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GoCubsGo

(33,110 posts)

22. It's a great way to launder money, too.

Sat Dec 7, 2024, 10:39 AM

Saturday

Because, it's often hard to track transactions using it. Which is why it's also the favorite currency of sex traffickers.

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So is Crypto a pyramid scheme or something else? [View all] TNNurse Saturday OP

DU is not the best place to ask RandiFan1290 Saturday #1

It's a rip-off Blue_Tires Saturday #10

well, I don't know who this "finance guy" is, but his history of the internet lapfog_1 Saturday #16

Need some clarification here. LAS14 Saturday #35

Excellent Post! One Minor Flaw. ProfessorGAC Saturday #52

It could be transmuted by a particle accelerator ThoughtCriminal Sunday #75

Fair Enough ProfessorGAC Sunday #77

It is the perfect currency for criminals (drug cartels, gun runners, human traffickers, rogue nation states, etc.) waterwatcher123 Saturday #54

Thanks!! This looks like the kind of thing I've been hunting for for years. LAS14 Saturday #32

They likely have a very large endowment Redleg Saturday #49

You warned me about asking on here. TNNurse Saturday #62

The use of blockchain in Crypto LAS14 17 hrs ago #86

It's a way to... 2naSalit Saturday #2

The way I understand it, bamagal62 Saturday #3

All money is 'made up'. Voltaire2 Saturday #14

That's the thing... BTC is NOT used as a token of exchange for anything other than money laundering by tha VAST majority Happy Hoosier Saturday #33

It is used, to a very limited extent, as an exchange token. Voltaire2 Saturday #38

Exactly. Happy Hoosier Saturday #44

I know that. Thx. bamagal62 Saturday #73

Made up money as opposed to the Drachma... Alephy Saturday #19

Your observation of it as a STORE of value is good one. Happy Hoosier Saturday #34

"Bitcoin is new" dawg Saturday #60

Yes, it is really, really new Alephy Saturday #63

Bitcoin is an antiquated energy-wasting protocol. If the world was ever serious ... dawg Saturday #66

Sure Alephy Saturday #67

It's the currency of the future ... dawg Saturday #69

My apologies Alephy Saturday #20

Not sure, but if I recall correctly, when you make a reply, the "powers" button below it becomes active for you Attilatheblond Saturday #53

Thank you very much Alephy Saturday #56

Just passing along what someone else showed me here Attilatheblond Saturday #71

It's made-up money, but its primary benefit is that it's untraceable. Lonestarblue Saturday #28

This message was self-deleted by its author Chin music Saturday #31

Scam, well known. Passages Saturday #4

Molly White does a great job of tracking this scam . . . hatrack Saturday #5

The perferred method of exchange for criminals the world over. paleotn Saturday #6

It's more like timeshares for the new millennium. Hugin Saturday #7

Crypto is an experiment in harnessing perception as wealth. Frasier Balzov Saturday #8

DU is probably the worst possible place to discuss BTC that I have seen. Years ago, a DU poster put up dozens of Celerity Saturday #9

I'll never trust any money I cannot physically touch Blue_Tires Saturday #13

Do you use debit and credit cards? Are you paid via EFTs? Celerity Saturday #17

I do use debit and credit cards, TNNurse Saturday #24

Actually blockchain - the tech behind bitcoins- Voltaire2 Saturday #39

Thank you for beautifully illustrating my point Blue_Tires Sunday #81

No, I did not illustrate your point at all, sorry. Celerity Sunday #82

Like I said before, you're only helping Elmer and Donnie Blue_Tires Sunday #84

I do not mine BTC or any other crypto currency, nor do I trade in BTC or any other crypto currency. Celerity Sunday #85

It's not strictly true that tulips can't endure. LisaM Saturday #37

Yes, but you are now introducing both labour and non-fungibility. Celerity Saturday #43

I appreciate your commentary on this topic Alephy Saturday #57

thanks Celerity Saturday #58

Precisely, I have been in and out of Bitcoin since it first JCMach1 Saturday #61

thank you, and OUCH! (the 30 deleted BTC) yikes Celerity Saturday #64

I was treating it as an experiment... So I try to laugh JCMach1 Saturday #65

well, at least you didn't spend 10,000 BTC on 2 pizzas................ (worth roughly 1 BILLION USD now) Celerity Saturday #68

Thank you all. TNNurse Saturday #11

It's closer to a ponzi scheme Blue_Tires Saturday #12

It's a great way to launder money, too. GoCubsGo Saturday #22

IMO, the rise of Bitcoin (and maybe other crypto) is being fueled by hopeium nitpicked Saturday #15

The answer is Yes. Wonder Why Saturday #18

Mostly yes. Voltaire2 Saturday #21

The European Tulip Price Collapse. Jacson6 Saturday #23

Fatally flawed analogy, and one that has been trotted out here continously long before I joined DU in mid-2018, as Celerity Saturday #40

Excellent comparison. Thank you for that. BannonsLiver Saturday #45

And the South Sea Company Amanita Pantherina Saturday #55

It's not quite. usonian Saturday #25

I never understood what it is. claudette Saturday #26

Crypto is electronic barter wrapped around a restrained supply of medallions bucolic_frolic Saturday #27

It's a game of hot potato Happy Hoosier Saturday #29

Crypto-gypto oasis Saturday #30

All currency not based an a physical commodity, but traded in markets are a scheme and a process of continual ... marble falls Saturday #36

Have bought and held BTC (only) for a couple years Wavelight Saturday #41

Well, I will be 80 in 5 years so I doubt that will be my concern. TNNurse Saturday #48

I regret my timidity with it... Mark.b2 Saturday #70

It's a threat to the environment. ... littlemissmartypants Saturday #42

Yes Blue Full Moon Saturday #46

Money laundering, tax evasion, medium for illegal purchases. DJ Synikus Makisimus Saturday #47

A speculative mania-- really an improved version of the Tulip mania andym Saturday #50

The big money return in crypto is::: keithbvadu2 Saturday #51

Very poor way to launder money as BTC has an open ledger JCMach1 Saturday #59

Many places take Bitcoin as payment..... Who accepts Trump crypto as payment? keithbvadu2 Saturday #72

I've never encountered one place that takes crypto. If I go to the grocery store I can't buy a gallon of milk with it. Vinca Sunday #78

I have a Visa debit card through Coinbase RandiFan1290 Sunday #79

And the worst part is ... AncientOfDays Saturday #74

Laundering Money ._. Sunday #76

Plot to crash economy and make US taxpayer pay for it. Kid Berwyn Sunday #80

Some fucking crypto is easier to track that others. Bitcoin leave a clear trail. Monero fucking does not. Very different SoFlaBro Sunday #83