economy, plus the place for China's new rich to park their money "safely".

Today, it is losing/has lost that advantage, because China's corruption has taken hold of the government, and as a result, the "rule of law".

Re: Hacker Publishes 2TB of Data from Cayman National Bank

#365
post #135

Earlier quoted context omitted.

>There's a reason the Panama Papers went away quietly despite the assassination of the human who exposed it. The human who exposed it is still anonymous. A journalist who wrote using the Panama Papers as a source was murdered, most likely by local Maltese exposed by the journalist. There has been $1B plus in taxes recovered as a result of the publication.

>There has been $1B plus in taxes recovered as a result of the publication. How many people are in prison? How many middle class folks get by with a slap on the wrist for tax evasion?

Most people that get caught for tax avoidance get punished civilly (fines etc).

Corporates can't be put in prison and piercing that veil takes a lot of work. Getting the money disgorged is a good step.

Re: Hacker Publishes 2TB of Data from Cayman National Bank

#366
post #361
post #338

Earlier quoted context omitted.

What ethics? China has nominally had standard, WTO-compatible copyright protections for decades. The problem is inconsistent and often corrupt enforcement. The sine qua non of any legal system is consistent application of the law: https://en.wikipedia.org/wiki/Rule_of_law If you don't have the Rule of Law, you don't have much of anything. Western companies would have you think that China systematically ignores copyri…

US government would have you think that China... The US did exactly the same thing to the UK back in the early 20th century. All developing economies do. Protecting "Intellectual Property Rights" are only relevant to a nation's economy when those rights have value in that economy. Nations that are in the "developing" state are generally the destination of outsourced manufacturing from developed states. They are arbit…

Perhaps you're referring to the 19th century? The U.S. didn't recognize foreign copyrights until 1891: https://en.wikipedia.org/wiki/International_Copyright_Act_of... But when it did happen the enforcement apparatus (rule of law) executed the protections quickly and efficiently, AFAIU.

The difference with China is that China does recognize foreign copyrights. Why does the difference matter? Because consistent recognition in China can't happen with a simple passage of a law--that law exists. Any promises they make can't be upheld as their entire administrative apparatus is intertwined with communist party politics, and deficiencies in the political machine are what make enforcement so costly. Excepting espionage and trade secrets, I've never seen any evidence of an official or even unofficial policy of looking the other way for IPR violations; what I have seen is plenty of evidence that the processes for enforcement are byzantine, regardless of whether you're a domestic or foreign owned company, and too slow to catch violators such that it remains profitable. Have you been to developing countries? The black and grey markets are huge. You can't suppress these by fiat; you can only replace them, organically, with legal alternatives. (Same as digital piracy in the U.S.) The leadership can move mountains but they can't move a million mole hills nearly as easily.

The situation can and likely will improve without any major legal or political reforms. What you need, if you wish to accelerate this, is to incentivize the monied interests in China. How to do that? Maybe tie their foreign IP protections, particularly patents[1], on their domestic enforcement of copyright? That way corporations have an independent, self-serving interest in regularizing and normalizing copyright enforcement up and down the value chain, such as by building out their own value chain to replace the black and grey markets. Foreign trademarks are readily enforced in China, within the limits of what the bureaucracy can achieve, precisely because domestic companies have an interest in enforcement of their own trademarks domestically. And I'd bet big money that many of Disney's problems have already been solved by multiplexes owned by corporate conglomerates, which help to displace pirate DVD shops. Omnibus trade deals aren't going to get that done, and there's ample proof of this because there have been many.

You can't address a situation without understanding why it's happening. You can't ascribe simple motivations to such complex systems.[2] Whether you're Xi Jinping, Donald Trump, Vladimir Putin, Fidel Castro, or Hugo Chávez, you can't simply decree that some complex reform happen; things are more likely to go sideways or backwards. (OTOH, if you control the media--and even if you don't--you can simply declare that it happened, and more often than not enough people will believe you, or at least be satisfied.)

[1] Because language and cultural barriers means they're unlikely to have major export markets in copyrightable materials any time soon.

[2] I mean, you can. People do all the time, obviously. Simple narratives are an easy sell. But political reforms built on simple narratives don't have great track records.

Re: Hacker Publishes 2TB of Data from Cayman National Bank

#367

Earlier quoted context omitted.

I don't think you need any citation or reference to know that even as early as 20 years ago there wasn't as much pervasive computerized record keeping and surveillance as there is now. By "worked well" I mean people paid their taxes and the overwhelming majority were law abiding. Here's one example to ponder about: if we had this kind of surveillance earlier, would things like the Civil Rights Movement and generally…

Majority of people paid their taxes, but many didn't, many more than today. Think of mafias of all kinds. So law abiding majority had to pay more to cover state expenses. Without computerized record keeping taxes were collected in person, often with support of armed force. And tax evasion could be as simple as hiding in the woods when tax collector comes. It worked, but not so well.

Yet the world itself worked rather well. That must either mean that taxing working well is not necessary for the world to work well or that it worked better than you are implying.

Re: Hacker Publishes 2TB of Data from Cayman National Bank

#368
post #50
post #21

After watching The laundromat, I think it's big news. Although I will always be curious why countries are letting those small, insignificant islands and countries manage all this wealth, and why they're trusted to do it. This can't be secure or safe. I'm curious about the diplomacy and the political implications of this. What if their office get robbed? What if the island gets attacked? What if one of those shady ban…

A recent piece in The Guardian argues that South Dakota and other US states are actually becoming the go-to place to store anonymously your illicit cash and make sure that your heirs can inherit it without taxes forever: https://www.theguardian.com/world/2019/nov/14/the-great-amer... Partly because the US has compelled other countries to provide more transparency without joining that transparency organization itself.…

Delaware was never the most transparent place on Earth either.

Re: Hacker Publishes 2TB of Data from Cayman National Bank

#369
post #358

Earlier quoted context omitted.

I am not aware of any tax that is specific to the City of London. How is it a tax heaven? And half of finance in London is not even located in the City (West End and Canary Wharf). The UK is certainly not a tax heaven.

Haven, not heaven. :) The city has had the deserved reputation for being a tax haven for well over a century. https://www.newstatesman.com/economy/2011/02/london-corporat...

Thanks. Got caught exactly by what this website describes [1]. “Heaven” was logical from French.

[1] https://jakubmarian.com/is-it-tax-haven-or-tax-heaven-in-eng...

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