The anti-crypto thread

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DrMrLordX

DrMrLordX

Lifer
Apr 27, 2000
21,678
10,940
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igor_kavinski said:
arstechnica.com

$40 billion worth of crypto crime enabled by stablecoins since 2022

Stablecoins like Tether also used for scams and sanctions evasion.
arstechnica.com arstechnica.com

Maybe the pro-Crypto members here are actually seasoned criminals?
Click to expand...
The irony of people posting that article to make crypto transactions appear fraudulent. The cited article is from Chainalysis:

www.chainalysis.com

2024 Crypto Crime Trends from Chainalysis

Get the latest on key 2024 trends in cryptocurrency-based crime, including ransomware, crypto scamming, sanctions, and more.
www.chainalysis.com www.chainalysis.com

If you read the article, you will find that illicit blockchain transactions only comprised .34% of all blockchain activity, a figure which is down from the .42% of the previous year. As a share of total transactions, illegal activity has been in fairly steady decline since 2019, as shown by the chart in the article. But hey don't let facts get in the way of the narrative!
 
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DrMrLordX

DrMrLordX

Lifer
Apr 27, 2000
21,678
10,940
136
igor_kavinski said:
Hold on. Are you saying billions of dollars worth of criminal activity is OK to overlook just coz it's a tiny percentage of the total transactions value?
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Since we already do so in other markets . . . yes!

In actuality what people should do is take a step back and realize that "krypto krime koinz lololololol" aren't used for criminal activity anywhere near as often as people think. The problem is that people constantly report instances of where that happens while blithely ignoring how often traditional payment networks utilizing government-backed fiat currencies are involved in illicit activity.

Of course then there are privacy coins like XMR that are nigh-untraceable. You have no idea where that's going.
 
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I

igor_kavinski

Lifer
Jul 27, 2020
16,600
10,597
106
OK. You have a point.

Still, let's not pretend to accept it as normal. All illiegal activities that lead to harm to decent, hardworking people, should not be tolerated. That's just what I was saying and crypto would've been accepted by now if the people behind it had worked harder to make it more foolproof, safe, secure and unfriendly to criminals.
 
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DrMrLordX

DrMrLordX

Lifer
Apr 27, 2000
21,678
10,940
136
igor_kavinski said:
OK. You have a point.

Still, let's not pretend to accept it as normal. All illiegal activities that lead to harm to decent, hardworking people, should not be tolerated. That's just what I was saying and crypto would've been accepted by now if the people behind it had worked harder to make it more foolproof, safe, secure and unfriendly to criminals.
Click to expand...

99.66% "unfriendly to criminals" is pretty good. Let's face it, anything that's useful is going to be useful to anyone - including criminals. If people came in here complaining about XMR it might make sense. Otherwise, though?
 
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Lost_in_the_HTTP

Lost_in_the_HTTP

Lifer
Nov 17, 2019
10,924
6,527
136
Two Bits (how many fraudcoins is that?)


Crypto firm Terraform Labs files for Chapter 11 bankruptcy protection​

abcnews.go.com.ico
ABC|4 hours ago
Terraform Labs has filed for Chapter 11 bankruptcy protection, less than two years after a collapse of the company's cryptocurrency devastated traders around the world ...


US targets Iraqi airline Fly Baghdad, its CEO and Hamas cryptocurrency financiers for sanctions​

abcnews.go.com.ico
ABC|2 hours ago
Iraqi airline Fly Baghdad is denying U.S. allegations that have resulted in it being hit with sanctions from the Treasury Department ...
 
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AdamK47

AdamK47

Lifer
Oct 9, 1999
15,252
2,872
126
Speaking of FTX, while I was watching Bloomberg on my phone through the Pluto app, an ad for FTX came on. This was last week. Why is an ad for a bankrupt company playing?
 
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E

Exterous

Super Moderator
Jun 20, 2006
20,383
3,460
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DrMrLordX said:
Since we already do so in other markets . . . yes!

In actuality what people should do is take a step back and realize that "krypto krime koinz lololololol" aren't used for criminal activity anywhere near as often as people think. The problem is that people constantly report instances of where that happens while blithely ignoring how often traditional payment networks utilizing government-backed fiat currencies are involved in illicit activity.

Of course then there are privacy coins like XMR that are nigh-untraceable. You have no idea where that's going.
Click to expand...

Ransomware wasn't really an issue until it could be combined with cryptocurrency. But now more companies than not have been attacked worldwide by it. Plus it's supercharged the development of tools and exploits for non ransomware activities.

So yeah it's going to get some attention for bringing a completely new type of crime to hundreds of millions of people. Not only could it affect the utilities to their house, but their school, finances, identity not to mention how they do their job with new cyber security policies and standards being put in place.
 
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Lost_in_the_HTTP

Lost_in_the_HTTP

Lifer
Nov 17, 2019
10,924
6,527
136
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DrMrLordX

DrMrLordX

Lifer
Apr 27, 2000
21,678
10,940
136
Exterous said:
Ransomware wasn't really an issue until it could be combined with cryptocurrency. But now more companies than not have been attacked worldwide by it. Plus it's supercharged the development of tools and exploits for non ransomware activities.

So yeah it's going to get some attention for bringing a completely new type of crime to hundreds of millions of people. Not only could it affect the utilities to their house, but their school, finances, identity not to mention how they do their job with new cyber security policies and standards being put in place.
Click to expand...
The downside here is that all the legit blockchain activity goes unnoticed. And there's much more of that than there are ransomware payments.
 
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repoman0

repoman0

Diamond Member
Jun 17, 2010
4,487
3,337
136
I'm going to revive my Vanguard account. Moved all my money to Fidelity a while back because my current and last job use them for their 401ks. I can change my regular brokerage contributions over to them though and offset a handful of broke crypto bro boycotters.

FSKAX tax inefficiency is annoying me anyway, VTI does it better.
 
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