Turkish crypto exchange CEO reportedly flees with assets worth $2 billion

fps4ever

Posts: 669   +875
You're not going to find what you're not looking for. If all you do is look for crypto scams, and never look at banking scams, you're going to have a skewed view.
https://www.fintechfutures.com/2020...nks-make-up-half-of-2020s-11-39bn-fine-total/
https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/

And then remember that the WHOLE crypto market is not even 2 Trillion. Regulation doesn't do anything, especially when banks can pretty much print as much money as they want.

You are looking at different kinds of violations. How is that the same as stealing tens of thousands of personal accounts and disappearing? The "whataboutism" is truly mind boggling. And it seems with "regulation" and oversight they finally get caught. And mostly for money laundering. Yeah, no fanboism at all. I know fiat money bad, crypto/speculation good.
 

NightAntilli

Posts: 611   +747

fps4ever

Posts: 669   +875
Why does that matter? You want to be selective on violations to support your bias.


Were there any pyramid schemes or exit scams before crypto existed?


Indeed it is....

Yeah, you proved my point. New ways to scam the little people directly by the thousands. It matters in its context to what we are discussing and what I posted. But keep being obtuse and throwing out more generalizations like there have been bully's stealing lunch money forever. True believers are a funny bunch.
 

Strawman

Posts: 334   +207
Proof is in what we keep reading bout. No luck needed. The way crypto is set up and lack of regulation makes it a haven for crooks. Try and prove me wrong on that. At least banks will cover you if you can prove theft and return your money, plus most are required to be FDIC insured. If you can't tell the difference that is on you. Again strawman argument.
First of all its not anyones business to prove you wrong. Its the one that's making the claim that has to prove whatever it is they claim.

Theft and scam has been happening for as long as there are people. There are thousands of thefts happening per DAY around the world. So obviously there will be scams in the crypto space as well.

Just because a Nigerian prince keeps using email to ask for funding doesnt make email a technology for crooks. Thats your argument though

And btw, you dont ubderstand what a strawman is, stop using the word.
 
Of course crypto-exchange-scammers are known factor in crypto currency landscape for 2 decades. In my honest opinion: only utter [put some colorful description] hold any kind of assets in on-line only wallet.

However, in this case don't jump to conclusion too quickly (I'm not of Turkish ancestry). As of this week cryptocurrencies are illegal in Turkey. You can end up in jail with long sentence just for holding any amount, not to mention being CEO of the biggest crypto exchange in the country. You're gov enemy #1.

That what criminals in the governments do. Eliminating competition is of utmost importance. Turkish lira is worth $hit so people exchanged it into BTC at an alarming rate. Then dictator-criminal-in-chief Erdogan said: Enough. Lock them up... and they do just that. That what police state is for.

Not defending the bloke. If he stole, feed him to the sharks and burn him at the stake afterwards, but there is always second side to every story.
Hi, even if just banning anything is vey common attitude in our goverment, cryptocurrency is still legal. Recent law was only about third party money exchange apps such as Paypal. I mean you can't transfer any money to your binance account with 3rd party solutions but you will be able to transfer your money with your bank account.
 

NightAntilli

Posts: 611   +747
Yeah, you proved my point. New ways to scam the little people directly by the thousands. It matters in its context to what we are discussing and what I posted. But keep being obtuse and throwing out more generalizations like there have been bully's stealing lunch money forever. True believers are a funny bunch.
I'm quite sure I didn't prove your point.
And no, it does not matter in context either. You want to force specific things to matter, because that is the only way you can pretend that your narrative holds water.

It's not a generalization to understand that bad people will do bad things with whatever is available. You can drink water but you can also drown in it.

The largest tool used in the world to do criminal stuff is the US dollar. Does that mean that you should stop using it?
A large portion of criminal activity is done on the internet. Does that mean we should close down the internet?
Knives are used to stab people. Does that mean that all knives should be banned?

The obvious answer to those questions is no, and the same applies to crypto. Crypto is a revolutionary technology that will ultimately cut out the middle-man. Exchanges like these are already becoming obsolete with Decentralized Exchanges. The more the space progresses, the less the risk will be in this space.
 

fps4ever

Posts: 669   +875
First of all its not anyones business to prove you wrong. Its the one that's making the claim that has to prove whatever it is they claim.

Theft and scam has been happening for as long as there are people. There are thousands of thefts happening per DAY around the world. So obviously there will be scams in the crypto space as well.

Just because a Nigerian prince keeps using email to ask for funding doesnt make email a technology for crooks. Thats your argument though

And btw, you dont ubderstand what a strawman is, stop using the word.

I was told to go ahead and prove it by the other poster first. Does that hold true for them as well or are you just being disingenuous. Did I use that term right right? Once again the "whataboutism" rears its ugly head.
 

fps4ever

Posts: 669   +875
I'm quite sure I didn't prove your point.
And no, it does not matter in context either. You want to force specific things to matter, because that is the only way you can pretend that your narrative holds water.

It's not a generalization to understand that bad people will do bad things with whatever is available. You can drink water but you can also drown in it.

The largest tool used in the world to do criminal stuff is the US dollar. Does that mean that you should stop using it?
A large portion of criminal activity is done on the internet. Does that mean we should close down the internet?
Knives are used to stab people. Does that mean that all knives should be banned?

The obvious answer to those questions is no, and the same applies to crypto. Crypto is a revolutionary technology that will ultimately cut out the middle-man. Exchanges like these are already becoming obsolete with Decentralized Exchanges. The more the space progresses, the less the risk will be in this space.

I keep hearing it will take over by the true believers. There will always be a middleman somewhere in between. If you can't see the obvious flaws in the current system it will be destined to stay a niche speculative investment. Its truly magical until costs get to high for the common person or the electricity goes out. Unless the company holding the keys just disappears as well. The way it happens so frequently is quite amazing to follow.
 

Strawman

Posts: 334   +207
I was told to go ahead and prove it by the other poster first. Does that hold true for them as well or are you just being disingenuous. Did I use that term right right? Once again the "whataboutism" rears its ugly head.
The other poster was me, and I didnt make a claim.

I don't think you know whataboutism is either.
 

fps4ever

Posts: 669   +875
The other poster was me, and I didnt make a claim.

I don't think you know whataboutism is either.

LOL yeah making "claims" on facts and common sense is wrong. This article is based off innuendo like the others. Even if posts are opinions that you don't agree so what?

"Whataboutism, also known as whataboutery, is a variant of the tu quoque logical fallacy that attempts to discredit an opponent's position by charging them with hypocrisy without directly refuting or disproving their argument."
 
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Mister_K

Posts: 2,066   +768
If cryptocurrency transactions are untraceable, I think this kind of thing is unavoidable.

Most cryptos are traceable. All you need is the wallet ID and you can see exactly where the money is flowing. Still a lot easier to get away with it regardless.
 

Strawman

Posts: 334   +207
LOL yeah making "claims" on facts and common sense is wrong. This article is based off innuendo like the others. Even if posts are opinions that you don't agree so what?

"Whataboutism, also known as whataboutery, is a variant of the tu quoque logical fallacy that attempts to discredit an opponent's position by charging them with hypocrisy without directly refuting or disproving their argument."
Common sense should tell you that when there are humans involved, there will be corruption, thievery and scam. Lot's of scams are happening over email, doesn't mean email is for scammers. Now change the word email with cryptos. There you go.

I didn't say you don't know how to google. I said you don't know whataboutism is. Whatboutism means that someone is using an event on a different subject to deflect a criticism. I'd like to call it the "so are you" fallacy. I didn't do that, no deflections, I fully accept there is corruption and scam in crypto's. I'm just pointing out that that's because there are humans involved with it. As with everything else, humans are the source of corruption, not the tools themselves.
 

fps4ever

Posts: 669   +875
Common sense should tell you that when there are humans involved, there will be corruption, thievery and scam. Lot's of scams are happening over email, doesn't mean email is for scammers. Now change the word email with cryptos. There you go.

I didn't say you don't know how to google. I said you don't know whataboutism is. Whatboutism means that someone is using an event on a different subject to deflect a criticism. I'd like to call it the "so are you" fallacy. I didn't do that, no deflections, I fully accept there is corruption and scam in crypto's. I'm just pointing out that that's because there are humans involved with it. As with everything else, humans are the source of corruption, not the tools themselves.

I didn't have to Google it. I did for your benefit since you seem to not understand it's been used in this thread to defend crypto quite vigorously. And I literally gave you the definition and now you are making up what you specifically think it means. Sorry it doesn't work that way. You are not going to generalize the issues asway with crypto by blanketing it with, "well humans". It will never be a replacement for fiat being so volatile, have checks/balances, be regulated, insured and backed by governments. It was created to bypass some if not all of those, so good luck whomever believes that.
 

Geralt

Posts: 294   +355
TechSpot Elite
I'm quite sure I didn't prove your point.
And no, it does not matter in context either. You want to force specific things to matter, because that is the only way you can pretend that your narrative holds water.

It's not a generalization to understand that bad people will do bad things with whatever is available. You can drink water but you can also drown in it.

The largest tool used in the world to do criminal stuff is the US dollar. Does that mean that you should stop using it?
A large portion of criminal activity is done on the internet. Does that mean we should close down the internet?
Knives are used to stab people. Does that mean that all knives should be banned?

The obvious answer to those questions is no, and the same applies to crypto. Crypto is a revolutionary technology that will ultimately cut out the middle-man. Exchanges like these are already becoming obsolete with Decentralized Exchanges. The more the space progresses, the less the risk will be in this space.
You reasoning is apparently OK but it is wrong. While I can get protection on internet, while I can use some vest for knives, while the banks can protect me with the dollar thing, etc., I have no protection in crypto. Crypto is not tied to any bank, to any government, etc., so there is no warranty. If you preach that crypto is a way to escape from governments, I understand that, but the implementation is wrong. When crypto has a serious warranty (not that anyone can get your money and run away just like that), I will take this device to escape from government regulations more seriously.
 

Geralt

Posts: 294   +355
TechSpot Elite
Common sense should tell you that when there are humans involved, there will be corruption, thievery and scam. Lot's of scams are happening over email, doesn't mean email is for scammers. Now change the word email with cryptos. There you go.

I didn't say you don't know how to google. I said you don't know whataboutism is. Whatboutism means that someone is using an event on a different subject to deflect a criticism. I'd like to call it the "so are you" fallacy. I didn't do that, no deflections, I fully accept there is corruption and scam in crypto's. I'm just pointing out that that's because there are humans involved with it. As with everything else, humans are the source of corruption, not the tools themselves.
But again, I feel safer with dollar and banks than with crypto.
 

NightAntilli

Posts: 611   +747
There will always be a middleman somewhere in between.
That sounds a lot like "slaves will always be required to pick the cotton".

The fact that you don't understand that crypto has digitized trust says everything.

You reasoning is apparently OK but it is wrong. While I can get protection on internet, while I can use some vest for knives, while the banks can protect me with the dollar thing, etc., I have no protection in crypto. Crypto is not tied to any bank, to any government, etc., so there is no warranty. If you preach that crypto is a way to escape from governments, I understand that, but the implementation is wrong. When crypto has a serious warranty (not that anyone can get your money and run away just like that), I will take this device to escape from government regulations more seriously.
Do you trust your bank more than you trust yourself?
 

Strawman

Posts: 334   +207
I didn't have to Google it. I did for your benefit since you seem to not understand it's been used in this thread to defend crypto quite vigorously. And I literally gave you the definition and now you are making up what you specifically think it means. Sorry it doesn't work that way. You are not going to generalize the issues asway with crypto by blanketing it with, "well humans". It will never be a replacement for fiat being so volatile, have checks/balances, be regulated, insured and backed by governments. It was created to bypass some if not all of those, so good luck whomever believes that.
Now you are changing the argument. I never said that it's a replacement from fiat. We were talking about whether or not cryptos are responsible for schemes, corruption and thievery. It is not.

Volatility is irrelevant, since it's not the point of the argument.
 

Strawman

Posts: 334   +207
Oh, a miner justifying crap. OK, you magnified the crap, not invented. Are you glad now?
I'm not a miner. Stop making assumptions to defend your position. It's called an ad hominem, instead of defending your position you are attacking a person.

How exactly is thievery magnified? Is crypto responsible for more people being dishonest? So there were people that weren't dishonest before cryptos but they started being dishonest after cryptos were invented?
 

NightAntilli

Posts: 611   +747
Apples to Oranges. The bank is a needed service that can not be compared to the security of irresponsibly (because you know not everyone is responsible) holding crypto wallets.
Banks are no longer a needed service, ever since crypto arrived.

It's not comparing apples to oranges, because they are both functionally the storage of your wealth. With banks, you HAVE to trust a third party to hold your money for you. With crypto, you don't. You trust an exchange to do it for you, which has proven time and time again to not be that reliable, or, you hold it yourself, in which case, no one can touch your crypto other than you, and it cannot be stolen or hacked.
 
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