Bitcoin

Out of context: Reply #1068

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  • HijoDMaite0

    Had a pretty good chat with our IT director yesterday about cryptos. His take is that the federal govt. will soon crack down on these companies (exchanges and wallets) they will sequester documents and transaction information. For the simple fact that there is a huge potential for illegal activity due to anonymity. Many people that are cashing out right now could be circumventing the IRS. He kept mentioning North Korea using it too, since they are essentially cut off from the worlds financial institutions.

    But mainly he thinks there is a ton of drug money in it right now. The pot dispensaries all over the country for example. They have still never been able to accept bank cards or been able to create business accounts in regular banks.

    HijoDMaite 0Permalink
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    • This is a quite a simplistic view of it if I am honest. The threat isn't drug money and criminals, the threat is the total removal of middle men such as banksfadein11
    • accountants, govts etc. The big boys will be scared of that so we will likely end up with a diluted, regulated version of it of they can make $ off of it.fadein11
    • The same as anything else in the digital revolution. Look at the porn industry, they they pretty much invented ecommerce and everyone said the same thing then,fadein11
    • that ecommerce was sleazy and linked to shady businesses. But look at us now.
      I do think this crypto movement has more potential to shake things up though. But      fadein11
    • on the flipside currencies like bitcoin have the potential to be huge tools for surveillance and crimefighting, the tech could easily be turned against /fadein11
    • control the people who use it.fadein11
    • I am with fadein11 on this one. Except cryptocurrency is here to stay. You can't stop the progress.zaq
    • Sounds like your IT director gets his knowledge about crypto from tabloid newspapers. Is he any good at his job?detritus
    • @zaq I agree it is here to stay but hopefully the same folk who control things now won't control this in the future. I think that is likely though.fadein11
    • lol @ det. I did wonder.fadein11
    • Like the dot com bubble in the 90s, its going to burst, but like the dot com itself, its going to stay and play a big partdrgs
    • yupfadein11
    • And, like the dot-com bubble, I've missed it, despite being primely-positioned to benefit from it before it blows.detritus
    • ...not that I'm bitter, or anything.detritus
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