Imagine the US stock market going up 11% in a day, wild shit
Aaaand we’re back.
https://twitter.com/gurgavin/status/1820633493711228968?s=46&t=SVCqsICYH3gAZg7x0_hPmg
Maybe this is a question for the bitcoin thread, but I’m not understanding how this exactly works. I have attempted to sign up for a bunch of website that would allow me to buy, sell, and spend/transfer bitcoin. All of them ask for tons of personal info. So if I did any transaction, it would be trivially easy for the government to figure out what I did.
It that is the case, it seems terrible for super illegal shit. There is an easy to follow digital paper trail.
It’s possible I’m not using the correct websites or methods to be able to transact anonymously. If that’s the case, maybe someone can describe how to do that.
You don’t use your crypto source (e.g. Kraken) as the place to save and spend your crypto. You transfer it to your online wallet/vault, which is pretty much a dead end for law enforcement.
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yep you can just have a million anonymous wallets to move stuff around into and out of after you buy it on an exchange with usd from a real bank account (traceable).
It’s the usd->crypto and crypto->usd that catches scrutiny imo
Can you link me to an online wallet that would allow for this? I looked into this a long time ago when I was confused about this very point and it always seemed there would be a way for someone to trace it to you.
STOCKOS: Ha Ha Ha! Yes!
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If you want to do something illegal with BTC then you need to buy/sell your coins anonymously and not at one of the popular exchances that follow KYC. Just transferring your coins between a couple of addresses doesn’t stop law enforcement from linking you to the eventual illegal transaction and knocking on your door with some questions.
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what if you transfer it to a shady poker site and then withdraw it is that still traceable?
Thanks. I poked around that exodus site for a while, and it seemed to me what you suggested was possible. I couldn’t be sure unless I set up some accounts and gave it a go, but I can’t be arsed up to do that. I don’t actually need crypto for anything.
So, I’m still at a loss at how crypto is great for doing illegal shit. It seems way, way worse than cash (at least as far as traceability is concerned).
Riverman still doesn’t understand what crypto is or does and never will. Still has his 2011 view on it and talks about it in that framework only. Crypto is literally the last currency anyone with a functioning brain stem would conduct illegal transactions on if you aren’t a mouth breather like SBF.
That being said crypto sucks but not for the Riverman reasons. It’s the wild west of financial markets. Smart people and scammers steal from the rubes in various formats. That’s literally the whole thing.
Imagine a flat earth coin. Can you make money on it scamming the flat earth morons? Of course. Likely more money than you can ever make stock trading for example. Because Riverman is right. The markets are largely efficient. Unless you are doing illegal shit there aren’t many edges. Buy and hold indexes is the best you can do in 99% of cases. But those returns are only equal to the growth of our species/economies over time. Very boring. Crypto gains can be based on all kinds of other incredible things like scams, superior technology, influence peddling, etc.
The people who have said crypto is a scam are right but for the wrong reasons imo. I talked about this a long time ago but imagine being able to make a completely unregulated version of today’s regulated markets. How much more money could the smart people and vultures make. Many multipliers of the wildest stock market returns. The entire blowout here in 2021 was because Riverman didnt understand that a decent chunk of the forum made literal millions with close to zero risk. Honestly probably the single biggest crypto disbeliever made the most money ironically.
Those experiences and edges almost never happen. I don’t think they will ever happen again in my lifetime. Definitely not in crypto which in my opinion is played out. There will be a next thing. And that next thing will provide opportunities for smart people and scammers just like poker and dfs and crypto before it. In my opinion there is no shame in making money off of the desperate morons in a fad. I assume most of played online poker in the glory days. It wasn’t any different really.
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What
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What do you mean what? I wasn’t even in the T5 for the crypto rois here from that era and I made .4-.5m or so in aggregate(and for the haters yes paid taxes on it). Have basically owned none since late 2022. There was an insane amount of free money. Two people who were good at programming in particular gave access to tools in the discord that allowed making tons of risk free(not really 100% risk free but very close)money. They are gods imo. Could have kept it to themselves. That being said I would be stunned if the two of them didnt make 1m+. Almost impossible to think they didnt. Won’t name them but ya.
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My point was Riverman still doesn’t understand crypto was Party Poker in 2004 a couple years back. It’s way tougher now but still money to be made here and there to my understanding. Crypto has STILL outperformed the stonks market this year for example. FWIW I own no crypto and think its a shitty buy and hold investment.
Crypto is a casino. Nothing more. There are definitely people who I would call true believers but for a lot of people it was a mechanism to make +ev gambles. That’s why I liked it. Maybe that makes me scum I dunno really. But peak crypto is the most insane +ev casino experience imaginable. It’s a fever dream that is real. Flipping monkey pics for 5 figure gains in one day. Minting random shit for thousands a piece and praying it works out. If you weren’t there you don’t get it.
Crypto is an unregulated casino. The idea that it would ever be some flight to safety is insanely laughable.
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If your shady pokersite knows who you are then it won’t help you if they give that information to a law enforcement agency. But if they don’t know you then they are basically a somewhat effective mixing service making it harder to trace transactions to you.
But in all seriousness don’t use bitcoin for criminal activity. A public ledger of all transactions and law enforcement having build tools to use that to trace criminal activity makes it the worse choice out there. Unless you are Russian and are giving Putin his cut.
But how much did you lose? Please tell me pak is in prison.
LOL pak
I think Riverman fully understands that crypto is nothing more than an unregulated casino. He uses the term ‘scam’ as a way to contrast it with people who actually believe(d) there is legitimate real world utility (beyond an unregulated casino). Obviously in 2024 that argument is pretty dead, but just a few years back people were proposing using crypto and blockchain for all sorts of use cases that made no sense or as an alternative to investments with actual expected returns.
You can’t really blame the average person for not understanding the market. lol efficient market hypothesis.