Bitcoin use case.
https://www.bbc.co.uk/news/uk-england-london-68620253
Bitcoin use case.
https://www.bbc.co.uk/news/uk-england-london-68620253
Yes, that absolutely astounded me…bitcoin enabling £2bn money laundering resting in the pocket of an ex-takeaway shop worker. Insane.Originally Posted by Montello
To be fair that was the part of the report that surprised me most.
This is the best line of all. 😂
“The value of the Bitcoin was worth around £2bn at the time of initial estimates - but due to the fluctuation in the currency's value, it has since increased to around £3.4bn.“
The irony is that criminals really don’t use Bitcoin very much for this kind of money laundering when compared to the use of cash, diamonds, gold bars, “Swiss” bank accounts etc. All the transactions are easy to see on the blockchain, so it’s difficult to hide them.
Hamas and Hezbollah famously asked their supporters to NOT send them cryptocurrencies for this reason.
The media loves to tell everyone that Bitcoin is used for illicit activities, when it actually accounts for a small fraction of all money movements in the illicit activity sphere.
Wasn't anonymity and non government interference part of the selling point of cryptocurrency or have things moved on since then ?
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It’s still relatively anonymous, but you have to use the blockchain which is entirely public. If people know your crypto address then anyone can see all of your transactions. And because the entire blockchain and every single transaction that’s ever happened since 2009 is there for the world to see, and will be for all eternity, it’s hard to remain totally anonymous forever.
For example, the Bitcoin addresses of governments and wealthy individuals are known and catalogued, so they can now, never hide. If they mover their Bitcoin to another address, everyone can see where it went.
That’s just one of the many beautiful aspects of the Bitcoin network.
Bitcoin could underpin a perfect utopian society.
Then its primary function would need to change from a speculative investment to something with more utility.
When really it's just used by the majority as a gamble...
Does that mean I won’t have to pay tax when I cash out? I jest of course.
But is all investing not a gamble?
“See that new Apple company? I think they’ll make it big, I’ll invest a few quid but I might lose it all”
Yes, I'd agree with that
I think there is a difference between gambling and investment risk.
It’s all relative mate. Investing in start-ups, would you call that safe or a gamble?
It’s all down to your personal appetite for risk
If your pension fund started buying into the Bitcoin ETFs would you consider your pension too risky?
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