someone gave me the following advice for forex and how they think that hackers might be able to pull it off if they wanted to transfer money from the third world to north america (u.s. & canada). In your hypotetical situation: you have 100mln USD in electronic form in a third world country and you would like to retreive this to either Europe/North America ?
If you have 100mln somewhere you must have access to the financial system,
you can buy bitcoins, and have ppl in 'the west' convert them to fiat currency.
you can also buy a thinly traded currency on the currency FX market.
- for instance the Botswana Pula.
100,000 USD =1,028,621.91BWP, 1 USD = 10.2862 BWP
If your western counterpart buys 100K Pula for 10.2826, and you then pay him 11.2826 he makes a legal profit,
and you lose money. Rinse, Repeat till the money has changed to the other person.
Just find a larger FX trading website/exchange and you are in business.
what would they mean find a larger fx trading website/exchange and you are in business? i dont understand. can someone please tell me. rsvp. thank you.
If you have 100mln somewhere you must have access to the financial system,
you can buy bitcoins, and have ppl in 'the west' convert them to fiat currency.
you can also buy a thinly traded currency on the currency FX market.
- for instance the Botswana Pula.
100,000 USD =1,028,621.91BWP, 1 USD = 10.2862 BWP
If your western counterpart buys 100K Pula for 10.2826, and you then pay him 11.2826 he makes a legal profit,
and you lose money. Rinse, Repeat till the money has changed to the other person.
Just find a larger FX trading website/exchange and you are in business.
what would they mean find a larger fx trading website/exchange and you are in business? i dont understand. can someone please tell me. rsvp. thank you.
