Liberty Reserve shut down

[JFS]

http://venturebeat.com/2013/05/26/liberty-reserve-shut-down/

Digital currency Liberty Reserve has been shut down after U.S. and Costa Rican authorities arrested founder Arthur Belanchuk in Spain.
Central American newspaper The Tico Times reports that Belanchuk was arrested Friday. Investigators say that Budovsky’s businesses in Costa Rica , including Liberty Reserve, were used to launder money for child pornography websites and drug trafficking.

 

[newbie191]

Among many others I was under the impression that Liberty Reserve is most secure e-currency because funds in Liberty Reserve can not be reversed so money in LR was considered a real asset. When exchanging e currencies Liberty Reserve was valued more than others because LR was always high in demand.
If LR has to end like this then who can we trust? Is there any e currency which can really be trusted?

 

[-EM-]

I had a few bucks there, some hosting providers tend to accept only them.
What are going to use now hackers and HYIPs sites now? :p

 

[zidane]

I am not really surprised that liberty reserve is closing. The HYIP and scam sites that uses them as their payment processor is tremendously increasing. In terms of a more secured payment processor there is paypal. I honestly think that disputes can come in handy and not a real disadvantage.

Zidane

 

[eyedomainous]

It appears the Canadian Mint is positioning itself to be the trusted "Swiss Banker" for e-currency, with MintChip.

Royal Canadian Mint to create digital currency
http://www.thestar.com/business/2012/04/11/royal_canadian_mint_to_create_digital_currency.html

"The difference with MintChip is it doesn’t plan to link to a person’s bank account or credit card information. And unlike BitCoin, a peer-to-peer hosted digital currency with a fluctuating value, MintChip is simply a new way to exchange Canadian dollars. Plus, it’s backed by the Canadian government."

If LR has to end like this then who can we trust? Is there any e currency which can really be trusted?

 

[iowadawg]

http://www.mediacomtoday.com/news/r...p-costa_rica_digital_currency_site_founder-ap

Read the Canada Mint article.
Will be only for $20 and below.

So not exactly a world beater service!

 

[sella.ca]

"Competition is a sin." - John D. Rockefeller

 

[eyedomainous]

It also says they "don’t plan to link to a person’s bank account or credit card information"... so use your imagination... though I'm sure such anti-laundering safeguards will deter some.

Read the Canada Mint article. Will be only for $20 and below. So not exactly a world beater service!

 

[ngenme]

It's kind of funny how you do business for so many years openly only to find out after the fact much latter that what you do is illegal.

Yea I've been frauded once through liberty reserve. But I deserved it and chose to take risk. It's not liberty reserve fault.

Here, the real robber is government. Horde of welfare parasites and useless psychopaths in government just want more and more money out of productive people so they can enslave the rest of us. They'll just find a reason. Any reason.

Productive individuals comply with government outrageous demand like jews agreeing to enter concentration camp. They comply like sheeps to the slaughter hoping that maybe, just maybe, the government would finally live them alone.

Then boom, your money gone that's it. Check civil forfeiture. All your money is already belong to government.

 

[ngenme]

If you use one of the approved method of transfer, you run into an even bigger risk. My paypal account is frozen and $9k is seized. Yes paypal returned the money. What about payza, and moneybooker? There are people that still wait for their money there. They can just take the money and you have to proof that you are real.

There is absolutely nothing you can do to protect yourself from such nonsense. They just say you are at risk. They don't tell why. Then boom. You're out.

Also this so called protecting customers are just nonsense. I was frauded once by a traffic seller. I wired $500. Guess what? He sent no traffic. I called cops and they said it's civil case. There are tons of people reporting the same scam. Cops don't care.

What about epassporte? That guy commit real fraud. Guess what? Nothing happened too.

In one case we know the identity of the fraudster. I losted around $3k in bali. So many others are victim too. What does the fraudster get? Only 1 year in prison and that's because one of the victim can bring in more firepower by summoning higher level cops where the fraudster has no connection with.

That after the fraudster stole $70k from him. I asked the cop to meet other victims. The cop, which has been bribed, says that other victims are none of my business.

Government is absolutely useless when things do go wrong. They just punish do who do nothing wrong to ensure we have no alternative but their messed up corrupt system.

Now, government seize liberty reserve, one of the few transfer service that charge much less than western union. Then? Nothing. What alternatives do we have now to do business honestly without fear? Bitcoin?

 

[RazorNF]

I've personally not heard of Liberty Reserve until this news came out, however, I suppose I've never had a need for it.

I can presume news like this will end up painting other similar services with the same brush and make the mainstream more hesitant from adopting ecurrencies, like Bitcoin, etc.

 

[ngenme]

Deleted. Irrelevant.

 

[hopkism]

From my experience, I have only seen Liberty Reserves' use in HYIP and pyramid scheme websites. I have never any inkling it was trustworthy.

 

[fico]

Hi,
I have allowed hosting an domain order from the past few years trough LR as many country cant use paypal so not all Lr user are hyip or frauder

 

[HeyNow]

Productive individuals comply with government outrageous demand like jews agreeing to enter concentration camp.

You fool. I lived amongst holocaust survivors, and their stories included being herded into the concentration camps under the eye of machine gun toting Nazi soldiers.

You're a fool, and should be banished from this forum.

 

[sureshk7]

thank god, i dont have money in LR