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Maybe morally wrong in your eyes, but nobdy is going to jail for using cryptocurrency.
Hence where the problem lies. Would you bank your money
if it was possibly funded by a multi billion dollar drug enterprise?
I wouldn't
Would you bank your money where it was possibly funded by
those who support the annihilation of a country or people?
I wouldn't
Would you bank your money where in a flip of a switch all is lost?
I wouldn't
No regulation = No investment
If you can't follow the money there's no use chasing down a dream.
Btw, I was somewhat shocked to read about that cop. I know things like that happen but...I don't know. It still surprised me.
No way to know if it was really a police office, if he says he's a Cop and pulls out a gun and tell her to give him a BJ, is she going to demand Id before proceeding?
sorry but it's an established fact that blockchain and crypto are criminal.
Until then let the third world countries become whatever the cryptocurrency rate is for the day.
Mr Retired let me describe this better for you
The only reason you think cryptocurrency is illegal is because of how it's orginal use was for buying drugs online in the Deep Web, but there is a difference between being online like with you computer compared to being in the Deep Web using a Tor Browser (Tor is essentially untraceable)
To use those drug sites you need to use cryptocoin but the coin has to first be laundered or mixed up (which is illegal, just like it is illegal to launder cash)
The drug sites do use block chain technology but they do use it in an illegal fashion. Otherwise, block chain was designed to be much much safer than the way we do things now.
Really lets say that you have your money at Bank XYZ in a checking account. That bank is a liar because if all their clients all the sudden decided to withdrawal their entire accounts, the money would not all be there. Not even close. So the money is all already digital. Essentially the banks are not honest.
With block chain there is a virtually unbreakable electronic ledger, but with banks, nobody except the banks really know what is on the ledger.
With block chain and crypto, it removes the bank from the equation. The downside is that it removes Cash from the equation too, so if the Internet shut down, nobody would have any cryptocurrency.
To answer your question, neither is illegal, but, this is the part you do not understand:
If you buy a bunch of cryptocurrency at an online market and just let it sit there, then the coin actually belongs to that market. They can steal it! To protect your coin and make it secure you have to send your coin out of the market where you purchased it and send it into an electronic Storage Wallet, and that wallet is passcode protected.
Without taking that additional step and securing your coin in a storage wallet that only you know the passcode, then it can be stolen easily. So a lot of the lore about how it is criminal currency was perpetuated by people who never used a secure storage walket, so they got jacked by a crypto hacker who is smarter than them. But to steal the coin in that manner is similar to just dropping all your cash on a street corner and coming back the next day and being pissed everybody took it. Similar deal right there.
But there is criminal activity at the greater market level with crypto price manipulations but it is simply not regulated yet, like how our Stock Markets are regulated heavily. Its no different than before stock markets were not regulated and that gave an easy way for the big whales to manipulate costs in their favor.
Current paper money have no value. The government can print as much as they want without a care in the world and do random cash injections whenever they want.
Any type of currency can be use for any illegal matters, start wars, destroy countries, etc.
The only reason you think cryptocurrency is illegal is because of how it's orginal use was for buying drugs online in the Deep Web, but there is a difference between being online like with you computer compared to being in the Deep Web using a Tor Browser (Tor is essentially untraceable)
To use those drug sites you need to use cryptocoin but the coin has to first be laundered or mixed up (which is illegal, just like it is illegal to launder cash)
The drug sites do use block chain technology but they do use it in an illegal fashion. Otherwise, block chain was designed to be much much safer than the way we do things now.
Really lets say that you have your money at Bank XYZ in a checking account. That bank is a liar because if all their clients all the sudden decided to withdrawal their entire accounts, the money would not all be there. Not even close. So the money is all already digital. Essentially the banks are not honest.
With block chain there is a virtually unbreakable electronic ledger, but with banks, nobody except the banks really know what is on the ledger.
With block chain and crypto, it removes the bank from the equation. The downside is that it removes Cash from the equation too, so if the Internet shut down, nobody would have any cryptocurrency.
To answer your question, neither is illegal, but, this is the part you do not understand:
If you buy a bunch of cryptocurrency at an online market and just let it sit there, then the coin actually belongs to that market. They can steal it! To protect your coin and make it secure you have to send your coin out of the market where you purchased it and send it into an electronic Storage Wallet, and that wallet is passcode protected.
Without taking that additional step and securing your coin in a storage wallet that only you know the passcode, then it can be stolen easily. So a lot of the lore about how it is criminal currency was perpetuated by people who never used a secure storage walket, so they got jacked by a crypto hacker who is smarter than them. But to steal the coin in that manner is similar to just dropping all your cash on a street corner and coming back the next day and being pissed everybody took it. Similar deal right there.
But there is criminal activity at the greater market level with crypto price manipulations but it is simply not regulated yet, like how our Stock Markets are regulated heavily. Its no different than before stock markets were not regulated and that gave an easy way for the big whales to manipulate costs in their favor.
Its all risky but its not illegal.
Thank you for your input.
Of my many hobbies writing programs was something I enjoyed for over 40 years.
I can create an app just as fast as I can swing an axe. I can use both to hack away
with the software having the advantage because of its silence. A thief works under the same
mode of operation ( no pun intended ).He would be a fool to use an axe to rob a bank. Noise
draws attention. For that reason less crimes of monetary theft are committed off line than they
are committed online. I appreciate your explanation. Your words are well thought out. Does this
currency have a possible chance of changing the world? I don't know. All ideas are wonderful when
created with good intentions but there is always the element of evil looking to change the behavior.
The best and longest lasting of ideas will have all the bells and whistles in place to prevent this.
I don't think this currency has yet arrived to a level I would consider safe and for this reason
I will leave it in the hands of the future as to its outcome.
The only reason you think cryptocurrency is illegal is because of how it's orginal use was for buying drugs online in the Deep Web, but there is a difference between being online like with you computer compared to being in the Deep Web using a Tor Browser (Tor is essentially untraceable)
To use those drug sites you need to use cryptocoin but the coin has to first be laundered or mixed up (which is illegal, just like it is illegal to launder cash)
The drug sites do use block chain technology but they do use it in an illegal fashion. Otherwise, block chain was designed to be much much safer than the way we do things now.
Really lets say that you have your money at Bank XYZ in a checking account. That bank is a liar because if all their clients all the sudden decided to withdrawal their entire accounts, the money would not all be there. Not even close. So the money is all already digital. Essentially the banks are not honest.
With block chain there is a virtually unbreakable electronic ledger, but with banks, nobody except the banks really know what is on the ledger.
With block chain and crypto, it removes the bank from the equation. The downside is that it removes Cash from the equation too, so if the Internet shut down, nobody would have any cryptocurrency.
To answer your question, neither is illegal, but, this is the part you do not understand:
If you buy a bunch of cryptocurrency at an online market and just let it sit there, then the coin actually belongs to that market. They can steal it! To protect your coin and make it secure you have to send your coin out of the market where you purchased it and send it into an electronic Storage Wallet, and that wallet is passcode protected.
Without taking that additional step and securing your coin in a storage wallet that only you know the passcode, then it can be stolen easily. So a lot of the lore about how it is criminal currency was perpetuated by people who never used a secure storage walket, so they got jacked by a crypto hacker who is smarter than them. But to steal the coin in that manner is similar to just dropping all your cash on a street corner and coming back the next day and being pissed everybody took it. Similar deal right there.
But there is criminal activity at the greater market level with crypto price manipulations but it is simply not regulated yet, like how our Stock Markets are regulated heavily. Its no different than before stock markets were not regulated and that gave an easy way for the big whales to manipulate costs in their favor.
Its all risky but its not illegal.
Allow me to play the devils advocate here.
As an investment - it is very volatile. Cryptos got erased by over 60% ( could be conservative estimate ) since beginning of the year in market value. This makes it unstable to make transactions.
As a currency — what is crypto backed by ? Just a computer algorithm nothing else. USD is backed by US Government and trust.
As money - services like Venmo, CashApp or PayPal are so easy and simple to use. They’re fast , and often free. We simply don’t need cryptos for this right now. Most take way longer to transfer.
As store of value - see investment. Also, if a bank does go under, we are protected to regain up to $250,000. No such protection with cryptos. This is a huge difference.
Other questions to consider:
what happens if you lose access to the cryptos wallet?
Is it not ironic that you’d want to keep the keys to the digital wallet at a bank ?
Btw I own a few cryptos.
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