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OK Pay Slaps Ban on Bitcoin

Discussion in 'BlackHat Lounge' started by steelballs, May 29, 2013.

  1. steelballs

    steelballs BANNED BANNED

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    OK Pay Slaps Ban on Bitcoin

    [​IMG]

    The fallout to the LR Liberty Reserve enforced closure is underway?

    Any financial transactions involving exchangers and stock exchanges trading bitcoin are now prohibited.
    https://www.okpay.com/en/company/news/bitcoin-okpay-terms-of-use.html

    This is just the start of the emasculation of the online digital currency market?
     
  2. Beven

    Beven Elite Member

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    Damn it, just bought some BitCoin the other day too, just my luck :D
     
  3. zebrahat

    zebrahat Elite Member

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    Don't these processors know as soon as the jackboots get through with LR, they will go after them anyway, Bitcoin exchanges or no? The banksters don't want there to be any alternative e-currencies or processors, nor exchangers for any of them. I won't be surprised if they go after Paypal as well before the end.

    Light at the end of the tunnel---Ripple.com, now in beta, is an open source, peer network based processor. Like BTC, its decentralized and software based protocol should prevent it from being shutdown or seized.
     
  4. steelballs

    steelballs BANNED BANNED

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    The whole market for digital currency is set for a massive overall...

    There is a demand and market for doing business this way, sooner or later some site will get it right free to trade, protected from legal intervention...

    It won't happen overnight but free reign digital currencies will prevail in the long term...
     
  5. cigar

    cigar Newbie

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    Oh damn, f**k those pricks, they want to monopolize everything, and as we saw with LR that US government wanted to look cool, and those dumbasses want to own the whole internet with their stupid acts(cispa pipa whatever), it will just go down a spiral. I really hope bitcoin will remain the same.
     
  6. Steeky

    Steeky Regular Member

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    *sigh*
     
  7. Roparadise

    Roparadise BANNED BANNED

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    Liberty Reserve didn't even have a license to operate in Costa Rica,the company formally disbanded in 2011 and the owner was funneling money through 7 other companies.

    Anyone can create a payment processor you just need to get a license in whatever country you are operating in. There is no conspiracy to keep people from starting one, several states have websites with the information needed to operate a legal money transfer service.

    This is from the state of [FONT=Verdana,Arial,Geneva]Connecticut[/FONT]
    http://www.ct.gov/dob/cwp/view.asp?a=2232&q=297846
     
    Last edited: May 30, 2013
  8. knightsb78

    knightsb78 Registered Member

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    Also Liberty Reserves main source of clients have been illegal, unlicensed HYIP's for YEARS. So it's not surprising that with the amount of criminal activity going on that they would get raided at some point. Not to say it still doesnt suck for account holders because it clearly does.
     
  9. cigar

    cigar Newbie

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    Still it was safer to use LR than any other payment method, nobody has access to your details and payments, everything is anonymous. I know people that owned HYIPs and they've done quite well for years. I don't see any other option except wmz or bitcoin.
     
  10. zebrahat

    zebrahat Elite Member

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    Getting a license is the kiss of death to any privacy or anonymity, which were the primary things that made LR valuable. In order to be licensed, a processor is expected to conform to several bureaucracies and their laundry list of demands, must identify all the account holders, subject their holdings to audits by states, have a rep or agent in each state, etc. This amounts to a conspiracy to keep an anonymous or private money system from existing without government harassment.

    There are a few dozen nations that do NOT require a license to so operate, and so an unregulated money service business IS legal in those countries. The US, just 5% OF THE WORLD'S POPULATION, should not be dictating what is "illegality" in financial matters to the other 95%. In addition, the US regulations were created to control third party businesses, whereas the next generation of currencies and processors (Bitcoin, Ripple) are peer to peer networks that do NOT require third parties to be involved, thus they are not subject to the regulations.
     
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    Last edited: May 30, 2013
  11. steelballs

    steelballs BANNED BANNED

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    Have you got a link reference to the 'nations that do NOT require a license to operate' please?

    Thank you...:cool:
     
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  12. Roparadise

    Roparadise BANNED BANNED

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    There is no need to do anything to be anonymous, unless you are doing something illegal. If you do everything legal, you never raise any red flags and still have anonymity.
     
  13. zebrahat

    zebrahat Elite Member

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    According to FINCEN, here are the countries that are "deficient" in regulating MSBs (don't require a license, or lax in enforcement):

    Code:
    http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-A003.html
     
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  14. zebrahat

    zebrahat Elite Member

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    So why does the government classify 92 million NEW documents every year? Using that same premise, what do they have to hide? Shouldn't we conclude they're doing millions of illegal things if they are hiding so much info from the public?

    Considering that most countries are unfree, or headed that way, the 'red flags' may simply be expressions of people demanding liberty. When freedom becomes illegal, you have be anonymous in order to exercise it without bad consequences.
     
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