Paranoid Control Freaks Target Crypto Again.
According to Forbes, U.S. Treasury secretary Steven Mnuchin has added to the chorus of establishment hacks whining about the threat of more economic liberty hampering their hegemony.
Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking...
What "cyber crime," specifically? Tax evasion is not a crime, but merely extortion avoidance. Extortion isn't something new, and governments have engaged in it themselves since time immemorial. The drug trade isn't inherently criminal even though I wouldn't recommend drug consumption, and the violent black market is a consequence of violent prohibition. It's not like human trafficking is a new problem, either. And remember, cash (government fiat money) is king in both the aboveground and underground economies.
Bitcoin isn't somehow more dangerous, but it is new, different, and outside their control. Governments don't like such things. Cryptocurrency, bump stocks, undocumented immigrants, and other popular political bogeymen are not real threats. Arbitrary regulation is security theater at best while turning innocent people into "criminals" by legislative whim. Don't fall for the propaganda.
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Legislation generally effects the law abiding citizens. Most anyone else eschews the "lawful" conventions for logical conventions.
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To the point and well put.
I keep thinking about how American fiat is the global crime currency, and up to 90% of American bills have trace elements of cocaine.
They are just posted they may lose their monopoly on financing crime.
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They fear competition and consumer choice. That is why they must demonize anything new. Every accusation they level against crypto applies tenfold to the Federal Reserve system.