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Ask HN: Bitcoin business unexpectedly taking off, help!

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Re: Ask HN: Bitcoin business unexpectedly taking off, help!

#121

Post by ygjb »

fnordfnordfnord wrote: post #93
orik wrote: post #71

Earlier quoted context omitted.

There's a huge difference between this and a car salesman. A car salesman goes through all sorts of paperwork and meets with the person they are selling the car too, and they hand the keys over. This is much more similar to the service where you take a photo of a Key and you get mailed a copy of it for 5$; except it's semi-anonymous with bitcoin.

Are you proposing that a car salesman might refuse to sell someone a car on the chance that the buyer could be a criminal of some sort?

No, just that the paper trail generated by purchasing a car from a dealership is undesirable for a criminal. This is why conventional financial institutions and services are undesirable for most criminals.

Re: Ask HN: Bitcoin business unexpectedly taking off, help!

#122

Post by poopsintub »

cal2 wrote: post #16
jstalin wrote: post #9

WARNING - get legal advice now. You'll likely come under the umbrella of money transmission business laws meaning that you need to register with your state and the federal government (assuming you're in the USA).

I think this should be step #1. Even if everything is in fact kosher, approving/solidifying any money-related operations would be a great idea (especially with Bitcoin's increasing relevance and scrutiny).

Step NOW. Put up a maintenance window and figure out if it is even reasonable to continue. The risk seems outrageously high.

Re: Ask HN: Bitcoin business unexpectedly taking off, help!

#124

Post by clavalle »

pc86 wrote: post #94
redthrowaway wrote: post #86

Earlier quoted context omitted.

It's far more akin to a guy who sells guns out of his trunk in a dark alley. Chances are, it's being used for crime, even if there are legitimate uses for it.

No, because selling guns out of your trunk is a crime more often than not. This is a poor analogy.

Not usually. Private sales of firearms are cash and carry most of the time. Thus the debate over gun show sales.

Re: Ask HN: Bitcoin business unexpectedly taking off, help!

#126

Post by wcummings »

ekanes wrote: post #84
patio11 wrote: post #15

I would strongly consider not running a money transmitter as a side business. If you do not understand that you are running a money transmitter, I will be happy to elaborate. I would also mention, on the assumption you're not aware of it, that you are offering fairly effective money laundering for credit card thieves at below-market rates for that service, and you can expect heavy dedicated adversarial interest. I ra…

patio11 is right, you're about to have a major problem with gift cards going bad, which were bought with stolen credit cards. Happy to give more advice, you can reach me via my HN profile. Source: In a similar business for 16 months. (We sell gift cards for $ or BTC, but don't buy gift cards with bitcoin)

I'm confused, isn't he selling cards for BTC. How does credit card fraud enter into this?

EDIT: OH HE'S BUYING THE CARDS THIS IS A REALLY BAD IDEA

Re: Ask HN: Bitcoin business unexpectedly taking off, help!

#127

Post by [deleted] »

dnsco wrote: post #116
lprubin wrote: post #110

Earlier quoted context omitted.

I think you need to explain why money laundering is unethical. Because there are plenty of laws passed by various governments that many people feel would be unethical to follow. To use an extreme example, was it unethical to hide jews from the Nazi's?

This conversation is officially over http://en.wikipedia.org/wiki/Godwin's_law

[deleted]

Re: Ask HN: Bitcoin business unexpectedly taking off, help!

#128

Post by fnordfnordfnord »

ygjb wrote: post #121
fnordfnordfnord wrote: post #93

Earlier quoted context omitted.

Are you proposing that a car salesman might refuse to sell someone a car on the chance that the buyer could be a criminal of some sort?

No, just that the paper trail generated by purchasing a car from a dealership is undesirable for a criminal. This is why conventional financial institutions and services are undesirable for most criminals.

Bitcoin transactions go in a public ledger. Although there are methods to obfuscate transaction history.

>This is why conventional financial institutions and services are undesirable for most criminals.

I think reality is in disagreement with you, as counter-intuitive as that may seem.

Re: Ask HN: Bitcoin business unexpectedly taking off, help!

#129

Post by Zidewinder »

dnsco wrote: post #116
lprubin wrote: post #110

Earlier quoted context omitted.

I think you need to explain why money laundering is unethical. Because there are plenty of laws passed by various governments that many people feel would be unethical to follow. To use an extreme example, was it unethical to hide jews from the Nazi's?

This conversation is officially over http://en.wikipedia.org/wiki/Godwin's_law

Fuck off. So he used an extreme example, doesn't mean his point is invalid. Godwin's Law is not supposed to be used as an excuse to shut down uncomfortable conversations.

Re: Ask HN: Bitcoin business unexpectedly taking off, help!

#130

Post by mdpopescu »

lprubin wrote: post #110
work_account_1 wrote: post #101

Earlier quoted context omitted.

How exactly is money laundering not unethical? What's so ethical about assisting someone in getting away with a crime?

I think you need to explain why money laundering is unethical. Because there are plenty of laws passed by various governments that many people feel would be unethical to follow. To use an extreme example, was it unethical to hide jews from the Nazi's?

Always replace Hitler with Stalin or Mao or you'll be swamped by the idiots quoting Godwin's Law.
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