Crooks with books: Laundering money as an “author” (part 1)

Createspace enables independent authors to publish their works and to distribute them through Amazon.

Amazon takes care of the printing, shipping, and payments. The author receives a monthly royalty payment. I used Createspace to publish Bankers are people, too.

Unfortunately, criminals have also discovered that they can use the platform for money laundering.

Brian Krebs explains how it works on his blog, KrebsonSecurity. Someone publishes a bogus book and sets an extremely high price for it, e.g. $555. They use stolen credit cards to buy the book. Amazon pays the “author” about 60% of the retail price in royalties. This money looks like a legit income. The stolen money has been laundered. Continue reading “Crooks with books: Laundering money as an “author” (part 1)”

Bitcoin is not a Ponzi scheme

Bitcoin has been called a Ponzi scheme. Especially now that unwitting speculators are buying the cryptocurrency. They are attracted by the spectacularly rising price of Bitcoin and other cryptocurrencies in 2017.

In The Problem with Calling Bitcoin a “Ponzi Scheme”, Preston Byrne argues that this is not correct. Continue reading “Bitcoin is not a Ponzi scheme”