>

In the news tonight: a thing is being used for the exact reason it was invented. More at 9.
Yep, it’s kinda crazy to blame crypto when it’s been getting laundered through banks for generations before crypto ever existed.  The problem is criminals not the technology they decide to use >

Conventional money doesn't want the competition. Make their slice of grift smaller >

Previously it was just the mainstream option for… money laundering, ransom demands, tax evasion and running scams! So now it’s all of that, but also terrorism?
What an incredible and valuable technology. >

Also buying drugs online. >

So what's wrong with that?
I'm not and never will be a customer, but a guy running a little mail order service out of his basement is far prefered to an open air drug market that turns a neighborhood where people are just trying to live into a war zone. >

People really acting like crime didn't exist before cryptocurrency lmao >

What slave trade? What bank bail out? What? >

Wait till you find out how cash is used. >

Cash is outdated. Can be traced. Has to be physically transferred and transported. Crypto is just a click away from anywhere in the world. >

Litteraly every transaction is recorded on an immutable ledger. It's the most transparent way to move assets in history. 
Also, yeah, being a click away from anywhere in the world is one of the better attributes. >


Litteraly every transaction is recorded on an immutable ledger. It's the most transparent way to move assets in history.

You understand how that’s sort of true, but also bullshit right? You can absolutely launder your funds with crypto, that’s why ransomware defaults to it, and as the article says why terrorists are using it. Sure if you get Bitcoin and cash out it’s traceable, but what if you go… I don’t know… buy a bunch of Monero, then use a Tumbler? >

Monero is a niche and I'm on the fence about mixers. Let's be honest, though, those are minute endeavors. >

Riiiiight… except for the terrorists, money launderers, scammers, rug-pullers, ponzi schemers, drug dealers, and of course good old fashioned ransomware pirates. 
Other than those well documented uses which all seem to successfully anonymize their ill-gotten gains, TOTALLY TRACEABLE and mainstream.
I get it man, you’re invested in this shit, of course you don’t want it to be crap. 
But it’s crap. >

I've invested very little and it may turn out to be crap, but not because it's not useful. 
And I don't think it's fair to ignore the $trillions of fiat dollars used for criminal activities every year. >

I’m more interested in the ratio of legitimate:criminal activity, which for fiat approach 0, and for crypto approaches 1. >

It’s completely open ledger. Obfuscation at best. The laundering happens when it hits a bank. >

Lol.  Which huge corporate bank was it, again, that was laundering millions in cartel cash in duffel bags that were the exact size of the teller windows?  Regularly?  As if dollars and other currencies weren’t already used for generations before the invention of crypto. >

HBC is the most recent I remember. >

*HSBC, the Hudson's Bay Company has a sketchy past but at least they cleaned up a little once Canada actually became a country >

also large banks... and cash are used for money laundering and funding of terrorism.
Nothing new here. >

The use of NFTs kind of is a new spin on it though.  By purchasing an NFT and passing it to themselves through different digital accounts, they can create a sales record before selling to an unsuspecting buyer, and coming out clean on the other end.  The Treasury Department had an interesting report about how terrorist groups were using it for financing earlier in the year. >

It's the same racket as the fine art auctions always were. >

Well, this is certainly a big shock to me. Who knew this was happening? >

As someone who was born yesterday, I had no idea >

Looks like we're all putting on our finest shocked faces for this occasion. I sure hope it doesn't get manipulated like fiat and "ownership" of a company's profits. >

OMG! Who could have predicted that? >

I wasn't aware you could use cryptocurrency for anything else. >

Lots of people also use them to buy drugs. >

Cryptocurrency is like letting your car idle 24/7 that somehow produces solved sudokus that you can trade for heroin.