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Binance fired employees who found $1.7B in crypto was sent to Iran

nytimes.com

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Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#261

Post by himata4113 »

Shocka1 wrote: post #247
VirusNewbie wrote: post #152

Earlier quoted context omitted.

No it doesn't. If I go to an escrow company, transfer my ten million in bitcoin to their wallet and they put money into the bank, the only paper trail is the escrow company. Escrow companies open and close all the time for this very reason. People wash money alllll day long with US real estate for this reason.

Curious though, if escrow company gets subpoenaed and is a legit business, would they not be inclined to reveal the customer they interacted with?

not every country has a concept of "subpoenaed" especially if it comes from the US veil.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#262

Post by disgruntledphd2 »

embedding-shape wrote: post #256
disgruntledphd2 wrote: post #254

Earlier quoted context omitted.

There are AML and sanction laws everywhere, yes. However the US sanctions are mostly enforced by not letting the offending banks transact in dollars, which are basically controlled by the US government. Because the US dollar is the world reserve currency, this normally causes banks to comply with this legislation and sanction lists.

Yes yes, we understand you, if you want to participate in the USD, you follow US embargoes, you have repeated this without actually answering any questions like 5+ times in this submission now, I think most of us understand the point you're trying to make when you keep repeating it. They don't exists in every country, the question then becomes do they exist wherever Binance is actually headquartered?

> They don't exists in every country, the question then becomes do they exist wherever Binance is actually headquartered?

If you can figure out where Binance is ultimately controlled from, you'll be doing much better than lots of financial journalists.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#263

Post by embedding-shape »

disgruntledphd2 wrote: post #262
embedding-shape wrote: post #256

Earlier quoted context omitted.

Yes yes, we understand you, if you want to participate in the USD, you follow US embargoes, you have repeated this without actually answering any questions like 5+ times in this submission now, I think most of us understand the point you're trying to make when you keep repeating it. They don't exists in every country, the question then becomes do they exist wherever Binance is actually headquartered?

> They don't exists in every country, the question then becomes do they exist wherever Binance is actually headquartered? If you can figure out where Binance is ultimately controlled from, you'll be doing much better than lots of financial journalists.

So why all the raving about US this and US that if no one, including you, even know where they are based? Do you not feel like that's relevant when discussing US embargoes?

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#264

Post by VirusNewbie »

Shocka1 wrote: post #247
VirusNewbie wrote: post #152

Earlier quoted context omitted.

No it doesn't. If I go to an escrow company, transfer my ten million in bitcoin to their wallet and they put money into the bank, the only paper trail is the escrow company. Escrow companies open and close all the time for this very reason. People wash money alllll day long with US real estate for this reason.

Curious though, if escrow company gets subpoenaed and is a legit business, would they not be inclined to reveal the customer they interacted with?

Because they open and close all the time. I've dealt with escrow companies where the owners had opened and closed multiple other escrow companies in a ten year span.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#265

Post by carshodev »

throw0101a wrote: post #245
carshodev wrote: post #119

Earlier quoted context omitted.

Yes but we should be reminded that this also allows people to be protected from government overreach. If you say something the Chinese government does not agree with they can choose to take all your money and control of your company instantly. Not just oligarchs although those are the bigger targets due to the high value. Even a small business owner could THEORETICALLY have their assets and equity seized for saying s…

> Crypto allow someone to distribute their wealth in a way where they can be free to speak their mind and still protected even if the country which their business is based out of decides to take action against them. Transferring money between people internationally has been around for centuries: * https://en.wikipedia.org/wiki/Hawala You transfer X units of value from you to someone else in the network locally, and a…

Yes but this doesn't require trust in others, although you must trust the BTC network/system.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#266

Post by ethbr1 »

para_parolu wrote: post #214
lacoolj wrote: post #94

Contrary to a lot of comments here, the only way to use bitcoin (or any cryptocurrency) without tracking is to mine it yourself, and even then... Where did you get it? Purchased/transferred? Where did they get it? What else did the person with that wallet do? If the answer is "mined", even then, you have to actually do something with it, right? Buy something? Where is that something shipped? At worst you'll have to p…

It shipped to a forest, buried and gps location is given. Pretty old scheme when buyer and seller don’t want to meet

That's called a dead drop.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#267

Post by hilliardfarmer »

natpalmer1776 wrote: post #48
hilliardfarmer wrote: post #41

Earlier quoted context omitted.

What a deeply troubling and cynical comment. As far as I know, nowhere in the Bitcoin white paper or the original code base. Does it say anything about what you seem to think it's use cases are. Bitcoin has one main use, digital cash, that can be sent instantly and for free or a very low fee. Edit: I would agree though, that anything other than that is probably a scam.

Men of principles often mistake the experience and observations of others for cynicism when it does not align with said principles. This applies to a great deal, not just bitcoin.

Thank you, had to ready this 3 times but wow, well said!!!

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#268

Post by hilliardfarmer »

kevinak wrote: post #97
lambda wrote: post #54

Earlier quoted context omitted.

What? "Instantly and for a very low fee"? Fees have historically gone up above $100 per transaction. They've since added hacks on top of the original Bitcoin protocol to get the price back down again, but the original design was not good for low fees. And transactions can take 30 minutes or more to settle, that's hardly instant. If you accept a transaction instantly, it's relatively easy for someone to scam you by do…

Bitcoin via the Lightning Network is near cost-free and instant. And it's not a hack, it's just a network of payment channels.

The lightning network is a joke and always has been. It was never going to work and the creator has been open about that from day one.

Only question is, if Elizabeth Stark knows it's unworkable slop why does she keep raising money for it???

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#269

Post by KellyCriterion »

beAbU wrote: post #106
VirusNewbie wrote: post #102

Earlier quoted context omitted.

I mean, I can meet you in an ally, transfer some satoshis from my wallet to yours, you hand me a wad of cash/jewels/MtG/collector funkos and you might not even know my name.

True, but this does not happen for large transactions, due to being vulnerable to the $5 wrench attack (1) For big transactions where something of actual value is exchanged, both parties will want an escrow, and this is where a public exchange comes in. 1 - https://xkcd.com/538/

Well, this escrow could also be some lawyer or notary, Id guess?
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