Surprise: USD Used For Money Laundering By Bankers

We are certainly living in a world where up is down and left is right.

  • Bitcoin is used for illegal activities.
  • Only drug dealers, gun runners, and hookers would use Bitcoin.
  • Bitcoin's only use case is to launder money.

These are some of the accusations that were levied against the top cryptocurrency.

We cannot deny that Bitcoin and other cryptocurrencies are used for illegal activities. Simply because it is rather new to the game, that does not mean that somehow cryptocurrency is exempt from human behavior.

Of course, the regulators hate that they have little control over the leading cryptocurrencies. Since they are decentralized, there is nothing they can really do to stop the transactions. That said, one advantage is that the distributed ledgers are public, thus open to scrutiny.

All this flies in the face of what recently came out.


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It seems the banking system is not quite as pure as they make out to be. Leading the charge is Deutsche Bank, being the top advocate of criminal activity.

What took place? Basically a money laundering operation over the course of a couple decades that would make Al Capone blush.

A recent release of FinCEN activity reveals that the banking knowingly sent through more than $2 trillion worth of transactions that were laundering money. This was done for people such as Russian oligarchs avoiding sanctions as well as those conducting embezzlement. Leading the way was Germany's top bank, Deutsche, pushing through $1.3 trillion.

Isn't it ironic that the bankers were the main culprits launching the FUD attacks at Bitcoin and other cryptocurrencies? It stands to reason that, if Bitcoin was used for illegal activities, the bankers did not want the competition.

Ushering In A New Era

This revelation, which came from leaked documents, comes at a perfect time. While the SEC is apt to get excited about the mania is DeFi, this could put the regulators off a bit. After all, there are many agencies within the government responsible for overseeing this activity. The SEC might not be the main bank regulator yet they are capable of pursuing fraud.

DeFi takes a lot of this off the table. Using decentralized ledgers, the ability to hide transactions is minimized. Certainly, there are ways to mask who is the account holder, as evidenced by the fact that nobody knows who Satoshi is even though that wallet holds over a billion dollars in BTC.

One thing that we are most likely to see is KYC and AML pushed even harder when it comes to DeFi. Regulators are not apt to let people operate without supervision (surveillance). Of course, this only applies to individuals, not those who are operating the system themselves. Here is where the bankers have an advantage.

Of course, there are those who make the case that why should people not try to avoid the sanctions of a warmongering country like the United States? At the same time, tax avoidance is something that many favor, especially those of Libertarian thought. After all, taking money from someone is considered theft by many, whether it is stolen by a banker, a neighbor, or the government.

Whatever the view on this topic, there is no denying the greed of bankers, coupled with their position of power, makes them very dangerous. For decades, they operated without much hindrance, pillaging wherever they saw fit.

Now, with cryptocurrency, there is actually an opportunity to circumvent their system. It is likely that Wall Street (just more expensive bankers) will dominate Bitcoin over time. However, with the ability to create other currencies with the click of a few buttons, individuals will always have the freedom to move around what the bankers do.

After all, at the core of all this is technology. This means that the bankers and regulators have to move faster than innovation. Incidently, we have a model which shows how slow they can be. Over the last couple decades, much of the banking industry's traditional revenue streams were lost to FinTech companies. They were able to enter the market offering services for less money with more convenience. The mortgage industry now has more loans originating through FinTech than the traditional banking system.

This shows how vulnerable they can be. The typical banker playbook, attack it, bride politicians to outlaw it, and then buy it, does not always work when it comes to technology. Innovation simply moves at a pace faster than the bankers can move.

Odds are little will come of this recent event. The bankers are basically untouchable from a prosecution standpoint. There will likely be some political grandstanding but do not expect anything with any bite.

However, in the meantime, we can keep expanding and developing. Cryptocurrency is gaining in power by the day. The numbers are still minuscule compared to the traditional system, yet gains are being made.

We could see a turning point over the next couple years. For this reason, let the bankers keep doing what they always did. In the end, they will end up like record executives who did not adapt to what was taking place.


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What many do not realize... mostly because of hollywood movies...

The drug deal goes down, a briefcase of money shows up, a briefcase of drugs show up, the deal happens.

But this isn't even close to reality.

A TRUCK LOAD of blow rolls into every large city every day, non-stop.

A truck load you say? That's too big to sneak in, lots of govern-cement officials would have to be in on it.
Well, yes they are.

Do you think its statistically likely that cops raid a drug deal, and wouldn't you know it, just missed all the drugs, but got all the cash? (WAY too often) These are just payments.

So, truckloads of blow, truckloads of money.

Bitcoin isn't used for drug deals because its not big enough.
Little laundering operations are not used for drug deals because they are not big enough.

Only the largest banks can handle that kind of money flow.
And ALL of them have been busted and fined for it.
EVERY SINGLE ONE OF THEM. (this is payouts to the "regulators")

So, the story that bitcoin is just used for buying drugs is a pipe dream, an illusion, just someone trying to get you to stay away from the future of money.

Thank you for the reminder, Bitcoin is not big enough YET, looking forward to the day when it is.

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Remember when the US Treasury Sec. Mnuchin said no to Bitcoin and denied the USD was ever used for money laundering last year?...

Ahhh, remember the days when 2 trillion dollars seemed like a lot?

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Wherever there's tendency for transaction, there's culpability that something like theft will be present because people will take advantage. Most criminals don't even use Crypto they majorly bounce the money from Caymans and all over the world the war against Crypto by these banks guys is absolutely crazy.

In Vancouver half of China launders their money via the State owned Casino after which they buy real estate.

the timing of this news report is so dodgy. We have known for years/decades that banks are complicit in money laundering. Why is the media bringing it up now? To justify a crack down on the little man? it stinks

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Update for regular authors

Imagine my shock!

Here in Brazil... This is such a common thing, haha!

It is ... It is not a surprise, but despite the circumstances it becomes very gratifying that this view makes it more visible to everyone, including unbelievers.

The media has for a long time transformed BTC and alts as illegal digital currencies, but despite the great effort to cause ignorance to people, we are gradually having more adherences.

The banks' time is numbered as well as the printed money. Long live the new digital age with crypts.

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