North Korea Dodging Sanctions With Bitcoin?
A couple of weeks ago, reports about North Korea mining Bitcoin massively, at the state level, surfaced in the mainstream media. At that time, people were kinda laughing about that: just another strange move of that whacko guy with a funny haircut.
Well, I don't think it was a strange move at all: according to a news published by Bloomberg today, the real reason for getting into Bitcoin is to dodge economical sanctions. Apparently, it works. Have a look at the article for the details.
And I don't see any reasons why it wouldn't.
This situations has at least 2 consequences:
- governments are obsolete structures, not being capable of enforcing their policies in a sustainable manner
- North Korea was always (and still is) a very interesting nation, not at all the stupid, black-and-white painted image by the state media, trying to build another "public enemy" to justify military spending.
for more info (and a bit of fun) I recommend watching this John Oliver classic:
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Bitcoin used by North Korea not only to avoid sanctions (wondering why Kuba is not doing the same) , but also to laundry money in shadow business , and US does not like that, so it is a matter of time when crypto will be regulated like stocks
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No wonder... BTC mining is a straight forward decision when your economy is under severe restrictions. What I would be curious, is how they got the hardware to have large scale mining operation, as I would say that this huge computing power should be definitely under embargo...
Crypto has to be free for all to use, any exclusions kill the whole purpose of it and makes it controllable and manageable as any other fiat currency. What do we know about NK anyways? Really? They are chopping children hands in Somalia everyday by hundreds if not thousands. Somehow it is not such a huge problem. Let's not be hypocrites.
@dragosroua - Oh my goodness, a very bad news for BitCoin. :( Useful information Sir. Therefore, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
Wouldn't be suprised if mentioning North Korea and bitcoin in the same breath is an attempt to further smear bitcoin and maintain the popular belief that it is only used by criminals. Bring it on - bitcoin and crypto don't care!
Yeah, I was thinking along the same lines, somehow. More smoke...
I was not one of those people.
Crypto is the life blood of the black market. Sanctions won't slow down the missile tests. So far, only the Sun has slowed down the missile tests.
They're not stupid and it's proved by how they managed to survive until now even various country give pressure to NK and it's possible NK buy miners tool from China since both country have economic relationship.
p.s. i don't support/agree with NK
Congratulations @dragosroua
@MinnowsPower listed your post "North Korea Dodging Sanctions With Bitcoin?" as one of the top 10 posts of the day...!!!
You shared a valuable crypto news.
100% Upvoted by @MinnowsPower
MinnowsPower is not a bot, a Crowdfunding Hybrid
Um... I like @dragosroua and I think he makes great posts, but he's no minnow. I'm thinking this hybrid bot needs some tweaks.
dragosroua is a whale and MinnowsPower isn't a bot at all. Hope you all will support the project and wish to power up the minnows by using this individual project.
MinnowsPower is not a bot, I am a Crowdfunding Hybrid
Yes....so, you upvoted a whale. My comment still stands.
Initial stage of the project is building MinnowsPower. That's why MinnowsPower said, this is a crowdfunding project. So, you can contribute to the project as well.
He still might be a goofy guy, but that doesn't dismiss the fact he is a strategist. Like he ain't that stupid, otherwise North Korea would already be taken over by the U.S. its sanctions...