Police Seize $1.5 Million in FIFA Gambling Crackdown - page 2.

Soots

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Quote from: suzanne5223 on July 01, 2019, 02:29:26 PM

Quote from: FFrankie on June 30, 2019, 06:02:20 PM

With an allege volume of over 1 billion, for them to only seize 2million that is crap. I would bet that the police that seized it kept some.

You shouldn't be surprised when things like this happened and I don't think the police kept some to themselves for I believe someone who seems powerful bought the police in charge of the case but that's not what important now for the most important thing is the fate of bitcoin uses there after the crackdown that happened.

Policemen in the authority is within control with the rules of pursuit, but I don't believed that their submission to their service could be honest enough. Most problems with those people in power is likely to abusive specially on that huge amount of money came from gambling. I could argue more that the declared $1.5 Million was the declared value, hence it was only the information coming from them and not confirmed.

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Quote from: davis196 on June 30, 2019, 06:27:33 AM

Quote from: ?? on ??

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

We cant do anything about it yet it already happened and you are right this doesn't give out good view towards crypto.

It do gives out negative rather than on a positive one which would mainly affect positivity towards on learning crypto yet they do already
know the shady part of it.

suzanne5223

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Quote from: FFrankie on June 30, 2019, 06:02:20 PM

With an allege volume of over 1 billion, for them to only seize 2million that is crap. I would bet that the police that seized it kept some.

You shouldn't be surprised when things like this happened and I don't think the police kept some to themselves for I believe someone who seems powerful bought the police in charge of the case but that's not what important now for the most important thing is the fate of bitcoin uses there after the crackdown that happened.

Naida_BR

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Quote from: ?? on ??

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

Chinese people are strong supporters of cryptocurrency, however I wouldn't say the same for their government.
They want to have a strong control over the financials of their citizens thus they try to regulate cryptocurrency activities as much as possible.

swogerino

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I think that is not a huge amount that is seized.I know that cryptocurrency is illegal in China but we also know that in China are the biggest mining farms together with the biggest produced of ASICS and other mining equpments.I am not really surprised that crypto is being used to gamble in China and this has not impacted the bitcoin price at all until now.

leea-1334

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I thought this was old news? But then,,, every year the police raid and seize illegal gambling in China and in India, not to mention in other Asian countries.

Bookies are big, odds are crazy and they take such big amounts that online bookies cannot compete. Governments should try and tax these bets instead of making them illegal, do you agree?

Bustart

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Quote from: omonuyak on July 01, 2019, 02:59:50 AM

Quote from: ?? on ??

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

Chinese government will only do things that favour its citizens and it is in public domain that they are fighting cryptocurrency but at the back end its citizens used cryptocurrency more than any country. I know that once china stop attacking crypto we would see great upward movement and for them to keep control of the market that is why we see this type on news time to time.

There could be a manipulation of current situations of crypto, that's why it seems so hard for price movement in achieving towards higher price. Chinese government is doing that in order to strategize the scenario, but if their citizens loved and prefer using crypto for gambling I guess no way for them to suppress it. Crypto will stand out and provide more opportunities to all.

omonuyak

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Quote from: ?? on ??

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

Chinese government will only do things that favour its citizens and it is in public domain that they are fighting cryptocurrency but at the back end its citizens used cryptocurrency more than any country. I know that once china stop attacking crypto we would see great upward movement and for them to keep control of the market that is why we see this type on news time to time.

bittraffic

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Quote from: finaleshot2016 on June 30, 2019, 11:38:35 AM

Quote from: eternalgloom on June 30, 2019, 05:43:25 AM

Might be a good idea to add a source to your post, especially since you just copied that title from a Coindesk article.
Pretty close to plagiarism, I'd say, even though you've written the post content yourself.

https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

I revised it a little and forgot about the source. Thanks for informing me! already edited.

Quote from: DoublerHunter on June 30, 2019, 08:23:33 AM

Quote from: davis196 on June 30, 2019, 06:27:33 AM

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,..

^ It's Macau bro, but you are completely right that the Chinese government was strictly prohibited and not allowed to operate legally in any gambling industries either related crypto or using fiat in a casino. That's why gambling casino is on Macau only the biggest source of revenue in gambling and also the tourist spot for all gamblers. I never doubt that the Chinese police was seized that gambling company and arrested the organizer because they are obviously illegal. Good thing this isn't showing effect in the crypto market.

China hates cryptocurrency, It affects their economic rate because they still want to reign so they're avoiding it. There's a lot of casinos in Macau, actually, I know someone that has been traveled there and said that there's a lot of Chinese visiting there.

But how come they do have NEO and binance?

I'm not sure how to believe the news about China prohibiting cryptocurrencies, I have some Chinese friends as well that openly use bitcoin and walking around with Bitcoin logo on their jacket. Gambling is sure not legal unless you do it it Macau. They have all these places intended for their programs like Hongkong and Singapore.

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Quote from: finaleshot2016 on June 30, 2019, 05:22:09 AM

The police officials of China seize down a 1.5 million dollars worth of crypto that is a part of the gambling crackdown last year in 2018 FIFA World Cup. The cryptocurrencies are recognized as bitcoin, ethereum and litecoin.

The officials arrested the organizers of the event and seize the 1.5 million dollars of crypto and 750 thousand dollars of renminbi in banks.
It's huge money though.

source: https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

The Chinese are good on this, in our country, there are a lot of arrest from Chinese gambling operators, this is the reason why we have a lot of Chinese migration, it's good for our economy because they are spending their money here but some of them worked illegally here, and some of the operations are not registered.

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Such kind of gambling houses completely functional on fiat can be found getting into some legal issues. What we see here seems to use cryptocurrency. This is within the regulatory compliance of the respective country and the same hasn't caused any impact on the market. If I'm not wrong $1.5 million in cryptocurrency is very small compared to the volume of cryptocurrency being used on gambling illegally.

STT

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Quote from: ?? on ??

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

Thing is the story with communism will always be the same. The government has rules that serve itself and the people will continue to do business as much as they are able that serves their own interests. China is such a giant country, I cannot see how they can eliminate either gambling as an idea, as a sport and entertainment or crypto for its practical easy usage, distribution, storage and fungibility .

I have to conclude this news is bullish, the minor news story is the crackdown the bigger story is Chinese people have these interests. If I look towards a greater trend, its most often going to be with the over a billion people as a possible market for that interest to expand into. The smarter deal is for even government to tax not outlaw such things

BitBustah

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Just repeating what a few others have already said, $1.5 millions is a laughable amount. We are talking about an industry that pulls in tens of billions yearly. Also I'm sure there was more money but the officials kept some for themselves. We all know how corrupt authorities are.

Dreamchaser21

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Quote from: ?? on ??

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

There’s a strict regulations for sure but if you gamble in wrong things you might ended up like this. This is a lot of money, and maybe there’s a irregulaties witht the organizer and that’s why the authorities arrested the organizer. Well, its a big money and I think China will be strict again.

tsaroz

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Quote from: ?? on ??

Quote from: davis196 on June 30, 2019, 06:27:33 AM

Quote from: ?? on ??

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

It's China though, the law shifts like the fucking clouds there, I'm sure Macau has places accepting Bitcoin there, I'll have to look into it though.

Macau is similar to Hong Kong a one country two systems. And is a center of gambling all over Asia and further. Macau is the largest gambling city in terms of money wagered.
Rich Chinese do come their and make their black money white legally. Some residing on border area visits small gambling towns like Mong La in Myanmar and

FFrankie

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With an allege volume of over 1 billion, for them to only seize 2million that is crap. I would bet that the police that seized it kept some.

posi

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Quote from: davis196 on June 30, 2019, 06:27:33 AM

Quote from: ?? on ??

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

There's definitely nothing to be exciting with the news cause the gamblers actually violated the laws of Chinese government and for the Chinese been a strict government was the part I hated about the story can the Chinese government may literally come up with rules which will affect crypto traders due to the issue.

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Quote from: Jating on June 30, 2019, 05:38:28 PM

Quote from: sandra_x on June 30, 2019, 05:22:54 PM

It does necessarily put cryptocurrency in a bad spot light. It is was just the medium of payment, not the crime itself. Same probably would have been the case if fiat was used as the currency involved. Gambling is a regulated industry in most advanced climes

The news came from China, they have been very salty on crypto specially on bitcoin. So it's just about time to make some news again and involved bitcoin because it seems that the price is rallying again.

$1.5 million dollars is still very big, and it really means that gambling is really all-over and as much as all efforts have been put into place to stop it specially in China, it will be a big task for them.

1.5 mil is nothing compared to the size of the Chinese gambling industry dude. I am not even sure why they bother with these crackdowns as it has 0 effects on curbing gambling activities.

Jating

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Quote from: sandra_x on June 30, 2019, 05:22:54 PM

It does necessarily put cryptocurrency in a bad spot light. It is was just the medium of payment, not the crime itself. Same probably would have been the case if fiat was used as the currency involved. Gambling is a regulated industry in most advanced climes

The news came from China, they have been very salty on crypto specially on bitcoin. So it's just about time to make some news again and involved bitcoin because it seems that the price is rallying again.

$1.5 million dollars is still very big, and it really means that gambling is really all-over and as much as all efforts have been put into place to stop it specially in China, it will be a big task for them.

DebitMe

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Quote from: sandra_x on June 30, 2019, 05:22:54 PM

It does necessarily put cryptocurrency in a bad spot light. It is was just the medium of payment, not the crime itself. Same probably would have been the case if fiat was used as the currency involved. Gambling is a regulated industry in most advanced climes

That is what no one ever cares to look into. These things would happen whether bitcoin was around or not, but it's just an easy shitty scapegoat to blame bitcoin for something like this when in actuality it would happen with fiat, and probably not get caught.

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