Mullan A History of Digital Currency in the United States

New Technology in an Unregulated Market
1. Auflage 2016
ISBN: 978-1-137-56870-0
Verlag: Palgrave Macmillan US
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 278 Seiten

Reihe: Palgrave Advances in the Economics of Innovation and Technology

This book presents detailed case studies of the first commercial internet digital currency systems developed between 1996 and 2004. Transactions completed with the new technology circumvented all US financial regulations, an opening that transnational criminals exploited. Mullan explains how an entire industry of companies, agents, and participants turned a blind eye to crimes being committed in this unsupervised environment. He then tracks the subsequent changes made to US regulations that now prevent such unlicensed activity, illustrating the importance of supervising products and industries that arise from new disruptive technology. This book distills hundreds of hours of interviews with the creators and operators of early digital currency businesses to create detailed case studies of their practices.

Autoren/Hrsg.

Mullan, P. Carl

Inhaltsverzeichnis

1;Contents;6
2;List of Charts;8
3;Chapter 1: Introduction;9
3.1;Who Uses Digital Currency and Why?;12
3.2;What Is Digital Currency?;14
3.3;New US Financial Regulations;15
3.3.1;Legal Cases;15
3.4;Building a Better Mousetrap;18
3.5;A Lack of Early Digital Currency Regulation;19
3.6;Notes;26
4;Chapter 2: E-gold;27
4.1;Why e-gold?;33
4.2;One Hundred Percent Reserves at All Times;35
4.3;Grams, Troy Ounces, and Kilos;36
4.4;Financial Risk;41
4.5;E-gold Versus Bank Payments;41
4.6;The Ponzi Tsunami;46
4.7;Ponzi Payments;50
4.8;The Elephant in the Room;52
4.9;Iranian Accounts;55
4.10;E-gold Asset Seizures;61
4.11;18 U.S.C. §§ 1961–1968 (RICO);62
4.12;§ 981—Civil Forfeiture;63
4.13;OmniPay;78
4.14;The Judge’s Opinion;80
4.15;Guilty Plea and Consent Order of Forfeiture;82
4.16;Notes;88
5;Chapter 3: The Liberty Dollar and Bernard von NotHaus;95
5.1;NORFED;98
5.2;American Liberty Currency Circa 2000;99
5.3;Bernard von NotHaus;101
5.4;Recognized Issues;102
5.4.1;Issue 1;102
5.4.2;Issue 2;102
5.4.3;Issue 3;103
5.5;100 Percent Gold and Silver;103
5.6;Digital Liberty Dollars;104
5.7;eLibertyDollar Consumer Transactions;107
5.8;Federal Bureau of Investigation Raid and Seizure;110
5.9;The Liberty Dollar Case;114
5.10;2015 Sentencing;115
5.11;Notes;116
6;Chapter 4: E-Bullion and Mr. James Fayed;118
6.1;E-Bullion Advantages;122
6.2;James Michael Fayed;122
6.3;E-Bullion History;123
6.4;Competition;127
6.5;Innovation;129
6.6;E-Bullion’s Competition;130
6.7;Computer Operation, Servers, and Security;131
6.8;Exchange Agents;135
6.9;Background;137
6.10;Why Accept E-Bullion?;140
6.11;Fraud Prevention;141
6.12;HYIP Ponzi Scams and E-Bullion;141
6.12.1;AdSurfDaily ($110 Million);143
6.12.2;Legisi ($72 Million);143
6.12.3;FEDI HYIP Ponzi Scheme (2003) Multimillion;144
6.12.4;Gold Quest International ($28 Million);144
6.12.5;Pathway to Prosperity ($70 Million);145
6.12.5.1; Profitable Sunrise (Estimated in the Tens of Millions of Dollars);145
6.13;Liquidity in the E-Bullion Marketplace;145
6.14;Murder of Pamela Fayed;154
6.15;Remission;155
6.16;Notes;157
7;Chapter 5: Crowne Gold;160
7.1;Terry Neal;161
7.2;Crowne Gold;167
7.3;$7 Million Hack;168
7.4;Finanzas Forex/Evolution Marketing Group (EMG);169
7.5;Affidavit of Brian DiPerna;171
7.6;Forfeiture;175
7.7;Notes;176
8;Chapter 6: Liberty Reserve;178
8.1;Background on Liberty Reserve;181
8.2;2006 Goldage Indictment;185
8.3;The Liberty Reserve S.A. Indictment and Case;191
8.4;Notes;200
9;Chapter 7: IntGold;204
9.1;Notes;211
10;Chapter 8: OSGold;212
10.1;StormPay Example;213
10.2;A Time of Acceptance;214
10.3;Off-Shore Gold and OSOpps;216
10.4;Exchange Service;217
10.5;The Shills;221
10.6;The Scam;225
10.7;The Foreign Banks;227
10.8;Debit Cards;227
10.9;The Complaints;228
10.10;Notes;233
11;Chapter 9: GoldMoney;236
11.1;Building a Better Mousetrap?;237
11.2;Created by Bankers;239
11.3;Cambios;244
11.4;Why All the Patents?;245
11.5;Belief Versus Reality;248
11.6;Notes;250
12;Chapter 10: WebMoney Transfer;251
12.1;WMID;253
12.2;WebMoney Passports;253
12.2.1;Formal Passport;256
12.2.2;Personal Passport;256
12.3;Bitcoin;257
12.4;WebMoney Transfer;258
12.4.1;Keeper Standard (Mini);264
12.4.2;Keeper Mobile;264
12.4.3;Keeper WebPro (Light);264
12.5;Notes;266
13;Chapter 11: New FinCEN Rules;267
13.1;Prepaid Access;271
13.2;The MSB Rule;272
13.3;Definition of MSB;276
13.4;Foreign-Located MSBs;276
13.5;Activity Threshold;276
13.6;Penalties;277
13.7;Money Transmitter;277
13.8;Suspicious Activity Reporting;277
13.9;Notes;277
14;Index;279