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re: What is fair market value for a recruit like Zion.
Posted on 3/11/19 at 2:36 pm to I Bleed Garnet
Posted on 3/11/19 at 2:36 pm to I Bleed Garnet
Bitcoin is not untraceable. In fact that is the exact innovation it offers- it has a huge blockchain tied to it that is basically a digital ledger that traces all the transactions using the currency. And the feds have already started sniffing around college basketball and they know how to read the chain (so many drug dealers have gotten busted thinking they are sneaky when the ledger just points straight at them).
There are ways to hide what you are doing some, like running it through many bitcoin wallets, or by just using crypto that is built for confidential transactions like Monero, but all of that requires a level of technical expertise beyond your average recruit and getting them access to such expertise would likely create some sort of papertrail.
Meanwhile cash is easy, untraceable, spendible by anyone, and can easily be passed around.
I bet if there is some sort of institutional hustle going its tied to insurance instead, IE agents creating life policies that families can then lend against.
There are ways to hide what you are doing some, like running it through many bitcoin wallets, or by just using crypto that is built for confidential transactions like Monero, but all of that requires a level of technical expertise beyond your average recruit and getting them access to such expertise would likely create some sort of papertrail.
Meanwhile cash is easy, untraceable, spendible by anyone, and can easily be passed around.
I bet if there is some sort of institutional hustle going its tied to insurance instead, IE agents creating life policies that families can then lend against.
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Posted on 3/11/19 at 2:37 pm to I Bleed Garnet
depends on the bank and how much they care. There isn't much papertrail other than 500k hitting the bank account. They can tell them they made a bunch of money in bitcoin. They aren't responsible for reporting anything other than the large transaction. That would be where a trust or a shell company would come into play. You could initially fund the "company or trust" with the bitcoin account.
gotta go I hear helicopters.
gotta go I hear helicopters.
Posted on 3/11/19 at 2:46 pm to yatesdog38
quote:
depends on the bank and how much they care
But also, how many banks actually do this?
Posted on 3/11/19 at 2:47 pm to cardboardboxer
They could be gifting everyone in the family 15k for it not to be a taxable event. I'm sure they have it figured out and to be quite honest I don't want to know. They are probably smart enough to structure payments for things too. Pay their light bill, rent, prepaid grocery card and some dollars mailed monthly. I doubt it is all done at once.
Posted on 3/11/19 at 2:50 pm to yatesdog38
Seems like a real lot of intricacies for a kid for 8 months.
This isn’t some long elaborate trading scheme.
Just feel like it would be cash
This isn’t some long elaborate trading scheme.
Just feel like it would be cash
Posted on 3/11/19 at 2:52 pm to I Bleed Garnet
it is a requirement for them to do a currency transaction report for anything > 10k.
Posted on 3/11/19 at 2:55 pm to I Bleed Garnet
A briefcase full of cash is a little shady. However, 3 travel size shaving kits full of cash is not.
Posted on 3/11/19 at 2:56 pm to yatesdog38
Black people dont really use crypto currency so your theory probably isnt true. Not being racist Im sure some do use it but MOST, not all not all but MOST black people dont use crypto.
Posted on 3/11/19 at 2:58 pm to SurfShackTito
quote:
Not being racist Im sure some do use it but MOST, not all not all but MOST black people dont use crypto
You can make that exact statement for every race, BTWPosted on 3/11/19 at 2:58 pm to yatesdog38
quote:
it is a requirement for them to do a currency transaction report for anything > 10k.
I know that I meant how many banks FX bitcoin
Posted on 3/11/19 at 3:00 pm to NYCAuburn
Yea thats true but this kids family isn't every race. If he was a Korean basketball star I would say, ok yea he got paid with crypto, but not in this case. It just wouldn't make any sense.
Posted on 3/11/19 at 3:01 pm to SurfShackTito
quote:
Yea thats true but this kids family isn't every race. If he was a Korean basketball star I would say, ok yea he got paid with crypto, but not in this case. It just wouldn't make any sense.
That is the type of issues handlers take care of.
Posted on 3/11/19 at 3:03 pm to Obtuse1
Why do koreans need handlers?
Posted on 3/11/19 at 3:04 pm to SurfShackTito
quote:
Why do koreans need handlers?
It’s notning to do with koreans.
Zion’s family probably hired a handler (like an agent) who is educated in all this.
Family doesn’t do anything besides tell the Handler Zion will go to duke and sign with Nike when he goes to the NBA
This post was edited on 3/11/19 at 3:05 pm
Posted on 3/11/19 at 3:05 pm to SurfShackTito
quote:
Yea thats true
So then why bring race into it? There is no barrier because of race and it has absolutely nothing to do with it. Pretty much akin to the photos of black athletes with nice things saying they must have been bought by recruiters.
Posted on 3/11/19 at 3:06 pm to I Bleed Garnet
So the handler was korean and took the crypto then is what youre saying. That makes sense to me because in my experience korean people are highly independent and Ive met a couple who like crytpo currency. I had a korean friend who tried to set up our weed dealer to take crytpo but he didn't want to use it.
Posted on 3/11/19 at 3:06 pm to NYCAuburn
Korean isnt a race you're making it about race not me.
Posted on 3/11/19 at 3:07 pm to SurfShackTito
The person that showed me me the ins and outs and where to find good information on cryptocurrency was black guy. He also trades commodities to so maybe he is the exception for pretty much all races.
Posted on 3/11/19 at 3:09 pm to I Bleed Garnet
the bitcoin market makers convert the dollars and you transfer the U.S. dollars from your e-wallet to your bank account. There is no FX transaction that takes place at the bank.
Posted on 3/11/19 at 3:15 pm to SurfShackTito
quote:
you're making it about race not me.
This is your comment
quote:
Black people dont really use crypto currency so your theory probably isnt true. Not being racist Im sure some do use it but MOST, not all not all but MOST black people dont use crypto
You made it about race when you pretty much said any theory about crypto was null because they were black
This post was edited on 3/11/19 at 3:17 pm
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