this post was submitted on 13 Nov 2024
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Bitcoin hits record high as Trump vows to end crypto crackdown (arstechnica.com)
submitted 1 week ago by RmDebArc_5@sh.itjust.works to c/technology@lemmy.world
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[–] shortwavesurfer@lemmy.zip 20 points 1 week ago* (last edited 1 week ago) (1 children)

. That approval made it easier to fund bitcoin investment projects, but despite the seeming endorsement, Gensler warned at the time that the SEC still viewed bitcoin as a "volatile asset" linked to "illicit activity" like ransomware, money laundering, sanction evasion, and terrorist financing.

Anybody who is not using Monero for these kinds of activities is doing it wrong. Just remember folks, every transaction on Bitcoin and similar chains is an upskirt transaction.

[–] FireRetardant@lemmy.world 3 points 1 week ago (2 children)

Isn't USD also linked to many of those? Gangs launder physical cash through businesses, ransomware can ask for credit cards or bank accounts, terrorists may take USD as it can be spent nearly anywhere.

[–] shortwavesurfer@lemmy.zip 3 points 1 week ago

Oh yes, these kinds of organizations love cash because it's a bearer asset.

[–] taladar@sh.itjust.works 1 points 1 week ago (1 children)

The difference is that 100% of crypto-currency transactions are stuff like that and only a small percentage of USD transactions.

[–] FireRetardant@lemmy.world 0 points 1 week ago* (last edited 6 days ago) (1 children)

Do you have a source for that? I've seen local businesses like pizza shops and such accept btc.

Edit: the majority of crypto transactions are likely between exchanges, miners, and exchange customers. An example is the Blackrock BTC ETF buys and sells btc off an exchange in realtime in relation to the ETF purchases. I'm not saying no crime happens on the btc network but to claim 100% of transactions are crime based is just false.

[–] taladar@sh.itjust.works 0 points 1 week ago (1 children)

And by "pizza shops" you mean that one pizza shop that tried it back before BTC got really expensive?

[–] FireRetardant@lemmy.world 1 points 1 week ago

I'm pretty sure they just charge the local currency equivalent in BTC at the time of purchase.