Topic: Get credit, purchase Bitcoin, declare bankruptcy, profit?? (Read 5357 times)
If you moved to a country your government couldn't extradite you from you could start a new life there.
This is one of the dumbest threads I have read on this site. That's saying a lot.
What are you here for? Just for trolling?
mostly pointing, laughing, and shaking my head in disbelief that such dumb and horrible people exist.
The irony, it burns!
This is one of the dumbest threads I have read on this site. That's saying a lot.
What are you here for? Just for trolling?
mostly pointing, laughing, and shaking my head in disbelief that such dumb and horrible people exist.
This is one of the dumbest threads I have read on this site. That's saying a lot.
What are you here for? Just for trolling?
This is one of the dumbest threads I have read on this site. That's saying a lot.
What I tell everyone regarding the morality is this... if you know the bank is committing fraud when lending you the money then you are an accessory to fraud. (don't take out any mortgages or borrow any money from the banks).
If you only learn about the banking fraud *AFTER THE FACT* then you can morally default as the debt is invalid.
If you only learn about the banking fraud *AFTER THE FACT* then you can morally default as the debt is invalid.
Good evening,
Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.
Your thoughts?
Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.
Your thoughts?
I think you answered your own question:
To perform the action herein would constitute Fraud.
If you knowingly took out loans with the intent to invest the proceeds and then default, that's fraud. Now, whether or not you'd be caught is another story.
I agree with bytemaster regarding the inherent immorality of the monetary system, but I'd ask if participating in the fraud makes it right? As in, two wrongs don't make a right?
Well, foolish since at the time he had no clue about the 7yr forgiveness rule and basically gambled he wouldnt be totally screwed.
Meanwhile I'm still paying off my student loans. Lol should've just bailed to europe for 7yrs like he did
Meanwhile I'm still paying off my student loans. Lol should've just bailed to europe for 7yrs like he did
I had a friend who foolishly did this
I kept reading expecting to hear a negative outcome for him.
Rly? With the amount of defaults going on the chances of someone being investigated, unless they did something really obvious, are slim to none.
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I had a friend who foolishly did this
I kept reading expecting to hear a negative outcome for him.
I had a friend who foolishly did this before going to live/work in the UK for 10 years. He took out as many student loans, bank loans, and applied for as many cards as he could, flew to the UK and drained it all in cash. Then he got his girlfriend there to cash his work cheques (he has dual GB/Can citizenship). Since they can't keep your credit score bad after 7 years of inactivity he essentially has a wiped clean new score, though they went to crazy hilarious measures to track him down like phony postcards from girls asking to phone them, and turned out they were collection agencies.
So in effect he partied hard in the UK as a bartender with extra cash to fly to beaches in Cyprus every year, saved a lot of GBP and came back with a wiped score. This won't work anymore as my government prevents declaring bankruptcy or the 7 year rule for student loans but worked for him. He lives back here now without a scratch on his score after 10.5 yrs so your bitcoin scheme could work so long as no false documents/fraud is involved.
If you declare bankruptcy you still have to give them 30% of your income or something, for the next couple of years so you would want to flee the country and probably work/travel.
So in effect he partied hard in the UK as a bartender with extra cash to fly to beaches in Cyprus every year, saved a lot of GBP and came back with a wiped score. This won't work anymore as my government prevents declaring bankruptcy or the 7 year rule for student loans but worked for him. He lives back here now without a scratch on his score after 10.5 yrs so your bitcoin scheme could work so long as no false documents/fraud is involved.
If you declare bankruptcy you still have to give them 30% of your income or something, for the next couple of years so you would want to flee the country and probably work/travel.
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#1 - Again, nobody will loan you a lot of money without requiring a lot of collateral.
Credit score.
1. Start a business(Get loans ect.)
2. Fudge the paperwork so you lose your ass(In reality moving thoes funds to bitcoin)
3. Close the business and file bankruptcy.
4. Wait some time.
5. Start a new business
6. Fudge the paperwork and sell the bitcoins counting it as profit.
7. pay taxes on everything.
8. Profit(Literally)
2. Fudge the paperwork so you lose your ass(In reality moving thoes funds to bitcoin)
3. Close the business and file bankruptcy.
4. Wait some time.
5. Start a new business
6. Fudge the paperwork and sell the bitcoins counting it as profit.
7. pay taxes on everything.
8. Profit(Literally)
#1 - Again, nobody will loan you a lot of money without requiring a lot of collateral.
#2 - You can try to fudge the numbers, but accountants are going to go through the books and if it looks like fraud or embezzlement, you will go to jail and still be on the hook for the money you stole.
Anyway, what is being proposed here is nothing new. Organized crime does this all time. Bitcoins might make it easier.
I remembered this:
full text: http://www.vice.com/read/spains-robin-hood-prefers
Quote
In 2008, anticapitalist campaigner Enric Durán borrowed €492,000 ($642,306) from 39 different financial entities with absolutely no hope or intention of paying it back. But—as you might expect from an anti-capitalist campaigner—he didn't spend it all on diamond kitchen knives and luxury frisbees. Instead, he ploughed it into a number of unspecified anti-capitalist causes and spent the rest on Crisi, a free newspaper that detailed how he'd done what he did and urged others to do the same.
That display of reckless Robin Hoodery turned him into a hero overnight, but the one problem with becoming a hero through questionably legal means is that, for whatever reason, the police feel like they have to go and lock you up for it. Enric spent two months in jail in 2011 and was released pending trial, which was set for earlier this month. His minimum sentence would be eight years, which might explain why he refused to attend the first trial dates, prompting a warrant to be put out for his arrest.
That display of reckless Robin Hoodery turned him into a hero overnight, but the one problem with becoming a hero through questionably legal means is that, for whatever reason, the police feel like they have to go and lock you up for it. Enric spent two months in jail in 2011 and was released pending trial, which was set for earlier this month. His minimum sentence would be eight years, which might explain why he refused to attend the first trial dates, prompting a warrant to be put out for his arrest.
full text: http://www.vice.com/read/spains-robin-hood-prefers
Spain's legislation is tougher on debts than average. For example: if they foreclosure your home, you still owe the difference between your debt and the foreclosure proceedings.
This can work, but do not declare bankruptcy as that invites judges to look into the situation. Instead settle your debt for pennies on the dollar and be sure you are technically insolvent to avoid paying taxes on debt forgiveness.
Note: It is immoral to do this if you borrow the money from normal individuals who did not create it out of thin air. If you borrowed it from a financial institution who committed fraud by creating fiat from nothing with no consideration then the debt is technically invalid anyway. For a debt to be valid, both parties have to show consideration. In this instance you created something of value, an "IOU" which you sold to them and they purchased that IOU with counterfeit dollars through accounting tricks.
One could claim that you were party to the counterfeiting by knowingly borrowing from them. On the other hand, this same system has stolen far more from you via taxes and inflation than you could possibly recover by executing it so you could look at it as merely recovering stolen loot.
Moral rationalization aside, I cannot recommend this course of action and will point out that there is NOTHING that can be done to stop it except to avoid un-collateralized lending in the first place.
Note: It is immoral to do this if you borrow the money from normal individuals who did not create it out of thin air. If you borrowed it from a financial institution who committed fraud by creating fiat from nothing with no consideration then the debt is technically invalid anyway. For a debt to be valid, both parties have to show consideration. In this instance you created something of value, an "IOU" which you sold to them and they purchased that IOU with counterfeit dollars through accounting tricks.
One could claim that you were party to the counterfeiting by knowingly borrowing from them. On the other hand, this same system has stolen far more from you via taxes and inflation than you could possibly recover by executing it so you could look at it as merely recovering stolen loot.
Moral rationalization aside, I cannot recommend this course of action and will point out that there is NOTHING that can be done to stop it except to avoid un-collateralized lending in the first place.
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Hi,
you have just arrived from Wall St. haven't you?
I'm not sure we need your kind around here. Report yourself to Bart Chilton and/or Jennifer Shasky Calvery ....
Thnx.
No sir, I have not as much gotten a parking ticket much less committed a felony to my knowledge. I am simply examining the weaknesses and flaws in the system so that an innovator may close these holes.
you have just arrived from Wall St. haven't you?
I'm not sure we need your kind around here. Report yourself to Bart Chilton and/or Jennifer Shasky Calvery ....
Thnx.
Good evening,
Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.
Your thoughts?
P.s. I hope someone is foolish enough to do this, it would prop the price up a bit for the rest of us
Legal notice: All this topic and all replies are fictitious works for entertainment purposes only. To perform the action herein would constitute Fraud.
Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.
Your thoughts?
P.s. I hope someone is foolish enough to do this, it would prop the price up a bit for the rest of us
Legal notice: All this topic and all replies are fictitious works for entertainment purposes only. To perform the action herein would constitute Fraud.
No sir, I have not as much gotten a parking ticket much less committed a felony to my knowledge. I am simply examining the weaknesses and flaws in the system so that an innovator may close these holes.
There's nothing wrong with getting tickets. Most of them are bullshit anyway. I once got a ticket in Korea for "having a motorcycle muffler that sounded too loud" to the cop. Real scientific bad asses we've got here. (Someone didn't like me already for whatever reason, saw me drive by from deep inside their business back store room, accused me of riding on the sidewalk which I wasn't doing, then threatened to call the cops in which case I told them I'd happily wait for them to arrive. They called the cops and told the cops that I had "almost hit some children on the sidewalk" when there wasn't a soul anywhere on that entire block at the time. Chalk one up for being a foreigner in racist Korea).
Hi,
you have just arrived from Wall St. haven't you?
I'm not sure we need your kind around here. Report yourself to Bart Chilton and/or Jennifer Shasky Calvery ....
Thnx.
No sir, I have not as much gotten a parking ticket much less committed a felony to my knowledge. I am simply examining the weaknesses and flaws in the system so that an innovator may close these holes. you have just arrived from Wall St. haven't you?
I'm not sure we need your kind around here. Report yourself to Bart Chilton and/or Jennifer Shasky Calvery ....
Thnx.
Good evening,
Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.
Your thoughts?
P.s. I hope someone is foolish enough to do this, it would prop the price up a bit for the rest of us
Legal notice: All this topic and all replies are fictitious works for entertainment purposes only. To perform the action herein would constitute Fraud.
Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.
Your thoughts?
P.s. I hope someone is foolish enough to do this, it would prop the price up a bit for the rest of us
Legal notice: All this topic and all replies are fictitious works for entertainment purposes only. To perform the action herein would constitute Fraud.
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I remember discussing a similar topic with Vladimir here. Basically, as a foreign expat living in a different country there is little your home country can do to collect debts. It makes it quite easy for foreigners to run up bills then go overseas until the statute of limitations up on the debt. That reminds me, time for a credit check to see which trolls here have used my ID to make credit cards in the states this year.
Hi,
you have just arrived from Wall St. haven't you?
I'm not sure we need your kind around here. Report yourself to Bart Chilton and/or Jennifer Shasky Calvery ....
Thnx.
you have just arrived from Wall St. haven't you?
I'm not sure we need your kind around here. Report yourself to Bart Chilton and/or Jennifer Shasky Calvery ....
Thnx.
Good evening,
Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.
Your thoughts?
P.s. I hope someone is foolish enough to do this, it would prop the price up a bit for the rest of us
Legal notice: All this topic and all replies are fictitious works for entertainment purposes only. To perform the action herein would constitute Fraud.
Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.
Your thoughts?
P.s. I hope someone is foolish enough to do this, it would prop the price up a bit for the rest of us
Legal notice: All this topic and all replies are fictitious works for entertainment purposes only. To perform the action herein would constitute Fraud.
I remember someone a while back who was planning on getting student loans and completely investing them into Bitcoin. While this can be an easy way to get a lot of BTC quickly, and with high hopes that BTC will go sky high in the future, it seems like a good idea. The only problem I can see is trying to purchase that much Bitcoin unnoticed, as to not attract attention, as I'm certain this kind of stuff is frowned upon. If you attempt something like this, I'd buy locally; the exchanges would be the last place I'd go, since the transfer of fiat in and out of them is being monitored (and those who avoid this get shut down, like Liberty Reserve.)
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