Bitcoins obvious vulnerability exposed: US seizes digital currency accounts used by militant groups – August 13, 2020,
Basically The Justice Department just made a laughing stock out of Bitcoin as investment protection against the U.S dollar collapsing. The mere fact that this even happened, shows you the obvious flaws in cryptocurrency. Most people when comparing Bitcoin with gold make the argument that Bitcoin has deflationary characteristics blah, blah blah, my thing about Bitcoin has always been its reliance on the grid.
I remember reading and watching articles talking about the amount of energy being used to generate bitcoins and saying to myself this is not sustainable and it’s not even economical, I liked bitcoin as a concept, but I was also annoyed with the Bitcoin wallet, which I also do not like.
That aside I still like that Bitcoin was awakening people to what central banks were doing to the economy. Most Bitcoiners understand fiat money and I personally think that’s a great thing, however, The U.S Justice Department surprised me with the story you can read below.
The Justice Department said Thursday it has seized millions of dollars from cryptocurrency accounts that militant organization abroad, including al-Qaida and the Islamic State group, relied on to raise money for violent operations.
The Trump administration said the groups used the accounts to solicit donations for their causes, including through a bogus scam that officials say purported to sell protective gear for the coronavirus pandemic.
US seizes digital currency accounts used by militant groups | ctvnews.ca
Now, for some, they might say this is a victory, but what it actually shows is government over-reach. I’ve written countless times about why I DON’T WANT A GOLD STANDARD backed currency and this move by the Department of Justice is the exact reason why.
A gold standard currency would mean you’d more than likely have to cash your gold in a place in which the government can track and trace you. I buy my gold with fiat dollars I don’t even use credit cards to buy gold, because everything is traceable and that’s what I have a hard time comprehending with this social media generation, they like being tracked and traced.
Bitcoin is traceable, crypto-currencies follow you around everywhere, I personally never understood why people would subjugate themselves to be tacked and traced, who cares if it’s encrypted numbers, there’s going to be a snitch somewhere, the government only needs one person to find where your money is crypto is going and that’s it.
Now, if I was the guy giving the money to the terrorist I’d have to be getting a shit load of money before I’d take on that type of risk. I’m not doing nada for the Caliphate with my million dollar cut. So obviously whatever pipeline those terrorists had set up was easily intercepted.
The mafia drug dealer gangsters have to basically have access to kidnapping and killing your family before they’ll allow you an important role in their organization, anyone with half a brain knows the Caliphate is all about the money, sure the suckers that sign up for the terrorist job to get some virgins in the afterlife think they’re doing Allah’s will, but we all know those terrorists at the Tippie-top(Credit: AOC) are trying to get rich.
Anyway, I don’t know what keeps Bitcoin afloat from here, but just being honest I wasn’t invested in Bitcoin, I’m not a bitcoin hater, I’m a free thinker, but I don’t like random people having the ability to follow me around. Anything I buy using government fiat dollars, I could care less if the government or anyone knows about it.
But if I were doing something I want to remain private, my first option is to barter and if Bartering isn’t an option I’ll pay with cash please and I’m paying with cash my name is John Joe, I dress disheveled, I might have a musty smell, I’m wearing old COMFORTABLE clothing and I like to wear a hat and oh some dark sunglasses and even better now, I’m wearing a medical mask and I furthermore I need my social distance! lol
US seizes digital currency accounts used by militant groups | ctvnews.ca
Interesting time ahead!