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Tnuctip posted:All of that is very well written, but Is also a fancy way of saying the LME is rigged and bullshit. i think rigged is a loaded word, but of course it's bullshit. it's not some immutable natural feature that mankind stumbled into and made use of, it was created to allow easier and more stable trade in metals and why should the hedge funds holding long positions get astronomical returns while miners and their creditors go bankrupt? if a few days to liquidate some of their nickel inventory was enough to stop the entire markets movement and allow prices to stabilize and many otherwise solvent companies to operate as normal, why not step in? or what about the recent snafu at the nyse? a computer glitch kept a number of regular early morning auctions from occurring. this caused market participants to have much less information than usual and issues with price discovery, resulting in high volatility. the nyse voided volatile transactions in the first opening minutes, but it's not like the voided transactions were made in error, they just were made while participants were unclear on the value of the stock. but this makes sense, a market with less information is a less efficient market, and less efficient markets are worse for participants in aggregate. why should the majority of us care if an inefficient market is a windfall for a few lucky players? they're not owed some inviolable deference as demonstrated by crypto again and again, a completely rigid and mindless financial system inevitably leads to horrific inefficiencies and and unjust outcomes, unless one takes some kind of perverse moralistic randian joy in watching someone's life savings being irretrievably launched into a black hole
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Feb 5, 2023 05:57
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Buttcoin addiction. Luxury rehab centres now offer therapy for 'crypto addiction' sounds about right. article posted:"They are making money off desperate people," says Lia Nower, director at the Centre for Gambling Studies in Rutgers School of Social Work. "Whether you're 'addicted' to trading crypto, betting on sports, or playing the lottery, your symptoms and treatment will be largely the same."
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Feb 5, 2023 06:31
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notwithoutmyanus posted:Buttcoin addiction. Can you pay for this in crypto though?
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Feb 5, 2023 06:39
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Vincent Van Goatse posted:Can you pay for this in crypto though? What, actually spend their coins?? What do you think they are, currency?
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Feb 5, 2023 06:53
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Another good tip for depositing money without raising questions is to refrain from asking the teller “so, how much money can I deposit at one time without it being flagged?” because it turns out then you do get flagged. I’m trying to remember what recent big case included somebody going around asking bank tellers what the limit was and then making repeated transactions of $9,999.
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Feb 5, 2023 06:56
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Lazyfire posted:It's still $10K and has been for a long time. Trying to get around it isn't too difficult, it just relies on doing a lot of legwork and having a lot of friends and family members willing to help. That 10k number actually extends to a lot of government-money stuff as I've now worked for multiple companies where you essentially don't need to document any purchase orders or expenses made with government money below that level. The second you get to $10,000.01 the requirements kick in and you need to have all sorts of documentation and justifications associated with the order. The company rules are that you can't break up an order just to get around these levels, but in reality, nothing stops you from doing the "I only deposited $9,999.99" technique. Smurfing is a bottom tier laundering plan when it comes to reliability. Service LLCs are a magnet too, but if you keep the IRS happy and there's no real reason to dig as deep as a vaguely smurfed bank account.
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Feb 5, 2023 07:01
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Doing a lot of cash transactions gets you flagged anyway no matter how much. My dad has had two banks close his accounts because they don't want to deal with the potential issue (even though he had invoices for everything) and I know another guy who ran a primarily cash business who had the same issue and can't use one of the major banks anymore.
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Feb 5, 2023 07:01
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zedprime posted:Retail isn't going to stop anyone following letter of the law but you're counting on what your districts case load is at to dictate what fine tooth comb they subpoena smurfing patterns to. is smurfing the proper vocab term in this field or is it borrowed from gaming. or did gaming steal it from fin crimes. fake edit : huh a quick search eingine search might show there's some parallel etymology here. either way lol at a small blue cartoon thing being the origin of a word.
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Feb 5, 2023 07:32
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MarcusSA posted:know another guy who ran a primarily cash business who had the same issue and can't use one of the major banks anymore. Was it a retail or service based cash business?
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Feb 5, 2023 07:45
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CRUSTY MINGE posted:That limit was $10k before they have to tell the IRS about it, that's all. If you were being investigated for suspicious deposits, that doesn't really matter. If you're depositing $9999 in cash every day, you're going to be drawing attention anyhow.
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Feb 5, 2023 07:47
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ah, but what if I deposited $500 every day instead
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Feb 5, 2023 08:03
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Ups_rail posted:Was it a retail or service based cash business? Service. Citi bank who he had been with for 15 years and who he knew the branch manager and everyone there said there was nothing they could do because it came from the security team who wouldn’t review anything lol.
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Feb 5, 2023 08:10
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MarcusSA posted:Service. huh and I thought it would be chase. I also use citi and yeah it lines up. Citi doesnt even want to a retail bank anymore, the mangement sucks.
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Feb 5, 2023 08:12
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PhazonLink posted:is smurfing the proper vocab term in this field or is it borrowed from gaming. or did gaming steal it from fin crimes. Also a little ironic given the Smurfs would use 'smurf' as a replacement for pretty much any word they felt like. (this happens in real life, see 'da kine' in Hawaii. Or 'you know, the thing' in English)
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Feb 5, 2023 08:16
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Ups_rail posted:huh and I thought it would be chase. Wells Fargo charges you a fee to deposit cash lol.
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Feb 5, 2023 08:35
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The best part of structuring aren't the idiots that get caught in Suspcious Activity Reports/Currency Transaction Reports and get prosecuted, but the dumbasses that operate the small-to-mid sized money transmitters and basically tell the staff to not report anything so they can act as 'legal' money launderers, then get investigated and prosecuted for the more-than-suspicious non-reporting activity to FinCEN, etc.
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Feb 5, 2023 08:59
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I would simply deposit no more than 85% of the trigger per day and vary it some?
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Feb 5, 2023 09:12
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I've been told that the trick to getting away with accounting fraud and grift is to not get greedy. Also the old adage: Only commit one crime at a time.
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Feb 5, 2023 09:27
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erosion posted:I would simply deposit no more than 85% of the trigger per day and vary it some? who knows what tools the investigators use. I did some big cash poo poo over the years. And heres the trick you tell the bank manager, I m buying/selling a car. Keep in mind if your flipping cars all day long your suppose to have a license
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Feb 5, 2023 10:13
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CRUSTY MINGE posted:There's precedent of the US government banning ownership of gold. The Gold Reserve Act of 1934. It honestly wouldn't surprise me if that was the law they were talking about and in typical dumb chud fashion they'd just imported something that only applied in the US.
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Feb 5, 2023 10:27
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I mean it's going to be some sort of software driven mass data analysis, not data input people raising individual SARs.
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Feb 5, 2023 11:28
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I had a friend who did the financial crimes by moving around $500 or so, but every single day for a few years. You eventually get flagged up as a suspicious pattern of transactions, reported, audited and arrested, it just takes a little longer.
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Feb 5, 2023 12:27
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One more sample of r/BBBY for being absolutely BBBatshit. quote:Merger this Friday Feb 10 Three indicators: Teddy Day, Titanic Re-Release and lastly RC Kids book 2/10. Let’s light em up.  quote:If news is announced after market on Feb 10th, everyone would talk about it during Superbowl Sunday causing massive FOMO on Monday.  -7 downvotesquote:Mergers don’t typically happen on Fridays….but good luck anyways Meanwhile, buried in the comment section:  quote:Anyone got an update on the physical gift cards? I remember the post of this dude removing all of BBBY and baby gift cards from a Walgreens, did those get replaced yet or not? I am just trying to stay current on the information, not spreading any bullshit.  quote:I tried buying a gift card through the app today and it would not let me. Told me to call the customer service number.
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Feb 5, 2023 12:45
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Ghost Leviathan posted:(this happens in real life, see 'da kine' in Hawaii. Or 'you know, the thing' in English) Or jawn in Philadelphian English.
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Feb 5, 2023 15:05
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Even without reporting and diligence requirements in cash transactions banks are absolutely allergic to large amounts of cash for logistic reasons. This is also why it's hilarious to see Bitcoin justification as forcing the banks to wake up and smell the digital. They already do everything they can to avoid dealing in amounts of cash larger than what gets picked up for the fed shredder short of abandoning the retail and small business market entirely.
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Feb 5, 2023 17:12
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Ghost Leviathan posted:I'm still reminded of the 'Sound Money' people who I'm pretty sure are one of the earlier cases of people putting incredible amounts of emphasis and meaning into what's literally a meaningless buzzword. I mean, it's basically this; a lot of goldbug/crypto rhetoric is based on the idea of "intrinsic value"; that something has value not because of the social implications or it's usefullness at the moment, but in the same way it "has mass" or "has a velocity". They have to believe that, otherwise what's the point of their poo poo?
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Feb 5, 2023 17:42
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MarcusSA posted:Wells Fargo charges you a fee to deposit cash lol. Unless maybe you load that sentence up with multiple qualifiers.
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Feb 5, 2023 17:48
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Wouldn’t the intrinsic value of gold be exclusively the value gold has for industrial applications? Something that would drop to 0 if the world went to poo poo and the industrial/logistical network collapsed?
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Feb 5, 2023 17:48
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Well not zero. They're still be people who think "It's Gold!", and assuming they don't try and murder you for it in this hypothetical Mad Max situation, you'll probably still be able to trade it for something. It's still pretty and a lot of people like stuff made from it. Not a lot of industrial potential for it in Ancient Babylon, but people still wanted it.
Deptfordx fucked around with this message at 17:56 on Feb 5, 2023 |
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Feb 5, 2023 17:53
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And if the world goes to poo poo gold picks up a lot of reasons it was a historic store of value. Takes effort to make more. Hard to adulterate except with things that are also rare which also take effort to make more. Relatively easy to determine legitimacy. Like I wouldn't pay the current price for it or prioritize it over practical things like having friendly neighbors and or guns which are prerequisite for holding value in a rough society anyway. But gold would likely find new-old uses if suddenly the government disappears.
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Feb 5, 2023 18:01
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I'd rather have bitcoins in the apocalypse I think, they have a billion uses and are super easy to use and reliable No, I don't know what one of those uses are but they definitely have uses
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Feb 5, 2023 18:13
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GhostofJohnMuir posted:unless one takes some kind of perverse moralistic randian joy in watching someone's life savings being irretrievably launched into a black hole buddy that's like 60% of this thread
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Feb 5, 2023 18:19
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My favorite story I was involved in related to big sacks of cash was when a client got a courier's bag stuffed with $100,000 of cash from the Qatari government for them to do lobbying on their behalf and I told them they had to file a Form 8300 and would need to do a Currency Transaction Report. Note that they had already gotten into near-criminal trouble with NYSDTF on stealing sales taxes and IRS Criminal Investigations was in the process of investigating their stolen payroll taxes (he ended up getting prosecuted by the SDNY).
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Feb 5, 2023 18:21
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GhostofJohnMuir posted:unless one takes some kind of perverse moralistic randian joy in watching someone's life savings being irretrievably launched into a black hole Isn't that the point of this thread?
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Feb 5, 2023 18:23
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it's more like some kind of perverse moralistic joy in watching some randian's life savings being irretrievably launched into a black hole by their own hands
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Feb 5, 2023 18:25
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His excellency is selling FUD https://twitter.com/justinsuntron/status/1622097102007582720 I like the implication that either FTX debt may be worth more than 100 cents on the dollar or that Tether is worth significantly less than a dollar edit: also the implication that FTX only has "ten of millions of dollars" in debt, lol drk fucked around with this message at 18:34 on Feb 5, 2023 |
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Feb 5, 2023 18:31
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what is going on with bbby? do they.. think its going to go up in price?
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Feb 5, 2023 18:41
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PookBear posted:what is going on with bbby? do they.. think its going to go up in price? No, that would be too rational. They think it's going to go up in price with such violence that it destroyed the entire financial system and they can rebuild it in their image, because they will be the ones with all the money.
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Feb 5, 2023 18:47
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I've been keeping half an eye on it over the course of the day and, you'll never guess, the cult hasn't snapped out of it. Never been a better time to buy! I've bought more shares. Anyone with even a hint of puchback is a FUD'ster shill etc. Latest trend seems to be that BBBY is about to be bought out/merged/taken up into heaven by angels, and the share price will soar past $45. For reference, current share price of the company that is about to go bankrupt is $3.05
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Feb 5, 2023 18:52
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Horseshoe theory posted:My favorite story I was involved in related to big sacks of cash was when a client got a courier’s bag stuffed with $100,000 of cash from the Qatari government for them to do lobbying on their behalf and I told them they had to file a Form 8300 and would need to do a Currency Transaction Report. Note that they had already gotten into near-criminal trouble with NYSDTF on stealing sales taxes and IRS Criminal Investigations was in the process of investigating their stolen payroll taxes (he ended up getting prosecuted by the SDNY). i hope they at least got some tickets to the World Cup as well
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Feb 5, 2023 19:06
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