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Molly White Tracks Crypto Scams. It’s Going Just Great

wired.co.uk

231–240 of 326 posts

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#231

Earlier quoted context omitted.

And how do you get the money out. At the end of the days there's a magic internet money to real money transaction and that will get hit with KYC and suddenly the entire house of cards collapses. Or you never get the money out, but suddenly have a bunch of stuff and you get hit with taxes you can't pay because you didn't take the money out. Countries aren't just going to let people evade AML because it finances stuff…

Exchanges can see the assets I move through on-ramps and off-ramps, but (in the case of Zcash etc) they can't see all the on-chain activity in between, which is generally the more interesting part.

As soon as this gets mass adoption it will be regulated sufficiently that it will either be illegal to use or possible to determine who sent who what.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#232

Earlier quoted context omitted.

Yeah, I don’t know why you’d want to use Swift, as that’s more an international rail. ACH or Wire are the standards inside the US, along with some of the newer proprietary stuff like Zelle.

Wire costs 40€ from my bank which I didn’t want to pay.

How much did you pay in BTC fees?

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#233
post #230

Earlier quoted context omitted.

The same regulations that mean you can't cheaply Venmo the person on the other end instead. If Venmo has to follow the law, cryptocurrencies have to follow the law as well. Being your own bank makes you liable to the same regulatory penalties that Venmo has to worry about.

Venmo moves dollars and crypto does not Country A: person uses government regulated exchange/on-ramp to acquire crypto or mines it. Country B: person receives crypto and trades it for local currency using a government regulated exchange Which specific laws or regulations are being broken from which specific countries?

The fantasy is that country A (or B) isn't going to regulate the currency.

It doesn't work to tell the government that it isn't currency, they will just patiently explain to you that they decide that.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#234
post #69

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that’s where they started. the permissionless financial system is where this starts..

How long did it take Amazon to move past its initial goals and start to deliver on a broader set of principles? How long has Crypto remained a bottomless pit of fraud and greed?

to maintain a standard of discussion here because it feels like hn bias just hit: there are more applications of a distributed database at 400ms latency than fraud. falling into ad hominem attacks feels immature.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#235

Earlier quoted context omitted.

> Why not? Having open source protocols that compete with PayPal and VISA and aren’t funded and controlled by central states can be a positive thing Sure. That isn't what crypto has become. After ten years, it's fair to call it given the amount of fraud, dishonesty and resource misallocation. Again, not saying ban it. Just tax it, regulate it closely, and keep an eye on the folks doing it to make sure they're focussi…

It’s all relative. The tech is still in its infancy, perhaps like AI was a few decades ago. The current landscape of PoS, applied ZKP, rollup sequencers, stablecoins, and smart contracts are all significant improvements on what existed 10 years ago, and much more practical.

I don't think it's true that the tech is in its infancy. I'd say it's pretty mature by now, reaching a mostly steady state.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#236

Earlier quoted context omitted.

Wire costs 40€ from my bank which I didn’t want to pay.

How much did you pay in BTC fees?

He said he used USDC, likely on a rollup which is typically around 1 cent to 50 cents.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#237
post #230

Earlier quoted context omitted.

Venmo moves dollars and crypto does not Country A: person uses government regulated exchange/on-ramp to acquire crypto or mines it. Country B: person receives crypto and trades it for local currency using a government regulated exchange Which specific laws or regulations are being broken from which specific countries?

The fantasy is that country A (or B) isn't going to regulate the currency. It doesn't work to tell the government that it isn't currency, they will just patiently explain to you that they decide that.

If the US wants to classify it as currency I would be happy to not have to pay the capital gains taxes

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#238

Earlier quoted context omitted.

> Even if your sending end is regulated, at the other end, there has to be a regulated bank. Are you referring to some specific regulation here?

The same regulations that mean you can't cheaply Venmo the person on the other end instead. If Venmo has to follow the law, cryptocurrencies have to follow the law as well. Being your own bank makes you liable to the same regulatory penalties that Venmo has to worry about.

[dead]

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#239
post #143

Earlier quoted context omitted.

Have you seen her on any discussion ever, engaging with the issues or opposing views? Has she come on someone else's show or something? You're being very generous in your interpretations, not even Molly offered such explanations, she just went silent. The typical interpretation is that there is a reason she'd rather not get into further. And I can guess what that reason is. Her "crowd" wouldn't like it if she appeare…

Molly here. I went on the Bankless podcast six months ago: https://www.youtube.com/watch?v=y9Itd3g23QI . I debated Charles Hoskinson on a panel about "the future of crypto": https://www.youtube.com/watch?v=D5p2gt7htDM&t=998s . I went on the Unusual Whales crypto podcast/Twitter space: https://podcasts.apple.com/us/podcast/unusual-whales-pod-13-... . I've repeatedly gone on CoinDesk's show — sometimes for more adversa…

Thanks for responding, Molly. I am glad to have a list of shows you went on, I have not seen you on any shows.

Please don’t think I was upset. I did not think more of it until this thread simply reminded me of it, and I posted it because I thought it was very relevant, and 99% of the text was written by me so I didn’t feel I was revealing anything truly private.

I totally understand this concern, and why someone like yourself might be very sensitive not to seem like they are endorsing a specific project — and it is exactly the concern that Robert Murphy expressed to me this past week, until we spoke. Now he is coming on my show. Because I only care about discussing the substance.

You couldn’t have known this, but frankly, I reached out simply because I wanted to have a conversation. I believe that a blog which exclusively lists everything bad in web3 is useful, because it does one part of the job. But also, people who put together such things are exactly the best people to have a conversation with because I truly do believe that if the crypto and web3 industry doesn’t step up, the much worse centralized ecosystem of Big Tech, Big Government will keep encroaching with their National IDs and CBDCs and centrally controlled financial systems (just like they have in countries from China to Sweden). As a libertarian, I see things getting a lot worse and I have spent over a decade of my life and a ton of my own money building solutions, so naturally, having discussions with people in the space something I do. To be honest, it is my guilty pleasure - I enjoy being able to engage with people and battle-test my views, and actually realize that they have blind spots too.

It is the same feeling, I suppose, as a chessplayer who gets to play games with people rated higher than them. From a purely market point of view, I guess I am engaging people who are “out of my league” in terms of the size of their audience — disregarding this has worked well for me, thankfully, but I guess it comes up in some ways, like this.

I have another channel, https://youtube.com/QbixPlatform which has nothing to do with crypto and is about an open source Web2 platform. The invitation still stands, of course. To me the issues are more about decentralization vs centralization, capitalism vs gift economies, smart contracts vs trusting specific humans, open source vs walled gardens, funding projects with equity vs utility, etc.

Let me know if you’d like to engage in any way that would scrub any mention of Intercoin (company, project etc) and if so I’ll email you and we can set it up.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#240

Earlier quoted context omitted.

Exchanges can see the assets I move through on-ramps and off-ramps, but (in the case of Zcash etc) they can't see all the on-chain activity in between, which is generally the more interesting part.

As soon as this gets mass adoption it will be regulated sufficiently that it will either be illegal to use or possible to determine who sent who what.

It has similar privacy properties as cash, so I would think governments would treat it similarly, with some reporting requirements depending on the amount.

If they do outright ban transaction privacy, at least that would involve explicit legislation with some risk of backlash - seems preferable to the status quo where the privacy violations are more covert.

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