Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

sofiaglobe.com

Post reply on HN
Print view View original

111–120 of 136 posts

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#111

Post by riialist »

The crypto business seems to be a bit on a "Winter is coming, and it will last for years" -phase in EU.

An European Parliament vice-president and law-maker who was the most prominent lobbyist for more lax money-loundry regulation for cryptocurrencies is currently under detention - for money loundering and corruption.

And yes I think cryptocurrencies will prevail in some form sooner or later, it's just not so good publicity that some of the most vocal proponents are caught red-handed with bags full of half a million euros.

https://www.coindesk.com/policy/2022/12/12/pro-crypto-eu-law...

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#112

Post by sandworm101 »

latchkey wrote: post #107
sandworm101 wrote: post #96

Earlier quoted context omitted.

A bike without an odometer is "true mileage unknown" (TMU) which makes selling/insuring/valuing it somewhat difficult. On a custom chopper that is normal. Many choppers don't even have speedometers. But on a normal bike missing such instruments is seen as a red flag that the bike is stolen and/or made from stolen parts.

odometer value is easily modified, even with digital ones. Even then, it is often not accurate at all, especially on motorcycles, due to the fact that it is usually driven by a cable attached to the front wheel (just disconnect the cable and number never goes up).

Maybe in the 1980s. On a modern bike it is integrated into the transmission, usually on the drive sprocket. And then the signal is used in slightly different ways, with the odometer being accurate and the speedometer generally reading a few % higher than the actual speed. Some bikes may also use it for electronic engine/emission controls too.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#113

Post by warinukraine »

jrsj wrote: post #57
PragmaticPulp wrote: post #49

Earlier quoted context omitted.

I can’t tell if this is sarcastic or not But it’s incredibly fascinating to see how much the Bitcoin fans can ignore all of the fraud and the collapse of crypto markets, instead focusing on hypothetically perfect retroactive market timing. So much of the Bitcoin propaganda is different versions of “Well if you had bought Bitcoin on then you’d be up right now!”

“Bitcoin fans” != “crypto fans”. Much higher % of Bitcoin fans were skeptical of yield products from the beginning, prefer to hold their own coins, and are generally distrustful of the crypto market in general. It’s far from a monolithic group of people. But yes that last part is right, people are always saying stuff like that and it’s a terrible argument if you can even call it that.

> skeptical of yield products

Yield products aren't the problem, they're a symptom.

The problem is wanting to buy something that has no value and hoping to sell it to someone else who in turn is also hoping to sell it to someone else even higher.

Bitcoin, NFT, yield products, etc, they're all manifestations of the same thing.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#114

Post by latchkey »

sandworm101 wrote: post #112
latchkey wrote: post #107

Earlier quoted context omitted.

odometer value is easily modified, even with digital ones. Even then, it is often not accurate at all, especially on motorcycles, due to the fact that it is usually driven by a cable attached to the front wheel (just disconnect the cable and number never goes up).

Maybe in the 1980s. On a modern bike it is integrated into the transmission, usually on the drive sprocket. And then the signal is used in slightly different ways, with the odometer being accurate and the speedometer generally reading a few % higher than the actual speed. Some bikes may also use it for electronic engine/emission controls too.

Not all bikes. 2023 DRZ 400sm still has a cable (they haven't modified the design in years). Most scooters/motorbikes are cables too.

Even still, it is easily hacked on almost any vehicle (Tesla is a great example of a connected car making it much harder) and there is plenty of YT all about it...

https://www.youtube.com/watch?v=hfPm-9p0YUI

https://www.youtube.com/watch?v=1MFd7Ufe7v4

https://www.youtube.com/watch?v=8wygJwWnFm4

https://www.youtube.com/watch?v=7Q_AMBBNk2A

When I was living in Vietnam, I could pay someone about $5 to do it for me.

What I learned pretty quickly was that the ODO is the last thing I'd rely on for price.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#115

Post by mschuster91 »

louwrentius wrote: post #106
mschuster91 wrote: post #85

Earlier quoted context omitted.

> Crypto doesn’t create any value, like with an investment in a regular business. Generally, I agree that a lot of "cryptocoin" usages are basically fraudulent and scams. Some of them are nothing more than "bragging rights" aka "look at me, I'm rich enough to waste 100 bucks on an NFT by the 45th" or that time when Twitter allowed one to display an NFT as a profile picture. There is one legitimate usage for cryptocur…

Anonimity is a fantasy that makes no sense if you think for a few seconds about it. There is always another person, a company or bank at the other end. The key issue isn’t anonimity but policy and politics. No technology can be above any law by definition.

Sure, but a currency (or, rather, a transaction system) that is difficult-ish to trace has a value on its own.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#117

Post by raesene9 »

MuffinFlavored wrote: post #109
PragmaticPulp wrote: post #49

Earlier quoted context omitted.

I can’t tell if this is sarcastic or not But it’s incredibly fascinating to see how much the Bitcoin fans can ignore all of the fraud and the collapse of crypto markets, instead focusing on hypothetically perfect retroactive market timing. So much of the Bitcoin propaganda is different versions of “Well if you had bought Bitcoin on then you’d be up right now!”

I'm not a Bitcoin fan, I'm a Bitcoin critic. I'm just saying Bitcoin is up 15% off of lows from 15,760. All of the bad news about it and people are clearly still buying it/most likely dollar cost averaging into it.

or, more thinly traded markets are easier for remaining participants (e.g. Binance, Tether) to manipulate :) I'm not saying that is the case, but it's an alternate hypothesis.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#118

Post by roundandround »

permo-w wrote: post #72
mypastself wrote: post #33

Earlier quoted context omitted.

Is Bitcoin a Ponzi? How exactly?

Bitcoin isn’t a ponzi scheme. no crypto is really a ponzi scheme, but a lot of them have similar characteristics. basically they’re fine while people are continuously investing in them, but once people lose interest they drop off a cliff. but then you could say that about any volatile investment

I can't really agree with that.

Any investment is supposed to have a return that exceeds inflation or some other reasonable index, eventually in the eyes of some kind of reasonable investor.

If it doesn't meet that criteria then it is more likely a social phenomenon interchangeable with scam instead of a valid investment, i.e. a pump and dump OTC stock is an investment being involved in a scam if it has acquired actual rights or business that have a small probability of paying off significantly better than inflation that's not easy to disprove with basic research. It is a pure scam if the underlying company is only on paper or generally incapable of actually doing anything it claims because it was created or is pumped with just enough cash to continue to operate purely for the purpose of having a stock but is incapable of ever making a real profit.

Some coins may be different than what I described as a scam, but if you accept that only holding value remains as a probable use of BTC then any suggestion of it as a valid investment or holder of value is a scam.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#119

Post by jrsj »

warinukraine wrote: post #113
jrsj wrote: post #57

Earlier quoted context omitted.

“Bitcoin fans” != “crypto fans”. Much higher % of Bitcoin fans were skeptical of yield products from the beginning, prefer to hold their own coins, and are generally distrustful of the crypto market in general. It’s far from a monolithic group of people. But yes that last part is right, people are always saying stuff like that and it’s a terrible argument if you can even call it that.

> skeptical of yield products Yield products aren't the problem, they're a symptom. The problem is wanting to buy something that has no value and hoping to sell it to someone else who in turn is also hoping to sell it to someone else even higher. Bitcoin, NFT, yield products, etc, they're all manifestations of the same thing.

You just described basically the entirety of finance

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#120

Post by blueprint »

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…

do you drive a car, heat your home, or use shipped goods? that's about the same level of criminality as using bitcoin as far as i can tell.
Post reply on HN