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(Forbes)   Crypto is less bad than the normal banking industry. But who are you gonna believe? A bunch of crypto-analysts and Janet Yellen...or some former CIA director   (forbes.com) divider line
    More: Unlikely, Carnegie Mellon University, Central Intelligence Agency, Michael Morell, illicit use of Bitcoin, Booz Allen Hamilton, Artificial intelligence, bitcoin's alleged use, President of the European Central Bank  
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1007 clicks; posted to Politics » on 13 Apr 2021 at 8:29 AM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-04-13 7:19:28 AM  
Yeah, I'm gonna call bullshiat. Crypto is a money launderers' dream (in theory)
 
2021-04-13 8:31:37 AM  
Normal banking doesn't require me to burn an entire barrel of crude oil for me to buy a goddamn burger Subby.
 
2021-04-13 8:32:30 AM  
The man is a bad rope salesman.  He's giving it away.
 
MFK
2021-04-13 8:32:35 AM  
Dude got a job as a lobbyist for a crypto outfit, wrote an article on behalf of them and now this dipshiat is using dude's old job as if that's what's informing his decision instead of his paycheck.

Next.
 
2021-04-13 8:32:47 AM  
FTA: "Michael Morell, a 33-year veteran of the agency, published an independent paper commissioned by the newly formed lobbying groupCrypto Council for Innovation (whose founding members include Coinbase, Fidelity Digital Assets, and Square)..."

i.kym-cdn.comView Full Size
 
2021-04-13 8:35:49 AM  

somedude210: Yeah, I'm gonna call bullshiat. Crypto is a money launderers' dream (in theory)


The block chain is a information treasure trove.

It's no wonder the CIA loves it. Every transaction documented permanently on a public ledger and all you need to do is identify the wallet hold and you know where the money went and where it came from. Get 1 asset inside their system and suddenly you know about every time the target tries to move large sums of money.

Your Bitcoin ID is no different than your name. Eventually you have to give it to someone and at which point they know everything associated with it.
 
2021-04-13 8:36:25 AM  
I didn't expect to reach the conclusion I did, but then a lot of Bitcoin made its way into my accounts. A totally legit transaction!
 
2021-04-13 8:37:11 AM  
Crypto lobbying firm pays ex-CIA guy to investigate the business and he is shocked to discover how legit it is?

Seems legit.

/Dot Jaypeg.
 
2021-04-13 8:37:17 AM  
Drug dealers and 3rd world dictators can't be wrong!
 
2021-04-13 8:37:42 AM  
Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.
 
2021-04-13 8:37:54 AM  
In so doing, he put senior government officials who issue public warnings about bitcoin's alleged use by criminals, such as Treasury Secretary Janet Yellen, on notice.

He put her on notice.  She's on notice now.  What is she going to do now that she's on notice?  Once you get put on notice, there is no escape.  You're ALL ON NOTICE!
 
2021-04-13 8:39:21 AM  

Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.


I own shares of Mastercard, which is up like 300% since I bought it and it pays a dividend, so I also do not want that sweet action interrupted.
 
2021-04-13 8:39:39 AM  

Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.


How do you think crypto currency exchanges make money?
 
2021-04-13 8:40:09 AM  

PanicAttack: FTA: "Michael Morell, a 33-year veteran of the agency, published an independent paper commissioned by the newly formed lobbying groupCrypto Council for Innovation (whose founding members include Coinbase, Fidelity Digital Assets, and Square)..."

[i.kym-cdn.com image 599x358]


"An independent paper commissioned by a lobbying group"

One of these things is not like the other
 
2021-04-13 8:41:53 AM  
Michael Morell, a 33-year veteran of the agency, published an independent paper commissioned by the newly formed lobbying group Crypto Council for Innovation (whose founding members include Coinbase, Fidelity Digital Assets, and Square) directly refuting this well-traveled narrative.


An "independent" paper paid for by the people making money off Crypto touting how wonderful crypto is?  Color me shocked.
 
2021-04-13 8:42:21 AM  

somedude210: Yeah, I'm gonna call bullshiat. Crypto is a money launderers' dream (in theory)


Admittedly, so is Deutche Bank.
 
2021-04-13 8:46:01 AM  

Rapmaster2000: Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.

I own shares of Mastercard, which is up like 300% since I bought it and it pays a dividend, so I also do not want that sweet action interrupted.


so you bought it in like 2016? if you bought bitcoin instead in 2016 you'd be up like 6000%.
 
2021-04-13 8:47:28 AM  

Headso: Rapmaster2000: Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.

I own shares of Mastercard, which is up like 300% since I bought it and it pays a dividend, so I also do not want that sweet action interrupted.

so you bought it in like 2016? if you bought bitcoin instead in 2016 you'd be up like 6000%.


I bought Bitcoins back in 2010.  My returns are so much bigger than your returns.  You should see my returns.  When girls find out how big my returns are, they are impressed.
 
2021-04-13 8:48:24 AM  

Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.


If you buy something online with bitcoin it has a transaction fee that goes to a bitcoin "bank". Bitcoin transaction fees are extremely high right now. It's not going to a traditional bank, but it is going to some other rich asshole.
 
2021-04-13 8:48:47 AM  
He puts the fun in fungible.
 
2021-04-13 8:49:37 AM  

Rapmaster2000: In so doing, he put senior government officials who issue public warnings about bitcoin's alleged use by criminals, such as Treasury Secretary Janet Yellen, on notice.

He put her on notice.  She's on notice now.  What is she going to do now that she's on notice?  Once you get put on notice, there is no escape.  You're ALL ON NOTICE!


Donald Trump, We're Putting You On Notice
Youtube 6um0wueOOfw
 
2021-04-13 8:50:26 AM  

Tyrone Slothrop: somedude210: Yeah, I'm gonna call bullshiat. Crypto is a money launderers' dream (in theory)

Admittedly, so is Deutche Bank.


So if someone is so sleazy and seedy that Deutsche Bank won't do business with them...?
 
2021-04-13 8:51:12 AM  

Rapmaster2000: Headso: Rapmaster2000: Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.

I own shares of Mastercard, which is up like 300% since I bought it and it pays a dividend, so I also do not want that sweet action interrupted.

so you bought it in like 2016? if you bought bitcoin instead in 2016 you'd be up like 6000%.

I bought Bitcoins back in 2010.  My returns are so much bigger than your returns.  You should see my returns.  When girls find out how big my returns are, they are impressed.


kewl
 
2021-04-13 8:51:37 AM  
In so doing, he put senior government officials who issue public warnings about bitcoin's alleged use by criminals, such as Treasury Secretary Janet Yellen, on notice.

OMG, did he just call Janet Yellen a criminal? I think he did!
 
2021-04-13 8:52:05 AM  

LovesToSpooge: Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.

If you buy something online with bitcoin it has a transaction fee that goes to a bitcoin "bank". Bitcoin transaction fees are extremely high right now. It's not going to a traditional bank, but it is going to some other rich asshole.


Yes, but those are hip and cool, rich assholes.  They have beards and they wear a suit jacket and collared shirt, but without a tie!  They're nothing like those uncool banksters sitting around their corporates banks acting all corporationy.
 
2021-04-13 8:53:33 AM  

Gaddiel: Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.

How do you think crypto currency exchanges make money?


Selling your personal information to governments, criminals, and tabloids.
 
2021-04-13 8:55:07 AM  
Fark user imageView Full Size

Fark user imageView Full Size
 
2021-04-13 8:56:02 AM  

LovesToSpooge: Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.

If you buy something online with bitcoin it has a transaction fee that goes to a bitcoin "bank". Bitcoin transaction fees are extremely high right now. It's not going to a traditional bank, but it is going to some other rich asshole.


But the people who put Yellen in place aren't getting that gas, which is why she is against bitcoin.
 
2021-04-13 8:57:33 AM  
Why would I invest in crypto currency when there are so many reliable, honest financial institutions like JP Morgan, Goldman Sachs, Deutsche Bank, and Wells Fargo?
 
2021-04-13 8:57:43 AM  

another one of them: Gaddiel: Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.

How do you think crypto currency exchanges make money?

Selling your personal information to governments, criminals, and tabloids.


Well... so do big banks. I personally don't see a problem with using block chain for currency in and of itself, but what drives the hype with crypto is it's current attractiveness as a speculative vehicle, and that's the biggest thing that keeps it from being a viable currency. I'll spend a dollar today being fairly confident it will be worth about the same tomorrow, a week from now or a month from now. Can't say that about bit coin.
 
2021-04-13 8:59:50 AM  
What, if any, are this guy's financial interest in cryptos over and above the interests of his lobbying group?
 
2021-04-13 9:00:00 AM  
I don't really care about whether criminals use bitcoin a little or a lot. What baffles me is how it retains any value. Fiat currencies are backed by a wealthy economy's power of taxation  - it rises and falls on the strength and stability of that economy. It's just paper, but there are tangible and universal ways of assessing the value behind that paper.

F*** it. I'm buying as much physical gold as I can and burying it in the backyard.
 
2021-04-13 9:03:24 AM  

keldaria: somedude210: Yeah, I'm gonna call bullshiat. Crypto is a money launderers' dream (in theory)

The block chain is a information treasure trove.

It's no wonder the CIA loves it. Every transaction documented permanently on a public ledger and all you need to do is identify the wallet hold and you know where the money went and where it came from. Get 1 asset inside their system and suddenly you know about every time the target tries to move large sums of money.

Your Bitcoin ID is no different than your name. Eventually you have to give it to someone and at which point they know everything associated with it.


Exactly. The notion that it's safe from prying eyes is bullshiat they tell themselves to feel better when they get arrested
 
2021-04-13 9:06:21 AM  
I'm just kind of wondering how cryptocurrencies would be affected by the popularization of digital national currencies backed by their respective central banks. They would have the advantage of not needing to be converted into crypto, and you could use it to pay for government-related expenses and services such as state and federal taxes, Social Security contributions, traffic fines, postal mailings and so on.
 
2021-04-13 9:07:15 AM  

EyeballKid: Why would I invest in crypto currency when there are so many reliable, honest financial institutions like JP Morgan, Goldman Sachs, Deutsche Bank, and Wells Fargo?


Here's my actual take:

In the same way that we have more direct control over our government (in theory) than over corporations, we have more control (albeit indirectly through government regulation and policy) over corporations like JP Morgan and Wells Fargo than we have over a completely "decentralized" system like Crypto.

This difference, in fact, was one of the original selling points of BC.  By circumventing governments and regulations, BC is "democratizing" banking.  In reality, it's creating a completely unregulated bank that can't create new money supplies, but instead is slowly converting various currencies into cryptocurrency by wasting electricity and peeling fees off of nearly every transaction.

To all those individuals who made out like bandits?  Go off king.  But true believers?  Take a step back and think about what the endgame might look like for crypto.
 
2021-04-13 9:07:30 AM  

Roastbeast Sammich: I'm just kind of wondering how cryptocurrencies would be affected by the popularization of digital national currencies backed by their respective central banks. They would have the advantage of not needing to be converted into crypto, and you could use it to pay for government-related expenses and services such as state and federal taxes, Social Security contributions, traffic fines, postal mailings and so on.


Why would a government that can by definition issue currency need to find another way to issue currency
 
2021-04-13 9:10:47 AM  
hahahhaah!

sell your NFT while there's still electricity morons!

they will be worth far less than a glass of water in a few years.
once a glass of water becomes the new gold standard.
 
2021-04-13 9:12:15 AM  
Crypto is less bad than the normal banking industry.

Fark user imageView Full Size


Is he though?
 
2021-04-13 9:14:22 AM  

Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.


funny thing, the Federal reserve actually sets that fee, and the payment processors (NOT the big banks) who get that fee screamed bloody murder when Yellen slashed it during her time at the Fed.
 
2021-04-13 9:14:28 AM  
I'm staying away from Bitcoin for now but keeping an eye on it.

Still I think it's funny the number of people saying "Bitcoin is used for money laundering, that's why I stick to US banking."
 
2021-04-13 9:15:56 AM  

BeesNuts: EyeballKid: Why would I invest in crypto currency when there are so many reliable, honest financial institutions like JP Morgan, Goldman Sachs, Deutsche Bank, and Wells Fargo?

Here's my actual take:

In the same way that we have more direct control over our government (in theory) than over corporations, we have more control (albeit indirectly through government regulation and policy) over corporations like JP Morgan and Wells Fargo than we have over a completely "decentralized" system like Crypto.

This difference, in fact, was one of the original selling points of BC.  By circumventing governments and regulations, BC is "democratizing" banking.  In reality, it's creating a completely unregulated bank that can't create new money supplies, but instead is slowly converting various currencies into cryptocurrency by wasting electricity and peeling fees off of nearly every transaction.

To all those individuals who made out like bandits?  Go off king.  But true believers?  Take a step back and think about what the endgame might look like for crypto.


The electricity waste argument doesn't cut it for me, because everybody wastes electricity. I heard a guy on his podcast discuss that blockchaining wasted energy, and I thought, yeah, but your podcast is a vital resource, dood, so keep burning electricity with your one-of-a-kind hot takes.

/posted on a news aggregator site
/also, last I checked, a waste of electricity
 
2021-04-13 9:16:59 AM  

RasIanI: I don't really care about whether criminals use bitcoin a little or a lot. What baffles me is how it retains any value. Fiat currencies are backed by a wealthy economy's power of taxation  - it rises and falls on the strength and stability of that economy. It's just paper, but there are tangible and universal ways of assessing the value behind that paper.

F*** it. I'm buying as much physical gold as I can and burying it in the backyard.


Because it's not actually a currency, it's a commodity.
 
2021-04-13 9:18:06 AM  

qorkfiend: Roastbeast Sammich: I'm just kind of wondering how cryptocurrencies would be affected by the popularization of digital national currencies backed by their respective central banks. They would have the advantage of not needing to be converted into crypto, and you could use it to pay for government-related expenses and services such as state and federal taxes, Social Security contributions, traffic fines, postal mailings and so on.

Why would a government that can by definition issue currency need to find another way to issue currency


It's not a stretch of the imagination by any means. There are all kinds of technological innovations or market changes in payment systems which governments have responded to. Paper money was an innovation over coinage. The US federal reserve system took-over from how licensed local banks used to make tender. New anti-counterfeiting modifications get periodically added. This isn't science fiction: central banks in Sweden and China have already issued digital currencies in experimental quantities. These changes are happening as we speak.
 
2021-04-13 9:20:07 AM  

Roastbeast Sammich: qorkfiend: Roastbeast Sammich: I'm just kind of wondering how cryptocurrencies would be affected by the popularization of digital national currencies backed by their respective central banks. They would have the advantage of not needing to be converted into crypto, and you could use it to pay for government-related expenses and services such as state and federal taxes, Social Security contributions, traffic fines, postal mailings and so on.

Why would a government that can by definition issue currency need to find another way to issue currency

It's not a stretch of the imagination by any means. There are all kinds of technological innovations or market changes in payment systems which governments have responded to. Paper money was an innovation over coinage. The US federal reserve system took-over from how licensed local banks used to make tender. New anti-counterfeiting modifications get periodically added. This isn't science fiction: central banks in Sweden and China have already issued digital currencies in experimental quantities. These changes are happening as we speak.


"Adopting a new way of being paid in dollars" is very, very different than "adopt a new currency, plus all the associated infrastructure, alongside dollars"
 
2021-04-13 9:20:19 AM  

HerptheDerp: I'm staying away from Bitcoin for now but keeping an eye on it.

Still I think it's funny the number of people saying "Bitcoin is used for money laundering, that's why I stick to US banking."


This.

As the article states and others that the amount of illegal transactions is mute. The only reason Yellin and her ilk bring it up is because BTC can potentially make their job job of running the printer a lot more difficult.

They cant stop it since it is decentalized so they are throwing out lies to try to impede its progression while they race out a subpar FedCoin.
 
2021-04-13 9:20:20 AM  

LovesToSpooge: Headso: Every purchase made with a credit or debit card has a merchant fee attached to it that goes to the big banks, I doubt people like Janet Yellen want that sweet action interrupted.

If you buy something online with bitcoin it has a transaction fee that goes to a bitcoin "bank". Bitcoin transaction fees are extremely high right now. It's not going to a traditional bank, but it is going to some other rich asshole.


I typically pay less than $10 on up to $1000.
 
2021-04-13 9:23:13 AM  

keldaria: somedude210: Yeah, I'm gonna call bullshiat. Crypto is a money launderers' dream (in theory)

The block chain is a information treasure trove.

It's no wonder the CIA loves it. Every transaction documented permanently on a public ledger and all you need to do is identify the wallet hold and you know where the money went and where it came from. Get 1 asset inside their system and suddenly you know about every time the target tries to move large sums of money.

Your Bitcoin ID is no different than your name. Eventually you have to give it to someone and at which point they know everything associated with it.


Hm. CIA?

No way, it was invented by Nakamoto Satoshi, which translates roughly to "originated in central intelligence."

Nothing to see here. Move along, citizen.
 
2021-04-13 9:23:24 AM  

qorkfiend: Roastbeast Sammich: qorkfiend: Roastbeast Sammich: I'm just kind of wondering how cryptocurrencies would be affected by the popularization of digital national currencies backed by their respective central banks. They would have the advantage of not needing to be converted into crypto, and you could use it to pay for government-related expenses and services such as state and federal taxes, Social Security contributions, traffic fines, postal mailings and so on.

Why would a government that can by definition issue currency need to find another way to issue currency

It's not a stretch of the imagination by any means. There are all kinds of technological innovations or market changes in payment systems which governments have responded to. Paper money was an innovation over coinage. The US federal reserve system took-over from how licensed local banks used to make tender. New anti-counterfeiting modifications get periodically added. This isn't science fiction: central banks in Sweden and China have already issued digital currencies in experimental quantities. These changes are happening as we speak.

"Adopting a new way of being paid in dollars" is very, very different than "adopt a new currency, plus all the associated infrastructure, alongside dollars"


I guess I don't understand your initial question, in that case. I was talking about an official digital currency being used as an electronic supplement to cash in circulation and in sitting in demand deposits. Sweden is already moving in that direction.
 
2021-04-13 9:24:03 AM  

thatboyoverthere: Normal banking doesn't require me to burn an entire barrel of crude oil for me to buy a goddamn burger Subby.


No, but producing the burger does. I'm sure a certain tax dodge loving farmer thinks that zeroes it out.
 
2021-04-13 9:24:58 AM  

keldaria: somedude210: Yeah, I'm gonna call bullshiat. Crypto is a money launderers' dream (in theory)

The block chain is a information treasure trove.

It's no wonder the CIA loves it. Every transaction documented permanently on a public ledger and all you need to do is identify the wallet hold and you know where the money went and where it came from. Get 1 asset inside their system and suddenly you know about every time the target tries to move large sums of money.

Your Bitcoin ID is no different than your name. Eventually you have to give it to someone and at which point they know everything associated with it.


Difficulty: coin mixers
 
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