Welcome Steemit Friends. This piece is about an opinion as to where money laundering or terrorists might be able to use cryptocurrencies or tokens so Steemit or other cryptocurrencies are not over-regulated.

Free Bitcoins Or Free Security Fiasco?

Congressman Dana Rohrabacher has made the case that cryptocurrencies need tighter rules. Rand Paul has also said that it would be better to hire actual agents to identify and remove criminals such as terrorists and money launderers that blanket internet surveillance.

This is why we should never have used the term cryptocurrency in the first place and stuck with token, encrypted token, secure internet token, or decentralized or independent secure token.

We all know that computers were designed to crunch numbers and a number is in and of itself just a number. Tokens are manufactured or created through the vast process of multiple independent random computers across the world and regulating a token generation computer program, may have some benefits but like what?

If terrorists and money launderers invested in Tokens, they just lost their asses. Really, the coins do not have any intrinsic value until they are exchanged for money in an exchange.

Like Western Union or MoneyGram, a token has no value unless there is money in both cash drawers at the beginning of and end of a transaction. Because tokens are a manufacturing process, they are created for money like any goods that are manufactured.

An investment in equipment, electricity, facility, and time is required. That is the money that goes into the manufacturing drawer. The token comes out and is bought somewhere in the world at an exchange. Meanwhile, like the stock market there are investors who want to see a secure internet with secure transactions because they have been ripped off.

As to why they don't just send cash? Well, my mother sent me a hundred dollar bill and it never made it to me. The letter just disappeared in the mail. Next time she sent a cashiers check.

The speed of business and exchange has increased to where in many instances, instantaneous low cost methods of transferring money are required. Businesses need supplies and they need them on their schedule. Most people should have some idea as to why business needs to buy and sell quickly and effectively.

The problem of using bitcoin for terrorists and money laundering is that the thing is totally traceable. Traceability is built in. Whether or not you can get your money back if you loose it is something else at this stage. The ability of the tokens to be secure is one thing, you are not going to be able to crack the encryption with a calculator or a piece of paper and pencil. Due to volume, finding a transaction might even be pointless as it is in any financial network.

Basically, it works like this - money launderers could just as easily exchange goods on EBay or Amazon. So, when someone states that Tokens are this or that security risk, so are transactions at Wells Fargo, Deutsche Bank, SAP, SBersbank, or VISA. All you have to do is find who are the terrorists making the transactions first. All you have to do is find the money launderers first.

Finding money launderers and terrorists through the monitoring of transactions in real time other than perhaps watching arms and munitions suppliers is just not likely and a total waste of tax payer dollars. I guess monitoring passenger pilot training programs doesn't work too well either.

Last but not least, security forces risk creating enemies of regular people because the regular people are just doing business or meeting other regular people, like when security forces routinely, mistakenly identify students taking college courses as subversives. Personally, I would like to know how they can get away with that but I think I do. They cannot tell who their friends are and who is on their side.

Token creators are on your side in an attempt to make a safer, secure internet and supposedly we do it at our own expense. Take Steemit. As far as I know, it is the only cryptocurrency where the amount in the wallet is publicly available for all to see. Steemit put the lure right in front of the eyes of cyber thieves and every Steemit user should have an idea that the money they earn by posting is right in front thieves eyes and also the eyes of overzealous security people.

See these posts for when security people make mistakes on who they choose to be and enemy, money launderer, or terrorist. The people they did this to finally figure it out. Then, the people who are mistakenly identified are not nice about it.

That is what these three posts are about: people who are on the right side are mistakenly attacked or identified as threats because they suffer consequences. In this case, it is because they go to college but now there is talk about Tokens.

Anarchy - How to Succeed - Translate Jargon 1
Anarchy - How to Succeed - Translate Jargon 2
Anarchy - How to Succeed - Translate Jargon 3

Opinion Source: Coindesk.com US Congressman: Cryptocurrencies Need Tighter Rules

Steempower takes a very long time to get out of Steemit in the form of something that can be converted to cash by whoever it is sent. Security is built right in or a long term delay in the creation of the social media and its ability to launder money fast.

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