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One of the most persistent – and yet baffling – narratives that frames the crypto space is
that cryptos are used by criminals.
Cryptos, according to a cavalcade of “experts,” are merely a tool for criminal activity. That’s
it. End of discussion.
Just take a look at some recent quotes…
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Image source: Tether.to
“Bitcoin just shows you how much demand for money laundering there is in the world.”
– Larry Fink, CEO BlackRock, the world’s largest asset manager
“Cryptocurrencies like Bitcoin, we should be looking at these very seriously precisely
because of the way they can be used, particularly by criminals.”
– Theresa May, U.K. Prime Minister
“We will discover that behind this Bitcoin scam, some funds were channelled maybe to
finance terrorism and at that point, we will wake up and realize that this is not appropriate.”
– Lorenzo Bini Smaghi, Chairman of Société Générale, a French multinational banking and
financial services company
“ Bitcoin’s only real use has been to facilitate illegal activities such as drug transactions, tax
evasion, avoidance of capital controls, or money laundering.”
– Nouriel Roubini, Economist
“Bitcoin is evil.”
– Paul Krugman, Professor of Economics, City University of New York
Now, some criminals use cryptos as a convenient method of moving value.
After all, there have been ransomware hack/virus attacks that demand users pay a small
ransom in bitcoin to unlock their computers.
And who can forget the FBI’s 2013 takedown of Silk Road. Silk Road was an online
marketplace used to sell illegal drugs, dirty pictures, and stolen plastic. These criminals
thought that because bitcoin operated independently of the U.S. government, their activity
couldn’t be traced. ( They were wrong .)
But do the “experts” think that the thousands of new account opening requests per day at
crypto exchange Coinbase were all from criminals?
Seriously?
Crooks are now so dumb that they are opening crypto exchange accounts by the thousands
daily and readily providing personal identity and address proof in the process?
It’s like being back in the mid-1990’s and saying the internet was nothing more than a tool
for accessing and distributing unsavoury images (guess what, that’s what some people used
it for then, and use it for now).
Cryptos aren’t the only currency used in criminal activities
If cryptos are the currency of corruption and crime… how many bitcoin were involved in
financing the 2001 terrorist attacks on the World Trade Center and Pentagon? Zero.
Precisely how many wars in the past century were funded by crypto? Zero.
And when global bank HSBC was fined US$1.9 billion for laundering money for Mexico’s
Sinaloa Cartel and Colombia’s Norte del Valle cartel… how many bitcoin were involved?
That would be… zero.
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In fact, every single incidence of money laundering in the history of man pre-bitcoin was