$3.6 billion USD worth of bitcoin apparently stolen via Africrypt – Ameer Cajee and his younger brother, Raees Cajee have Vanished – June 23, 2021,
One of the hardest things for me to convince my friends is that Gold is not an investment, it’s insurance in the event the fiat markets crash. When it comes to Bitcoin, it’s definitely not a currency and it’s getting increasingly hard to sell it as an asset, because, regulations that could potentially give Bitcoin a form of insurance, I assume in Fiat dollars? Would also take away Bitcoins decentralized properties.
So I’ve been saying for years now, that. I don’t like Bitcoin or generally the crypto wallets, because the entire design of Bitcoin puts people at the mercy of the Currency exchange service. Bitcoin fails as a currency and now it’s failing as a secure asset, I’m certain the last thing people would have thought is that a Currency exchange service would steal their money.
But it makes perfect sense if you look at the margins of simply stealing customers’ money, versus the costs associated with maintaining a Currency exchange service. There’s no way Ameer Cajee and Raees Cajee come away with 3.6 BILLION in a lifetime as operating a currency exchange service.
Being that Bitcoin is slow, and this was one of the reasons I hate the crypto wallets, a lot of ideas can come through a person’s mind when all of the “Bitcoin” is headed to its destination. As an example the U.S dollar is often lost and destroyed and when these events occur, there are insurances, well, insurances can’t exist in Bitcoin, once your bitcoin is gone, it’s gone.
Even with gold, it’s likely that more gold can be discovered, not so with bitcoin, bitcoin is deflationary on several fronts and as I like to point out, Bitcoin is heavily reliant on the U.S dollar. In the article below, the headline read “$3.6 billion of bitcoin vanish” now obviously this must be in U.S dollars because there will only ever be 21 million bitcoin.
Now, if Ameer Cajee and his younger brother, Raees Cajee are able to get away with this, how do you make all the people who combined lost 69,000 bitcoins whole again? If these people ever get compensation, I imagine their compensation would have to be in fiat dollars, God forbid for some of these people their local fiat currency.
As I’ve stated in prior posts, because of the amount of idiots n planet earth, I’m glad we don’t have a Gold Standard. I get the hole argument that a gold standard would control government spending, but it’s never held up, especially in a democracy in which people can vote for idiotic things like a corporatist carbon tax I can easily so how why Ameer Cajee and his younger brother, Raees Cajee stole 69,000 bitcoins.
Even if Ameer Cajee and Raees Cajee are able to cash out 1% of those 69,000 bitcoins, 1% of $4 billion USD? I think they’d be living pretty well!
Two South African brothers have vanished with $3.6 billion of bitcoin in what could be the biggest crypto heist in history | businessinsider.com
Interesting times ahead!