Large amounts of cash on ships

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vladthemad
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Re: Large amounts of cash on ships

Postby vladthemad » Fri Apr 21, 2017 7:37 pm

Condottiere wrote:
Fri Apr 21, 2017 5:39 pm
They deliberately cap the greenback at a hundred bucks, to make money laundering difficult, and drug dealers store them in cereal boxes.
Not sure about laundering, it was supposedly more to make it difficult to keep and carry large amounts of physical currency easily. According to the History Channel at any rate :)

As far as Apple Jacks and cereal box storage, I'd like to read your citations. Sounds like it might be an interesting story!
Condottiere
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Re: Large amounts of cash on ships

Postby Condottiere » Fri Apr 21, 2017 9:35 pm

phavoc
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Re: Large amounts of cash on ships

Postby phavoc » Sat Apr 22, 2017 4:06 pm

Condottiere wrote:
Fri Apr 21, 2017 5:39 pm
They deliberately cap the greenback at a hundred bucks, to make money laundering difficult, and drug dealers store them in cereal boxes.
$500, $1,000, $5,000 and $10,000 bills remain legal tender in the US banking system. However the Treasury department has withdrawn them from circulation and they only remain in the hands of collectors. They were withdrawn in the beginning of the 70s because of the advent of electronic fund transfers between banks and governments, not due to the drug trade.

Later the use of high denomination bills became more popular with drug dealers as well as conterfeiters. Those were secondary reasons for their withdrawl.

Today there is talk of withdrawing 500 Euro and $100 banknotes because most people do electronic banking and ma y businesses don't like to have large amounts of cash. It would also, again, affect the mote nefarious users of currency, though I suspect it would push more of them to alternate forms of currency lie Bitcoin.
Condottiere
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Re: Large amounts of cash on ships

Postby Condottiere » Sat Apr 22, 2017 11:49 pm

It's easier to keep track of electronic transfers. even disguised ones, if you have complete access to the process, like the NSA has to the SWIFT network.

I suspect that cryptocurrencies are similarly vulnerable to such interceptions, if intelligence agencies are willing to invest in and control a significant number of servers.

Private networks that literally run on word of mouth would be hard to infiltrate, but require a great deal of trust, and usually would be operated from within extended families, castes and/or clans.
phavoc
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Re: Large amounts of cash on ships

Postby phavoc » Sun Apr 23, 2017 1:29 am

A quartet of Chinese guys/groups controls Bitcoin market. It's far too vulnerable to manipularuon for the average person to invest, or trust. Multiple exchanoes have gone belly up or lost their depositors coins.
Condottiere
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Re: Large amounts of cash on ships

Postby Condottiere » Sun Apr 23, 2017 9:13 am

The Chinese operators wouldn't do it if they hadn't thought they profit.

If I were a Mainlander, I'd see it as an ideal venue to circumvent the currency export restrictions, as well as tax avoidance.

It's explaining my ownership of a Manhattan penthouse apartment, without a discernible paper trail, is another question.

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