Anybody else doing Crypto Currency?
- Thread starter westx
- Start date
I own some gold/silver, but, the whole blockchain crypto is more about the blockchain technology and not necessarily about the currency. There is a lot that this technology will change (and has already changed) going forward. It is definitely speculative, but, we will see where things stand a couple of years down the road.
Ima leave this here and you boys do what you want with it.........
I've been in the financial sector since I graduated. Actually, we filed our DBA before graduation. Being in the financial sector has allowed me to branch into several other sectors....... including dealing with the government on different levels and in different "arenas".
Right now, I can tell you with 100% absolute certainty that blockchain/crypto currency is being used by drug traffickers, arms traffickers, human traffickers, enemy nation states, ISIS et al..... and when I say et al I mean every single "islamic based" terror organization globally, even the freaking continuity Irish Republic Army........ not counting the money laundering done for organized crime here and abroad.....
I know what it was intended for. But the moment three entities declared it a threat to their "control" of the monetary markets (they would call it their regulation of the monetary markets) the World Bank, the INTERNATIONAL Monetary Fund, and the Federal Reserve--- have all been monitoring. Every single international badge wearing financial institution is just licking their chops. Interpol among them..... just be warned........ when they want to, when it becomes their top priority, they will squash this thing like a bug on a windshield.
I know what you're thinking......"but clob, I'm not a drug dealer and I only have a few thousand dollars in this thing....". That's a cute thought, but in what world are you "innocent until proven guilty" when the department of treasury is involved? If the IRS shows up and you owe them, it's on YOU to prove you don't. Not the other way around.
Listen to clob, don't listen to clob....... your call.
I've been in the financial sector since I graduated. Actually, we filed our DBA before graduation. Being in the financial sector has allowed me to branch into several other sectors....... including dealing with the government on different levels and in different "arenas".
Right now, I can tell you with 100% absolute certainty that blockchain/crypto currency is being used by drug traffickers, arms traffickers, human traffickers, enemy nation states, ISIS et al..... and when I say et al I mean every single "islamic based" terror organization globally, even the freaking continuity Irish Republic Army........ not counting the money laundering done for organized crime here and abroad.....
I know what it was intended for. But the moment three entities declared it a threat to their "control" of the monetary markets (they would call it their regulation of the monetary markets) the World Bank, the INTERNATIONAL Monetary Fund, and the Federal Reserve--- have all been monitoring. Every single international badge wearing financial institution is just licking their chops. Interpol among them..... just be warned........ when they want to, when it becomes their top priority, they will squash this thing like a bug on a windshield.
I know what you're thinking......"but clob, I'm not a drug dealer and I only have a few thousand dollars in this thing....". That's a cute thought, but in what world are you "innocent until proven guilty" when the department of treasury is involved? If the IRS shows up and you owe them, it's on YOU to prove you don't. Not the other way around.
Listen to clob, don't listen to clob....... your call.
I'm not doing any crypto currency but the technology behind the blockchain ledger has tremendous potential.
Yes......yes they do. But they must first launder their ill gotten gains some how. Usually they use a legitimate business to do so. However..... this can cost them sometimes 50% of their earnings. Crypto allows them to launder it at a much lower rate of risk and higher return.
Although the security and hack proof benefits of the blockchain is definitely legit, crooks still work around it very easily. The most common technique is to kidnap someone with a boatload of bitcoin then force them to transfer all their bitcoin to a different wallet controlled by the kidnapper.
I thought long and hard back in November about these type issues before pulling the trigger, but, ultimately the future is the future. I hear and appreciate what clob is thinking. There are incredibly intelligent people on both sides of crypto. I think you could make a valid comparable case about internet or cell phones and their use in facilitating terroristic, drug, or any crime. Crypto's use is too valuable in its potential aid to the unbanked, middlemen providing no value and decentralization. It will be something we will just have to adapt. Amazon, Wal-Mart, UPS, FedEx and many others are already moving in the blockchain direction whether for currency or supply chain technology.
This isn't old man clob yelling at the clouds or telling kids to get off my lawn...... this is 100% lucid clob telling you that this technology will eventually be controlled by the powers that be...... for now, they are picking and choosing the targets to apprehend. There will be a day......... write it down.
Sorry to bring this back from the dead, but I'm curious about how this works.
Say I'm a drug kingpin sitting on 10 million of dirty money that needs laundering how does bitcoin help me do that?
BTC is supposedly anonymous and can be transported easily without discovery(memory stick). Also, there is a digital ledger which is very precise as it allows ownership to be proven easily. Problem being the underlying technology which is called block chain is not so mysterious. It was not created by the people that have been credited with it's origins. BTC is an alpha test for an advanced currency which is completely digital and trackable. This baby is government sponsored and primarily government owned! How else would it be allowed to exist. Don't believe me? Try to create your own currency and claim that it is legal tender in the USA. Wait and see what happens to you.
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With Bitcoin there's no central bank authority to track or regulate your transactions. It's all recorded on a blockchain ledger and cannot be altered or manipulated. It's the perfect system for money laundering if the value of Bitcoin is consistent and high. The risk for the launderers is the value of Bitcoin dropping significantly. Which it has done over the past few months. The volatility of crypto currency makes it unattractive for money launderers right now .
The launderers have been skinned alive over the last few months. Same as it ever was. If you can't physically get to the narcos-rogue state hordes then create a crypto system and extract it from them via futures contracts.
I also have heard that theft by hacking is a major issue. An article I read by a successful crypto was talking about the security measures he took including storing code on external drives and keeping in a bank safety deposit box. I.m sure that was just an abstract explanation and his security measures may be much more intricate.
Thanks for the reply.
I guess I'm just dense, but I still don't get how the cash deal works.
If I have a room full of cash stuffed in trash bags how is bitcoin going to help me? I understand the futures contract, and I know you can (or at least could at one time) buy gold and silver with bitcoin. Something has to happen to the cash, right? Can't the cash transaction part of the deal, whatever that might be still be tracked?
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I bet ya the Ho's won't take Bitcoin... lol
Money or Bitcoin don't matter as in the end, you will have to Barter for what you need. If they can hack a Government, well Bitcoin and the other can be also.
About the only thing worth investing in nowadays is a FallOut shelter underground and then that's sorta rolling the dice
Hook'em
Money or Bitcoin don't matter as in the end, you will have to Barter for what you need. If they can hack a Government, well Bitcoin and the other can be also.
About the only thing worth investing in nowadays is a FallOut shelter underground and then that's sorta rolling the dice
Hook'em
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Gonna be a lot of people SOL when we get to that.
Yes, with cameras your cash purchasing history can be tracked. If you are following the law, this is not a problem. First thing, never do anything out of fear. BTC is not going to be the money of the future. It will be the block chain technology that will be used in the future. It is very simple. Think of using a debit card all the time and no cash. At some point the dollars held in digital bank accounts will convert to block chain technology, simple. Actual cash will be more tricky. They are going to have to create a negative exchange rate for cash to digital. This will be the incentive to move everyone to digital. Keeping trashbags full of cash is not the best strategy imo because of theft etc... but having some cash on hand... say 3-6 months of expenses is not a bad idea. I think gold and silver have been a great store of wealth in the past but the premium on getting the stuff is outrageous and not cost effective, it's a fear play. The best form of survival going forward is to work your rear end off. Either have a successful business that can effectively pass on the rate of inflation or work at a job for less than you are worth, meaning you won't be the first on the chopping block when the market fluctuates to the downside. Having no consumer debt is a given.
So, I would deposit the cash but if it's too great an amount and don't want to draw attention to yourself, spend it on regular expenses and move new income into a bank account. Use an institution that is deemed TOO BIG TO FAIL.
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No bitcoin does not. It's a highly volatile asset, a depreciating one at this point but so is cash. Cash losses on average 3-7% of value each year. Add a negative exchange rate which may occur in the future, and it's a loser. However, it's great with chicks and and emergencies so it's got that going for it.
Unless, you live in Venezuela. Criminal government thieving from the people with inflation. Crypto (not the stupid Petro Crypto the govt is trying) may save them (or may not).
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