Some Pros and Cons To Bitcoin: Police seize $60 million USD worth of bitcoin From Apparent Fraudster, Can’t Get Password, But The Transparent Bitcoins Will Be Tracked and Traced – February 6, 2021,
So the story below really got my mind working, because it really goes to show you that Bitcoin can’t be regulated or the governments don’t want to regulate it because they could be opening up pandora’s box. So, one of the events that tend to happen with unregulated money are frauds, now, don’t get me wrong there are WAY more frauds in a fiat monetary system than there could ever be in a market-based money system.
However, a fiat monetary system as many people know is linked to a litigious society, in that it allows insurance companies to remain solvent and also allow the government to appear more competent than it really is. In a truly capitalist society, people tend to get smarter faster, because if you get scammed or swindled and you realize how useless and incompetent the government really is, you’ll become more prudent in the future, however, if you’re scammed or swindled and you can run to the government to change the rules of money, to cater to your personal needs well, then your democratically elected government will eventually create a fiat monetary system.
I don’t know the entire story of the supposed fraudster, but the fraudster apparently scammed people out of their Bitcoins, the bitcoin scammer served their time in jail without giving up their Bitcoin password and there’s nothing the government can do about it.
Apparently, the bitcoin scammer can’t spend their bitcoin because those bitcoins are being monitored by the German government, but knowing what I know about Bitcoin there are ways around that and, what’s so interesting in my opinion is that Bitcoins are being treated as a REGULATED property or an asset, meaning that the government is spending resources to defend a volatile UNREGULATED asset, which if you’re following me here gives decentralization value in a centralized world.
The beneficiaries of a centralized government want said central government paid for via centralized fiat dollars to protect their decentralized currency? Bitcoins are not in Germany per se. Bitcoins are all over the world, yet the taxpayers of Germany will have their money spent to monitor the winnings of idiots who were singled in a decentralized currency?
Edward Snowden fled to Russia to avoid prosecution in the United States, The Russian government isn’t going to waste their public sector resources to appease the U.S government. Being that the German fraudster served his time, I don’t see why Germans who won’t be beneficiaries of this Bitcoin should be financing this government venture?
Bitcoin is an unregulated asset, Bitcoin exists in a deregulated marketplace, so there is no centralized issuing authority. This means that if you’re getting involved in that arena, you take on all the risks. When Bernie Madoff scammed people, he was operating in a regulated marketplace.
Now, if this German Fraudster broke the law and was given jail time and he served his jail time, those bitcoins should be his and if the people who were frauded by this man want to be compensated they should do so independently on their own dime.
I’ve stated over and over again why I’m not against a fiat monetary system and it’s because most human beings behave like children. When it comes to money, most humans want the bike training wheels to be on 24/7/365, they’ll only take the training wheels off when they’ve won or they’re winning the game. The moment most humans suffer any financial loss, they want a central authority to make them whole again.
This fiat marketplace that we’re living in now, is based on a litigious society that doesn’t want to lose anything. Corporate welfare, personal welfare the fear of bank runs, you name it, it exists all because humans are terrified of losses. So if you understand the German Bitcoin fraud story below for what it is, you’ll quickly realize why fiat money exists in the first place.
If you’re anti-central banking and anti-fiat money start taking responsibility for your financial decisions. It’s unlikely this fraudster stuck a gun to people’s heads and forced them to give up their bitcoin. At worst the fraudster probably sent one of those phishing emails that told people he had some secret information about them and they should hand over their bitcoin.
Humans aren’t ready to evolve! and their governments are wasteful and incompetent!
Police seize $60 million of bitcoin! Now, where’s the password? | reuters.com
Interesting times ahead!