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Should you be worried


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To have been indirectly involved in illegal activities on the XRP Ledger? 

Maybe not.

But the question is legitimate. Everyone, as an individual or entity (company), operating on the XRP Ledger, is entitled to ask the question. Regulators often highlight the fact that decentralised exchanges (DEX) are by nature more subject to criminal activities. Yes, indeed. You don't need to be "KYCised" to create an account and transact value within a DEX. 

In some cases and taking the example of the XRP Ledger, you can even participate in a fraudulent payment without even noticing it. How? At the exception of direct XRP payments, any payment that involves a IOU (I Owe You, basically a debt instrument) can take multiple paths before reaching its beneficiary, using other existing offers to deliver the best option/ path. 

I have created a little python program that will tell you if you have been, through one of this type of payments, involved with a crook! Obviously, the progam will tell you if you have been also directly (without the payment path feature of the XRP Ledger) dealing with a scammer. Or even more...if you are identified as one!

Eventually, I think it opens fascinating questions. When an account (wallet address) is identified as fraudulent, could an individual block / blacklist the address? Could the network detect and block automatically the address? As the relationship between an individual and the possible number of wallets is 1 to n, would the action of blocking a wallet, considering its activity, be fruitless? 

On the code side. Please note that, although I have quite a decent knowledge of tech, I am (absolutely) not a developper. I coded it because I found the use case interesting.

I use https://xrpforensics.org/ as the base for wallets identified as scammers.

Run it, it will tell you.

Peace

https://github.com/TiGowa/xrp-ledger-forensics

 

Edited by Lumpy
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I kind of look at the same way I look at cash. More than likely every piece of cash I touch has trace amounts of cocaine on it. So far it hasn't been a problem, but it is a talking point.

To have been indirectly involved in illegal activities on the XRP Ledger?  Maybe not. But the question is legitimate. Everyone, as an individual or entity (company), operating on the XRP Led

That is the reason why the blockchain is fascinating, you can know where are the first "coins" you have sent. Imagine you could recount/ trace the first bank note you we have spent, capturing lik

2 minutes ago, Tinyaccount said:

Are you worried that the twenty dollar/euro/peso that you just used was once involved in a crime?

That is the reason why the blockchain is fascinating, you can know where are the first "coins" you have sent.

Imagine you could recount/ trace the first bank note you we have spent, capturing like in a film, every hand in which it has been through.

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8 minutes ago, Lumpy said:

That is the reason why the blockchain is fascinating, you can know where are the first "coins" you have sent.

Imagine you could recount/ trace the first bank note you we have spent, capturing like in a film, every hand in which it has been through.

Yes that’s true.  It is a new and fascinating thing.  When I first looked into blockchain it was considered totally opaque and private in terms of discerning paths and history.  Then churning was a thing.  The FBI and others unravelled the churns and it’s evolved now to where AIs can detect all sorts of patterns of behaviour.

During all this I wondered if the various tainting issues would be crypto’s Achilles Heel.  Porn in memos,  proceeds of crime,  public discernment of wealthy individuals accounts and spending.  But I think the benefits of DAs has been shown and any tainted aspects will be ignored in innocent usage for the common good.

So yeah...  it is fascinating,  but all is forgiven in my little Zerp bag...  I care not from whence they came.  :) 

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23 minutes ago, peanut56 said:

I kind of look at the same way I look at cash. More than likely every piece of cash I touch has trace amounts of cocaine on it. So far it hasn't been a problem, but it is a talking point.

Yes that’s why I mentioned the twenty dollar note.  I agree it’s interesting but I finally decided I wouldn’t be worried about it.

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8 hours ago, Lumpy said:

That is the reason why the blockchain is fascinating, you can know where are the first "coins" you have sent.

Imagine you could recount/ trace the first bank note you we have spent, capturing like in a film, every hand in which it has been through.

Then why does the tax dept basically consider crypto to be fungible?

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6 hours ago, peanut56 said:

I kind of look at the same way I look at cash. More than likely every piece of cash I touch has trace amounts of cocaine on it. So far it hasn't been a problem, but it is a talking point.

5 hours ago, Tinyaccount said:

Yes that’s why I mentioned the twenty dollar note.  I agree it’s interesting but I finally decided I wouldn’t be worried about it.

Next time I see an ant on my $ I'll think of you.

(and be jealous)

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Im more worried about the 80% loss im taking home with the standard

Worried about future performance of the standard

And worried about security status of the standard

 

Looks like team ripple cant get any clarification from the sec (but have a full team of SEC employees LOL) - imo the sec is manipulating the market together with others to profit from it.

 

Clarification for bitscoin - used in ML - produced in China - dumped in USA 

Ethirium clarification - used in UN sanctions circumventing - produced in north korea - dumped on US-Investors

 

Just LOL. Lawsuit for the SEC please

 

Edited by DirectorCoulson
I read "should i be worried"and thought yes we all should be worried. Not only in this thread. Sorry for the hijack but i couldnt help myself
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22 minutes ago, DirectorCoulson said:

Im more worried about the 80% loss im taking home with the standard

Worried about future performance of the standard

And worried about security status of the standard

 

Looks like team ripple cant get any clarification from the sec (but have a full team of SEC employees LOL) - imo the sec is manipulating the market together with others to profit from it.

 

Clarification for bitscoin - used in ML - produced in China - dumped in USA 

IFIRIIUM clarification - used in UN sanctions circumventing - produced in north korea - dumped on US-Investors

 

Just LOL. Lawsuit for the SEC please

 

Here, why not make a post in general chat rather than hijack this thread with your self pity... your consistent whinging is bordering on pathetic 

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1 hour ago, Zerponaut said:

Then why does the tax dept basically consider crypto to be fungible?

You 're right. XRP, for instance, is mutually interchangeable/ fungible. So is BTC. 

My point is that the tech and inner working of the blockchain allow you to trace back in history every transaction. Such a thing is impossible with fiat money/ cash.

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15 hours ago, Lumpy said:

You 're right. XRP, for instance, is mutually interchangeable/ fungible. So is BTC. 

My point is that the tech and inner working of the blockchain allow you to trace back in history every transaction. Such a thing is impossible with fiat money/ cash.

Yeah, I'm just trying to play devils advocate. I'm still bitter about crypto generally requiring FIFO accounting.

From the Oxford Dictionary:

"Fungible - (of goods contracted for without an individual specimen being specified) replaceable by another identical item; mutually interchangeable."

My point is, crypto isn't strictly fungible. It meets most of the definitions, but I can theoretically prove that the 'coins' I traded today are NOT the same 'coins' I purchased two years ago, because I bought the recently traded 'coins' last week and they have been kept in separate wallets and have never been mixed together in the same wallet. Thus, they are 'individual specimens' differentiated due to being stored separately.

If crypto was fungible how can transactions be traced? Doesn't the transaction on the blockchain specify the (group of) 'coins'?

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