Kidnappers, drug thugs, murderers for hire, extortionists, blackmailers, and ransomware “businesses” all seem to prefer payment for their “services” in Bitcoin. They “think” this will help prevent them from being put in jail – where they belong.
One way to (possibly) slow down their criminal behavior is for banks to stop cashing any Bitcoin. That is coming and not a minute too soon.
rogoclub1
2 years ago
“CAVEAT EMPTOR”
Bitcoin has had ten years of unproven mainstream method of exchange. It has become overpriced & overhyped failed first mover project, Unless you were lucky enough to buy below $100 there is no store of value going forward with a limited supply of something no one understands, wants or will ever use…
1. Ask the first five people you meet today if they use Bitcoin.
2. Ask yourself if you believe what Bitcoin is doing now is a good thing for middle class & Gen Z’s future betterment.
3. Ask yourself if you are prepared for 10K – 30k haircuts every other week.
4. Ask yourself if you believe it to be prudent for an unknown entity or mysterious person that has zero accountability to anyone and holds the only critical I/0 keys to 1 million Bitcoin which could be used as a financial PnD weaponization tool.
5. There is no past performance record of (MOE) mainstream transactional usage for Bitcoin price to be above the highest current fiat or precious metal price.
6. All Fiat currencies have intrinsic value of its Government’s social accountability and services, Bitcoin produces nothing & has zero intrinsic value.
7. Most spreading FOMO are those savvy persons who bought Bitcoin below $100 or CEOs and others late to the 1999 – 2017 Bitcoin and want the unproven digital air coin creation for ETF paper or hold it on publicly traded companies balance sheets.
8.If USD is stolen from a Bank it is FDIC protected, Bitcoin is not and has zero insurance.
9. Bitcoin can not be recovered if you lose your keys, your hardware is damaged or stolen, If you forget your keys, lose your keys due to hurricane, fire or flood you can not recover any of it.
10. The Bitcoin white paper does not mention anything about Billionaire tweet battles, 80% China mining, ETFs, Banks & Institutions involvement or the potential of 3500 other projects. Bitcoin as described in the white paper is a ingenious designed digital creation for small transactional usage that has become a very expensive new paradigm weaponization tool for the wealthy against the middle class & GenZs future, Dogecoin has achieved at reasonable price levels with transparent and accountability to win the crowd, something Bitcoin hyped up price expectations of a world without protectors of its fiat & Gold has not achieved. 🌊🌏✌️🇺🇸 💯🙏🏾🙏🙏🏿
Jojo
2 years ago
There’s something to be said for being able to decree social/legal changes immediately, as China does, as opposed to the “free” USA where little gets changed w/o YEARS of back and forth and greasing of politician palms.
frozeninthenorth
2 years ago
The impact for the Chinese of the ban on crypto is huge for them, it was a semi legal way of exporting capital out of China — that’s the door the Chinese government is shutting down. Crypto is not a tool of market economy its the tool of anarchy
frozeninthenorth
2 years ago
Look cryptos are not the only one, my son works for a German fintech, 95% of its revenues are derived from crypto, which is a side business in which they invest little, a cash cow. the company’s core business generates small profits (insurance business) and yet because of the crypto association they are planning an IPO in November paid in capital $23 million, current “market value” one billion dollars.
That too is crazy talk
KidHorn
2 years ago
I’ve lived through many bubbles with absurd valuations. But, nothing compares to Bitcoin and all the other crypto’s. It’s beyond stupid. Wasting a ton of electricity for a series of bytes. Amazing how dumb educated people can be.
could be related to the power shortage in S. China due to hot weather. Some factories have been ordered to reduce operational time. Bitcoin leaves a large carbon footprint .
Rbm
2 years ago
Looks like el Salvador is trying to become the first country to adopt bit coin. Keep hearing different reasons why. Seems to me it will be a way for criminals to wash bit coin into dollars.
One can only wonder why El Salvador would try to adopt a cryptocurrency. Perhaps the government could concentrate on their world’s highest rate of femicide and MS-13.
Dr. Manhattan23
2 years ago
I recall Mish and I agreeing on this. What happens once govt start to ban transactions. No utility to crypto. What happens when the US does the same, then the EU?? How about when all transactions through SWIFT get blocked that have anything to do with crypto?
Pie in the sky fantasies for crypto lovers
Why would the government ever willingly give up its power and control of currency? It wouldnt
Karlmarx
2 years ago
Heres a question – how much of the “stimulus” will be wiped out when there are no buyers for these tulips
Money can’t be destroyed that way. Even if person X holds bitcoin to 0, person Y who sold to person X still has the money from person X so it’s a net zero in terms of money destruction. This is why the idea of ‘cash on the sidelines’ is a myth in the stock market.
Eddie_T
2 years ago
They have to make bitcoin illegal or it will compete with the sovereign coin. That simply will not be allowed.
This is even more true for better, faster, non-mined cryptos that might actually work for point of sale.
I’ve always maintained that’s the easiest way to kill it without having to do anything since banks are already setup to do banned transactions.
caradoc-again
2 years ago
If any big bank has been investigated for money laundering in the past it doesn’t make sense for them to allow Bitcoin settlement or deposits as a result of BTC conversions. Not worth the risk.
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“CAVEAT EMPTOR”