Not true.
A study was only recently published about this.
PDF here: http://www.defenddemocracy.org/content/uploads/documents/MEMO_Bitcoin_Laundering.pdf
It was found that less than 1% of bitcoin transactions were for laundering money.
Not really. Nobody knows for sure.
Why do i get the feeling that if one goes to their dealer and buy something illegal using cash that's one thing; but if they buy it using bitcoin then it's a much bigger deal?
Not true.
A study was only recently published about this.
PDF here: http://www.defenddemocracy.org/content/uploads/documents/MEMO_Bitcoin_Laundering.pdf
It was found that less than 1% of bitcoin transactions were for laundering money.
Then why has Bitcoin become synonymous with money laundering and illegal trade?
Vested interests using hype to protect their monopoly of powerThen why has Bitcoin become synonymous with money laundering and illegal trade?
It makes for good copy. Furthermore, the old guard (banksters) have every reason to smear it - so as to suppress it. They've been doing that for 9 years now. I recently gave the example of the banks that have prevented customers from buying cryptocurrency with credit card - suggesting that it's to protect them from all sorts of evil ...when in fact, it's just to protect their own interests (otherwise, there's a whole host of services that should not be possible to buy with a credit card).Then why has Bitcoin become synonymous with money laundering and illegal trade?
Furthermore, the old guard (banksters) have every reason to smear it - so as to suppress it.
From another point of view, can you explain what those public services and government regulation did to accomodate bitcoin and the cypto currency market where those gains were made?I agree with you there. But it looks like the governments are now gearing up to crack down on it too. And I can't blame them....after-all it's going to be a lot more difficult to collect much needed taxes to fund public services. Speaking of taxes... I note you made a large gain (and congrats on that). Would you mind outlining how you propose to make a tax return on this?
From another point of view, can you explain what those public services and government regulation did to accomodate bitcoin and the cypto currency market where those gains were made?
In what jurisdiction did those gains occur?
I had concerns about regulation and I guess I still do in certain instances. The reason being that there's been a problem with the way that whole thing has been framed in the past few weeks, the language used, etc. For the most part, it's the damned media and the way it's been spun off. I would have concerns that certain government officials/politicians, etc. are taking a sledge to a nut approach to regulation. However, so long as regulation doesn't stymie innovation - instead that it fosters innovation, then that's fine. The Japanese have been the most progressive in this respect. The whole South Korea thing has been blown out of all proportion. At the end of it all, crypto hasn't been banned. They just want to take the anonymity away. Otherwise, it's business as usual.I agree with you there. But it looks like the governments are now gearing up to crack down on it too. And I can't blame them
So if they have regulation at the on-ramp and off-ramp (via the exchanges), where's the problem? I'm guessing that one cryptocurrency will operate outside of regulation and will cater for illicit activity in the future. However, it's still going to be difficult for the stakeholders in that crypto to operate because of the point of weakness - where it's traded into and out of FIAT.after-all it's going to be a lot more difficult to collect much needed taxes to fund public services.
Talk to me when my tax return comes due. By the way, you mentioned public services. CGT was raised in 2008 - but not for public service needs - it was raised from 20 to 33% to pay for the god awful mess that the banks were in the thick of. All the bankers attending Davos went on about the need to have hardline regulation for BTC - talk about the kettle calling the pot black - where was the regulation of that set back then?Would you mind outlining how you propose to make a tax return on this?
Talk to me when my tax return comes due. By the way, you mentioned public services. CGT was raised in 2008 - but not for public service needs - it was raised from 20 to 33% to pay for the god awful mess that the banks were in the thick of. All the bankers attending Davos went on about the need to have hardline regulation for BTC - talk about the kettle calling the pot black - where was the regulation of that set back then?
Vested interests using hype to protect their monopoly of power
It makes for good copy. Furthermore, the old guard (banksters) have every reason to smear it - so as to suppress it. They've been doing that for 9 years now. I recently gave the example of the banks that have prevented customers from buying cryptocurrency with credit card - suggesting that it's to protect them from all sorts of evil ...when in fact, it's just to protect their own interests (otherwise, there's a whole host of services that should not be possible to buy with a credit card).
Banks are interested in blockchain technology but despite it being around for 10 years, nobody has been able to use to create anything useful that I know about other than crypto currencies.
It's not a conspiracy theory - it's confirmed. The evidence is there to prove it in spades. They are quite literally hostile to it.This type of conspiracy theory does more damage to the whole concept of crypto currencies than most mainstream media. Banks don't fear bitcoin.
Well clearly there is something useful or else we wouldn't even be having this discussion. There's an acceptance that there's a merit in the underlying technology. However, this nonsense about blockchain = good, cryptocurrencies = evil - I don't buy. They run with this as they want to maintain control in a totally centralised manner. There's nothing altruistic in their approach here.Banks are interested in blockchain technology but despite it being around for 10 years, nobody has been able to use to create anything useful that I know about other than crypto currencies.
True of most but not the banks - we can agree to disagree on that.Just because people have concerns doesn't mean they want the technology to fail.
No - you're misinterpreting the point I was making. I didn't say that I was averse to regulation. I'm saying that I'm averse to regulation that will smother cryptocurrency innovation. As regards 'despite regulations' - they were NOT being properly regulated in 2008 - so the point stands - pot calling kettle black.Of course there are scams and fraud in mainstream financial services despite regulations but that doesn't mean that regulators should stay away from crypto currencies.
I'm well aware of it - it's the no.1 reason I closed my position in cryptocurrency yesterday. Like I said, I'm not averse to regulation - just regulation that will smother the innovation of cryptocurrencies and applications that are in an evolutionary phase.Read the story about Tether and Bitfinex to see how this so called non-manipulative currency can be manipulated. If that doesn't set alarm bells ringing, then there is no hope for people.
I remember a BBC journalist interviewing Theresa May on the subject and he opened by saying something along the lines of ..."cryptocurrency - even the name of it infers something" [negative]. Eh - no it doesn't! It's been smeared by prejudiced views.
I've been guilty myself and I am going to stop.However, this nonsense about blockchain = good, cryptocurrencies = evil - I don't buy.
As to the potential utility of blockchain the examples I have read about would put it on a par, say, with the invention of the arch lever file. To compare it with the internet is like comparing the paper darts I used to throw with a modern passenger airliner.
Yes, and you want to judge a developing technology in transition on it's status today. You could have judged Arpanet in the same way back in the day.besides hardly anybody uses it as money.
Blockchain is an exploitation of antisymmetric cryptography. This latter is a modest mathematical achievement which is in any case used by mainstream banking.
As to the potential utility of blockchain the examples I have read about would put it on a par, say, with the invention of the arch lever file. To compare it with the internet is like comparing the paper darts I used to throw with a modern passenger airliner.
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