Crypto Currency Thread (Vol.2)

[ooid]

fasimew said:

Just last week I sold some bitcoin on coinbase and then moved the cash to my bank. Tell me how I can't buy property...

From my friend,

Sold his ETH and Bitcoin, months ago, sitting in his savings account with other savings accumulated by his income.

Solicitor asked the source of the savings in the presented account (income + crypto). Solicitor said, they are not able to verify this so they would not count it as part of his deposit.

[bloomen]

Zoon said:

As long as you can prove the source of the money it shouldn't be an issue.

I expect plenty of places will turn you away purely because of the nature of it even if everything is in line. They just don't want the potential/ imaginary ball ache.

You'd be better off finding someone with some track record. There's still no shortage of ignorance out there.

Lots of twitchiness on here - https://old.reddit.com/r/HousingUK/comments/1am2eh...

Edited by bloomen on Monday 25th March 13:29

[White-Noise]

ooid said:

fasimew said:

Just last week I sold some bitcoin on coinbase and then moved the cash to my bank. Tell me how I can't buy property...

From my friend,

Sold his ETH and Bitcoin, months ago, sitting in his savings account with other savings accumulated by his income.

Solicitor asked the source of the savings in the presented account (income + crypto). Solicitor said, they are not able to verify this so they would not count it as part of his deposit.

So that's a shortcoming on that solicitor. I wouldn't see why they can't verify the money coming in from an exchange compared to someone like hargreaves? I'll ask my friend

[bloomen]

White-Noise said:

So that's a shortcoming on that solicitor. I wouldn't see why they can't verify the money coming in from an exchange compared to someone like hargreaves? I'll ask my friend

Assuming your history isn't a sprawling mess of airdrops, 'yield farming' whatever that is and trillions of trades, there's nothing on Earth that's easier to verify.

[White-Noise]

My friend said he had no issues, showed transfers to and from exchanges from his account when buying his places.

I think the world is playing catchup. Crypto has a dirty name for many people, quite understandably, but it's also massive ignorance.

Edited by White-Noise on Monday 25th March 13:41

[Blown2CV]

further evidence of those in within the crypto bubble not understanding how those outside see crypto. Crypto could be an excellent way to launder money couldn't it? So, if I had to prove source of funds by saying I suddenly made a million quid from scrotumcoin, whoever I am telling might be justified in feeling this is suspicious.

[White-Noise]

Blown2CV said:

further evidence of those in within the crypto bubble not understanding how those outside see crypto. Crypto could be an excellent way to launder money couldn't it? So, if I had to prove source of funds by saying I suddenly made a million quid from scrotumcoin, whoever I am telling might be justified in feeling this is suspicious.

Are you referring to me as the evidence or something else?

How would someone in the UK launder money with crypto?

[Blown2CV]

White-Noise said:

Blown2CV said:

further evidence of those in within the crypto bubble not understanding how those outside see crypto. Crypto could be an excellent way to launder money couldn't it? So, if I had to prove source of funds by saying I suddenly made a million quid from scrotumcoin, whoever I am telling might be justified in feeling this is suspicious.

Are you referring to me as the evidence or something else?

How would someone in the UK launder money with crypto?

I wasn't keeping track of usernames but it's clear that many thread contributors are in the 'zealot' camp and refuse to believe the wider public have a stake in the success of crypto as a proper currency. I am saying that the people responsible for conducting source of funds assessments may not be up to speed with the very best blockchaincryptoweb3NFT bullsttery of that particular week. So, you might find your stcoin wealth less practically usable in the real world than maybe you'd hoped.

[fasimew]

Blown2CV said:

further evidence of those in within the crypto bubble not understanding how those outside see crypto. Crypto could be an excellent way to launder money couldn't it? So, if I had to prove source of funds by saying I suddenly made a million quid from scrotumcoin, whoever I am telling might be justified in feeling this is suspicious.

And that is its premise. Hide your money with next to no trail. But if there is a trail, it can easily be proven that the money isn't laundered. And that's all that matters.

[White-Noise]

Blown2CV said:

I wasn't keeping track of usernames but it's clear that many thread contributors are in the 'zealot' camp and refuse to believe the wider public have a stake in the success of crypto as a proper currency. I am saying that the people responsible for conducting source of funds assessments may not be up to speed with the very best blockchaincryptoweb3NFT bullsttery of that particular week. So, you might find your stcoin wealth less practically usable in the real world than maybe you'd hoped.

Gotcha. And how does the money laundering work?

[Blown2CV]

White-Noise said:

Blown2CV said:

I wasn't keeping track of usernames but it's clear that many thread contributors are in the 'zealot' camp and refuse to believe the wider public have a stake in the success of crypto as a proper currency. I am saying that the people responsible for conducting source of funds assessments may not be up to speed with the very best blockchaincryptoweb3NFT bullsttery of that particular week. So, you might find your stcoin wealth less practically usable in the real world than maybe you'd hoped.

Gotcha. And how does the money laundering work?

it works however the person doing your source of funds imagines it works.

[bloomen]

Looks like we've been found out once again.

Wrap it up. Stick a fork in it.

Again.

[White-Noise]

Blown2CV said:

White-Noise said:

Blown2CV said:

I wasn't keeping track of usernames but it's clear that many thread contributors are in the 'zealot' camp and refuse to believe the wider public have a stake in the success of crypto as a proper currency. I am saying that the people responsible for conducting source of funds assessments may not be up to speed with the very best blockchaincryptoweb3NFT bullsttery of that particular week. So, you might find your stcoin wealth less practically usable in the real world than maybe you'd hoped.

Gotcha. And how does the money laundering work?

it works however the person doing your source of funds imagines it works.

Come on I'm honestly interested after you said it could be an excellent way to launder money. I would expect imagination doesn't come into it.

[Blown2CV]

White-Noise said:

Blown2CV said:

White-Noise said:

Blown2CV said:

I wasn't keeping track of usernames but it's clear that many thread contributors are in the 'zealot' camp and refuse to believe the wider public have a stake in the success of crypto as a proper currency. I am saying that the people responsible for conducting source of funds assessments may not be up to speed with the very best blockchaincryptoweb3NFT bullsttery of that particular week. So, you might find your stcoin wealth less practically usable in the real world than maybe you'd hoped.

Gotcha. And how does the money laundering work?

it works however the person doing your source of funds imagines it works.

Come on I'm honestly interested after you said it could be an excellent way to launder money. I would expect imagination doesn't come into it.

I'm not the one doing your financial due diligence. You need to justify it to the uninitiated laughable crypto novice dunces that make up 6.99 billion of the world's population.

[James6112]

Bitcoin took a bit of a kicking last week, the doomsayers predicting a crash.
But it’s now pretty well back to its peak, $69000

Predictions, it’ll hit $1000000 early 2030s

Will be interesting to see how it pans out!

My tracker is 550% up in 5 odd years (bit-xbte using tax free cash HL (before the ban))

[White-Noise]

Blown2CV said:

White-Noise said:

Blown2CV said:

White-Noise said:

Blown2CV said:

I wasn't keeping track of usernames but it's clear that many thread contributors are in the 'zealot' camp and refuse to believe the wider public have a stake in the success of crypto as a proper currency. I am saying that the people responsible for conducting source of funds assessments may not be up to speed with the very best blockchaincryptoweb3NFT bullsttery of that particular week. So, you might find your stcoin wealth less practically usable in the real world than maybe you'd hoped.

Gotcha. And how does the money laundering work?

it works however the person doing your source of funds imagines it works.

Come on I'm honestly interested after you said it could be an excellent way to launder money. I would expect imagination doesn't come into it.

I'm not the one doing your financial due diligence. You need to justify it to the uninitiated laughable crypto novice dunces that make up 6.99 billion of the world's population.

Why do I need to justify anything? What are you saying I need to justify? You made a claim about money laundering and I am interested so I figured I can learn something. I'm not planning on doing money laundering but if you know how it could work then I was intrigued.

[okgo]

There’s quite a lot when you google it - https://syntheticdrugs.unodc.org/syntheticdrugs/en...

I can imagine it being difficult with many conventional solicitors, rightly or wrongly.

[Blown2CV]

White-Noise said:

Blown2CV said:

White-Noise said:

Blown2CV said:

White-Noise said:

Blown2CV said:

I wasn't keeping track of usernames but it's clear that many thread contributors are in the 'zealot' camp and refuse to believe the wider public have a stake in the success of crypto as a proper currency. I am saying that the people responsible for conducting source of funds assessments may not be up to speed with the very best blockchaincryptoweb3NFT bullsttery of that particular week. So, you might find your stcoin wealth less practically usable in the real world than maybe you'd hoped.

Gotcha. And how does the money laundering work?

it works however the person doing your source of funds imagines it works.

Come on I'm honestly interested after you said it could be an excellent way to launder money. I would expect imagination doesn't come into it.

I'm not the one doing your financial due diligence. You need to justify it to the uninitiated laughable crypto novice dunces that make up 6.99 billion of the world's population.

Why do I need to justify anything? What are you saying I need to justify? You made a claim about money laundering and I am interested so I figured I can learn something. I'm not planning on doing money laundering but if you know how it could work then I was intrigued.

let me help you understand the real world... when you are buying a house THEY (not me?) ask you to justify where your money has come from. If you are buying cash, I suspect they will ask for an even more in-depth justification. This is UK law. Do you understand now?

[White-Noise]

Blown2CV said:

White-Noise said:

Blown2CV said:

White-Noise said:

Blown2CV said:

White-Noise said:

Blown2CV said:

I wasn't keeping track of usernames but it's clear that many thread contributors are in the 'zealot' camp and refuse to believe the wider public have a stake in the success of crypto as a proper currency. I am saying that the people responsible for conducting source of funds assessments may not be up to speed with the very best blockchaincryptoweb3NFT bullsttery of that particular week. So, you might find your stcoin wealth less practically usable in the real world than maybe you'd hoped.

Gotcha. And how does the money laundering work?

it works however the person doing your source of funds imagines it works.

Come on I'm honestly interested after you said it could be an excellent way to launder money. I would expect imagination doesn't come into it.

I'm not the one doing your financial due diligence. You need to justify it to the uninitiated laughable crypto novice dunces that make up 6.99 billion of the world's population.

Why do I need to justify anything? What are you saying I need to justify? You made a claim about money laundering and I am interested so I figured I can learn something. I'm not planning on doing money laundering but if you know how it could work then I was intrigued.

let me help you understand the real world... when you are buying a house THEY (not me?) ask you to justify where your money has come from. If you are buying cash, I suspect they will ask for an even more in-depth justification. This is UK law. Do you understand now?

You've explained something I didn't ask you about, it's something I didn't have a problem understanding either. You've been making a song and dance and throwing in expletives while avoiding my question about a claim you made. I assumed you would know something about it but it seems not. If you don't, it's no issue, I dont know much about it either, just don't go making claims to make a point when you don't know.

Okgo thanks for the link that is interesting and makes sense how it can all get mixed up. I guess there are plenty of bad parties but those who make money by investing and speculation etc can get shut out too.

[halo34]

Blown2CV said:

let me help you understand the real world... when you are buying a house THEY (not me?) ask you to justify where your money has come from. If you are buying cash, I suspect they will ask for an even more in-depth justification. This is UK law. Do you understand now?

And you show them a little statement, coming from the platform that shows how much you invested, what the gains were and the transactions.

All the platforms also now insist on ID verification as per FCA rules....

Not that hard, once you step off the whole - people who invest in crypto must be idiots

Invest anything anywhere and you have to show proof of funds. If you cant show where your ORGINAL money came from, that's not the fault of the platform.

If you have dodgy transactions showing income in a UK bank account - your just as likely to hit problem.

https://coinledger.io/agencies/does-binance-report...

Noting of course that they do report to HMRC anyway and there are APIs/Apps you can use to generate tax statements for HMRC.

Edited by halo34 on Monday 25th March 16:37