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    More: Obvious, Federal Reserve System, Finance, Central bank, Euro, European Central Bank, ASSOCIATED PRESS Janet Yellen, Monetary policy, Money supply  
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2152 clicks; posted to Business » on 21 Jan 2021 at 2:35 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-01-21 12:24:22 AM  
She's right.
 
2021-01-21 12:25:07 AM  
Already sold mine. Thanks for the money.
 
2021-01-21 12:30:00 AM  
that'll make that market pucker up really quick.
 
2021-01-21 12:30:31 AM  
ytcracker - Bitcoin Baron [Support Internet Freedom]
Youtube fZfg1Gtcg08
 
2021-01-21 12:43:23 AM  
Oh weird I randomly sold all mine today
 
2021-01-21 12:55:04 AM  
"Cryptocurrencies are a particular concern. I think many are used - at least in a transaction sense - mainly for illicit financing."

Oh?

What percent of transaction are for illicit financing? Please give your answer in terms of both transaction counts and monetary value. Per quarter with Y/Y change would also be excellent.
 
2021-01-21 12:57:59 AM  
This is why I conduct all my financial transactions in Zimbabwecoin. I'm a freakin' trillionaire!
 
2021-01-21 1:00:04 AM  
Have fun with that.

/decentralized
 
2021-01-21 1:31:48 AM  
PATENTLY FALSE!

/They're also used for gambling.
 
2021-01-21 1:44:23 AM  
Fark user imageView Full Size
 
2021-01-21 2:48:24 AM  
Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.
 
2021-01-21 2:52:30 AM  

SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.


What can I buy with bitcoin that is both 1) not more easily purchased with Dollars/Euros/Yen/etc. and 2) Not almost universally illegal to purchase?
 
2021-01-21 3:07:57 AM  

OptionC: SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.

What can I buy with bitcoin that is both 1) not more easily purchased with Dollars/Euros/Yen/etc. and 2) Not almost universally illegal to purchase?


Oh, I would not be surprised if it were the principle foundation for black market transactions, but just saying that that's so, doesn't make it so.

Let's run policy on facts.

My feeling is there are many people who treat it-principally-as an investment vehicle.

As to what can you buy with it? Google says there's lots of legal things you can buy with it.  I'll bet there are more businesses that accept it then would accept shares of stock.

/No horse in this race, just want policy based on data.
 
2021-01-21 3:16:15 AM  
I say we ban all the things traded for drugs.  I have heard some people trade sex for drugs.
 
2021-01-21 3:21:13 AM  

SecondaryControl: My feeling is there are many people who treat it-principally-as an speculation investment vehicle.


FTFY
 
2021-01-21 3:22:22 AM  

DoctorCal: "Cryptocurrencies are a particular concern. I think many are used - at least in a transaction sense - mainly for illicit financing."

Oh?

What percent of transaction are for illicit financing? Please give your answer in terms of both transaction counts and monetary value. Per quarter with Y/Y change would also be excellent.


Wow that lady is ancient. Its gonna be around forever grandma and cracking down is impossible.

There are coin exchanges that don't let you buy/sell coins with anything else but other coins. There are coins dedicated to trading at 1:1 with fiat currencies. There are platforms  lying about the currency reserves backing their coins, or are somehow propping them up with unreported funds. More and more online sex workers are dealing exclusively in it.

To repurpose a popular political phrase:
it's not designed for illicit financing, but it's number one with illicit financers.
 
2021-01-21 3:27:17 AM  

SecondaryControl: As to what can you buy with it? Google says there's lots of legal things you can buy with it.  I'll bet there are more businesses that accept it then would accept shares of stock.


Stock is very clearly a security, both de jure and de facto.

Bitcoin has neither underlying value (like stock, which is underpinned by control of the issuing entity) nor any obvious utility outside of the black market since nothing that is legal is more convenient to buy with Bitcoin than literally any other currency.
 
2021-01-21 3:35:19 AM  

OptionC: SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.

What can I buy with bitcoin that is both 1) not more easily purchased with Dollars/Euros/Yen/etc. and 2) Not almost universally illegal to purchase?


Anything you want. Hauling around $70 grand for a Tesla is a lot harder than two bitcoins. And before you say "bank accounts" that's basicaly what a crypto wallet is, except that it's yours and other people don't get to play with your money and lend it out several times over.

Hedge funds, banks, and other such institutions don't share the same opinion as you and make lots of money because of it. Greyscale bought double the number of bitcoins mined last year.

Besides, bitcoin isn't the only player in town. Do you hold the same FUD opinion for doge? At least it's a currency.
 
2021-01-21 3:38:17 AM  

OptionC: SecondaryControl: As to what can you buy with it? Google says there's lots of legal things you can buy with it.  I'll bet there are more businesses that accept it then would accept shares of stock.

Stock is very clearly a security, both de jure and de facto.

Bitcoin has neither underlying value (like stock, which is underpinned by control of the issuing entity) nor any obvious utility outside of the black market since nothing that is legal is more convenient to buy with Bitcoin than literally any other currency.


US Dollars don't have anything underpinning them either besides threat of violence, so by that measure it's even more worthless than bitcoin. I'll gladly take those dollars off your hands if you'd like, or I guess you could just burn them for heat. I wonder how well they work for wiping one's ass? Toilet paper is pretty valuable these days...
 
2021-01-21 4:18:04 AM  

DoctorCal: "Cryptocurrencies are a particular concern. I think many are used - at least in a transaction sense - mainly for illicit financing."

Oh?

What percent of transaction are for illicit financing? Please give your answer in terms of both transaction counts and monetary value. Per quarter with Y/Y change would also be excellent.


I bet she knows better than you. I'm guessing you are just a farker who likes to call people out when they state facts, but couldn't comprehend a technical report or scientific paper if you tried.
 
2021-01-21 4:19:01 AM  

SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.


LoL, you too.
 
2021-01-21 4:23:24 AM  

OptionC: SecondaryControl: As to what can you buy with it? Google says there's lots of legal things you can buy with it.  I'll bet there are more businesses that accept it then would accept shares of stock.

Stock is very clearly a security, both de jure and de facto.

Bitcoin has neither underlying value (like stock, which is underpinned by control of the issuing entity) nor any obvious utility outside of the black market since nothing that is legal is more convenient to buy with Bitcoin than literally any other currency.


It's sad you got a bunch of funnies, but this is true. The resource consumption of bitcoin is unsustainable, and when they hit their mining limit, the incentive disappears (they will pop the cap). It is also becoming more and more centralized which completely obliterates it's concept of a distributed currency. It is garbage. Still wish I had kept the 100 or so I bought for about 23 cents a piece for ever ago.
 
2021-01-21 4:25:25 AM  

Stibium: OptionC: SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.

What can I buy with bitcoin that is both 1) not more easily purchased with Dollars/Euros/Yen/etc. and 2) Not almost universally illegal to purchase?

Anything you want. Hauling around $70 grand for a Tesla is a lot harder than two bitcoins. And before you say "bank accounts" that's basicaly what a crypto wallet is, except that it's yours and other people don't get to play with your money and lend it out several times over.

Hedge funds, banks, and other such institutions don't share the same opinion as you and make lots of money because of it. Greyscale bought double the number of bitcoins mined last year.

Besides, bitcoin isn't the only player in town. Do you hold the same FUD opinion for doge? At least it's a currency.


Volatility doesn't make it a very good medium for exchange.
 
2021-01-21 4:28:17 AM  
Not much they can do, unfortunately. They can regulate exchanges, at least those who are based in the US (many aren't). But Coinbase is already pretty paranoid when it comes to KYC, and I'm sure the vast majority of drug cartels etc. don't use Coinbase to transfer fiat to crypto and back.
 
2021-01-21 4:28:30 AM  

valenumr: OptionC: SecondaryControl: As to what can you buy with it? Google says there's lots of legal things you can buy with it.  I'll bet there are more businesses that accept it then would accept shares of stock.

Stock is very clearly a security, both de jure and de facto.

Bitcoin has neither underlying value (like stock, which is underpinned by control of the issuing entity) nor any obvious utility outside of the black market since nothing that is legal is more convenient to buy with Bitcoin than literally any other currency.

It's sad you got a bunch of funnies, but this is true. The resource consumption of bitcoin is unsustainable, and when they hit their mining limit, the incentive disappears (they will pop the cap). It is also becoming more and more centralized which completely obliterates it's concept of a distributed currency. It is garbage. Still wish I had kept the 100 or so I bought for about 23 cents a piece for ever ago.


I meant to add... Blockchain can still be a useful technology, but it too is kind of bullshiat right now. I work in tech development, and we get all kinds of blockchain concepts on our table. There was a giant market jizz over it for the past 5 plus years, but is dying, because people are realizing that in most situations it doesn't add any value.
 
2021-01-21 4:39:23 AM  
Man, you can smell the flop sweat in this thread from here.

Wonder if the fact that some asshole funded a bunch of the Koup Klux Klanners with Bitcoin just before the siege on the Capitol has anything to do with this.

/Of course it does
 
2021-01-21 5:47:07 AM  
you may as well make dolla dolla bills and renting hotel rooms illegal. as long as people have hook ups and connections they will be meeting in bars and hotel rooms to trade cash money for drugs, guns, you name it. they've been doing it as long as currency has been in use. crypto is just another form of shiny trinket to trade.
 
2021-01-21 6:49:38 AM  

neaorin: Not much they can do, unfortunately. They can regulate exchanges, at least those who are based in the US (many aren't). But Coinbase is already pretty paranoid when it comes to KYC, and I'm sure the vast majority of drug cartels etc. don't use Coinbase to transfer fiat to crypto and back.


That was my first thought as soon as I saw the article headline.  It'll go just as well as trying to combat online piracy.
 
2021-01-21 6:51:39 AM  

SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.


It's hard to move $10 million in physical cash, and electronic transfers can be tracked.  The same can't be said of bitcoin.  Allowing anonymous transfers of cash gives tremendous power to money launderers and white collar criminals since they can hide the cash easily, spreading these types of crimes.
Having said that, capital controls have never been very effective.  In the last decade the US government found out HSBC Bank in the US had been laundering billions of dollars for the drug cartels in Mexico and they got a slap on the wrist, not one employee went to jail.  In the past few weeks the Mexican secretary of defense was arrested for running the drug cartels supply chain and was simply allowed to walk away without prosecution.
But yeah, go after bitcoin, that's the ticket!
 
2021-01-21 7:07:13 AM  
Technically, all the illegal transactions are done in dollars.  Bitcoin is just the means of transportation.  Nobody prices anything in Bitcoin because it's more volatile than a penny stock.  It's not a currency.  It's just a secretive way of transferring dollars.
 
2021-01-21 7:13:19 AM  

feckingmorons: She's right.


She's half-right. The other half just use it for speculating.
 
2021-01-21 7:25:48 AM  
Fark user imageView Full Size
 
2021-01-21 7:27:51 AM  
"Earlier this month, the UK's Financial Conduct Authority said that people who invest in cryptocurrencies like Bitcoin and Ethereum could well "lose all their money."

So it's just like investing in anything else?
 
2021-01-21 8:16:55 AM  
Honestly, on environmental grounds alone all crypto should be banned
 
2021-01-21 8:22:06 AM  

Yankees Team Gynecologist: [Fark user image image 500x756]


I don't think you understand that meme.
 
2021-01-21 8:28:26 AM  

OptionC: SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.

What can I buy with bitcoin that is both 1) not more easily purchased with Dollars/Euros/Yen/etc. and 2) Not almost universally illegal to purchase?


Everyday goods in countries such as Venezuela.  Bitcoin is very useful if you're countries currency is damn near useless.  Also, it is extremely useful if you are converting USD to Euro.  The reason being you can avoid tons of middle man fees.
 
2021-01-21 8:34:42 AM  
Certainly there's no reason to do anything anonymously unless it's illegal. That's why I'm using my real name for this post.
 
2021-01-21 9:13:05 AM  
Good. Maybe those farkwads will finally stop buying up all the graphics cards.
 
2021-01-21 9:26:38 AM  

lifeslammer: Honestly, on environmental grounds alone all crypto should be banned


Fark user imageView Full Size
 
2021-01-21 9:28:19 AM  
Is this a new front in the Meme Wars?
 
2021-01-21 9:36:05 AM  
I guess fark ate my post. Anyway, doge is literally the currency that exchanges run on. So yea, volatility. 🏁
 
2021-01-21 9:36:39 AM  

lifeslammer: Honestly, on environmental grounds alone all crypto should be banned


It literally is money because you pissed away money doing really nothing making it. It's so farking stupid.
 
2021-01-21 10:33:23 AM  

American-Irish eyes: OptionC: SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.

What can I buy with bitcoin that is both 1) not more easily purchased with Dollars/Euros/Yen/etc. and 2) Not almost universally illegal to purchase?

Everyday goods in countries such as Venezuela.  Bitcoin is very useful if you're countries currency is damn near useless.  Also, it is extremely useful if you are converting USD to Euro.  The reason being you can avoid tons of middle man fees.


Ah yes, Venezuela.  The land of technology where all the street vendors take bitcoin and snub their nose at Dollars and Euros.  Riiiight.

And USD/EUR market is deep and liquid.  If you're paying more than an extremely minimal exchange fee you are a moron.
 
2021-01-21 10:55:56 AM  

OptionC: American-Irish eyes: OptionC: SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.

What can I buy with bitcoin that is both 1) not more easily purchased with Dollars/Euros/Yen/etc. and 2) Not almost universally illegal to purchase?

Everyday goods in countries such as Venezuela.  Bitcoin is very useful if you're countries currency is damn near useless.  Also, it is extremely useful if you are converting USD to Euro.  The reason being you can avoid tons of middle man fees.

Ah yes, Venezuela.  The land of technology where all the street vendors take bitcoin and snub their nose at Dollars and Euros.  Riiiight.

And USD/EUR market is deep and liquid.  If you're paying more than an extremely minimal exchange fee you are a moron.


You clearly don't know what your talking about our even did notional review of the observations before going internet keyboard warrior.
 
2021-01-21 11:23:21 AM  

American-Irish eyes: OptionC: American-Irish eyes: OptionC: SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.

What can I buy with bitcoin that is both 1) not more easily purchased with Dollars/Euros/Yen/etc. and 2) Not almost universally illegal to purchase?

Everyday goods in countries such as Venezuela.  Bitcoin is very useful if you're countries currency is damn near useless.  Also, it is extremely useful if you are converting USD to Euro.  The reason being you can avoid tons of middle man fees.

Ah yes, Venezuela.  The land of technology where all the street vendors take bitcoin and snub their nose at Dollars and Euros.  Riiiight.

And USD/EUR market is deep and liquid.  If you're paying more than an extremely minimal exchange fee you are a moron.

You clearly don't know what your talking about our even did notional review of the observations before going internet keyboard warrior.


Lol, ok champ
 
2021-01-21 11:26:28 AM  

feckingmorons: She's right.


Lolzz

Yea

Whoever heard of Banksters doing criminal shiat ever since banks existed. And what about all the socialism bailouts theyve gotten from the public??

Naive dumb statement dude
 
2021-01-21 11:28:22 AM  

DoctorCal: "Cryptocurrencies are a particular concern. I think many are used - at least in a transaction sense - mainly for illicit financing."

Oh?

What percent of transaction are for illicit financing? Please give your answer in terms of both transaction counts and monetary value. Per quarter with Y/Y change would also be excellent.


Shushhh!!

As a Bankster u have to keep the little people afraid so u can keep ur hands in their pockets and keep them under control.
 
2021-01-21 11:29:08 AM  

E.S.Q.: Have fun with that.

/decentralized


Thank you

And Open Source Software too.
 
2021-01-21 11:31:14 AM  

HawgWild: Already sold mine. Thanks for the money.


mildlydisturbed: Oh weird I randomly sold all mine today


shiat, I only sold half recently.  I better get the other $180 million out soon.
 
2021-01-21 11:31:21 AM  

SecondaryControl: Yellen said cryptocurrency transactions were used "mainly for illicit financing."

And, I'm going to be a stickler here because the press isn't really up for it: Give me a percentage breakdown, here.  And your sources for that info. Why doesn't the press ask these questions?  JK.

Now tell me: What percentage of 'illicit financing' is done in USD?  You know: Purchasing Senators, corrupting local officials, buying drugs on the street level?  Nationally, and internationally?

It's a bit like biatchin' about oxy, when most of it hits the street through Drs. prescriptions.


Yellen is just yellen into the howling winds of change that will not be stopped.

Unless they want to shut the Internet off.
 
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