Liberty Reserve exchange shuts down, founder arrested
Liberty Reserve exchange shuts down, founder arrested
LibertyX - Buy Bitcoin - Walkthrough Instructions
Liberty Reserve - Bitcoin Wiki
Liberty Reserve. All about cryptocurrency - BitcoinWiki
After Liberty Reserve Shut Down, Is Bitcoin Next?
Bitcoin Currency Exchange
This subreddit is about Bitcoin currency exchanging between redditors. Nothing else is allowed except for exchanges between bitcoin and other currencies. Any type of currency and website such as Paypal, liberty reserve, western union, etc is allowed.
Deleted r/Bitcoin post on CSW and recent developments. What are they scared of!?
Came across this posting in Bitcoin late last night, but I was just in time to comment and take a screenshot before they deleted it. https://imgur.com/a/BMO0B The post was regarding the recent news from a day ago for the Kleiman/CSW court case. How was it "off topic"? They sure haven't considered all other CSW material to be "off topic"! Very strange! Read this new article released today: http://metro.co.uk/2018/04/06/alleged-bitcoin-creator-craig-satoshi-nakamoto-wright-reveals-secrets-rare-interview-7444418/ CSW said all of Kleiman's Bitcoins were seized from the Liberty Reserve Bitcoin exchange in Costa Rica in early 2013. Soooo, if Kleiman's Bitcoins were seized - and the 1 Million Bitcoins that CSW has are in fact only CSW's - that only means one thing. Things are about to get real.
The current reality of bitcoin adoption by % of market share.
Quoting one of the post from ycombinator: GigabyteCoin:
PayPal continues to show how shitty they are. Stop using them!
I really wish I could... When I created my SaaS a few years back, I went all out with payment providers. I registered and implemented every single form of online payment I could find. PayPal, AlertPay, PayPay, MoneyBookers, LibertyReserve, Bitcoin. You name it, I made that form of payment available. I even accepted money orders via snail mail. In the ~2 years I gave all of the "other guys" a chance, 99.9% of my payments came via PayPal. I received 1 money order. Perhaps 3 people paid via LibertyReserve. 0 payments from all of the other providers mentioned. And over 5,000 payments via PayPal. Unfortunately, there is no other option if you want to sell stuff online. And this is coming from one of Bitcoins biggest proponents.
It seems like this is more than just a catch-22 problem. Before we gave the reason that customers have no reason to have bitcoins because not enough merchants accept it. But merchant acceptance is always growing but customers still are preferring old legacy payment processors like paypal, visa and mastercard despite having the bitcoin option. What can be done to help bitcoin overcome the network effect of the other payment processors faster so we can get to the future of payments sooner?
Unless you are a Winklevoss twin or are still trying to hide your Internet credit card purchases from your wife, chances are you have already decided that Bitcoins are largely irrelevant to your life and aren't much use except as a talking point for a nerdy, 20-something's tumblr. The Web-based currency has littered mainstream news throughout 2013 -- from "what exactly is a Bitcoin?" to "Largest Bitcoin exchange already proving to be a giant failure." But it may be this most recent event that has the largest implications for the anonymous, government-defying Super Mario coins. "You just don't get it" If your first thoughts upon reading my opening paragraph are that I am naive and probably had to have this article transcribed by someone literate, then I suppose time will tell. But for those who are also skeptical -- i.e., nearly everyone who isn't directly involved in funding the Bitcoin revolution -- let's examine the latest reason that this is a giant pile of e-nonsense. As fellow Fool Dan Newman pointed out in his piece on the virtual currency, Bitcoins have had a decent run this year -- to the tune of 1,200%. As of this writing, the currency is worth a little less than $130. What that buys you, other than carefree adult entertainment, I'm not sure. Perhaps there will soon be a Bitcoin Redemption Center, where for 1,000 Bitcoins you have the choice of a Styrofoam helicopter, a stuffed Pikachu doll, or a sharing-size box of Everlasting Gobstoppers. But seriously, don't be enticed by the undeniably awesome run-up of Bitcoin valuations. Because, as with Magic: The Gathering cards, when some vague entity in a cellar or Bitcoin exchange releases the latest guidebook on values, your virtual currency could be worth, well, what it's worth in the real world -- absolutely nothing. Think I'm being hyperbolic? Here are plenty of reasons. Plenty of reasons As most know by now, the largest Bitcoin exchange, Mt. Gox, is in the government's crosshairs to the degree that regulators have frozen many of the firm's financial accounts. It's not because there was a big expose or because Mt. Gox did something with criminal implications; Mt. Gox simply didn't file the right paperwork. Mt. Gox claimed that it had set up an account with Wells Fargo in May 2011 as a money service business. And when asked on the questionnaire whether it dealt or exchanged in money for its customers, the firm answered, "No." Now, I hate paperwork as much as the next disorganized person, but if you are creating the currency of the future, you should probably let someone know (via paperwork) that you are, in fact, creating the currency of the future. This week, Costa Rica-based online currency transfer business Liberty Reserve was busted by the feds, who alleged that the firm was responsible for a $6 billion money-laundering scheme. Federal prosecutors said the firm had become "a financial hub of the cyber-crime world, facilitating a broad range of criminal activity. ... Liberty Reserve does not require users to validate their identity information." Similar to Liberty Reserve, Bitcoin allows users to spend real money on these untraceable, unidentifiable units. Even if we do find out that Bitcoin is more trouble than it's worth, there's no one from whom to seek restitution. Bitcoin was fathered by an invisible man who goes by the name Satoshi Nakamoto. No one really knows who he is or what his real name is. Please for you to make a donation to me Do you ever get that message from John St. Crucible, the missionary from Nigeria who uses far too many articles in his requests for $70,000 sent via Western Union to the Church where he works? Check your spam -- I guarantee you he thinks your investment will pay off in the millions within two weeks. This is the same league. The truth is, we know nothing of what goes on at Bitcoin headquarters. We know that people like Cameron and Tyler Winklevoss -- two man-children who, had they invented Facebook, would have actually invented Facebook -- are major backers of the currency. We also know that if you lose a life while playing Mortal Kombat, your $129 Bitcoin can probably buy you another. Please, Fool reader, do not be intrigued by the Pig Latin of currencies. There are vast amounts of publicly traded companies that make stuff and earn cash by selling it. It may be traceable, but that's because it's real. More from The Motley Fool Many investors are scared about investing in big banking stocks after the crash, but the sector has one notable standout. In a sea of mismanaged and dangerous peers, it stands out as "The Only Big Bank Built To Last." You can uncover the top pick that Warren Buffett loves in The Motley Fool's new report. It's free, so click here to access it now. http://www.fool.com/investing/general/2013/05/30/bitcoins-are-just-the-worst-idea-ever.aspx
ELI18: What's the difference between liberty reserve and bitcoin?
They seem to have very similar features, what's stopping law enforcement from completely outlawing bitcoin and other crypto currencies? There seems to be a significant amount of illegal activity with bitcoin, won't it be targeted soon?
It looks like Liberty Reserve is history now. I was surprised to find the sentiment here was largely pessimistic in this regard. Sure, Liberty Reserve was a relatively important way to move fiat into Bitcoin exchanges such as Mt. Gox, but this is a myopic view. Liberty Reserve's closure could accelerate adoption of Bitcoin, because LR and Bitcoin have been competing for the same users. LR disappearing is natural selection - centralized virtual currencies have limited lifespans, always. I'm very sorry for everyone who have lost access to the money they had in LR, but they are now left scratching their heads wondering what to move to. There is really only one realistic answer - Bitcoin. This is a temporary pain which will leave us all stronger. It's always futile to try to assign reasons to price moves in the Bitcoin world, but I'm going to observe that Bitcoin has shot up quite a bit since LR closed. It's tempting to think it's related. I'm definitely bull on Bitcoin.
Liberty Reserve was a private currency exchange system issued by Liberty Reserve S.A. of San José, Costa Rica. As of May 27th, 2013 it is offline following the arrest of its founder.. The two Liberty Reserve currencies are Liberty Reserve USD (LRUSD) and Liberty Reserve EURO (LREUR). Liberty Reserve was a Costa Rica-based centralized digital currency service that billed itself as the "oldest, safest and most popular payment processor, serving millions all around a world". The site had over one million users when it was shut down by the United States government. Prosecutors argued that due to lax security, alleged criminal activity largely went undetected, which ultimately Bitcoin Magazine credits Liberty Reserve with being “one of the chief enablers of the Bitcoin economy’s early growth”, noting that in 2011 Liberty Reserve and Dwolla were among the few The founder of Liberty Reserve, a private digital currency system that was a predecessor of bitcoin, has been sentenced to 20 years in prison. Crime Liberty Reserve Founder Loses Bid to Dismiss Under the law that prosecutors applied to shutter Liberty Reserve, it looks like they could close Bitcoin if the bridges that connect the U.S. financial system to its virtual one do not comply
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