4 ms·
> Is it wrong to work with certain traditional finance companies because of their association with cash? Cash is much more difficult to move across internation
by scoopertrooper 6y ago
> Is it wrong to work with certain traditional finance companies because of their association with cash?
Cash is much more difficult to move across international borders. It opens up exciting new opportunities for international crime and scammers. Further, cash is not a fungible as you suggest, criminal have to incur vast expense in order launder their money. Cash is also difficult to store in large quantities, which imposes a physical constraint on the amount that can be securely stashed by less sophisticated criminals.
Cryptocurrencies have lead to an explosion of pump and dump schemes, ponzi schemes, outright fraud (see: the recent twitter hack), and other financial schemes design to separate the gullible from their money.
Did these things exist prior to Cryptocurrencies? Yes, but cryptocurrencies democratised the ability to conduct them and made it more difficult for authorities to catch criminals.
Cryptocurrencies are an absolutely terrible idea: born from the minds of techno-utopians, fueled by anarcho capitalists, and weaponised by criminals.