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Zero holdings It’s also a scam to launder money, destroy the environment, and gateway the youth into losing their holdings through asset trading. I hope the US

Zero holdings It’s also a scam to launder money, destroy the environment, and gateway the youth into losing their holdings through asset trading. I hope the US follows China’s example and bans it outright.

neb_b 5y ago
It also helps citizens in authoritarian regimes transfer money in a way that can't be stopped.
- JumpCrisscross 5y ago
  > helps citizens in authoritarian regimes transfer money in a way that can't be stopped Who do you think, in authoritarian countries, has most of the money? The poor Venezuelans saving with Bitcoin benefit exists, but let’s call a spade a spade. It’s principally used for graft and sanctions/tax evasion by these countries’ elites.
  - neb_b 5y ago
    > It’s principally used to facilitate graft and sanctions/tax evasion by these countries’ elites. It's quite a leap to say crypto is "principally used" for that. Bitcoin is seeing adoption for remittance payments in the poorest countries in our world. Crypto is also allowing people to donate to activists in countries that deem these people "extremist groups" [0] [0] https://www.reuters.com/world/europe/navalny-ally-urges-donors-use-cryptocurrency-due-crackdown-2021-06-02/ https://www.reuters.com/world/europe/navalny-ally-urges-dono...
    - JumpCrisscross 5y ago
      > quite a leap to say crypto is "principally used" for that Not broadly. But within authoritarian countries, almost certainly yes. You need to have wealth before losing it to becomes a problem. (For an analogy, look up how hard cash is distributed and used in authoritarian regimes. Hint: the poor Venezuelans have a tougher time getting U.S. dollars, too.)
      - neb_b 5y ago
        Do you have a source for that?
Johnyma22 5y ago
The US Gov holds ~$4Bn in Bitcoin alone. The Chinese Government ~$11Bn. Are they using these funds to undo the damage? That would feel like an obvious option.

neb_b 5y ago

It also helps citizens in authoritarian regimes transfer money in a way that can't be stopped.

JumpCrisscross 5y ago
> helps citizens in authoritarian regimes transfer money in a way that can't be stopped Who do you think, in authoritarian countries, has most of the money? The poor Venezuelans saving with Bitcoin benefit exists, but let’s call a spade a spade. It’s principally used for graft and sanctions/tax evasion by these countries’ elites.
- neb_b 5y ago
  > It’s principally used to facilitate graft and sanctions/tax evasion by these countries’ elites. It's quite a leap to say crypto is "principally used" for that. Bitcoin is seeing adoption for remittance payments in the poorest countries in our world. Crypto is also allowing people to donate to activists in countries that deem these people "extremist groups" [0] [0] https://www.reuters.com/world/europe/navalny-ally-urges-donors-use-cryptocurrency-due-crackdown-2021-06-02/ https://www.reuters.com/world/europe/navalny-ally-urges-dono...
  - JumpCrisscross 5y ago
    > quite a leap to say crypto is "principally used" for that Not broadly. But within authoritarian countries, almost certainly yes. You need to have wealth before losing it to becomes a problem. (For an analogy, look up how hard cash is distributed and used in authoritarian regimes. Hint: the poor Venezuelans have a tougher time getting U.S. dollars, too.)
    - neb_b 5y ago
      Do you have a source for that?

Johnyma22 5y ago

The US Gov holds ~$4Bn in Bitcoin alone. The Chinese Government ~$11Bn. Are they using these funds to undo the damage? That would feel like an obvious option.