There were over 2000 visits last week on moneylaundering - Let's raise a quick question and start a discussion about it.
What is your perception of Money Laundering in the Online Gambling Industry? Are the requirements too tough if compared to the real risk of Money Laundering? Is it fair for the Gambling companies to follow the same requirements of the financial institution?
Shoot your thoughts!

I wont reveal the casino directly but for context it's based in the Caribbean and is owned by some Chinese conglomerate of sorts. It ranks highly online and multiple sources claim it's safe so I didn't question it's legitimacy especially since it's a professional looking site with nice graphics and live dealers and all. It wasn't until I deposited more money than I'd like to admit in increments and finally checked my bank account in despair after losing it all that I realized the payment processing was handled by multiple third party ecommerce businesses and the like. Not only that but a few of the charges were labeled as being sent to individuals directly with common sounding almost stereotypical Chinese names instead of businesses like "Zhou Wei" or "Hui Chang" One charge in particular was labeled as a website address for an Alibaba looking site that sells "mobile signal boosters" and was identified by google as "not secure" and warned me that I shouldn't enter any personal info as it could be compromised.
So this leads me to the inevitable question: Would it be safe for me to request chargebacks and claim partial fraud or even complete ignorance and let it play out? (Which would be ideal so i can recoup) Moral judgement and gambling addiction advice aside if it is the case that this casino is disguising itself from banks and using third party fronts in what I'm assuming to be a money laundering operation, would they risk revealing themselves and countering my banks investigation? And yes technically I did in fact authorize the payments to the casino and they have my name, home address, and ip if they do choose to counter but I never agreed to have my card details covertly ran through shell corporations and front businesses especially ones deemed illegitimate by google and not only that but i was charged a 5%-15% hidden fee on every transaction by the third parties. So for example what should of been a flat $500 deposit in exchange for the equivalent in casino credit came out to $547.32 unbeknownst to me and I was charged a foreign transaction fee on top of that. I don't want to get busted for chargeback fraud but if the casino itself is fraudulent (And also operated outside the USA on some small sketchy island nation run by criminals based in china) can I get away with it, moreover would it even be getting away with anything if I'm the victim here at least in part.
edit: From Oklahoma USA

2 Parts here, second is down below. And you probably wont believe it or you already know about it and this proves it.
How TikTok is supporting our community through COVID-19
Community Guidelines
Introduction Violent extremism Hateful behavior Illegal activities and regulated goods Violent and graphic content Suicide, self-harm, and dangerous acts Harassment and bullying Adult nudity and sexual activities Minor safety Integrity and authenticity Platform security
Introduction
Last updated, December 2020
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Part 2, they send you back to the TikTokers page and it goes around and around. They wont do anything unless it will get them in trouble, if they can get in trouble for it then they will step in. But only then.
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So the blockchain thing keeps coming up, but all the explanations are super vague and hand-wavey.
I looked-over those PDFs PowerDubs posted the other day. I still cannot figure out how this is even hypothetically supposed to work.
One proposed use is for a future online casino. Crypto casinos already exist, and they are shady. The largest bitcoin casino's CEO goes by the pseudonym "wetsuit". I assume he doesn't use his real name because of, you know, all the crime involved.
So what's Atari's plan? If Atari is selling a tool for transmitting money for gambling, this is a wire-fraud risk. If Americans try and use this token, Atari will have to function as a financial institute in compliance with US law. The obscure bank Atari has partnered with may or may not exist, but it won't hold up to scrutiny either way. Maybe some other countries are more lax about this, but a lot are even more strict. So who, exactly, will legally be allowed to use this token?
The other major purpose is for in-app purchases. If Atari lets users cash-out in-app currencies, this basically turns EVERY GAME into a gambling game. Game companies don't want to be fined for running money laundering operations, so they don't usually make it easy to cash-out in-app currency. "Blockchain" doesn't change this. If reputable companies don't want this, why would they work with Atari? Why would Atari even offer this?
There are other proposed uses as well. None of these ambitious plans amount to anything unless the token has some value in "fiat". Game industry workers still need to pay rent and buy groceries, wherever they live. Workers don't want to be payed in coupons they can only spend on overpriced app stores like RobotCache.
The whitepaper even says something about Atari Token helping people without internet access. Sure Jan. If Facebook couldn't figure this out with Libra, what hope does Atari have?
Again, who will legally be allowed to use this token for its proposed purpose? How does being on the blockchain actually benefit anyone?

Star Citizen and the Economic Dream
By: Arvan Carrick
Preface
There are a few things I want to clarify before the impending wall of text, one is that nothing I say is intended to offend or demean any staff at CIG, in fact when conducting my research I found many positives, so I will attempt to be critical where appropriate, and give praise where it is due. The second thing is for you, casual viewer! “Mr. Carrick, I’m just a humble space pirate, a diligent rock miner, and a patient farmer, I just want to blow things up and live out my second life as a peaceful space trucker!” Well, my energetic and dependable friend(s), my intent is to frame economic issues across a variety of conditions that apply to you, and make a case for how they can benefit players across all professions. There are going to be items I touch on that have already been spoken about by CIG staff, I am sure many of the themes here are already being acknowledged by CIG and my intention here is not to become the quintessential “armchair dev” but to start a community discussion about the direction of Star Citizen, and perhaps be humbled by developer response(s).
Section 1: Player Driven, AI Enabled Economy
This section is going to include a lot of economic terms, and some boring details, if this bores you then let me start by saying I prefer players to have all of the power and AI to take on an enabling or more background role. I promise the next section is more interesting!
During Citizencon 2948, there was a very interesting forum on the economy that broke down a variety of plans going forward with the project. The initial pitch was that Star Citizen was going to allow unprecedented “Complete Player Freedom” for economic simulation, based on Supply and Demand Economics. However…the proceeding thirty minutes were followed by discussion on a dynamic AI system that would adjust itself based on market conditions and player interactions. I admit, it was a very thorough presentation and many of the ideas were cool from a technical standpoint. My problem with many of the videos and posts put out by CIG is the lack of free enterprise given to players in the verse. The only mentions of player to player interactions during that forum concerned bounty hunting.
Let me explain, the “Panel: By Design” video talked about a dynamic, logical environment with consistent rules, alongside player freedom complemented by an AI system that auto balances the economy. If I understand correctly (feel free to correct me) the system will automatically balance prices on a universe wide scale based on a variety of player inputs. For example, if 10,000 miners decide they want to mine iron ore, the ore they dump into the market will lose value and the effect will ripple down the production line for anything involving the base material. This is a cool concept and actually happens in real life, however in real life we do not have an AI capable of balancing prices, if we did we would all be living in a socialist Utopia.
My first criticism is going to revolve around AI pricing controls and the direction the game is currently headed. My biggest issue, is players dumping material into an NPC market, and I have a couple reasons for this. Reason one: this creates currency inflation, even if the price is adjusted by an AI, it is still a case where players are printing money. I’ll use mining as an example here: if players mine 10,000 kg of copper and transport it to a station, sell it for 10,000 UEC, they have then effectively added 10,000 UEC to the economy. I’m sure CIG is aware of inflation, there are some smart guys working this project (don’t think I didn’t watch all your videos, you’re all wonderful!)
The standard MMO fix to inflation is money sinks, however these are historically bad forms of currency stabilization, and for the casual reader, please allow me to explain why. Inflation in-game is generally a bad thing, especially when the developer plans to sell in game currency for revenue. Inflation drives up the cost of entry into the game and breaks the USD/Euro trade for UEC model. Another problem I have with AI is that they could potentially make certain professions impossible or at least incredibly inefficient. A recent example is the changes to the Widow trading system in more recent patches. The payout for Widow is no longer profitable, therefore players do not engage in its sale because the risk/reward has not been calculated properly by the game system.
The next form of money printing I want to address is the current and planned mission system. I want to start off by saying that the planned mission system as mentioned in “Panel: by Design” video is brilliant. Calculating probabilities of encounters and causing NPC interaction is a clever way to populate the void of space, and create dynamic gameplay for solo players.
However, as I previously mentioned, missions and encounters are still a form of money printing, you complete a mission and get paid. If the money sink is higher than the payout for completing the mission, players will simply not do them, meaning all missions will be adding currency to the current pool, and creating inflation. This can be mitigated somewhat by raising the prices of constant services, maintenance and tax fees levied by the game such as insurance, protection, NPC hiring costs etc. but it is ultimately a patch on the bigger problem; more currency enters the game than currency that gets destroyed. If left unchecked, inflation will not only hurt the UEC store, but cause dedicated players to begin using different stores of value instead of the games denominated currency.
Here’s the part where I’m going to make my pitch. “But Mr. Carrick, you handsome but simpleminded buffoon, how can we even prevent this reality from happening?” and here’s my answer. The player market. Now jokes aside, I know this isn’t some revolutionary concept, and I’m sure there are many at CIG planning on making various different ways for players to make and produce goods (I think!). From all the videos I watched before writing, all the forum posts and official releases that I’ve read, CIG wants AI to be in complete control of the economy, being the input/output receiver for trade across the verse. Not only does this system not solve the inflation problem, but it drives up the incentives for players to break the AI, even if you ban players for manipulating bugs in the market, they will still do it. After all, during the reign of Stalin and under pain of death, corruption and money laundering were still incredibly pervasive.
My case for a player driven market hits on several points, I’m going to use several examples from EVE online so bear with me. EVE solves its currency problems in several ways, the main one being destruction of assets. The developers in EVE encourage and set up dynamic situations, and scarce resources to create conflicts that produce the destruction of assets. This is a huge money and resource sink because of the insurance payments, one of the well-designed NPC systems. The second, the in-game currency is tied to the USD/Euro via the PLEX system, this anchors the in-game currency to stable real world currencies, whether or not this is possible without a subscription system is debatable.
However, the king of currency stabilization is the way goods work in EVE. Goods in EVE go through a massive supply chain before getting to the end user, Ore is sold to refiners who sell to producers who sell to ship builders who sell to ship buyers. This process is repeated whether the product is weapons or ships, in each step of production, value is added and currency is extracted and destroyed via trade/station taxes. The other great thing about the player driven production market, currency is not being generated, only value. What does this even mean? In this entire chain of supply, currency is not being added to the economy, only taken out; this is possible because currency is being exchanged for a good, the seller receives currency and uses it to make additional trades for other goods.
Now, why is this a good thing? Several reasons, the main one being that the AI is not even required. From an economics standpoint in a total player driven market, the AI is not even needed, the need to regulate prices is removed because the players dictate the prices, and just like in real life, people ultimately determine value through their behavior, attempts to deny this have produced many examples and real world consequences.
That being said, I think the AI encounter mentioned is an incredible idea, I want to clarify that I am singularly being critical of price fixing AI and the limiting of player ability to produce goods. Ships sales might be the one point I might concede, due to the nature of them being produced by different manufacturers, however I might suggest that Star Citizen introduce a UEC sink from allowing players to borrow licenses or blueprints for ship production, thus creating a fee that destroys currency while taking on economic input from other player generated goods.
My argument in conclusion of this section prefers using AI to limit extreme market cornering behaviors, react to certain conditions and dynamic events like piracy and security that affect trade and create underlying factors that affect profitability. Similar to the role of government in a capitalist society, the regulations and rules should create a framework for private enterprise and production to flourish, not control prices and inputs. This philosophy obviously comes with gameplay additions and drawbacks, while I will mention later on in my writings. “But Arvan, you dashing but community oriented idealist, won’t this limit the single player experience, I have no friends and I don’t want to participate in any multiplayer markets.” Well my friend, the markets will also exist inside NPC and security controlled space, profitable ventures will exist for you even if you stay a lone wolf, but conditions will shift based on the needs of real players instead of arbitrary AI pricing schemes.
Section 2: Communities, Ambition, Scarcity, and the reality of technology.
I want to focus a little more on the psychology of why people play games here, and overlay some economic conditions that reinforce them. I’m obviously going to continue to advocate for a more player driven production economy, and mention several ships, systems and promises made to backers of Star Citizen; I’m also going to mention the cost of implementing an all-powerful AI, vs the cost of empowering players.
Gameplay loops are often derived from simple psychology, there are things that people respond to, like rewards for certain behaviors; if player “x” does “y” and receives “z” congratulations you’ve created a simple loop. People react to stimulus, they react even better when risk is involved. Take this example, people love to gamble, and someone will be much happier winning $100 after spending hours in a casino, rather than slaving away at a single corporate task for the equivalent value. Risk is fun, risk makes you feel alive and gets your blood pumping, if we aren’t building a game that makes you feel good, that doesn’t expose you to (albeit fake) risk, then what are we even doing? Sure there can be safe opportunities for value generation, but something like striking out on your own in a star system, establishing a base and using it to gather and produce goods, that is an incredibly risky endeavor, but also incredibly rewarding.
This brings me to my first big point, communities determine the longevity of an online game. I know this is obvious, but really think about what that means from a gameplay loop perspective. EVE (I know, I know) has persisted, even flourished because it arguably has the strongest community out of any online game ever, many players have been playing for literal decades. Why is this?
Because there are huge rewards for players to create their own goods, establish stations, and build empires. Communities thrive when they have something to strive for, if there are no empires to be built, communities will inevitably encounter stale and non-dynamic gameplay. A community driven game should reward community initiatives like building colonies on distant planets, finding ways to produce goods and services, and becoming economic production powerhouses.
My second big point? Player vs player content is free gameplay, it’s not something that needs to be developed, no scenarios need to be constructed, no NPC’s to add, no voice lines to record, and it’s all free. The only thing developers need to do is provide the tools to make it possible. I initially forgot and wrote Star Citizen off several years ago until the Pioneer concept was released. I thought to myself “wow, this game is headed in the right direction, now corporations will be empowered to strike out, claim legal and free land, extract resources…and man, they are talking about farming, building outpost modules, and producing goods!” This was an incredible pitch, not only this but the scarcity implied by the existence of data running professions and markets by allowing players to find valuable plots of land and sell them, inviting a huge amount of emergent gameplay.
I was quite dismayed the next year when how the market for this would be handled, fixing prices and time decay were fixed to scans, which in my personal opinion, should be directly valued by the player market. Players should decide how valuable pieces of land are, and the data times associated with them. I make this argument because land and value are speculative, an AI cannot easily determine player behavior or understand why a player might want a certain parcel, perhaps players just want a nice view…but how does an AI determine what a “nice view” is? They can’t, it’s impossible…understanding why a corporation might want land is an equally daunting task, an AI can only react to current market conditions instead of foreseeing possible future outcomes.
Regulation and price fixing takes out the mystery of exploration, and while I understand the intent is for the AI to dynamically adjust these things, I am personally critical and furthermore optimistic that players can determine these values without the need for the development cost associated with such an AI. Part of the psychological feel goods we get from online games is building wealth and influence, we love building civilizations, factories, produces goods and services and competing with each other. If there is little framework for competition, only cold AI to battle with, we are robbed of the challenges and drama that free choice creates, regardless of how intuitive the bots are.
I want to round off, or perhaps summarize my arguments here by concluding that organizations should be empowered to produce physical goods, on land they develop and build with, taking part in every step of the supply chain from resources extraction to factory production and eventual sale to other players. In a universe with scarce resources, situations should be developed to encourage competition between groups of large players.
I am not a programmer, so I don’t completely understand the limitations of server meshing in regards to getting lots of players in one area at a time. Every time I look for concrete answers to this, the issue seems largely skirted around. In a game with player driven markets and community empowerment, the incentive to engage in large battles increases tenfold. So it really begs the question; is an AI driven game a response to keep players away from each other because of the technical limitations of the game? Or is it independently developed for other reasons, and are fleet battles a real possibility. I feel that this is a valid concern going forward, and I know it’s definitely a point of concern with other members of the community.
Section 3: The Value of Labor & Specialization
I’m going to touch up on some things that have been previously promised by CIG, professions talked about, ships in production & the potential for specialization here. I’ve always had the feeling that the developers didn’t quite know what they were getting into when they launched certain concepts, most notably the Endeavor. I mean just think about the raw amount of gameplay promises tied to that one modular ship. We have science, let’s just think about the broad implications of editing or producing specialized items is?
Medical gameplay, something that has been a little more fleshed out, something I think is a well-conceived idea for fixing the respawning and healing aspect of a space game. Farming, which really seals the deal on adding a production aspect of gameplay; the ability to grow plants and change your yields based on multiple conditions, a tall order. There are a few more modules, but the underlying point I’m trying to make is that interactive, specialized gameplay has been promised, and there isn’t really any way out of it.
Now, why is all this extra development a good thing? Let’s think about longevity and legitimately good crafting systems. One of the all-time favorite crafting systems of any serious online gamer, or at least in their top 5 is probably the Star Wars Galaxies crafting system. SWG included a pretty brilliant system where every material had its own value, all ore was not created equal, and the value of player construction goods was far higher than anything provided by NPC’s because players could alter stats and create a variety of different outcomes for the same item. This resulted in crafting being an entire profession, each step had variables because crafting benches, extraction equipment, tools and the end good provided was unique to the method from each player.
This allowed certain clever players to become server-wide recognizable names, you could become “the pistol guy" because you made the best blasters in the verse. There is no reason these types of ideas cannot be applied in Star Citizen, it opens up the potential for individuals and corporations to become highly specialized in particular fields of item production and modification. It’s another player driven concept that only requires the initial system to be built, everything after that is free user generated content.
This idea, which has already been touched on can be applied to farming. In several design documents, player farming is mentioned to be controlled by in-game systems that are actively managed by players such as soil type, light etc. which is a brilliant move. Leaving decisions up to players is the apex of emergent gameplay, even an unbalanced game can create dynamic scenarios when players find innovative solutions. Another great thing about these types of mechanics, is that they create currency sinks by virtue of value.
What does this mean? Say you have a box of assorted materials worth 1000 UEC and a skilled player produces a first in class item worth 100,000 UEC after spending 5 hours of labor on it. Not only has a gameplay loop, reward and player driven interaction taken place, but no additional UEC has been added to the market, only the value of highly specialized goods. This process can additionally provide a pathway for clever end users to profit from people who buy UEC from CIG, meaning specialized players become the winners in such a transaction, if the have-nots are profiting from a technically pay to win system, instead of pay to winners only interacting with cold NPC’s, everybody becomes a winner instead of just the whales.
Section 4: Organization tools & opportunities for emergent gameplay.
I think I’ve run my course on pitching my market ideas and criticisms of the current direction, this is the final portion of my writing, and I want to talk about some future ideas, throw some darts at the wall and see if any stick for further discussion. During Citizencon 2948 Chris Roberts came out with some of the key points he thought would make Star Citizen an actual game instead of just a tech demo, one of them was the importance of organization systems. I was pretty happy to see that, in fact it’s probably the most important tool for community development. Empowering organizations with the tools to engage in emergent and NPC based gameplay. Here are some ideas I love, Chris Roberts mentioned organization missions, profit sharing initiatives and an actual “guild” system. I think that’s pretty brilliant, but I want to take things a few steps further! Stonks! No really, a stock market for in game organizations that functions in a similar way to the real world equities market.
“But…Mr. Carrick, you greedy and bourgeoisie sympathizing charlatan, what good would that do, and how would you even implement such a thing” And to that I have an answer! Well, at least a rough idea. Much in the way real world companies operate, a proprietary business in the real world has one owner, if an org owner in Star Citizen wished to maintain 100% control, they wouldn’t even have to participate in the system, and they could keep all the shares of their org assigned to the organization itself (or very greedy leaders might assign themselves) if they wished. Granting organizations the ability to assign shares to members (if kept private) can have multiple functions. One function could be payouts, or dividends, let’s say the organization has been deriving profits from a variety of Star Citizen activities and has a surplus of cash, money could be dealt to shareholders on a daily, weekly or monthly basis as a flat amount of UEC per share (game would calculate the percentage.)
Shares assignment can provide a wide array of benefits to organizations and players in such a way, for corporations it provides a recruiting tool (who doesn’t love money?) and a way to compensate management or top performers by assigning more shares, or incentivizing players to stay with the company by assigning additional shares on a time or participatory basis. For the players involved, owning part of a company is exciting, it can promote teamwork and also offer compensation for group play that might not otherwise be available. It insures competition among organizations for which one can provide the best benefits to its members as well.
“Now Arvan, you’ve told me about private shares, but that’s not really a market now is it buddy.” Here’s how a market can play into things, there already exists a trade overseer in Star Citizen Lore, so why not double them as a listing exchange? Allow corporations the ability to go public! Now, why should organizations go public, and why should people buy their stocks? Well, first off…stock trading is one of those great gameplay opportunities that is a zero sum game in terms of currency value, it doesn’t add currency to the game but instead encourages players to spend it in hopes of gaining a return. Corporations that provides a 1% return on a stock price of 100 UEC could be considered a good investment if scaled. This is another emergent opportunity that doesn’t require AI to maintain, and similar to real life, commission fees on trades can provide an additional currency sink for the game. Corporations looking to raise capital through stock sale can go public and players with excess capital can attempt to grow their wealth. A dynamic market would reward corporations would could provide adequate dividends for a return, driving up the price of their stock and allowing them to sell off more shares for capital raises, this in turn allows the players who already own the stock to experience an increase in value if the corporation does well, meaning it’s in everyone’s best interest for the corporation to profit.
This is just one of the simple (ish) ideas I have been playing around with, I’m sure the team at CIG is working on a great suite of tools to make organizations effective in the future, I thought I’d share my two cents on some (feature creep!) ideas I had.
After this mighty wall of text, it’s probably quite easy to tell that I’m not a huge fan of an AI driven economy, but rather a community and player driven economic system that is slightly held in check by underlying AI systems, but mostly influenced by the players. I do not agree with NPC’s buying items for several reasons, although I do not entirely disagree with AI providing gathering style fetch quests that still make single player experiences possible without selling to the market. I’m obviously a fan of empowering players in the real sense, and not the interacting with dead robots sense. I wholeheartedly encourage people to disagree with me, point out flaws in my ideas or criticisms and provide some honest discussions on where the community is headed on these types of issues. From what I can tell, many of these things are still in flux, and even after all these years they still exist in a concept phase instead of reality. This means individuals and communities have a voice, and influence on where things are going to go, I personally hope the community agrees with me that they should be empowered to make their own decisions, produce their own goods and services to create a true player based game instead of single player with friends.
​
edit: as per request, I'm updated the TL;DR a little more and adding a PS because there are some rather uninformed opinions on how simulated markets work.
TL;DR:
1) The economy should be player driven, but regulated at the fringes by an AI backbone, control of production should be given to players
2) Community driven games should build their mechanics around community activities, is an 100% AI driven economy possible...is it practical?
3) Crafting should be dynamic and unique, players should have the power to become hyper specialized in certain fields to produce time-value labor
4) Stonks.
​
PS: I wanted to write a little bit about how free market simulations worth, many...colorful responses (in reddit fashion!) are very, lets say averse to some of the terms I've used in this writing. Let me preface this by saying that in a free market, it is impossible to create prolonged manipulation for personal benefit. In a video game, there are no bribes, no politicians and no regulatory capture, unless an entity can control an item in its entirety, other players will always be able to punish them for attempting to corner the market. I realize there are lots of people under the impression that free markets ruin games, however the only reason I even reference EVE in this paper at all is because as far as I know, its the only legitimate market simulated game in existence, I've seen other games attempt to justify open markets but they ultimately have way too many static elements that break the input/outputs and have to rely on a series of price controls (like black desert) which only function within a set percentage range. I'm not entirely opposed to price controls if given a wide spread.
​
IGN: Arvan_Carrick
Reddit: Arvan_Carrick
Contact me through reddit or through RSI.com if you have any private questions for me! I’m currently deployed so I’ll try to answer them as best as possible! If you have criticisms, please be constructive and respectful to myself and each other!

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Recently People Bank of China (PBoC) said that it will keep a balance between users’ privacy and regulator need for an audit. Meaning users who transact in digital currency will have their anonymity preserved, just as the case with cash transactions. At the same time for regulators, it will provide just enough auditable information to combat money laundering, terrorist financing, tax evasion, online gambling transactions and financing criminal activities.
This was confusing for me that how it can be achieved unless it partially uses blockchain technology and still relies on the old centralized method. This open question made me put together pieces of the puzzle to figure out how this is even possible, what are they hiding, can anyone achieve auditable - permission blockchain.
Here is what I think is happening behind the scenes. Please feel free to share your thoughts:
Disclaimer: Since little is known about China’s digital currency design, this post is an Op-Ed.
User’s security will be the main focal point for PBoC which depends on one piece of information. An information user must protect and not loose: Private key. If the user loses the private key, s/he also loses all the assets. PBoC may greatly reduce the risk by using a simple idea: use more than one key to sign a transaction. A “multi-layer” arrangement known as the ‘Threshold signature scheme’ to protect the user’s private key. For example, requiring 2 out of 3 signatures to successfully sign a transaction.
In such an arrangement, each participant gets a separate private key for each user’s public-address. These participants could be – users themselves, Institutions, and auditors (or regulators). For ease of use, a mobile app will store the user’s private key and through biometric fingerprint sign the transactions. Note this mobile app is not a wallet, but more like an encrypted messaging app.
For users, the front-end interface would more or less look like a transaction app while in reality, it triggers an encrypted message. Each time the user initiates a transaction, the initiator’s institute receives the details of the transaction (like payee address, amount) in an encrypted message. A copy of this encrypted message is also saved in a private database 1 -‘Records’ for audit reference.
This strange relationship between Institute and user: As we know that China’s digital currency will be distributed by 7-8 institutes. Most of them are established financial institutions where their customers have already been through the KYC process. Therefore, any customer (user) from these institutes will use the provided mobile app to register, get added to database 2 – ‘White-list’ (explained later) and start initiating the transaction.
Now institutes with their set of private-key decode the message. Takes the information (like amount, recipient address, etc) and finds the receivers institute. Once found, the institution sends the currency to the receiver’s institution along with an encrypted message which adds the recipient’s address. This transaction between institutions happens in a real blockchain-based transaction system much like Bitcoin.
The receiving institution will look for the encrypted message and decrypt to know the recipient’s address. Then sends a confirmation message to the payee-payer and the mobile app syncs to reflect the new amount. Such an arrangement hides the payee-payer relationship as the public ledger only shows the institutions transacting with each other.
In addition to the above system, there might also be another private database 2 – ‘White-list’ to keep a record of all public addresses along with user identity associated with it. Before the institute processes the transaction, they may check the authenticity of the user in this database like KYC verified user, etc.
Now for audibility, auditors would refer to the private database 1 – ‘Records’. Each user will have an auditor assigned who can decrypt the message. Remember, the use of a threshold signature scheme. This auditor could be the third participant in this multi-layer arrangement who holds separate private-key associated with the user.
By coordinating with the respective institute, the auditors decrypt the transactions and check compliance of the user’s financial transaction. If a user is using the digital currency for illegal purposes, the authorities will lock-up his/her address by changing user status as ‘not valid’ in the database 2 – ‘White-list’.
So finally, here we have partial use of blockchain technology. What you think. Does it make sense or there could be another way of achieving complete blockchain based auditable-permissioned payment system?

Hi Reddit,
With all the recent drama, I thought this would be a good time to explain how betting licences work, what this means for a customer and how you can decide if the company is “shady” or not. Most importantly, what recourse you have if you’re feeling wronged. Spoiler….if they’re Curacao “regulated” you’ve got none.
I’m speaking from experience, as someone who has founded a betting company and gone through the regulatory process in the UK. This post isn’t being made to justify or defend betting. However, I hope it does make the differences between all the various betting licences clearer.
Betting is (and should be) a highly regulated activity. This is because betting companies:

• offer a service that is not suitable for minors (or other vulnerable people, regardless of their age, for that matter)
• handle money, opening themselves up to risks of money laundering
• can easily screw over customers by being unfair

There are a number of different countries (also referred to as Jurisdictions) who offer online betting licences. However, not all licences are created equal.
For example, when going through the licensing process in a “top tier” jurisdiction (e.g. UK or Gibraltar) they:

• do pretty extensive checks into the backgrounds of the individuals running the company;
• make sure your core betting software is solid;
• understand how much money you’ve got to sustain the business and the financial processes you have in place to make sure you’ll be able to pay out customers
• check that your marketing and customer support teams understand the risks and responsibilities towards customers

The process is long and is only the beginning. After being granted a licence you need: to meet stringent criteria to ensure you’re maintaining your licence by keeping up with your responsibilities. It’s not easy and it’s expensive.
A number of “offshore” locations look to attract betting companies by being “light touch”, to varying degrees. Ultimately, what this means for the customer, is that less people are making sure the betting company is behaving itself. This is great for the betting company but riskier for the customer.
The list below is not extensive but covers the main countries you’ll see for esports betting sites.
Top Tier

• Gibraltar
• United Kingdom
• Malta

Mid Tier

• Isle of Man
• Alderny

Questionable Tier

• Curacao
• Costa Rica

Comparing UK vs Curacao
If you have a complaint about a bet, some betting companies will sign up to "dispute resolution services" that act as an arbitrator between a betting company and a customer, if the customer doesn’t feel satisfied with the company’s decision. To be granted a UK Betting Licence, it is compulsory for the company to sign up to one of these services. For Curacao regulated businesses, there is no such thing.
Generally speaking, in top-tier jurisdictions the betting company isn’t only answerable to the betting regulator; there will be a number of other organisations they will work with to ensure they deliver the best experience for the customer. These include advertising regulators, sports integrity groups and businesses to support problem gamblers. Companies like the ASA (Advertising Standards Authority) make sure marketing material from betting companies aren’t misleading. For example, trying to indicate that betting is a way out of financial difficulties, or indicating making a bet is a “right of passage” to becoming a grown-up. Note: just because our advertising needs to be socially responsible doesn’t mean we can’t have fun X-).
When dealing with a “questionable”-tier jurisdiction, having a betting licence could literally be the equivalent of simply having a business in that country. The company will be able to get away with murder as they don’t have to answer to anyone. The odds are stacked against the customer.
I’m NOT saying all mid/low tier regulated businesses are shady, however, they would have made an active decision to get regulated where they are.
Why am I bothering to tell you this?
I would like to foster a community where betting isn’t demonized because of low information. There are numerous benefits to the scene in general by working with legitimate operators (and we’re one of them). Betting is often seen as taboo and as a result people don’t understand the implications of licences.
The betting company I started is BlinkPool.com.

• On BlinkPool you’re betting against other users not against “the house”
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BURNING MOLKA ARCHIVE WIKI will contain all future updates for this listing.
This post was last updated on 190915 at 6:55PM KST

This is a compiled list of all the significant figures involved in the Burning Molka scandals. It is our attempt to make an easier-to-read breakdown that focuses on the Who's Who of these cases and what they did.

⚠ TRIGGER WARNING: This will be the only warning in this post. The contents of many of these stories and notes may be triggering. If you are sensitive to straightforward mentions of criminal activity, especially regarding sexual assault/rape, do not continue. ⚠

There are two primary threads to follow in this story. One thread is Burning Sun and the general club culture of Gangnam. This includes illegal activities (drug use and dealing, gambling, entry of minors, sexual assault, illegal hidden cameras set up to film sexual abuse, tax evasion, embezzlement) and police colluding to cover up and/or participate in these activities. The other is the celebrity members of chatrooms sharing molka (illegally filmed videos, especially sexually exploitative in nature). They are intertwined as they involve some of the same people.
The ever-growing web of these stories are happening concurrently with a widespread spy-cam (molka) epidemic (hidden cameras in hotel rooms, public restrooms, etc) as well as a feminist movement (#MeToo) where awareness is being raised of the patriarchal culture of South Korea, which has facilitated sexual harassment and abuse of women as a 'norm'.
Throughout all cases, there are authority figures (police, politicians, celebrities, chaebols) committing crimes. Due to their wealth, power, and the entrenched corruption of those that could bring them justice--they get away with it.
(190503 Expansion) The two primary threads of Burning Sun and molka-sharing chatrooms have split into a few further threads through the investigations. As it stands now, there are essentially five threads.

• Exposed through Seungri investigations: Burning Sun and the Gangnam club culture. Tax evasion, embezzlement, drugs, gambling, entry of minors, prostitution, sexual assault, illegal hidden cameras, and the truly horrifying information regarding officetels connected to clubs that serve VVIP customers (human trafficking, extreme sexual abuse, torture).
• Exposed through Jung Joon Young's chatlogs: Members of Kakaotalk chatrooms sharing molka, bragging about sexual exploits, talking about women in dehumanizing ways. Shared video, photos, and conversation provide evidence of chat members drugging and raping unconscious women with some regularity.
• Through Burning Sun investigations: Hwang Hana's drug use and distribution as a frequent club-goer, which led to Park Yoochun, her ex-fiancé, being investigated for similar drug use and distribution allegations.
• In the context of powerful figures getting away with crimes related to sex abuse, Jang Ja Yeon's decade-old case was brought forward again along with a re-investigation of alleged abusers like Kim Hak Eui and Yoon Jung Cheon.
• Through each branch of investigations, police corruption is evident. This thread is less visible still, but many officers have been charged with participating in crimes in various ways. Reporting indicates there will be more focus on this once the other cases are nearer to resolution.

CedarBough T. Saeji wrote an excellent piece introducing these threads and the ways they are connected within the larger cultural context of South Korea. Highly recommended reading!
KOREA EXPOSÉ - South Korea’s Corruption, Exposed by the Burning Sun
 
(see footnote in comments about all the Kims and repetitious names)

Directly involved:

• Seungri/Lee Seung Hyun (BIGBANG and executive director of Burning Sun):
  
  • Admitted to charge of sharing illegal/pornographic imagery (it's unknown if this was molka he was re-sharing from somewhere else or just a random image).
  • Laughed in reaction to seeing illegal photos being shared in chatroom.
  • Admitted to tax evasion at Monkey Museum.
  • Embezzled funds from Monkey Museum and Burning Sun (tens of thousands of dollars). Charged for occupational embezzlement.
  • Alleged to have facilitated escorts for foreign investors at an event in Seoul in July 2016, at Club Arena in 2015, a Christmas party in 2015, and his Philippines birthday party in 2017.
  • During his pre-trial detention hearing, Seungri confirmed he had personally solicited prostitution.
  • Seungri left BIGBANG. Was released from his contract with YG Ent. Retired from the industry. Was largely removed from YG Ent. website and BIGBANG merchandise.
  • Will be sent a draft notice after June 25th at which point he will decide to enlist or postpone. If Seungri's case goes to prosecution, it will not have any affect on his enlistment unless he is arrested/detained at some point.
  • Forwarded to prosecution on 7 charges including: prostitution solicitation, prostitution mediation, embezzlement (from Burning Sun), embezzlement of attorney fees, instigating destruction of evidence, violation of the Food and Sanitation Act, and violation of the 'Act on Special Cases Concerning the Punishment of Sexual Crimes'. (190625)
• Jung Joon Young (singesongwriter, band Drug Restaurant, TV personality):
  
  • Charged with 11 counts of filming and sharing molka of him having sex with women. Arrested. Trial begins May 10th, 2019.
  • Suspected of soliciting prostitution while filming abroad in Germany (2016).
  • Jung Joon Young had 23 chat rooms, with 16 people involved.
  • Make Us Ent. terminated his contract.
  • In 2016, he was accused of illegally filming a sexual encounter with a woman without consent, but the charges had been dropped. With the present investigation, it was discovered that police who had been investigating that case in 2016 went to the forensic company working on Jung Joon Young's phone, asking for them to announce that the phone's files could not be restored. The files were never turned over for further investigation.
  • Jung joon Young admitted to all 11 charges of filming or distributing molka at his pre-trial hearing (190510).
• Yoo In Suk/Mr. Yoo (Yuri Holdings CEO):
  
  • Resigned from his position as CEO of Yuri Holdings, which is the company founded by both him and Seungri in 2016. It operated multiple businesses, including the Burning Sun club.
  • Embezzled funds from Monkey Museum and Burning Sun (tens of thousands of dollars). Charged for occupational embezzlement.
  • Facilitated prostitution
  • Helped to cover up Choi Jong Hoon's DUI
  • Implicated Superintendent Yoon during investigations.
  • His wife, Park Han Byul (actress/model), also claimed she received K-Pop concert tickets from Choi Jong Hoon
  • Provided details about soliciting prostitution with Seungri in 2015. They paid for two prostitutes at Seungri's apartment. Yoo In Suk stated their intention was to 'test their quality' ahead of Japanese investors they would be entertaining the following day. The two women confirmed they had been sent to the apartment by their madame.
• Choi Jong Hoon (FTISLAND):
  
  • Bribed police for assistance in covering-up DUI (offered $9,000). Charged with 5 counts of distributing molka and one charge of filming molka himself.
  • Departed from FTISLAND. FNC Entertainment officially terminated his exclusive contract. Retired from industry.
  • Arrested.
  • Forwarded to prosecution with a recommendation of indictment for group sexual assault on two occasions in January and March of 2016 (190516).
  • Indicted on charges of sexual assault (190603). (The previous week he had filed a habeas corpus petition in objection to his detainment, requesting the courts re-review his case. Judge Lee Il Yeom rejected his petition.)
• Yong Jun Hyung (HIGHLIGHT): Was in a 1-on-1 chatroom with Jung Joon Young. Admitted to participating in inappropriate conversations about molka. Departed from HIGHLIGHT. Enlisted for military service (190402).
  
• Lee Jong Hyun (CNBLUE): Confirmed to be in chatroom where molka was shared. Admitted to participating in inappropriate sexual conversations degrading women. Currently in military service. He's 'deeply reflecting' and still supported by his agency, FNC Ent. He announced his departure from CNBLUE through FNC Entertainment, apologizing for bringing harm to the members and disappointment to fans. (This came after a strange private interaction with a YouTuber Park Min Jung on Instagram while serving in the military, which she made public. She apologized and removed the post after it hit the news.) (190828)
  
• Mr. Kim (Burning Sun merchandiser): Employee at Burning Sun. Known as Jung Joon Young's "hidden camera mate". Set up hidden spy cams to film illegally in the club over 10 months. Uploaded molka of himself raping a woman to the group chatroom. Arrested. Indicted for sexual assault while overseas.
  
• Eddy Kim (singesongwriter): Was in a chatroom with Jung Joon Young where molka was shared. He admitted to uploading one sexual photo from the internet.
  
• Roy Kim (singesongwriter): Was in a chatroom with Jung Joon Young. Booked for sharing a photo (unconfirmed if molka). Graduated from Georgetown University, but did not participate in the ceremony.
  
• Jung Joon Young participated in a temporary group chat along with cast-mates for JTBC's 'Hitmaker' (variety show). Reportedly, he took photos of a flight attendant's body (nature unknown) and shared them in the chat. Other cast members present in the chat were Kangin (Super Junior), Jeong Jin Woon (2AM), and Lee Chul Woo (model). Investigation determined these three did not share molka themselves and police stated they had no plans to investigate them further, referencing them only as witnesses present in the chat.
  
• Kwon Hyuk Joon (SNSD Yuri's brother): Kicked out of group chatroom after being caught doing drugs (marijuana?). Mr. Kim (Burning Sun employee) reportedly filmed Kwon raping victim B and shared the video to the chatroom. Arrested on sexual assault charges. Forwarded to prosecution with a recommendation of indictment for group sexual assault (190516).
  
• T: Member of a Jung Joon Young chat where there was discussion about sexual exploits, women were degraded in a variety of vulgadehumanizing ways, and drugging and raping a woman was described in some detail. Two women were described as being like comfort women.
  
• P: same as T
  
• K: same as T
  
• Senior Police Officer Superintendent Yoon: Booked for violating the Improper Solicitation and Graft Act for taking bribes/gifts in the form of BIGBANG concert tickets (from Seungri), a meal and a golf game (from Yoo In Suk). Removed from his position. Fowarded to prosecution for obstructing rights when providing confidential police information to Yoo In Suk about possible suspicious activity at Monkey Museum. Yoon was cleared of charges regarding receiving bribes from Seungri and Yoo In Suk because the total amount ($2,250) was less than the threshold ($2,518) of the Improper Solicitation and Graft Act. But he will pay a fine and the Inspection Department will determine how he should be disciplined.
  
• Senior Inspectors A and B: Both forwarded to prosecution. 'A' for helping to convey confidential information to Superintendent Yoon and 'B' for violating confidentiality for revealing police information.
  
• Superintendent Kim (resident officer in Malaysia): Associated with Yoo In Suk and Park Han Byul. (Likely the figure who accepted bribe from Choi Jong Hoon to cover up his DUI.)
  
• Mr. Kang (former Police Detective): Known as the 'Nighttime Troubleshooter' in Gangnam. Supposedly received regular bribes ($2,000/month or $5,000 for bigger issues). Allowed entry of a minor at Burning Sun. Received bribes through Choi, who was part of club Monkey Museum's crew.
  
• Mr. Lim (Arena club's CEO): Arrested for tax evasion (evaded 16.2 billion won from 2014 to 2017).
  
• Mr. Kang (Arena club's owner): Arrested for tax evasion (evaded 16.2 billion won from 2014 to 2017). Believed to have lobbied tax agencies during the tax investigation to Arena last year. He operated 16 clubs in Gangnam.
  
• Mr. Jang (Burning Sun Director): Participated in the assault of Kim Sang Kyo along with security guards. Forwarded to prosecution on charges of assault.
  
• Jang (Burning Sun security guard manager): Participated in the assault of Kim Sang Kyo along with security guards. Forwarded to prosecution on charges of assault.
  
• Lee Moon Ho (Burning Sun co-CEO): Investigated as a suspect relating to drug use (more than 10 times) and distribution. Police seized his home and banned him from leaving the country. His initial arrest warrant was rejected despite testing positive for drugs. Arrested on suspicions of drug use, distribution, and destruction of evidence (190419). Transferred to prosecution. Sentenced to 3 years probation and 200 hours of community service. He would receive 1.5 years in prison if involved with any further criminal activity. (190822)
  
• Lee Sung Hyun (Burning Sun co-CEO): Former board member in association with Le Méridien Seoul hotel. Testified in court that he bribed Mr. Kang (former Gangnam station police officer) to cover up the illegal entry of minors to the club (July 2018). Lee stated that he informed his co-CEO Lee Moon Ho of this, but not Seungri.
  
• Anna (merchandisepromoter for Burning Sun): Interrogated by the police under suspicion of selling drugs to VIP clients at Burning Sun. Tested positive for methamphetamine, ecstasy, opium, marijuana, and ketamine. Request for arrest warrant regarding drug distribution, denied. Her case was transferred to prosecution.
  
• Mr. Ji (Seungri's former manager): Was paid a salary of about $2,645 every month through Burning Sun, even though he was an employee of YG Entertainment. YG Ent. supposedly learned of this in February and fired Mr. Ji. This is still being investigated. It's not known if Mr. Ji was only getting salary from Burning Sun or he had double salary from both.
  
• Yang Hyun Suk (Founder of YG Entertainment):
  
  • MBC's program 'Straight' aired with an in-depth report claiming that YG Entertainment's CEO Yang Hyun Suk mediated prostitution for foreign investors. A dinner he hosted in 2014 was specified where 8 men were being entertained. 25 women were present, allegedly most of which were prostitutes. Most of the guests and women moved on to Yang Hyun Suk's club NB, where later the investors selected from the women to be entertained privately. YG Entertainment made a statment confirming Yang Hyun Suk was at the dinner, but denied he mediated prostitution for VIPs. (Allegedly, Hwang Hana was also present at the dinner.)
  • JTBC's 'Spotlight' program included information about a staff member at YG Entertainment keeping a drug kit to test company artists for drugs so that they could take proactive steps to cover it up if anyone tested positive. Yang Hyun Suk responded to the program by stating he was directly involved in routinely monitoring the artists with drug tests himself every two months. He explained that, following G-Dragon's case, he took responsibility with testing as a preventative measure to keep artists fearful of using drugs at all. Yang Hyun Suk also claimed B.I's drug test had been negative.
  • Resigned from position in YG Entertainment as a result of his involvement in multiple scandals.
  • Booked for suspicions of prostitution mediation based on expense reports that indicated possible sexual services during the 2014 Europe trip (190717). The investigations into prostitution are ongoing.
• Yang Min Suk (CEO of YG Entertainment/brother of Yang Hyun Suk): Resigned as CEO as a result of his brother's involvement in multiple scandals.
  
• PSY: Called up for questioning on the 23rd regarding the prostitution mediation Yang Hyun Suk is suspected of providing for Jho Low and another Southeast Asian investor in July of 2014. The questioning reportedly took approximately 9 hours. Both PSY and Madam Jung's testimonies are being collected as a part of the ongoing investigation into Yang Hyun Suk's case.
  

Victims speaking out:

• Informant/whistleblower: Person (woman?) who gave Kakaotalk chats to Lawyer Bang Jeong Hyun.
  
• Kim Sang Kyo (non-celebrity):
  
  • Filed the original assault case at Burning Sun, which triggered all of the media attention and investigations of Gangnam clubs.
  • Claimed he saw a woman being sexually harassed. Sought a security guard for help and then was beaten by Mr. Jang and security guards. When police came, they also beat him. He was arrested and beaten again at the police station.
  • Wrote about the incident on Bobaedream (online community) and sent a petition to the Blue House about it. Later requested anyone harmed at Burning Sun to contact him through Instagram. Posted multiple stories of victims sharing what happened to them (sexually assaulted, drugged with GHB).
  • Three women accused him of harassment at Burning Sun (includes Anna and a 'Kim', who were later revealed to have ties to Burning Sun staff.)
  • (Kim Sang Kyo Statement and background)
  • Forwarded to prosecution on charges of assault, interference with business, and sexual harassment based on testimonies and CCTV footage.
• A (informant): Two new chatrooms were discovered due to informant 'A, from her boyfriend, Mr. Kim. Participants of one include actors Shin and Han and a model Jung. The other includes the son of a former Samsung executive, a merchandiser for club Arena, and an entertainer. It contains more than 100 videos and pictures of shared molka and pornographic content. (Note: This is not the same 'A' as the 'A' below and we do not know if this 'Mr. Kim' is the same as any other Kim mentioned in this list.)
  
• A (friends with members of the group chatrooms):
  
  • Testified she was sexually assaulted by five members of the group chatrooms. This includes Jung Joon Young and Choi Jong Hoon (may also include Heo and Mr. Kim (Burning Sun)).
  • 'A' contacted lawyer Bang Jeong Hyun when seeing everything in the news and suspected she may have been assaulted while she was part of the chatroom associated friend group.
  • Corroborating the date of her suspected assault with Bang Jeong Hyun and the chat logs resulted in seeing conversations, a voice recording, and six photos that indeed indicated she had been sexually assaulted while unconscious.
  • 'A' will file a lawsuit against those who assaulted her and an investigation will follow.
• B: Last week, 'B' filed a complaint that Mr. Kim (Burning Sun employee) filmed Kwon (SNSD Yuri's brother) raping 'B' and shared the video to the chatroom. Her statement matches the content of the chat logs.
  
• Lee: Came forward in relation to one of the first chatlogs that was made public. A 2016 gathering overseas included Seungri, Roy Kim, Mr. Kim, Yoo In Suk, and a group of women who had been invited. Lee was friends with one of the women. They all had dinner together, but Lee lost consciousness. She was left to rest in another room. She was found later in a different room, undressed, and her friends said it was extremely difficult to rouse her from sleep. Her testimony aligns with the content of the chat where Mr. Kim had filmed as he assaulted her and shared it with the other members. Lee's uncharacteristic loss of consciousness will also be further investigated for the possibility she was drugged at the party.
  
• Multiple women came forward regarding a gathering at a resort in Hongcheon (January 2016). Five men were involved, which included Jung Joong Young, Choi Jong Hoon, and Mr. Kim (Burning Sun). Seungri did not attend but responded to chat conversations about what happened there. The women claim they lost consciousness after being served alcohol by the men. Again, the chatlogs and media shared indicate the women were sexually assaulted and recorded.
  
• Seven women have come forward so far to file complaints in regards to being sexually assaulted by members of the Jung Joon Young chatrooms. The ones we know about in detail are listed above.
  
• Informant Jeon (guard at Burning Sun):
  
  • Came forward with information about police being paid off during club inspections long before this whole scandal took off. Drugs were openly used in Burning Sun. He recalled an unconscious woman who his team was supposed to remove from the club, but looked like she had been drugged when he tried to wake her. The leader of Jeon's guard team was instructed to keep police out of the club.
  • Jeon was present when Kim Sang Kyo was assaulted. When Sang Kyo publicly stated he was seeking information about the club, Jeon contacted him, despite being threatened by his team leader.
  • Claimed he never saw sexual crimes himself, but that servers and guards would say he should go watch the CCTV for a (VIP?) room, and he assumed there were sex acts happening. He said it was almost always celebrities or chaebols who booked that room.
• Another victim of Kim Hak Eui and Yoon Jung Cheon who was present at the Wonju Villa in 2008 came forward. Choi has medical and psychiatric treatment records that may be used to apply charges to the men. Her testimony was provided back in 2013, but she was never called in for further questioning/investigation at the time, further indicating the investigation was not handled responsibly. (The two victims more recently associated with this case are Choi and Lee/A.)
  

Indirect connections:

• Seo Hyun Deok (nephew of Choi Soon Shil): VIP guest at Burning Sun. Confirmed first assailant against Kim Sang Kyo. Grabbed him by the hair. Forwarded to prosecution on charges of assault..
  
• Kim Hak Eui (Former Vice Justice Minister: (Article linking KHE with multiple sex abuse cases). Arrested. There is not sufficient evidence to charge Kim Hak Eui specifically on sexual assault (he has other charges pending still). Yoon Jung Cheon had a 'mental damage' charge applied for assaulting 'Lee/A' three times and coercing her to be sexually involved with Kim Hak Eui.
  
• Yoon Jung Cheon (building contractor):
  
  • Hosted sex parties at his villa in Wonju, where Kim Hak Eui is suspected to have drugged and raped women (between 2006-2007). With investigations re-opened and widened surrounded Kim, Yoon Jung Cheon was booked for fraud and misappropriating funds while head of a construction firm between November 2017 and May 2018.
  • Was transferred to Seoul Eastern District Prosecutor's Office. Prosecution is determining if they want to seek an arrest warrant for Yoon.
  • Arrested.
  • The Past Affairs Committee called for an investigation of the relationship between Yoon Jung Cheon and high-ranking prosecuters regarding bribery and unfair treatment (ex-Attorney General Han Sang Dae, ex-official Yoon Gap Geun, and ex-assistant prosecutor general Park). There is also the possibility that more videos exist aside from the well-known 'Kim Hak Eui video' taken by Yoon Jung Cheon, which he may have used to habitually blackmail five more victims.
• SBS reported on Businessman Choi, who is being investigation for real estate fraud/embezzlement and involvement with Kim Hak Eui. Choi's two sons are the 2nd largest stockholders of Choi's company and are suspected of participating in the fraud. One son is the vocalist of JANNABI (a band). Choi claims his sons were never involved in management of the company
  
• President Moon Jae In issued emergency orders to thoroughly investigate the scandals that have surfaced: Burning Sun, Jang Ja Yeon (actress who took her own life that was sexually abused, as facilitated by her agency), and Kim Hak Eui (former justice minister who was accused of taking sexual bribes, with at least one woman who did not consent). Their commonalities are in privileged individuals participating in criminal activity and sexual abuse while colluding with people in places of power (ie. police, politicians) to cover up and/or take part in said activities. Jang Ja Yeon's case was nearing the statute of limitations, but there was an official extension of two months to continue the investigation.
  
• Shim Min Ji (Madame Shim): Founder and CEO of the luxury fashion brand L’inoui (Koreaboo article all about her connections to powerful figures and suspicious cases of suicide)
  
• Madam Lin (Taiwanese investor): Signed investment contract for Burning Sun after meeting Seungri in 2017. Accused of laundering money through the club. (Koreaboo article all about her.) Forwarded to prosecution on charges of money laundering and embezzlement. (190625)
  
• Madam Jung (Adult Entertainment Industry Businesswoman (?)):
  
  • Allegedly instructed through 'CEO Kim' of YGX and Yang Hyun Suk to bring 10 women entertainers to two events with YG Entertainment's foreign investors in July and October 2014. One was a dinner and one was a trip to Europe.
  • Instructed to send photos of 10 women to Yang Hyun Suk's friend. The friend paid her about $170,000 a week before the Europe trip, which may have been supplied by Jho Low. Yang Hyun Suk then personally gave Madam Jung directions on how to distribute the money to the women--half of the total to be divided between the women and the other half going to Madam Jung herself.
  • She decided to reveal this information on MBC's 'Straight' program after her frustration seeing Yang Hyun Suk claim he didn't know why Madam Jung brought the women for the trip when he was the one that gave the order.
  • Madam Jung has been questioned by police six times so far.
• Hwang Hana:
  
  • Chaebol of Namyang Dairy Products (is also the ex-fiancée of Park Yoochun(JYJ)).
  • Arrested (190404). Trial will begin 190515.
  • Frequent visitor of Burning Sun. Drug-dealeuser, but has never been punished when caught due to preferential treatment from police (she may have bribed someone she used with, Cho/Jo, to take all the blame).
  • Friends with Choi Jong Hoon, Lee Moon Ho, Seungri, and Madam Lin.
  • May have distributed molka and used videos to threaten others/victims. A relative of Park Yoochun claimed Hana blackmailed him with nude photos of him she had taken while he slept.
  • Was known to host house-parties at high-class villas where wealthy friends would be invited to take drugs and 'play'. There are indications she provided drugs for her family and possibly for two employees in her father's company (or worked with them to attain drugs).
  • Indicted on additional charges of drug use. She was charged with using methamphetamine a total of 10 times, Her first trial will be on June 5th.
  • At her second hearing on June 19th she submitted a 14-page apology letter and admitted to all charges against her regarding use of methamphetamine except for one. She challenged a statement by Park Yoochun that they had used drugs together in March of this year (12th-13th). Hwang Hana claimed Park Yoochun took the drugs by himself. Her next hearing will be held on July 10th.
  • Was sentenced to 2 years probation and a fine of about $1,878 (2.2mil won). She was released from detention and made a public statement of apology, saying she would self-reflect. (190719)
• Park Yoochun (JYJ, ex-TVXQ):
  
  • Ex-fiancé of Hwang Hana. While she was being questioned she claimed a celebrity friend coerced her into taking drugs. This friend was speculated to be Park Yoochun.
  • Police conducted a search and seizure of Park Yoochun's home, car, and phone, along with taking a hair sample for testing.
  • He tested positive for methamphetamine (Philopon) and confessed to seven(?) instances of using. Six times with Hwang Hana and once on his own since 2018.
  • His case was forwarded to prosecution on charges of violating the Narcotics Control Act (190503).
  • CJeS, Yoochun's agency, terminated his exclusive contract. Yoochun cancelled all schedules and retired from the industry.
  • Park Yoochun's lawyer, Kwon Chang Beom, resigned from work on his case.
  • Officially indicted with detention after admitting to charges of drug use. His first hearing has been scheduled for June 14th.
  • References to Yoochun have mostly been removed from JYJ's social media accounts.
  • At his first hearing, he admitted to all charges of using methamphetamine (Philopon), six times between September and October 2018, and also for purchasing 1.5 grams of the drug three times with Hwang Hana between February and March 2019. Prosecutors asked for Yoochun to serve an 18-month prison sentence and pay a fine of approximately $1,180. His final trial is set for July 2nd.
  • After 68 days of detainment during his trials, Yoochun was sentenced to 2 years of probation. If he is found to be involved with any further criminal activity during that time, he will serve 10 months in prison. He was also sentenced to pay a fine of about $1,200. (190702)
• B.I (iKON): Dispatch revealed Kakaotalk messages from 2016 where he attempted to purchase marijuana and LSD from Han Seo Hee. Departed from iKON. YG Entertainment terminated his exclusive contract with the company. Suwon District Prosecutor's second deputy director, Lee Soo Kwon, explained that prosecution would not continue investigating B.I. since there was no evidence of criminal activity beyond the Kakaotalk conversation and Han Seo Hee testified that she never gave drugs to B.I.(190618).
  
• Han Seo Hee (aka. Informant A): Exchanged Kakaotalk messages with B.I relating to purchasing drugs. She was questioned once, but was too emotional for the questioning to be productive. She testified she did not deliver drugs to B.I. Han Seo Hee also claimed she was coerced into changing her testimony under threat by Yang Hyun Suk. There are suspicions about timing with her August 2016 drug case. Police had requested a drug test on her, but before the results had even been recieved, her case was forwarded to prosecution. However, a source from the prosecution team claimed there were no records of this early transfer to prosecution. Additionally, Dispatch reported Han Seo Hee was encouraged by Yang Hyun Suk to go overseas to the US in December 2016 during the lead up to Big Bang's promotional period. In her opinion this was to prevent any risk to TOP in relation to his marijuana use. She was further told by the company to stay longer in the US, which she believes was timed intentionally to wait until TOP had enlisted in the military. These allegations were all denied by Yang Hyun Suk in an official statement.
  
• Kangin departed from Super Junior, apologizing for the problems he had caused in an Instagram announcement. (190710)
  
• Kim Hyung Jun (SS501): Accused of sexually assaulting a bar employee in 2010 (the alleged victim came foward when seeing this whole scandal in the news). He denied the allegations.
  
• SHAUN (solo artist and member of band The Koxx): Enlisted for his military service. He hasn't been accused of anything, but he was a resident DJ at Burning Sun, so received negative attention for the association.
  
• Choi Jung Hoon (JANNABI vocalist and son of Businessman Choi) posted a public letter via Instagram (Soompi's article w/full translation). He stated his father's business failed in 2012 and the singer had been financially independent ever since. He allowed his father to use his name/good credit score to help rebuild the business, but had nothing to do with it otherwise. He also said he knew his father and Kim Hak Eui were friends before he was born, but has no other association. JANNABI's various scheduled appearances are being cancelled following the reports about Choi Jung Hoon's father.
  
• A PD for the variety show 2 Days & 1 Night (2D1N) was implicated in a chat where gambling was discussed with Jung Joon Young. Cha Tae Hyun and Kim Joon Ho (members of the 2D1N cast) were also in the chat and are revealed to have gambled while playing golf (gambling is illegal in South Korea). They have both stepped down from all programs they are involved with. 2D1N is now on indefinite hiatus and unavailable for replay. The investigation over the gambling came to an end with no charges filed against either of them (190524).
  
• BC Holdings (in Hong Kong) was founded in 2016 by Seungri, Yoo In Suk, and Ryu (head of a consulting firm). It is believed to be a shell corporation. It was apparently operating on $8.8 million of investments, but the initial investment of these men was only about $35. Hong Kong authorities are investigating for tax evasion. The BC Holdings Korean office and Ryu's consulting firm are both located at the Yuri Holdings office.
  
• Robert Holley (Lawyer, TV personality): Arrested for possession and use of methamphetamine. Megathread compilation for articles related to him
  

Further investigations:

• While investigating Burning Sun, Police seized 58 phones.
  
• Commissioner of the Seoul Metropolitan Police Agency held a press conference and revealed the following in relation to the club scandals: 103 people have been booked, 13 people have been arrested/imprisoned. 53 people were booked for drug-related charges (15 booked and 4 arrested for using/distributing drugs at Burning Sun), 9 booked and 1 arrested for distributing GHB.
  
• Another Gangnam club (not named) owned by Mr. Kang was found to have allowed minors to enter in December 2017. Broker Bae bribed two police officers, Lieutenant C/Yeom and Sergeant D, to cover it up. All three were booked. Lieutenant C/Yeom admitted to accepting bribes and was arrested. The arrest warrant request for Sergeant D was denied.
  
• A program aired on MBC called 'Straight', which dug into some staggeringly evil stuff. A number of Gangnam clubs including Arena and Burning Sun set up officetel rooms for VVIP customers. There are indications of drug use, human trafficking, underage prostitution, rape, torture, illegal filming, and the presence of a professional team to destroy all evidence of what goes on there.
  
• 17 women were booked for prostitution or prostitution mediation. It is believed they are all linked to Seungri's parties.
  
• In a press conference on April 29th ('19), the SMPA Commissioner stated action had been taken against 23 suspects in relation to drug use, distribution of molka, and sexual assault. 7 people total were booked related to embezzlement at Burning Sun including: Lee and Choi (Jeonwon Enterprise chairman and CEO), Burning Sun's two CEOs, Yoo In Suk (Yuri Holdings), Ahn (Madam Lin's guide), and Seungri. The SMPA stated their next focus for investigation will be police corruption and collusion at Burning Sun and related cases.
  
• From earlier reporting, there was a chatroom with 200 members, mostly reporters and directors, who were sharing media from all of these investigations--molka, pornographic material, and private information related to the sexual assault victims. SMPA's cyber crime team launched an investigation into this chatroom and its members, along with three more chatrooms that have similar material being shared.
  
• Seoul Central District Prosecutor's Office performed a search and seizure on Seoul Metropolitan Police Agency (SMPA) relating to prostitution night club crack-downs. The investigation focuses on a 'Lieutenant Park' who allegedly took bribes in exchange for secret information and possibly running prostitution businesses. This is indirectly related to the Burning Sun c ases, but the raid was performed on the same day the Burning Sun investigations were wrapped up and findings announced. Many found the timing suspicious.
  
• Investigations into possible collusion between Burning Sun and the local police (Yeoksam Patrol Division) were concluded. 72 cell phones of the officers, call histories of 706 club staff members, and bank records of 36 higher-ranked staff members were analyzed. It was determined there was not evidence of collusion between the club and police.
  
• Regarding Jung Joon Young's old August 2016 sexual assault case, SMPA forwarded 'Lieutenant A' to prosecution for abandonment of duty and falsifying documents as well as accomplice 'Lawyer B' (Jung Joon Young's lawyer) for hiding evidence. Together, they are suspected to have hidden Jung Joon Young's cell phone at the time, claiming it disappeared, keeping the evidence of his molka videos a secret. Lieutenant A also attempted to coerce the digital forensics company to put on record that the cell phone data could not be recovered, which the company refused to do. When the company said the data recovery would take less than 24 hours, Lieutenant A told his superiors it would take 2-3 months. Lawyer B is also suspected of trying to reset Jung Joon Young's phone before handing it over to police in the more recent case, March 2019.
  
• SMPA's Intellectual Crime Division stated that Seungri, Yoo In Suk, Madam Lin, and Burning Sun co-CEOs Lee Sung Hyun and Lee Moon Ho are suspected of embezzling more money from the club than previously reported ($451,000). The new total of embezzled funds is reported to be approximately $1.5 million, of which $850,000 was embezzled by Seungri, Yoo In Suk, and Madam Lin. The remaining funds were allegedly embezzled by the co-CEOs. There are no plans to request additional warrants against those involved based on the changed amount of embezzled funds. (190619)
  

People on the case:

• Oh Hyuk Jin and Noh Seung Il (Choi Soon Sil case): Political journalist and assistant, reported Burning Sun.
• Lawyer Bang Jeong Hyun: Received chats from informant. Sent to the Anti-Corruption and Civil Rights Commission (as opposed to the police). Shared them with Kang Kyung Yoon.
• Kang Kyung Yoon: Reported Kakaotalk chats of Seungri and Jung Joon Young. Received chats from lawyer Bang (as requested by informant). Investigating Seungri since 2015. In communication with molka victims. (Watch her interview where she describes her process with the case)
• Seoul Metropolitan Police Agency (SMPA)
• Metropolitan/Provincial Special Detective Division

With the growing trend of major centralised crypto exchanges dramatically changing their terms of service to exclude customers from the US (amongst others), there is still a belief among the community that the same forces will combine together on decentralised exchanges (DEX).
There are several reasons why this isn’t going to happen on the scale that is needed, and only compliant centralised crypto exchanges will emerge victorious.
Also, this is not the first-time offshore companies and P2P platforms have tangled with regulators, so I want to recap on a few of the correlations between past lawsuits and the current situation with crypto exchanges.

Online Poker

In 2006 the US passed the SAFE Port Act which contained the Unlawful Internet Gaming Enforcement Act of 2006 (UIGEA), ultimately this prohibited the online gaming sites performing any transactions with American Financial Institutions. While many of the operators closed its doors completely to US customers, a few operators including the two then largest (PokerStars & Full Tilt) continued in defiance waiting for the bill . As with exchanges, poker sites rely heavily on centralised traffic to get the volume that the leaders are famous for. PokerStars, operating from the Isle of Man, had assured users that it could continue operating under the advice of their lawyers. Poker, at this time was debatable whether it was in the scope of the legislation of the bill, although the DOJ openly disagreed. By 2010 the Justice Department had spent years hunting down and prosecuting those involved in processing U.S. payments for PokerStars and other offshore websites. Then in early 2011, known as BLACK FRIDAY, the justice department intervened decisively, freezing funds around the world. This included 75 bank accounts associated with the gambling firms, including Swiss accounts linked to PokerStars companies. A little more than a year after Black Friday, PokerStars paid $547 million to settle the Justice Department’s civil claims , without admitting wrongdoing or liability. As part of the deal, it promised to never again take U.S. poker players’ money and to ensure that then owner, and still a fugitive, Isai Scheinberg – was no longer directly involved in running the business.
What does this have to do with exchanges you ask?
Should an exchange be seen to be operating outside of a countries law, they may be offshore and not directly answerable to that country, but if they are deemed to be turning a blind eye to money laundering, bank fraud, violating security laws etc. then the funds are NOT safu. Even without the seizures, compliant operators could be forced not to deal with funds originating from non-compliant exchanges, DEX, mixers etc. so your FIAT ramps in your jurisdiction would be effectively nullified. Given that the world currently (and for the foreseeable future) operates primarily in FIAT. The possibility of this alone would severely limit the majority interest in using these services, and resulting in little volume.

P2P File Sharing vs DEXs

As with using a DEX, P2P file sharing attempts to circumnavigate laws and regulations by leaving the transaction in the hands of the users. In many places this system falls over because as with most DEX, P2P file sharing platforms largely rely on a central site/operator to maintain the network/database such as KickAss Torrents and Napster. These operators can be prosecuted on the basis that if they are deemed capable of supervising/controlling any infringements or whether they stand to benefit financially. Napster in this case was deemed to be financially benefiting purely on the basis that they were gaining users and it could be used to serve future business models. This ruling throws questions over the culpability of operators such as IDEX and BINANCE DEX as they have more of a direct financial interest in their operations by giving listings and taking fees like a regular exchange does. The SEC has already landed charges on the ETHERDELTA founder for operating an unregistered exchange in November 2018, albeit a DEX.
Yes, there are true P2P file sharing operators and true DEXs and they both suffer from similar issues. Primarily - speed, a true DEX cannot deliver the speed required for high volume assets and high frequency trading. Secondly, as a user of a P2P system you are not absolved of the laws regarding your transactions, you can still be prosecuted even if the operator can’t. The possibility of these two points alone will also severely limit the majority interest in using these services, and yet again less volume.
Using a DEX is also not a solution for the mainstream, while P2P file sharing was very widespread and common, people were happy to take the risk for a free mp3 or movie, it mainly served a different client base to the investor community. Any serious investor (retail or institutional) coming into the crypto space will not be willing to risk a portion of their portfolio on non-complaint exchanges as regulations continue to tighten.

The Resistance

There will be many that disagree with compliance, mainly those that have been in the space the longest. Like the internet, its no longer the playground it was back in the early 90s as user numbers started dramatically increasing, yet here we are using the same basic tools discussing a new one. This doesn't mean the end of DEXs and underground trading. I do however think that these will not be the places where the next major IEOs are taking place and where the high volume assets will be traded. For the crypto space to continue to push through to the mainstream and get new money coming into the space so BTC could reach new highs, changes are going to happen. The ideology of the past will have to adapt, and lets not forget how tainted it is with scams, as with the early days of the internet. Trusted central hubs have been formed over the years, although they are not all without fault, they serve a purpose and have also had to adapt.

The Future

The next generation of exchanges will undoubtedly be taking the market share of future trading alongside with crypto-fiat services. Coinbase are one of the few major exchanges that are looking safe in the current climate of compliance. New competition will drive down the fees as well so Coinbase will have to adapt to maintain its share in the US/Europe, as with in Europe, the launch of Eterbase with integrated IBAN banking will surely shake up the industry.
Exchanges that are currently side stepping compliance such as Binance, Gate.io, Huobi, and Kraken (although on May 15, 2018, Powell said that Kraken "would probably get registered as a broker dealer and then an ATS" with the SEC), will soon find themselves under more international pressure and possibly prosecution if they operate without due diligence in regulated markets.
Trade Safu.

I am launching e-commerce project (shop of prepaid cards), you will be able to buy prepaid cards (PayPal gift card, eBay gift card, PaySafeCard...) with credit card. Because my business model is very high risk (I also have to use identity verification because of money laundering risk and to comply with know your customer requirements) credit cards merchant (processor) suggested for me to use identity verification service to reduce chargeback rate from credit cards. My question: I need advice with which service I should sign the contract, main things for my company:

1. Price
2. Trustable service
3. Time of user onboarding
4. User onboarding success rate
5. Customer support

After 3 weeks of research, calls witUh providers, I have shortlisted 3 top identity verification solutions:

• Jumio (www.jumio.com)
• iDenfy (www.idenfy.com)
• Onfido (www.onfido.com)

Jumio USA based company, oldest identity verification company in the market. They have really big clients like AirBNB, Uber, local and international banks, seems they are really trustable services. Jumio sales guy contacted me only after 2 weeks...🤦‍♂️ really low sales support, I guess their customer support is the same. Price is $3 per transaction/verification, minimum I have to buy 10,000 verification, so to start working with these guys I have to pay $30,000🥺 I think the price for starting company is really too high...
iDenfy Lithuania based company, startup, launched only two years ago. Sales guys contacted me during the same day, I have to say brilliant sales support💪 I hope their customer support is the same... I haven't found much information about this company online, but sales guy said that they are working with national banks, specialised banks, financial, gambling, crypto companies but honestly I haven't found any well known brand in their clients list... Their price really charmed me, their minimum package is only $300 per month and you get for that 200 identifications ($1.5 per one identification), one more fantastic thing they are charging only for approved identify verification, they don't charge even if verification was fraudulent, so that means I only have to pay if user was onboarded successfully🤯. Brilliant! What about technology strength? Only two years in the market, are they trustable?
Onfido UK based company, in the market about 7 years. Very nice sales guy, he contacted me after 5 days, I have to say sales team doing better comparing with Jumio... About customer support, sales guy said that if you pay more you will get separate account manager, fair enough... About technology, they are using/developing their face recognition system with Microsoft, that sounds really impressive. They have clients like Revolut (one of biggest startups in UK), local banks (but they can not say which one because of NDA). Price is the same as Jumio, $3 per verification / transaction, minimum package is 10,000 verifications.
Guys, I just wanted to share experience after my research, would be great to hear your experience/advice/opinion which service is the best to use for clients on-boarding (identity verification).

Problems in the Gambling Industry
Tax Smuggling and Money Laundering
​
Online gambling may not usually be in sync with local tax mechanisms and include risks of money laundering.
​
Security
​
Central systems cannot provide 100% security or have high fault tolerance.
​
High Price
​
The profit model of gambling platforms brings high fees for gambling operators.
​
Unfair Ratios
​
Platforms start to play with the Random Number Generator (RNG) by changing the parameters, making bets against the players.
​
Negative Social Reputation
​
Players have strong uncertainty and suspicion against counterparts in live games.
​
Lack of Security and Transparency
​
Centralized systems rarely make their resources public and make independent research difficult.
​
Web: https://www.faireum.io

Tax Evasion and Money Laundering
Online gambling can often be out-of-sync with local tax mechanisms and contains money laundering risks.
Security
Centralized systems cannot assure 100% security nor possess a high fault tolerance.
High fees
The profit model of gambling platforms makes high fees for gambling operators.
Unfair odds
Platforms stake the odds against players by tampering with the Random Number Generator (RNG) by modifying parameters.
Negative social reputation
Players have a strong feeling of uncertainty and doubt towards counterparties in live games.
Lack of Safety and Transparency
Centralized systems rarely divulge their resources to the public, making independent research difficult.

Tax Evasion and Money Laundering
Online gambling can often be out-of-sync with local tax mechanisms and contains money laundering risks.
Security
Centralized systems cannot assure 100% security nor possess a high fault tolerance.
High fees
The profit model of gambling platforms makes high fees for gambling operators.
Unfair odds
Platforms stake the odds against players by tampering with the Random Number Generator (RNG) by modifying parameters.
Negative social reputation
Players have a strong feeling of uncertainty and doubt towards counterparties in live games.
Lack of Safety and Transparency
Centralized systems rarely divulge their resources to the public, making independent research difficult.

CRYPTOCURRENCY BITCOIN
Bitcoin Table of contents expand: 1. What is Bitcoin? 2. Understanding Bitcoin 3. How Bitcoin Works 4. What's a Bitcoin Worth? 5. How Bitcoin Began 6. Who Invented Bitcoin? 7. Before Satoshi 8. Why Is Satoshi Anonymous? 9. The Suspects 10. Can Satoshi's Identity Be Proven? 11. Receiving Bitcoins As Payment 12. Working For Bitcoins 13. Bitcoin From Interest Payments 14. Bitcoins From Gambling 15. Investing in Bitcoins 16. Risks of Bitcoin Investing 17. Bitcoin Regulatory Risk 18. Security Risk of Bitcoins 19. Insurance Risk 20. Risk of Bitcoin Fraud 21. Market Risk 22. Bitcoin's Tax Risk What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity is yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Understanding Bitcoin Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins."
How Bitcoin Works Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places. Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What's a Bitcoin Worth? In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. Bitcoin's price is also quite dependent on the size of its mining network since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate power has more than tripled over the past twelve months.
How Bitcoin Began
Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "WhoisGuard Protected," meaning the identity of the person who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at http://www.bitcoin.org/bitcoin.pdf." This link leads to the now-famous white paper published on bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.
Who Invented Bitcoin?
No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. The Bitcoin protocol requires users to enter a birthday upon signup, and we know that an individual named Satoshi Nakamoto registered and put down April 5 as a birth date. And that's about it.
Before Satoshi
Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin white paper itself cites Hashcash and b-money, as well as various other works spanning several research fields.
Why Is Satoshi Anonymous?
There are two primary motivations for keeping Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.
The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which at today’s prices is over $900 million. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that $900 million worth of BTC. Someone in possession of that much BTC could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.
The Suspects
Numerous people have been suggested as possible Satoshi Nakamoto by major media outlets. Oct. 10, 2011, The New Yorker published an article speculating that Nakamoto might be Irish cryptography student Michael Clear or economic sociologist Vili Lehdonvirta. A day later, Fast Company suggested that Nakamoto could be a group of three people – Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent related to secure communications that were filed two months before bitcoin.org was registered. A Vice article published in May 2013 added more suspects to the list, including Gavin Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi Mochizuki.
In December 2013, Techcrunch published an interview with researcher Skye Grey who claimed textual analysis of published writings shows a link between Satoshi and bit-gold creator Nick Szabo. And perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi is actually an individual named Satoshi Nakamoto – a 64-year-old Japanese-American engineer living in California. The list of suspects is long, and all the individuals deny being Satoshi.
Can Satoshi's Identity Be Proven?
It would seem even early collaborators on the project don’t have verifiable proof of Satoshi’s identity. To reveal conclusively who Satoshi Nakamoto is, a definitive link would need to be made between his/her activity with Bitcoin and his/her identity. That could come in the form of linking the party behind the domain registration of bitcoin.org, email and forum accounts used by Satoshi Nakamoto, or ownership of some portion of the earliest mined bitcoins. Even though the bitcoins Satoshi likely possesses are traceable on the blockchain, it seems he/she has yet to cash them out in a way that reveals his/her identity. If Satoshi were to move his/her bitcoins to an exchange today, this might attract attention, but it seems unlikely that a well-funded and successful exchange would betray a customer's privacy.
Receiving Bitcoins As Payment
Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers, like credit cards, PayPal, etc. Online payments will require a Bitcoin merchant tool (an external processor like Coinbase or BitPay).
Working For Bitcoins
Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency:
Work For Bitcoin brings together work seekers and prospective employers through its websiteCoinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as Dogecoin and LitecoinJobs4Bitcoins, part of reddit.comBitGigs
Bitcoin From Interest Payments
Another interesting way (literally) to earn bitcoins is by lending them out and being repaid in the currency. Lending can take three forms – direct lending to someone you know; through a website which facilitates peer-to-peer transactions, pairing borrowers and lenders; or depositing bitcoins in a virtual bank that offers a certain interest rate for Bitcoin accounts. Some such sites are Bitbond, BitLendingClub, and BTCjam. Obviously, you should do due diligence on any third-party site.
Bitcoins From Gambling
It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting, and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital currency is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. Although it is not itself any backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.
In March 2014, the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory will incur ordinary gains or losses.
Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins. Here are a few options which Bitcoin enthusiasts can explore.
Risks of Bitcoin Investing
Though Bitcoin was not designed as a normal equity investment (no shares have been issued), some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.
However, their lack of guaranteed value and digital nature means the purchase and use of bitcoins carries several inherent risks. Many investor alerts have been issued by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Consumer Financial Protection Bureau (CFPB), and other agencies.
The concept of a virtual currency is still novel and, compared to traditional investments, Bitcoin doesn't have much of a long-term track record or history of credibility to back it. With their increasing use, bitcoins are becoming less experimental every day, of course; still, after eight years, they (like all digital currencies) remain in a development phase, still evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.
Bitcoin Regulatory Risk
Investing money into Bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities or tax evasion. As a result, governments may seek to regulate, restrict or ban the use and sale of bitcoins, and some already have. Others are coming up with various rules. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies dealing with the buy, sell, transfer or storage of bitcoins to record the identity of customers, have a compliance officer and maintain capital reserves. The transactions worth $10,000 or more will have to be recorded and reported.
Although more agencies will follow suit, issuing rules and guidelines, the lack of uniform regulations about bitcoins (and other virtual currency) raises questions over their longevity, liquidity, and universality.
Security Risk of Bitcoins
Bitcoin exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. If a thief gains access to a Bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen Bitcoins to another account. (Users can prevent this only if bitcoins are stored on a computer which is not connected to the internet, or else by choosing to use a paper wallet – printing out the Bitcoin private keys and addresses, and not keeping them on a computer at all.) Hackers can also target Bitcoin exchanges, gaining access to thousands of accounts and digital wallets where bitcoins are stored. One especially notorious hacking incident took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to close down after millions of dollars worth of bitcoins were stolen.
This is particularly problematic once you remember that all Bitcoin transactions are permanent and irreversible. It's like dealing with cash: Any transaction carried out with bitcoins can only be reversed if the person who has received them refunds them. There is no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.
Insurance Risk
Some investments are insured through the Securities Investor Protection Corporation. Normal bank accounts are insured through the Federal Deposit Insurance Corporation (FDIC) up to a certain amount depending on the jurisdiction. Bitcoin exchanges and Bitcoin accounts are not insured by any type of federal or government program.
Risk of Bitcoin Fraud
While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false bitcoins. For instance, in July 2013, the SEC brought legal action against an operator of a Bitcoin-related Ponzi scheme.
Market Risk
Like with any investment, Bitcoin values can fluctuate. Indeed, the value of the currency has seen wild swings in price over its short existence. Subject to high volume buying and selling on exchanges, it has a high sensitivity to “news." According to the CFPB, the price of bitcoins fell by 61% in a single day in 2013, while the one-day price drop in 2014 has been as big as 80%.
If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. There is already plenty of competition, and though Bitcoin has a huge lead over the other 100-odd digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.
Bitcoin's Tax Risk
As bitcoin is ineligible to be included in any tax-advantaged retirement accounts, there are no good, legal options to shield investments from taxation.
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Related Terms
Satoshi
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency.
Chartalism Chartalism is a non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Satoshi Nakamoto The name used by the unknown creator of the protocol used in the bitcoin cryptocurrency. Satoshi Nakamoto is closely-associated with blockchain technology.
Bitcoin Mining, Explained Breaking down everything you need to know about Bitcoin Mining, from Blockchain and Block Rewards to Proof-of-Work and Mining Pools.
Understanding Bitcoin Unlimited Bitcoin Unlimited is a proposed upgrade to Bitcoin Core that allows larger block sizes. The upgrade is designed to improve transaction speed through scale.
Blockchain Explained
A guide to help you understand what blockchain is and how it can be used by industries. You've probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger." But blockchain is easier to understand than it sounds.
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By Satoshi Nakamoto
Read it once, go read other crypto stuff, read it again… keep doing this until the whole document makes sense. It’ll take a while, but you’ll get there. This is the original whitepaper introducing and explaining Bitcoin, and there’s really nothing better out there to understand on the subject.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party