21–30 of 92 posts
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LOL! HSBC: another convicted money launderer! (still are only alleged against this person).
Not sure why the above fact is being discredited or not deemed as a worthy contribution to the conversation?
Murders are news, people don't generally say "so what? someone has been murdered before" when there is a killing.
"Conventional financial institutions comply with anti-money laundering regulations that make it difficult for criminal organizations to use their payment infrastructure." Yes, yes of course. Just like how HSBC physically expanded their teller windows to make it easy for Mexican drug cartels to make cash deposits. https://www.theguardian.com/business/2012/jul/17/hsbc-execut...
>Just like how HSBC physically expanded their teller windows to make it easy for Mexican drug cartels to make cash deposits. I can't seem to find any mention of this in the linked article?
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I have a feeling that the informed, consenting adults who have funds in that exchange will soon discover exactly why dealing with an unregulated, secretive foreign financial company (Whose owners keep their identities secret, so that they won't be arrested) is a bad idea. HSBC has none of these properties (Which are more important to their legitimate users.)
If you're keeping coins on any exchange -- even Coinbase -- they are no longer your coins. You've just loaned them. And you may eventually discover why that is a very bad idea. No one thinks "It could happen to me" until it's too late. Stop keeping coins on exchanges. Stop using third party wallets and other software. If you want to invest in coins because they might go up, that might make sense, but at least treat i…
Since you have to use an exchange to obtain or sell crypto currency, this 'advice' is just pointing out the terrible flaws in bitcoin/ethereum/whatever. There will be plenty of users who were in the middle of cashing in/cashing out and have now lost all their money, and you're just saying "it's your own fault"
Earlier quoted context omitted.
>Just like how HSBC physically expanded their teller windows to make it easy for Mexican drug cartels to make cash deposits. I can't seem to find any mention of this in the linked article?
OP didn't link to the right article: https://www.theguardian.com/business/2012/dec/14/hsbc-money-...
"Conventional financial institutions comply with anti-money laundering regulations that make it difficult for criminal organizations to use their payment infrastructure." Yes, yes of course. Just like how HSBC physically expanded their teller windows to make it easy for Mexican drug cartels to make cash deposits. https://www.theguardian.com/business/2012/jul/17/hsbc-execut...
>Just like how HSBC physically expanded their teller windows to make it easy for Mexican drug cartels to make cash deposits. I can't seem to find any mention of this in the linked article?
From a Rolling Stone article --
The banks' laundering transactions were so brazen that the NSA probably could have spotted them from space. Breuer admitted that drug dealers would sometimes come to HSBC's Mexican branches and "deposit hundreds of thousands of dollars in cash, in a single day, into a single account, using boxes designed to fit the precise dimensions of the teller windows."[0]
[0] http://www.rollingstone.com/politics/news/outrageous-hsbc-se...
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Yes, the takedown of AlphaBay and Hansa darkmarkets, the bitmixer.io shutdown, the arrest of this guy and the BTC-e exchange 'down for maintenance' are all related, I would guess. The person arrested is allegedly named Alexander Vinnik, according to https://thebitcoinnews.com/alexander-vinnik-admin-btc-e-arre... - but no idea where they got that name from.
"Alexander Vinnik" comes from updated Reuters article (with photo): http://www.reuters.com/article/us-greece-russia-arrest-idUSK...
Earlier quoted context omitted.
If you're keeping coins on any exchange -- even Coinbase -- they are no longer your coins. You've just loaned them. And you may eventually discover why that is a very bad idea. No one thinks "It could happen to me" until it's too late. Stop keeping coins on exchanges. Stop using third party wallets and other software. If you want to invest in coins because they might go up, that might make sense, but at least treat i…
If you're keeping coins on any exchange -- even Coinbase -- they are no longer your coins. You've just loaned them. And you may eventually discover why that is a very bad idea. Since you have to use an exchange to obtain or sell crypto currency, this 'advice' is just pointing out the terrible flaws in bitcoin/ethereum/whatever. There will be plenty of users who were in the middle of cashing in/cashing out and have no…
Currency exchangers have been around for a very long time and there's nothing inherently bad about depending on one. All the other currencies do.
The DoD accounting scandal is an example of the US Government effectively laundering massive sums of money to evade accountability:
http://www.cnn.com/2016/08/23/politics/us-army-audit-account...
Also, governments use other tactics that are illegal in the private sector extensively, such as fudging their accounting to hide market volatility.
https://www.sec.gov/news/testimony/2006/ts061506cc.htm
Governments care about private sector money laundering mainly because it can be used to conceal tax evasion. If drug lords and human traffickers simply paid their fair share of taxes chances are money laundering would not be on governments' radar.
This is the inherent problem with Bitcoin. It's just not anonymous! Imagine a dollar that has a history of every transaction written on it. Monero is the coin you want.