3 ms·
I'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes, They're get-rich-quick schemes plus money laund
by joe_the_user 5y ago
I'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes,
They're get-rich-quick schemes plus money laundering/capital-flight mechanisms. And if you think capital flight is more ethical than a get-rich-quick scheme, I'd like to introduce you to X oligarch on Y continent committing Z poorly publicized genocide.
Edit: that said, the way that they facilitate dubious money transfer is pretty what makes them likely to stick around and so one can say with more certainty their value will be maintained. Hope that makes you feel better.
- DennisP 5y agoOligarchs are well taken care of by the traditional offshore banking industry. They don't need to fall back on crypto like regular folks.
- doomrobo 5y agoOne piece of evidence for the above claim: https://www.icij.org/inside-icij/2021/03/u-s-sanctions-ukrainian-oligarch-featured-in-fincen-files-investigation/ https://www.icij.org/inside-icij/2021/03/u-s-sanctions-ukrai...
- joe_the_user 5y agoThat the wealthy have many other avenues for exfiltrating money doesn't change the situation that crypto is an extremely effective method for doing that. A lot of people need as many channels for the exporting of wealth as they can get. Iran's rulers might or might be oligarchs but the use of bitcoin by the Iranian state[1] seems like good evidence that crypto isn't just for the little guy. [1] https://www.reuters.com/technology/iran-uses-crypto-mining-lessen-impact-sanctions-study-finds-2021-05-21/ https://www.reuters.com/technology/iran-uses-crypto-mining-l...
- arcticbull 5y agoNorth Korea would beg to differ, having amassed billions in violation of International sanctions. [1] [1] https://www.investopedia.com/news/what-north-koreas-role-bitcoin/ https://www.investopedia.com/news/what-north-koreas-role-bit...