Ripple Labs 700K fine. Haha. But How Would Others Do in the Same Situation?

[tokeweed]

I was thinking...  Ripple may have gotten off with nothing but a slap on the wrist.  Other outfits might have folded if they were to face the same situation.  

If faced with a 700K USD fine or possibly more (and maybe possible jail time), how would ___your 2.0 alt here___ fare?

Edit:  If you don't know what went on, read about it here  http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/

[tokeweed]

It was wise for some devs to remain anonymous.  They knew this would come sooner or later in their own project/startup/2.0 platform.  The easier for them to drop the whole thing and get away.

The case with Ripple could just be the start of "The Great Inquisition" in crypto...

[gustav]

This is a good thing as it clearly seperates centrally controled companies from really decentral coins.
If you're not decentral, you pay.
No idea why the world would need companies that centrally run crypto. It's a contradiction anyways.

This is just a blast to centralization so it's actually a good thing.

[tokeweed]

True.  But those teams and devs that aren't anonymous could be fined and possble, get imprisoned.  How would they fare?  Will those projects/startups/2.0 platforms make it?  Will the people keep trading those cryptocurrencies even if it continues to go down?  Scratch the final question.  There will always be fish in the game.  :p

[bitcoin_bagholder]

Most would fold like a cheap tent if hit with a $50K fine. IPO funds already gone to hookers and blow.

[mikelitoris]

as far as i know, the alts I choose to hold are developped outside of north korea, i mean the u.s.a
so I am not too worried about the tyrannical powers of the west trying to crush them.

[pereira4]

Ripple is nothing but another 2.0 tryhard. The best they could do is wrap it up, and sell all of their Ripple for Bitcoin, and actually help the real thing, instead of trying to keep their knockoff for an ego fight.

[tokeweed]

A very good and hilarious read.

Well, it was bound to happen sooner or later.

Our beloved amigos at the US Financial Crimes Enforcement Network (FinCEN), have just issued the first-ever ‘civil enforcement action’ against a virtual currency.

The offending criminal mastermind in this case? Ripple Labs.

If you’re not familiar, Ripple is a virtual currency platform that was once the darling of Silicon Valley, attracting top VC firms like Google Ventures and Andreessen Horowitz.

Full write up here http://www.sovereignman.com/finance/it-begins-us-government-issues-700000-fine-against-a-digital-currency-16907/

[dregos]

It is interesting how bitcoiners keep beeing ignorant and don't do research.. fanatics all the way.. great! more for us that wanna better our lives.

[H.W.Z]

This is a good thing as it clearly seperates centrally controled companies from really decentral coins.
If you're not decentral, you pay.
No idea why the world would need companies that centrally run crypto. It's a contradiction anyways.

This is just a blast to centralization so it's actually a good thing.

I think at the moment not every things can be decentralized due to technical reasons and scams, hacks all around. So we need the centralized crytp exchange, crypto related startups and official regulation etc. No one can deny the benefits they bring to us. We do most of the trades on them smoothly and invest in the projects calmly.     

[Undermood]

It was wise for some devs to remain anonymous.  They knew this would come sooner or later in their own project/startup/2.0 platform.  The easier for them to drop the whole thing and get away.

The case with Ripple could just be the start of "The Great Inquisition" in crypto...

I think it is nothing to do with the devs team. Any company, who intent to trade any cryptocurrenies,  should register as a money services business (MSB) and implement appropriate anti-money laundering (AML) procedures.

[HI-TEC99]

It was wise for some devs to remain anonymous.  They knew this would come sooner or later in their own project/startup/2.0 platform.  The easier for them to drop the whole thing and get away.

The case with Ripple could just be the start of "The Great Inquisition" in crypto...

I think it is nothing to do with the devs team. Any company, who intent to trade any cryptocurrenies,  should register as a money services business (MSB) and implement appropriate anti-money laundering (AML) procedures.

I expected all the US exchanges that hosted IPOs to get busted months ago, and nothings happened yet. Bittrex and Poloniex have both hosted IPOs so they could be busted, just a lot later than everyone expected.

[bytemuma]

This is the beginning of the end of RIPple 

[cinnamon_carter]

Ripple by being a fully premined and centralized not open source system when it started laid the groundwork for this.

Open source projects /alt coins that have no pre mined coins could possiblly 'create' situations where other people could transmit /earn /buy/ sell/ coins however since those transactions would be done by one or more third parties (Exchanges ect...) it is quite a different matter.

Let's use bitcoin as an example, if a government somewhere wants to 'fine' bitcoin I don't believe it would be possible.

I find it unlikely they would be able to fine 'Satoshi' or even the core developers who maintain the code now.

They could make it illegal and go after people who live within that nation for using bitcoin perhaps.....

Anyone who has been around children knows if you put something in a box and tell the kids, ok don't look in that box when I leave the room.....

What is the first thing that many kids will do ?   

If bitcoin is made illegal it is likely to drive up demand anyplace this happens.

Look at history.   Look up the person who started Mt. Gox + the person who started Ripple.

If that is not enough to show you the true integrity of ripple I wish you well.

Personally I would prefer to see ripple just die off as a scam vs. have the G go after them. 

I hope I am wrong but some people may consider this action by the government implied 'credability' of ripple.

i.e. Ripple is a large scale scam 100% so they may have factored  into their business plan a certain percentage of the profits they plan to bilk from people as necessary to pay fines ect.......   The same way multi national corporations in both financial and other sectors currently practice 'unlawful' or 'unfair' business practices but don't care about the fine.  When a fine is pennies on the dollar it becomes part of the cost of the business. 

Finally do not think for a second that the people running such a large scale multi million dollar scam do not have shills in the bitcoin community and on social media sites as well as people in media on the payroll ect.... pretending to be favorable to bitcoin who will when the timing is right 'flip' and say '''ohhh this is actually ok/better'''   

Personally I will rest easier when I see Ripple in the same state that Tenebrix is in here https://github.com/Lolcust/Tenebrix

[Snail2]

This is the beginning of the end of RIPple 

I don't think so. Ripple Labs have some serious investors and a lot of money. They just have started to infiltrate into the banking and money transfer business, so I seriously doubt that they would give up at this point. Probably they will introduce some new rules to comply with the US regulations and then keep pushing forward.

[l8orre]

GUTTENCOIN





Dr. Karl-Theodor zu Guttenberg will try to get a tax refund for them 


Certainly dear Uncle McCrystal can arrange something






 

[Sonny91BE]

I was thinking...  Ripple may have gotten off with nothing but a slap on the wrist.  Other outfits might have folded if they were to face the same situation.  

If faced with a 700K USD fine or possibly more (and maybe possible jail time), how would ___your 2.0 alt here___ fare?

Edit:  If you don't know what went on, read about it here  http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/

Nxt - Decentralised currency and platform Enough said !

[Spoetnik]

This is the beginning of the end of RIPple 

I don't think so. Ripple Labs have some serious investors and a lot of money. They just have started to infiltrate into the banking and money transfer business, so I seriously doubt that they would give up at this point. Probably they will introduce some new rules to comply with the US regulations and then keep pushing forward.

I have heard the Banking rumors push with ripple now for ages and still nothing has happened.
I will eat my socks if Major North American banks take on ripple. hahhahaha
Seriously who thinks the biggest banks in the USA or CAN are going to go out and buy some premined shit coin for their banks ?
Are you guys high ?

This repeated never ending chatter is mind shatteringly stupid.

Big banks are not rich because they give massive amounts of money away for nothing..
Show me a top level major banker that thinks buying a ton of Altcoins and integrating with one of them is smart business !
They already have a million other *regulated options to use for money transfer why in gods name would they take on Ripple ? (or other gay garbage)

Take a shower Altcoin'ers !
You reek like delusion here