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- Embed this notice@mischievoustomato @cmdr_nova I think the real problem is that financial fraud is a new scary concept to a lot of people. Pre-crypto world it was a pretty rare thing to hear about unless it was the once-every-few-years national news story for some absolutely massive financial crimes. It seemed like things were under control. But that's far from reality.
These crimes are happening all around us but we turn a blind eye to it: knowing of or getting paid under the table by some business, not reporting tips, not reporting money from friends or family, someone selling speakers out of a van, the markets where you can find knockoff luxury goods, etc. They all suck but we're not so concerned about it.
Money laundering is happening all around us, and it's pretty easy compared to blockchain. Selling junk at crazy prices to make transfer of money seem legit. Like those Trump watches. Probably money laundering, but it's a hard thing to prove. If they deliver actual goods then you gotta accept it's legitimate enough. The government doesn't get to decide what people value your name or brand. You need to get caught with the actual evidence of you planning it and thankfully they can't get a warrant from such weak suspicion.
There are so many clever ways to do these crimes.
You know what has a sparking reputation these days? The stock markets. The media really seems to have made them America's darling and it's in their own financial interests to not talk about the bad things in the markets. You don't want to deter potential investors. They don't want you to know about dark pools and front-running transactions. Trades that happen without routing through the public markets. Over-sold stocks. Stocks that are backed by nothing, not even a real company doing something. The SEC can see what's happening on chain better than they can what's on the markets.