CTR

sweetsimplesauce

The documentary isn't about Bitconnect. The documentary is about a shitcoin scam that ran on Ethеreum. The shitcoin scam was called Centra Tech and the ticker symbol for it was CTR. It had nothing to do with Bitconnect. Bitconned was a poor title choice for the documentary considering the documentary has nothing to do with Bitconnect or Bitcoin.

RepresentativeNo9110

From your source... Structured Transactions – CTR Requirements Structuring transactions occurs when a person, acting alone or in conjunction with, or on behalf of, other persons, conducts or attempts to conduct one or more transactions in currency, in any amount, at one or more financial institutions, on one or more days, in any manner, for the purpose of evading the CTR requirements.12 Under the BSA, no person shall, for the purpose of evading a CTR reporting requirement:13 • Cause or attempt to cause a bank to fail to file a CTR. • Cause or attempt to cause a bank to file a CTR that contains a material omission or misstatement of fact. • Structure, assist in structuring, or attempt to structure any transaction with one or more domestic financial institutions

SmoothGoing

Deposit on at the bank on monday. CTR gets sent to IRS. SAR gets sent to Fincen. Maybe you walk out fine, not questions. Clears tuesday. Deposit to exchange, clears friday. You buy and hold for 3 weeks. Sell, withdraw to bank on 29th, it clears on tuesday April 2nd. Go to bank ask for 20 grand in cash.. who knows what happens then.

Agitated-Bird-4333

Get a CPA. In the US, any transfer over $10k will be reported to the IRS. Your bank will report a "CTR", (currency transaction report). It doesn't mean an audit, but they will want to know where the money came from. Don't get cute and try a bunch of smaller transactions under $10k. They thought of that and your bank would send a "SAR" (suspicious activity report). Bottom line: Get a CPA

Odd-Shop-4947

No, you do not need to report it. I am a banker and the regulation you're referring to is known as a Cash Transaction Report (CTR). We file these ONLY when a client does a fiat transaction of over $10,000. This means if you go into a bank and you deposit over $10k in cash or if you withdraw more than $10k in cash then we legally report it to comply with Anti Money Laundering laws. We do wire transfers for people buying houses and transfer hundreds of thousands of dollars between accounts for clients all day long and are not obligated to report that at all.

Ok-Surround7587

Coinbase will create a CTR. A few of those and they may turn in SARs. Google those terms.

omg_its_dan

False, the $10k only applies to cash deposits. A “currency transaction report” or CTR is generated and is primarily meant to deter money laundering.

Bob_Vienna_MVC_93108

No. There are BSA acts. To get access to mainstream finance it is imperative you are not on the OFAC list. And if moving more than $10K (CTR) you have to show proof of the source of the funds. And you have to identify yourself (Patriot Act)

aqwn

Lol where are you going to cash out 2 million without showing ID? This is nonsense. Banks file a CTR for 10k+

gin_and_jews

That's awesome man. Never get rid of that s2k! I loved mine and was planning on keeping it forever but was sadly in an accident. Picked up a CTR now which is a blast but the s2k is truly timeless and I'll always miss it.

LargeSnorlax

> That said if you're using Brave it's not like you're going to see ads otherwise so it's a good way for everyone to win. This is the fundamental problem with BAT - Even if you turn on Ads, which in theory is the entire purpose of BAT (Advertisers pay money to serve ads to customers, who are rewarded in turn for this), the model fails entirely because the ads never have to be viewed. No clicks for advertiser, no revenue for advertiser, advertiser doesn't spend money, consumer doesn't spend money, entire model falls apart. > Sure but I mean it took me like 5 mins to do that and now it just gets auto deposited to Uphold every month. Problem is you have to *do* it. It's not seamless. It's not web3. It's not anonymous. > I've got around 60 BATs in the last few months even with some auto-contributes on Ok, so what I did with Brave browser is I ran my trial on it when it first came out, and measured how much of my time it took up vs what I got out of it. How many times do I have to swipe away an ad vs how many BAT. Easy to measure. I would spend at least an hour of my month swiping away ads and interrupting my personal time. Does that "free crypto" add up to the interruption of my personal time and irritation for swiping away ads? Absolutely not. So it's not worth doing. Everything has a price, in this case you're putting a price on your leisure time. > From the data I could find right now Brave has around 9 million users that opt into the ads on the browser. And even despite the weird way of showing ads they still have pretty impressive metrics on the use case side of things. This is good but they literally have the power to set up a system that gets 100% CTR. They just choose not to and devalue the token as a result. I think what you've written is perfectly fine honestly. I just don't think they've set up their earnings or advertising model properly, which is a real shame since the starting point is so good.

not_so_fast_zippy

You don’t buy a Bitcoin atm and put it in a location, you also need FINCEN registration, msb license, KYC and aml policies, compliance team to file STR, CTR and LTRs. Don’t forget chain analysis or another on chain tool. This is bare minimum, or you can have a company pay you couple of hundred bucks rent and they do all that.

gingerrigger

AladdinDAO tokens CTR, FXN, CLEV

Ruslan124

First, a crypto exchange is not a bank. Second The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970. It states that banks must report any deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR). Essentially, any transaction you make exceeding $10,000 requires your bank or credit union to report it to the government within 15 days of receiving it -- not because they’re necessarily wary of you, but because large amounts of money changing hands could indicate possible illegal activity. https://www.mybanktracker.com/checking/faq/rules-deposit-10000-cash-check-271595

RUBEN4iK

CTR-C always does for me after a bad one..

WineMakerBg

5% is a Huge CTR Most advertisers charge big, only to achieve 1 to 2 %.

Flash_Crick

I see what you're saying. But that it's neither here or there with this topic. CTR actually does good. It helps you catch criminal organizations doing business through a legit business.

triflingmagoo

They were completing a CTR on your withdrawal request( Currency Transaction Report). It’s the law for all banks that operate in the United States. It’s used to “prevent money laundering.” If you refuse to answer the questions, they are obligated to refuse the request. Please understand that these people are like you, and they’re just trying to get by. They don’t want to lose their jobs over some shady customer. And here’s the kicker, the bank teller still needs to complete the CTR on you. They most likely did after you left. They put it in as “refused to cooperate,” or something like that. The IRS gets a copy of these CTRs every week. I used to work for Citibank, and was one of their top tellers in branch at my local office, when I was in college. I’ve done plenty of CTRs on transactions such as yours.

VegetableDance

I think that may only be a problem if we're not using secure browser engines, i.e. Chromium, Webkit, Quantum. The restrictions each of these engines adhere to limit JavaScript from interfacing with any tool outside of the browser app. As a side note, this will likely be why games using the new GPU web renderer won't go very far. Developers can not override certain behavior, like using CTR+W for crouch walk — this will just close your browser.

RTGold

Just to add some info for anyone curious, the over 10k in cash form is called CTR. The limit for cash when purchasing checks is now 3k and the form is called a monetary instrument log. They go to fincen and are indeed to help prevent and track money laundering and funding terrorism. Many people, like the person you mentioned can be excluded from needing CTRs, if they're in a cash heavy business and constantly are over

codeByNumber

Yup, although that would be a SAR (suspicious activity report). Not a CTR (currency transaction report). There really isn’t any monetary limit/requirement for a SAR. Just need a customer who is sus ಠ_ಠ … lol

codeByNumber

Slight corrections…It’s not 10k or more. It’s more than 10k. So a CTR is required for $10,000.01 or more. Oh and, it is kind of implied by the context of this thread but this is specifically talking about *cash* deposits and withdrawals.

vkashen

I don't believe BTC will be going to $1 million a token, but this is clearly someone who doesn't understand how financial services works, You can get rich if if it goes to zero. You can get rich through derivatives. And I could go on (as retired hedge fund manager who has been into crypto since 2013). I'm not going to even read the article as the headline, which should grab attention for a decent CTR, should make a person **want* to read the article, but it's just so absurdly stupid that I can't even bother as the writer is either misinterpreting something someone said, or doesn't know how to write.

Unsymetric

To some point, these 2 are pretty much a must-have to get views, I realized that I have like 2% CTR, while some others have 20% probably because of that :)

Unsymetric

YouTube pushes you video based on CTR, i am a type of guy that hardly shows emotions and I get like 2% CTR, while the people that are more expressive get like 20% at some good cases, so it highly impacts your success in the long run :/

ETH_Knight

Turkish side needs to buy the crypto. Preferably stablecoins. Preferably the top stablecoins. Do Tether or USDC. If you are doing coinbase might as well USDC. Dont use shady stablecoins. Transferring from crypto to crypto wallet is easy. You just need the address to transfer the funds. Then sell in usa. Be mindful that receiving 50k in usa is probably going to incur taxes or at least requires reporting. Also this will be reported on a Currency Transaction Report CTR. So dont play around. I dont offer tax advice since I dont know anything but you want this to be clear so you can use the money.

FldLima

>The average click-through rate (CTR) for a Brave Ads campaign is 8%, well above the industry average of just 2%, with many brands observing even higher engagement. Thore are such good number for BAT.

CpuJunky

When banks receive cash deposits of more than $10,000, they're required to report it by electronically filing a Currency Transaction Report (CTR). This federal requirement is outlined in the Bank Secrecy Act (BSA). Cashier's checks are usually treated like cash. You'll get the full amount but will have to wait a bit longer.

Unsymetric

I am testing different things tbh. I dislike making faces and putting myself in thumbnails at all, but other thumbnails are like 2% CTR, this one got 10%. so honestly, I dislike making any faces or putting myself out, but if you decide to do YouTube, you need to accept some things I guess. I appreciate the feedback, will move myself for sure and maybe change the thing with emotes :)

takeoveritsyours

Not the IRS, fincen. Transactions over $9,999 require a CTR (Cash Transaction Report) be filed with fincen.

rimjeilly

let’s go east with the “soars” fluff coin desk lol we know you’re trying to boost CTR for higher valuation

JoeMazzulla

I think you are misunderstanding. Currency = cold hard cash. CTRs are required on currency over 10k, so structuring only applies to avoiding the CTR by structuring currency payments. Wires, crypto, checks, Zelle, etc is not currency.

lingordrone

So what happens if I do a transaction for more than $10,000 in a single day? (Honest question, I have never done this, but may soon). Do they have to fill out a "CTR" and then do I have to do something or what.

talktobigfudge

Anti-money laundering US government wants to know of transactions over $10,000/day because that's the magic number they've established for reporting large transactions. It's a crime if individuals/businesses; without prior authorization by a BSA/AML officer, are trying to get around this by depositing/withdrawing less than $10,000 to avoid filling out a CTR (currency transaction report).

BuckNutty42

I never said a CTR would be required if you get paid electronically. I specifically stated CTRs are only for physical currency, meaning cash or coins. But the travel rule would apply to any USD transfer in the amount of $3k or greater when sent electronically. I too worked for a bank and linked my information.

BuckNutty42

A few things but reporting limits vary depending on how the funds are sent/received. If we're talking about the $10,000 being in cash: 1 - Common misconception but if you're referring to a Currency Transaction Report, also known as a CTR, that's only applicable to physical currency (cash or coins) the cutoff for when a transaction/transactions require a CTR is "over $10,000" not "equal to or over $10,000". So cash deposits/withdrawals actually need to be at least $10,000.01 before a CTR gets filed. 2 - That CTR gets filed with FinCEN, not the IRS (although the IRS can access it) [Source](https://www.fincen.gov/sites/default/files/shared/CTRPamphlet.pdf) If we're talking about the $10,000 being paid electronically: 1 - The travel rule would apply and that limit is "equal to or greater than $3,000.00" (notice the difference in the wording from a CTR). 2 - As of right now, this doesn't get reported to the government in any way but banks are required to hold on to the information in case law enforcement needs the records. [Source](https://www.sec.gov/about/offices/ocie/aml2007/fincen-advissu7.pdf)

displaybeats

CTR did not have any tokenomics like this, it was just a regular shitcoin that did not redistribute tokens for any reason.

displaybeats

CTR is a failed shitcoin from 2017. Regardless, it should be impossible to create tokens out of thin air, have them never appear on the blockchain and be able to convert them into ETH via a decentralised exchange and have it actually work.

ismirschlecht

Maybe CTR is just growing like Dogecoin without any incoming transactions?

displaybeats

There should be some form of transaction history to locate the missing CTR tokens then right? They used Etherdelta for a few trades by the looks of it, but absolutely everything else has been accounted for in those transactions. I’ve been scratching my head over it for a while.

256Friend

They listed many issues in the report; most of them were irrelevant at that stage because firmware was unstable at that time . (1) : Boot-counter can be defeated (2) :Firmware upgrades can be triggered without PIN approval (3) :Downgrade protection bypass 2: TOCTTOU (4) :Fault injection resistance: Delays (5) Potential EM side channels (6) External flash AES-CTR encryption uses weak counter value (7) Processor potentially vulnerable to fault-injection attacks (8) Informational: No active tamper detection measures All of the issues they listed in the audit report are now irrelevant and have no authenticity , foundation has solved 99% of the issues in their 11 Releases and is now offering Batch 2 of Passport wallets . The Passport Firmware is dependent on a third party library and piece of codes to make the firmware complete. For the developer to install all the dependency in the device you will have to run the following command in linux Ubuntu distribution . Install Dependencies Several tools are required for building and debugging Passport. Cross-Compiler Toolchain sudo apt install gcc-arm-none-eabi cd \~/passport-firmware make -C mpy-cross Firmware works on PSBTs (partially signed Bitcoin transactions), a universal transaction format, to ensure openness and compatibility. and contains two main patterns . (1) Bootloader - This is typically flashed into the device permanently at the factory, and also provides developer versions of Passport that allow users to flash their own bootloader. (2) Main Firmware - This is the main, updatable software running on Passport that provides the UI and wallet features. Version 1.0 : In the first version there were bundles of issues and potentials threats available in the firmware that they replaced later in the updated versions here are some : \\ (1) : crash when attempting to verify a backup on a microSD card with no 'backups' folder (2) : address verification bug in pair wallet flow (3): crash when going BACK from renaming an Account entry without changing (4) : error that appeared when trying to scan a multisig entry from the Sign with QR Code menu (5) : EVEN The reviewed firmware contains a logic bug that disables the downgrade protection: You can see in the issues above that mosts of the issues are either in QR code compatibility or Logic Downgrade processing . QR code based issues were due to the dependency in firmware for QR code generation from a third party library that they imported from a developer on github Rimcoo. His QR code Lib still has 22 open issues and most of them are compatibility issues. The foundation don't own the copyrights of the library and totally relies on the blessing of that individual developer for QR code generation. That could cause a huge risk in the future. ​ Firmware has a current issue of BIP 85 Random entropy . Coldcard export BIP-85 entropy via QRNote that CC seed QR import only includes the first 4 characters per word.And Seedsigner has its own format that renders as a digits only. This can cause DDOS ( Denial of Service Issue in the Device if it collided with the BIP Standard ) Full review on the report I obtained. **Taking the dependency in the** **mind could cause an issue in future and there envoy app that could be easily breached due to its instability of compiler (Dart) .** This is the main issue this time I see in the product . On the other hand the product is pretty stable and far better than the other solutions available in the market . Most hardware wallets providers in the market dont even offer a passport version of the wallet trezor and foundation are the top industry providers in this genre according to the data received . Dependency is a threat but on the other hand it is an opportunity and authenticity too, foundation imports firmware lib from trezor it means foundation has all the features trezor is giving but also offers additional features too . Trezor is a very popular and very trustful organization and using their firmware as dependency validates the credibility of the foundation too . ​ I'll pretend to know what this means but it seems like there is a water well under helms deep.

Mobile-Tap-2266

He wasn't innocent and he wasn't merely selling bitcoin. He could have been sentenced to decades in federal prison but he actually got off with a very light sentence for the crimes that he committed. He illegally sold very large amounts of bitcoin without having the required state issued money service business license, and without having the required state issued money transmitter license and without the required federal money service business license. And he failed to perform the legally required AML and KYC procedures. He didn't even file CTR reports that he was legally required to file for high value transactions. And he knowingly sold criminals between $550,000 and $1,500,000 worth of bitcoin and those criminals illegally obtained all of that money by scamming victims. He knowingly helped criminals launder money. He taught the criminals how to circumvent financial institution reporting requirements by keeping deposits under $9,500 (illegally structuring deposits), and directed the criminals to lie to financial institutions about the purpose of the business and deposits (illegal). Here's the DOJ press release: https://www.justice.gov/usao-ndtx/pr/doctor-bitcoin-pleads-guilty-illegal-cash-crypto-scheme

Hedgie_Herder

I think the advice on keeping deposits under $9,500 was for MH depositing cash to his own bank or depositing cash directly to Hopkins’ account. A wire/ACH could be bigger and would be excluded from activity reported on a CTR.

bccrz_

Interesting idea. Recently heard of putting Bitcoin claim in emails and using as method for incentivizing CTR, etc for newsletters. Could be cool incentive for current and existing customers for some companies.

BennyOcean

When large deposits are made to any bank account, it triggers an automatic report that's sent to the IRS. When it's in cash it's called a Currency Transaction Report or CTR. There is an electronic version of the same thing but I don't remember the name. The bank shouldn't bother you, but the info does go to the government so make sure to pay your taxes. They might think you're a drug dealer or something. Worst case scenario they might ask to see your crypto transaction history. Source: used to work in banking, but that was a long time ago before crypto existed so can't say for sure.

EkariKeimei

By law they must ask questions necessary to fill out a CTR if there is a flow of cash at or greater than 10k The people who say they withdrew greater without being asked some questions, like their occupation and such, are just lying or they don't reside in the US

Altruistic-Truck-418

They still fill out a report but instead of the regular report that tells the government you have gone over the 10k threshold you now get reported as suspicious transaction report (SRT). Kudos to you for figuring out the gov/bank are so dumb they won't realize you are "structuring" to avoid the CTR.

18476

Very Impressive. The faq makes it moreso. >The backup feature provides an encrypted (AES-128-CTR) copy of the key. Using it requires the decryption key printed on the card. Rogue software cannot read the back of the card without your help. So, just a technical question, would it be possible as well, in a case of the card being lost and still being able to do manual transactions yet still have a high level of security by using an encrypted folder to maintain the backup enclosing both the copy of the key and the decryption key?? Am i offbase in thinking here, this is just wild and people think things aren't moving fast enough haha

No_Measurement_9341

I don’t have any problems , but they do hold larger checks for 5 day holds . But withdrawal is not a problem , but they do fill out the CTR if over 10k

RTGold

7. Additional Reporting: The Bank Secrecy Act requires financial institutions to file a Currency Transaction Report (CTR) in accordance with the Department of the Treasury’s implementing regulations (31 CFR § 1010.310) whenever a currency transaction exceeds $10,000. If a currency transaction exceeds $10,000 and is otherwise reportable as suspicious activity, the institution must file both a CTR (reporting the currency transaction) and a FinCEN SAR (reporting the suspicious activity). If a currency transaction is $10,000 or less and is otherwise reportable as a suspicious activity, the institution should only file a FinCEN SAR. Appropriate records must be maintained in each case. Residential Mortgage Lenders and Originators are required to file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, instead of a CTR. I don't know if that's right. From this it sounds like you would only file a SAR AND a CTR if the transaction is "otherwise reportable."

RTGold

You don't have to file a SAR just for a transaction over 10k. You'd have to file a CTR but a SAR would only be used if there were red flags.

CCNemo

Yeah, if you have nothing to hide you just take the CTR since these large transactions aren't regular. Structuring is way, way worse than just taking the CTR.

schmieder83

On Inflation? I’m not sure there is much either could have done to slow it down without killing the financial recovery post Covid. Like if we had 10% unemployment or there was a massive rate hiked we’d probably have much lower inflation but at the cost of the rest of our economy. What would Trump have done? Republicans have been bitching about this for the past 4-5 months but when you ask for a solution they complain about CTR or something.

Jxntb733

Any transaction above $10,000 at a bank requires a CTR currency transaction report

Shakill_The_GOD

I used to work for various banks, I never heard of them stopping you from withdrawing 10k+ in cash even under suspicion of money laundering. I know you would have to do a CTR but we could not stop you from withdrawing. Now if you ask about the limits or a way around it a SAR is reported but we couldn't just announce hey imma audit your account. This was done after the transaction and Convo. Maybe things changed since the last bank I worked 7-8 years ago. As for wires yeah I always seen delays with that due to anything from wrong info to AML questioning.

airlewe

Imagine telling someone 100 years ago I can CTR+C my way to wealth. To everyone who ever told me, "*you wouldn't download a car" or some shit like that, fucking watch me. I got pixel art of a monkey and carvana on my phone. Nothing makes sense anymore. The ice is melted, the Nazis are back, teenagers run the stock market, and I don't give a FUCK anymore

tenuousemphasis

I do it all the time. With a business account, but still. It will trigger a CTR (currency transaction report), but they probably won't prevent you from doing it.

sith_happenss

I love BAT. I click on every ad it gives me, so advertisers can see a higher CTR% and would advertise more in Brave.

phaisto

The Brave ecosystem of course is not defined solely by our MAU count. Other key metrics include: Search queries: 2.3 billion queries annualized (went from 0 to 190 million queries a month in less than 6 months, from public access in late June to December 2021). 1.3 million Verified Creators, up 30% this year across YouTube, Twitter, Twitch, and more. Brave’s ad platform, where users earn BAT by opting in to view privacy-preserving Brave Ads (70% of ad revenue share), has greatly expanded as revenue has grown 4x over the past 12 months. Over 8 million users earning BAT via Brave Rewards. Most mobile growth of any browser in 2021 with over 10M downloads. Brave Ads campaigns were supported in nearly 200 countries with over 7.5 billion ad confirmation events to date. There have been over 5,000 campaigns since the inception, from nearly 900 advertisers, from mainstream brands such as Ford, PayPal, Toyota, Mastercard, Intel, Crocs, BMW, Keurig, American Express, Budweiser, Walmart, Amazon, and The Home Depot, as well as from crypto giants like Binance, Coinbase, Crypto.com, eToro, Gemini, and Solana. The average click-through rate (CTR) for a Brave Ads campaign is 8%, well above the industry average of just 2%, with many brands observing even higher engagement. The Brave Marketer Podcast is heading into its 4th season and has tripled its subscribers since its launch in March 2021. With over 55K unique listeners, the podcast has consistently ranked in the top 5-10% of all podcasts, and 91% of listeners convert into subscribers. Season 4 will focus on crypto marketing with guests from Crypto.com, Solana, NEAR Protocol and more.

pterodactylwizard

Thanks for the feedback! Unfortunately, click bait titles still get the higher CTR than “normal” titles.

pterodactylwizard

Unfortunately they still bring in a higher CTR than a “normal” title.

pterodactylwizard

Unfortunately, sensationalized titles still bring in higher CTR than regular titles.

Awkward_Eye5571

I honestly click on a large percent of them. impressive CTR IMO.

The_DonOfJustice

There is no CTR if the transaction does not involve cash.

sulphideChaser

[US] Any transaction more than $10k triggers a cash transaction report. Any series of transactions appearing to avoid this report will also trigger this report. A customer asking about CTR policies also will trigger a report. Last time I worked in a bank was 2008, so I'm sure the surveillance has increased since then.

that_one_sir

$10k in cash triggers a Currency Transaction Report (CTR). Not considered sketchy by itself, but it is required reporting by all US banks per the Bank Secrecy Act (BSA). No one is looking at your CTRs (millions and millions of them are filed every year), it’s only considered sketchy if you’re trying to get around the CTRs. The $10k amount is a holdover from when the BSA was initially passed in the 70’s. Pretty much everyone in banking agrees it should be increased to $50k to account for inflation but Congress has to do it and… well… yeah.

AlphaDag13

Yes correct. Former banker here. For large withdrawals like that a branch will need to order that kind of cash. Although there will be internal due diligence that needs to be done to make sure there's a legit purpose and the person isn't getting scammed as well as a possible SAR and a CTR for sure.

Duce_de_Zoop

if you withdraw more than 10.1k you automatically get a CTR filed. if its your entire savings you are likely going to have an alert filed and be investigated by the bank too. i get this sub is a circlejerk but man you people have no idea what youre talking about

Aintthatthetruthyall

Set up a CTR.

CriManSquaFC

CTR

Sapere_aude75

What you are telling me is that everyone is already reporting all of this, so it doesn't matter at the same time you are telling me we need these extra reports to catch bad guys. Those are conflicting statements, If everyone is already reporting this then we don't need it. **Right so that covers basically every single adult in the country already, under related transactions that add up to $10k annually."** Well not exactly. After looking at the Bank Secerecy Atc wiki, and reviewing more detail. So if you transact more than 10k to a single entity, try to avoid reporting, have foreign accounts over 10k, and cash/checks over 3k. This would still mean anyone who only holds US assets and doesn't transfer more than 3k at a time. I agree it's many people, but still misses a lot of everyday people. Furthermore, I disagree with this current law like previously stated. If these laws already cover just about everyone, why do we need another more invasive one? ​ **But they do make a series of related deposit transactions > 10k if it all goes in one account, related series still trigger the requirement to file the form.** I'm guessing you are referring to paychecks? IANAL but I'm not sure separate paychecks fall under related transactions and would not require reporting other than the annual employer filings. Each is for a separate period of work and not paid within 24 hours. It would be like purchasing a car for 8,000 and then 2 weeks later another car for 5,000. Those are not related transactions. From [IRS.gov](https://IRS.gov)\- "Definition of a Related Transaction The law requires that trades and businesses report transactions when customers use cash in a single transaction or a related transaction. Related transactions are transactions between a payer, or an agent of the payer, and a recipient of cash that occur within a 24-hour period. If the same payer makes two or more transactions totaling more than $10,000 in a 24-hour period, the business must treat the transactions as one transaction and report the payments. A 24-hour period is 24 hours, not necessarily a calendar day or banking day." ​ **I already told you exactly why. https://en.wikipedia.org/wiki/Structuring here you can read up if you don't know what I'm talking about. This is why rich criminals would have only petty annual amounts in bank accounts, unlike normal people.** The banks already have to file an SAR under those circumstances... suspicious activity report (SAR) when this is happening... "A suspicious activity report (SAR) must report any cash transaction where the customer seems to be trying to avoid BSA reporting requirements by not filing CTR or monetary instrument log (MIL), for example. A SAR must also be filed if the customer's actions suggest that they are laundering money or otherwise violating federal criminal laws and committing wire transfer fraud, check fraud, or mysterious disappearances. " ​ **How does it hurt every day people to have a form filed that you already have had filed in the past for years and years on your behalf as is? There is no change, and no higher cost for you, no difference in privacy.** I've already told you I don't support the current regulations. If anything, the limits should at least be raised to account for inflation so like 70k. As others have said,, this wastes time and money, "perversely discouraging compliance" without focusing "likely criminal activity". Billionaires are not laundering all of their money through bank accounts with $600 of 10k each.... ​ **One of the clearest signs someone isn't confident about their argument, thinks they might be wrong, or just hates something without understanding it is saying stuff like this or ad hominems, etc. Great to hear!** Lol. I'm not completely confident in my argument. Far from it. That's why I used words stating inclination and not making statements of fact. Like saying "I'm pretty sure". I find it unamerican because I believe these laws are in contrast with the 4th amendment. ​ I mean shit. The banks can't even follow the current rules. [https://www.investopedia.com/stock-analysis/2013/investing-news-for-jan-29-hsbcs-money-laundering-scandal-hbc-scbff-ing-cs-rbs0129.aspx](https://www.investopedia.com/stock-analysis/2013/investing-news-for-jan-29-hsbcs-money-laundering-scandal-hbc-scbff-ing-cs-rbs0129.aspx) [https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs](https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs) ​ So, don't forget Banks are required to submit SARs when there is suspicious activity like attempted Structuring. Even if they were not required to, and someone way moving $9,999 every day they would still only move 3.65 million a year. Ant no billionaire got time for that. It would take em 275 years just to just move the first billion. Just explain to me how a 600$ funds flow reporting requirement will help catch billionaires avoiding taxes. Provide an example. Because

todaywasawesome

They're being downvoted for presenting factually incorrect information. >| the $600 yearly limit to trigger what amounts to an automatic audit was only targeted at billionaires too. It is, though... The previous limit was 10k, which already applies to like 99% of adults. Even very poor people on SSDI disability or whatever with no job still get more than 10k moving around in their accounts in a year. This is incorrect. From [Bloomberg law](https://news.bloomberglaw.com/tax-insights-and-commentary/breaking-down-the-plan-to-report-your-bank-account-to-the-irs) >**Don’t those bank reporting requirements already exist?** There are some reporting requirements in place. For example, banks and other financial institutions must report interest income above $10 on Form 1099-INT. That form is filed with the IRS and is used to match the income reported on your tax return. Also, under federal law, banks are required to report any transactions of cash which **total more than $10,000 in any single day**: This information is included on a currency transaction report (CTR) and is used to help the government track large transactions and prevent money laundering. Making cash deposits of less than $10,000 is not illegal, but it is not lawful under 31 U.S. Code §5324 to structure transactions “for the purpose of evading” those reporting requirements. Emphasis added.

maqp2

It's not quantum resistant. At all. You don't even have to wait The security they build works as follows (in reverse order) * "One time pad" encrypts the message * "One time pad" is generated algorithmically from Elliptic Curve Diffie-Hellman (ECDHE) shared key Here's where the security fails: ECDHE is not quantum resistant. At all. It's the first algorithm to fail as universal quantum computers grow large enough. Also, since they are expanding a short key exchanged with ECDHE, it's not a one-time-pad, but a poor man's stream cipher. This is because the algorithm they use to produce the keystream, is not a cryptographically secure PRP/PRF like AES-CTR, HChaCha20 or similar, but simple square root decimal expansion. **tl;dr:** It's utter snake oil and if you put your money / private messages into this, you're basically asking for it. But don't take my word for it: Here's the world's most famous cryptographer telling you what the company's all about: [https://www.schneier.com/blog/archives/2019/09/the\_doghouse\_cr\_1.html](https://www.schneier.com/blog/archives/2019/09/the_doghouse_cr_1.html)