Posted on 11/24/2023 9:36:24 AM PST by catnipman
proof positive that the ONLY killer app for crypto (besides gambling) is as a parallel financial system SPECIFICALLY for criminal, terrorists, child abuse rings, and rogue countries evading regulated financial channels ...
i highly recommend this article; there's other good ones, but this one does one of the best reporting jobs ...
Who collects the $4.3B?
“ proof positive that the ONLY killer app for crypto (besides gambling) is as a parallel financial system SPECIFICALLY for criminal, terrorists, child abuse rings, and rogue countries evading regulated financial channels ...”
The amount of crypto used for nefarious terms is minuscule compared to hundred dollar bills. And all of the crypto can be tracked in ways cash never could (which is why these clowns get caught.)
A vast majority of the stories like this are written by people who don’t understand anything about crypto.
“crypto can be tracked in ways cash never could”
Excellent post.
Worse yet the average clown getting ripped off in a crypto scam cannot track it while oppressive governments can—the worst of both worlds.
And can they pay the fine with crypto-currency?
The purpose of the Crypto companies is to work out the bugs before the State takes it over.
If they put the guy in an electric chair it would generate some energy to create more crypto....
;-)
Crypto companies have another purpose—separate fools from their money.
https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution
As part of the plea agreement, Binance has agreed to forfeit $2,510,650,588 and to pay a criminal fine of $1,805,475,575 for a total financial penalty of $4,316,126,163. Binance has also agreed to retain an independent compliance monitor for three years and remediate and enhance their anti-money laundering and sanctions compliance programs. Binance separately has also reached agreements with the CFTC, FinCEN, and OFAC, and the Department will credit approximately $1.8 billion toward those resolutions.
This is the same racket Obama used in 2009 when they fined the banks for making bad loans (which, in turn, were required by the feds so as to avoid discriminating against the poor)...
What’s the benefit of letting a centralized company hold your crypto instead of creating a wallet on your own computer? Didn’t bitcoin start out as independent private wallets?
total statist nonsense.
The US Government doesn’t have clear rules on bitcoin - its simply using its massive playbook of laws to take out a political/strategic enemy on an ad hoc basis.
Fed.gov does NOT want competition for the US dollar and coming CBDC’s.
“private wallets”
“Private” wallets you are required to report to the IRS.
Lol.
?? $4.3B in cryptocurrency? What’s that actually?
coming CBDC’s
Can’t imagine the damage done to commerce with that one. Criminals are figuring a way around Digital Currencies right now
“What’s the benefit of letting a centralized company hold your crypto instead of creating a wallet on your own computer?”
it’s extremely difficult to wheel and deal your crypto when it’s held on your own computer, and pretty much the ONLY reason to have crypto in the first place is to wheel and deal and speculate and try to sell it to a greater fool for a higher price ...
it’s nearly pointless to hold crypto on your own computer, not to mention, very easy for it to go poof if you don’t make REALLY GOOD efforts to make sure the “wallet(s)” and passkeys are backed up in multiple places, both onsite and offsite ... and how many people do you know who even backup their precious digital photos?
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