Earlier quoted context omitted.
I imagine you'll always be able to use something like Western Union to make such payments.
At least in principal, with a service like Western Union, an actual human or other KYC’d entity needs to collect the money at the other end. If you run a $100M ransomware campaign, a very enthusiastic prosecutor is fairly likely to arrange to arrest people well before $100M gets cashed out, and without perfect opsec, you have a problem. And Western Union respects sanctions.
UK high street banks are quarantining from crypto
121–130 of 131 posts
Re: UK high street banks are quarantining from crypto
#122Re: UK high street banks are quarantining from crypto
#123Earlier quoted context omitted.
I mean 50K from USA to Europe.
A briefcase then.
Anonymous, fail
https://www.cbp.gov/travel/international-visitors/kbyg/money
Re: UK high street banks are quarantining from crypto
#124Earlier quoted context omitted.
Does the cryptocurrency industry also allow banning yourself from betting on it (and respect this ban by ensuring you don't create multiple accounts)? That's just one of the controls in place in gambling industry.
Is speculating on crypto anywhere near as addictive as fast-paced casino-style gambling? And people don't tend to ban themselves from gambling sites until after they've made big losses. It'd be the same for crypto.
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Re: UK high street banks are quarantining from crypto
#125Re: UK high street banks are quarantining from crypto
#126Earlier quoted context omitted.
At least in principal, with a service like Western Union, an actual human or other KYC’d entity needs to collect the money at the other end. If you run a $100M ransomware campaign, a very enthusiastic prosecutor is fairly likely to arrange to arrest people well before $100M gets cashed out, and without perfect opsec, you have a problem. And Western Union respects sanctions.
https://en.wikipedia.org/wiki/Western_Union#Controversies Not so much.
I did say “in principle” for a reason (although I did misspell it).
That being said, with a large enough fraud campaign, law enforcement really could target Western Union’s users.
Re: UK high street banks are quarantining from crypto
#127A friendly reminder that all the recent drama has zero to do with crypto, rather 100% to do with corruption at a human scale by 3rd party services which are not in any way crypto, they are traditional financial services peddling cryto wares. Get your keys off banks and 3rd parties, thats the whole point of why this started ... Exactly because of crooks like ftx and those peotecting them.
Your “no true crypto-bro” argument is unpersuasive. The entirety of cryptocurrency is based on selling later to greater fools, even for hodlers with hardware wallets.
Re: UK high street banks are quarantining from crypto
#128I first learned about blockchain years ago talking to some middle eastern clients who had implemented something with it. After looking at the technology from a data & software engineering pov, I thought it was basically useless and incredibly niche. I said as much, but they didnt believe me; they also thought ML was where you "fed data to a machine and it did everything" because that's what some lecturer had told the…
Bad take regarding black mark. Fintech and swinging for the fences is not a bad thing per se. As long as you aren’t an executive for a scam or something; I have never seen in my career experience being treated as a bad thing. Might perhaps get some added questions to get you, but it is also a unique selling point. Crypto essentially allows you to make trust less systems with tokens, what those tokens mean or not depe…
But as soon as there's a conversion to/from fiat or anything else in the real world, you have to trust whatever exchange or vendor you're dealing with. That means it's still a system that requires trust. With cash and banks I can go to the legal system to get issues with trust violation addressed. With crypto, I'm up shit's creek with no recourse when the exchange I used gave my tokens away or my computer was hacked with malware. This is not exactly "better" by any stretch of things. For many people it is turning out to be immensely worse.
Re: UK high street banks are quarantining from crypto
#129Earlier quoted context omitted.
Anonymous, fail https://www.cbp.gov/travel/international-visitors/kbyg/money
It's illegal to do it via crypto too. If you are willing to break the law to do it via crypto, you are willing to break the law and smuggle it too.
The law isn't the arbiter of what is moral. History shows that countries enact capital controls. Morally, if I decide this is going against the contract with me and my country, I may choose to "break laws" in order to leave.
Re: UK high street banks are quarantining from crypto
#130I first learned about blockchain years ago talking to some middle eastern clients who had implemented something with it. After looking at the technology from a data & software engineering pov, I thought it was basically useless and incredibly niche. I said as much, but they didnt believe me; they also thought ML was where you "fed data to a machine and it did everything" because that's what some lecturer had told the…
Bad take regarding black mark. Fintech and swinging for the fences is not a bad thing per se. As long as you aren’t an executive for a scam or something; I have never seen in my career experience being treated as a bad thing. Might perhaps get some added questions to get you, but it is also a unique selling point. Crypto essentially allows you to make trust less systems with tokens, what those tokens mean or not depe…
I'd personally see crypto experience as a very small point against someone.