Where can you pay a $500,000 #fee to transfer $1,865?
Why, on the #Bitcoin #blockchain, of course!
https://web3isgoinggreat.com/?id=bitcoin-wallet-pays-500000-fee
I mean, I could also pay that to the employee working the Western Union counter. I'm positive he'd accept it.
Just because someone spends a lot of money they don't have to spend, really says nothing except that the person spent money they didn't need to spend.
@volkris He would accept it, but in so doing, he would break the law. The Western Union agent has fiduciary duties in contractual relationships with clients. If you pay so much, you have a right to get the money back (minus the normal fees).
Can you do that with the #Bitcoin #blockchain?
That says something about #ConsumerProtection. And this is not the first such occurence with blockchain transactions.
I am aware of no law that prevents me from giving the Western Union cashier a tip.
@volkris Then you should learn about the Federal Bribery Act (assuming you are in the US).
Contrary to its name, the Act not only criminalizes bribery (reward for inappropriate dealings), but also gratuities to certain people - including employees of financial instutions. Yes, offering a tip to a bank clerk for the correct and legal transaction of business can land you in US prison. Likewise, if they accept it, they can go to prison, too.
18 USC 201?
I don't see anything in there that prevents me from tipping the cashier at the convenience store.
I'm legitimately wondering, there's the text of the statute as far as I can tell, how does it apply to a Western Union employee?
Did I pull up the wrong statute? Which one are you referring to, and how does it apply?
@volkris
There's a special provision for financial instituations in the Act. 18 USC 215
Again, the title "procuring loans" is misleading. The section actually concerns "any business or transaction".
@volkris However, it stands to reason that even without 18 USC 215 18 USC 201 could be applied to those Western Union agents, that in some form of fashion have to do things for the US government ("person acting for or on behalf of the United States), such as KYC and AML. And that would be anyone facing clients involved in money transactions, such as your convenience store clerk.
In the US, it is shockingly easy to commit a felony, unknowingly.
https://ips-dc.org/three-felonies-day/
@volkris You said Western Union. The person may also be the cashier at the convenience store. As soon as he acts as an agent for Western Union, he falls under that act.
So if you send money through Western Union at the convenience store (as your story goes), you commit a felony by tipping the person. And if they accept, they commit a felony, too.
That is why Western Union has a strict policy that their agents never accept any gifts of cash or cash equivalent, regardless of value.