Quote from: franky1 on Today at 01:21:19 AM

Quote from: bitsurfer2014 on Today at 12:32:48 AM

That incident was a brazen act of stupidity coming from those criminals who thought they can escape the teeth of law. Meanwhile, I think the buyer company has been complacent enough that they did little to ensure that the copper cargo would be accompanied by their own representative and the insurance papers verified for their veracity considering that the transaction involves a considerable amount of money. Imho.

commodity traders.. dont seek to trade to get delivery. they hold 7day contracts where if they dont sell it on day 8 it triggers a delivery to them.
so they play with 7 day contracts and always sell on day 7. meaning the next trader sells on day 7. meaning the next trader sells on day 7.. meaning for 21 days it doesnt move

with fast trading by commodity traders circulating the stocks. the goods can be held up in warehouses for years. if traders never sell on to industry buyers

think about it.
13 people arrested... hmm.. 300 containers containing hundreds of thousands of tiles. all individually handsprayed... that takes a few months.. not a 2 day lay-over

by not triggering a delivery.. no one inspects the containers.. they just sit there doing nothing until a delivery is triggered

Hmmm... I wonder why they haven't used any commercial letters of credit as a way to both secure their transaction. Anyway this could serve as a lesson to all international traders.

On a side note, I think a digital letters of credit could be implemented in a blockchain as a DeFi platform to cater to international trades though I don't know yet a blockchain project that that offers similar services from traditional letters of credit.