Posted on 10/08/2020 6:38:00 AM PDT by Kaslin
With banks starting to get into the cryptocurrency business, it looks as if this new finance mechanism is here to stay. However, financial institutions and the government need to pay close attention because the same person-to-person aspect that makes it attractive, also leaves it vulnerable to funding terrorism, both overseas and in our own cities.
We’ve all heard claims about people investing $200 in Bitcoin back in 2012 only to see their stakes make them wealthy. We also hear about people getting scammed by crypto “investments” or losing the key to their cryptocurrency accounts and losing all access to their wealth. It’s the Wild West out there.
But when huge institutional investors start piling into Bitcoin and Ethereum, it’s time to pay closer attention. Notably, in July, the Office of The Comptroller of the Currency issued a letter permitting US banks to offer cryptocurrency custodial services.
What is cryptocurrency?
While many eyes are glued on the upcoming presidential election, I believe that today’s real upheaval is occurring in our financial systems, something that’s both exciting and potentially very dangerous. For those unfamiliar with how cryptocurrencies work, here’s a quick rundown:
The currency is based upon something called Distributed Ledger Technology (“DLT”) or “blockchain.” Techies call the resulting system “Web3.” Web3 works through a networked system of computers that a consortium of individuals and groups of individuals maintain. This networked system tallies who owns the cryptocurrencies, such as Bitcoin or Ethereum, as well as the transactional relationships (i.e., debtor-creditor) taking place among cryptocurrency owners. It creates a form of peer-to-peer banking, with no third parties or regulators.
(Excerpt) Read more at americanthinker.com ...
Is this going to be the excuse to shut it down?
The US dollar Yen and Pound are used to fund terrorism also, maybe they should all be shut down.
Think of all the lives that could be saved if we eliminated all cars to stop car accidents.
The federal government has full power to collect income information.
Do not expect to be able to hide income from the IRS.
A Swiss banker sold out the bank’s clients.
If you want lower taxes, vote Republican.
LOL! If (admittedly a very slight possibility) you are not joking, they are worth about 1.1 million dollars. :)
Bitcoin is less anonymous than cash.
The people who fund domestic terrorism don’t exactly hide what they are doing. They don’t need to use crypto. They are protected. They can concoct a coup against the President or burn cities ... Nothing happens to them. Crypto? That’s for little people.
Tell you what... PM the account credentials to me and I'll check it out for you.
Umm. You may be sitting on a LOT of money. BTC is trading over $10k per coin today. I sold off during the spike a few years ago and rolled the cash into my portfolio.
The government clamped down on ACH fraud, but cryptocurrency creates the same problem on a greater scale and with even more dangerous implications than theft. This year, Black Lives Matter and Antifa rioters are waging war in American cities. A big question is the source of their funding. It’s entirely possible that it’s being done through untraceable cryptocurrency transactions. Those transactions can filter dark money through PACS and can make cross-border, peer-to-peer fund transfers possible, instantaneous, and undetectable.This is probably how Soros is funding these anti-American nefarious groups.
Cryptocurrency isn’t hidden. It’s quite the opposite. Exchanges are not decentralized, and you pay taxes on any exchanges you make. The only thing crypto offers over traditional currency is an indelible transaction register.
Blockchain will eventually be omnipresent. The only problem right now is comprehension and IT implementation capability.
This article was written by someone with no understanding how this works. Cryptocurrency is the opposite of “untraceable.” It’s less anonymous than cash.
You said it.
No, it isn’t really hidden at all. In many ways it’s more transparent than regular currency transactions. Buying and selling crypto certainly isn’t hidden. Transferring crypto to another party ... Not hidden, but can the transaction be traced to personal identities? That’s a little more difficult than following bank deposits.
I bet that cash can be used too! What a better way to make a cashless society! It’s all for our own good.
Mark
It’s not impossible to trace a transaction wallet address, but yes, it’s not as simple as getting an address or phone number.
Gee Wally, it sounds like the only safe cryptocurrency would be one controlled 100% by the Fed and US Government. Anything they do not have a stranglehold on is only for terrorists. They watch us for our own good. /s
What a bullshit supposition.
A stack of $100 bills is less traceable than a single bitcoin.
The fact that bitcoin is not “controlled” by any government is the reason why “government” is out to “get it.”
Every transaction on the blockchain is public. Duh. Not every useful for people trying to be private.
As someone who is currently being audited for bitcoin transactions (I have nothing to hide and everything was reported) trust me, the IRS knows EXACTLY how much bitcoin you sold over time.
If you are using crypto currencies to “hide” income, you are an idiot.
$2500 invested in 2013. Never sold the initial group.
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