Dispelling the "Crypto is a Tool for Financial Crime" Argument

We hear this argument constantly:

Crypto is a tool for criminals.

Even the president of the United States and many other global leaders have said this. That crypto is a tool that aids criminal activity.

I enjoy Andreas Antonopolous's argument against this idea: the criminals are calling out the new money because it's going to disrupt their criminal activities.

The true criminals are the bankers and the politicans. I won't turn this into some political battle but go take a look at the balance sheets of many of the world's wealthiest and especially of politicians and the banks. They are the criminals. They launder money, the impede justice, they do all sorts of crazy shit on a daily basis and get way with it scot-free because they make the rules.

Bitcoin scares these people because they don't get to make the rules for bitcoin. BTC and other cryptocurrencies set their own rules. They are protocols, not people. Which means they can't be paid off, can't be manipulated and can't be destroyed.

Bitcoin is an idea, not a money. It's easy to destroy money, but it's impossible to destroy an idea - if it grows large enough.

"In addition to the obvious advantages in the form of anonymity, accessibility, ease of use and low cost of transactions, cryptocurrencies have some serious drawbacks that impede their global adoption. The main one is the connection between crypto and crime. Everyone who has studied this topic even superficially knows that Bitcoin (BTC) still remains a popular payment method among scammers and criminals on the darknet. Cryptocurrencies are very convenient tools for money laundering, evading taxes and cheating investors." - Quote

The funniest argument to me is that crypto is a tool for money laundering.

Do you know how the VAST MAJORITY of crimes are committed?

Using cash.

That's dollar dollar bills yall. That fiat currency that these elite use to launder money, pay for drugs, bribes, etc... that's all done in cash!

Bitcoin and crypto are not a facilitator of crime. Every system - no matter how seemingly pure - will be taken advantage of. To say that crypto should be destroyed and overregulated because people use it to launder money is proposterous.

If you want to knock out financial crimes, go knock on the doors of the banks. If you want to opt in to a future where the big banks/politicians have no control over the money, then buy Bitcoin.

Posted Using LeoFinance