Bulgarian law enforcement raids offices of cryptocurrency firm Nexo • Hacker News Board

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#31

Post by babaeth » Thu, Jan 12, 2023, 2:42 PM UTC

louwrentius wrote: post #5

> She said that investigators had proof that a Nexo client, who used the company’s platform to transfer cryptocurrencies, was a person officially designated as financing terrorism, but gave no further details. All crypto is some form of crime, money laundering, evading sanctions, funding terrorism, or just a ponzi scheme, it's just different sides of the same thing. I wish this space would totally collapse. Maybe if…

It's not fair to say that cryptocurrency has had "zero benefits" as it's clearly being used more and more for legitimate purposes such as zero fee international money transfers and providing a more cost-effective option for merchants compared to credit cards. It is important to consider the potential benefits and drawbacks of any technology or innovation before making blanket statements about its overall impact.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#32

Post by louwrentius » Thu, Jan 12, 2023, 2:45 PM UTC

logicchains wrote: post #13

louwrentius wrote: post #5

> She said that investigators had proof that a Nexo client, who used the company’s platform to transfer cryptocurrencies, was a person officially designated as financing terrorism, but gave no further details. All crypto is some form of crime, money laundering, evading sanctions, funding terrorism, or just a ponzi scheme, it's just different sides of the same thing. I wish this space would totally collapse. Maybe if…

[flagged]

Just be honest that crypto was about evading regulations and then about getting rich quick.

There are systemic issues and I’m no friend of the USA but crypto isn’t in anyway addressing the gripes about the current state of the world.

Most importantly: the idea that technology is going to fix things is ludicrous and it shows that people don’t understand the power of politics, governments and legislations.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#33

Post by mypastself » Thu, Jan 12, 2023, 2:47 PM UTC

louwrentius wrote: post #5

> She said that investigators had proof that a Nexo client, who used the company’s platform to transfer cryptocurrencies, was a person officially designated as financing terrorism, but gave no further details. All crypto is some form of crime, money laundering, evading sanctions, funding terrorism, or just a ponzi scheme, it's just different sides of the same thing. I wish this space would totally collapse. Maybe if…

Is Bitcoin a Ponzi? How exactly?

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#34

Post by bluetomcat » Thu, Jan 12, 2023, 2:48 PM UTC

lotsofpulp wrote: post #21

dollylambda wrote: post #12

Earlier quoted context omitted.

> However there are lots of very pro-Russia Bulgarians (hard to explain after everything that has happened, but still..), Here is an excerpt from wiki which explains why some in Bulgaria are still "pro-russia": "The Western European Enlightenment in the 18th century influenced the initiation of a national awakening of Bulgaria.[63] It restored national consciousness and provided an ideological basis for the liberatio…

I do not see why a Bulgarian today would assume Russia’s actions in 1877 have any relation to what Russia might do or be capable of in 2023.

It's an irrational love-hate relationship which is essential to the history of the modern Bulgarian state and creates the internal political divisions between "rusophiles" and "rusophobes". As a young nation (in modern terms) that has never been through the Enlightenment, we don't have our own political and intellectual traditions, and much of politics is perceived as orbiting around a superpower, be it Russia, continental Europe, or the USA.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#35

Post by isodev » Thu, Jan 12, 2023, 2:49 PM UTC

dollylambda wrote: post #12

sofixa wrote: post #7

Earlier quoted context omitted.

In this case it's reportedly only Bulgarians: > Mileva said that the people under investigation were Bulgarian nationals and the company, which she repeatedly described as a “cryptobank”, was operating primarily from Bulgaria. However there are lots of very pro-Russia Bulgarians (hard to explain after everything that has happened, but still..), so your point generally stands.

> However there are lots of very pro-Russia Bulgarians (hard to explain after everything that has happened, but still..), Here is an excerpt from wiki which explains why some in Bulgaria are still "pro-russia": "The Western European Enlightenment in the 18th century influenced the initiation of a national awakening of Bulgaria.[63] It restored national consciousness and provided an ideological basis for the liberatio…

The thing about history is that it's never about a single event...

While Russia may have had some influence in the events at the end of the 19th century, they are also responsible for Bulgaria's abrupt transition from monarchy to a soviet country in the 1940s. Bulgaria was a soviet country until 1990… which is a very long time of persistent atrocities and brainwashing.

The “Russian occupation” of the hearts and minds of boomers who are still alive today is difficult to shake.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#36

Post by archontes » Thu, Jan 12, 2023, 2:50 PM UTC

louwrentius wrote: post #5

> She said that investigators had proof that a Nexo client, who used the company’s platform to transfer cryptocurrencies, was a person officially designated as financing terrorism, but gave no further details. All crypto is some form of crime, money laundering, evading sanctions, funding terrorism, or just a ponzi scheme, it's just different sides of the same thing. I wish this space would totally collapse. Maybe if…

To be fair, crypto was the easiest option when I ordered some stuff from Russia, so score one to it.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#37

Post by bigbillheck » Thu, Jan 12, 2023, 2:50 PM UTC

danuker wrote: post #2

Yield products without a banking license, "proof that a Nexo client [...] was a person officially designated as financing terrorism". You'd think crypto exchanges would be more cautious, given the controversial nature of their business.

> You'd think crypto exchanges would be more cautious

Only if you haven't learned anything from the history of crypto exchanges going at least as far back as MTGOX.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#38

Post by louwrentius » Thu, Jan 12, 2023, 2:50 PM UTC

raesene9 wrote: post #22

It feels like the skeptics, who were pointing out last year that the rates on crypto yield products, were too good to be true, had a point. That's Celsius, Voyager, Blockfi, Genesis and now nexo all in some level of financial/legal trouble. The question is how much is still to be uncovered.

All of them are liars by definition. We know they are all insolvent.

Crypto doesn’t create any value, like with an investment in a regular business. So that must mean any profit is just money from the latest “unfortunates” that were foolish or desperate enough to buy in.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#39

Post by jrsj » Thu, Jan 12, 2023, 2:52 PM UTC

raesene9 wrote: post #22

It feels like the skeptics, who were pointing out last year that the rates on crypto yield products, were too good to be true, had a point. That's Celsius, Voyager, Blockfi, Genesis and now nexo all in some level of financial/legal trouble. The question is how much is still to be uncovered.

Bitcoiners were also generally skeptical of this. BTC and crypto often gets lumped together but many of those who prefer Bitcoin have been skeptical about stuff like this from the beginning.

Lightning Network also has some interesting capabilities & seems like it might actually evolve into something with real utility. Block is investing pretty significantly into that.

The minority of Bitcoin enthusiasts in the crypto space might turn out to be at least somewhat right. Assuming western governments don’t ban proof of work, at least.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#40

Post by ErikAugust » Thu, Jan 12, 2023, 2:54 PM UTC

unicornmama wrote: post #17

Kaizeras wrote: post #10

An ex-colleague of mine worked for OneCoin (another crypto scam originating from Bulgaria) when their offices got raided a few years ago. Now he’s an engineering manager at Nexo. I can see a pattern emerging in his career.

A famous short seller, I think it was Chanos but I can't remember, once said in an interview that they follow where the management of past frauds go as a signal to determine future frauds.

I may start a hedge fund based on this alone.