Wednesday, July 19, 2017

Bitcoins Novelty Could Turn Competition During A Crisis #Bitcoin

Why will the Bitcoins of the world be seen as threat to monetary control? Predictability of human behavior, specifically ego. Those investing (not trading) in gold and silver and cryptocurrencies (cryptos) based on the premise that government will fight for their existence are HOPING, whether they realize it or not, government will turn a blind eye to both as the crisis and finger pointing escalates, likely in late 2017 or 2018. Although cryptos, including the well-known Bitcoin, are novelties, seen as a game of musical chairs by central authorities, their perception will change as price soars. Novelty will quickly turn to competition, a threat for control and dominance by increasing vulnerable governments. This transition likely comes as countries deal with a flight of capital during the crisis that Herbert Hoover described as "capital is acting like a loose cannon on the deck of a ship in the middle of a storm." The desire to 'control the cannons’, a predictable human behavior to look important during a crisis, will likely deem cryptos as money laundering conduits and declared them illegal, literally overnight. If that happens, servers would be confiscated and key admins perp-walked to jail. The Senate is already crafting an anti-terror bill to deal with the exchanges. The Japanese are among the first to acknowledge the message.

Headline: Senate Anti-Terror Bill a Threat to Bitcoin

WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley and Ranking Member Dianne Feinstein, along with Senators John Cornyn and Sheldon Whitehouse, today introduced legislation that modernizes and strengthens criminal laws against money laundering – a critical source of funding for terrorist organizations, drug cartels and other organized crime syndicates. The Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 updates criminal money laundering and counterfeiting statutes, and promotes transparency in the U.S. financial system.

“Terrorist organizations, drug cartels, and other criminals are actively looking to exploit and harm Americans, whether by attacking our way of life, flooding our country with highly addictive drugs, or defrauding unknowing victims. The recent terrorist attack in the United Kingdom is the latest somber example of how real these threats are to our country and its allies. We must continue to fight them on every front, and that includes going after the profits of crime that are also used to fuel the ongoing activity of these diabolical enterprises. Our bill updates our money laundering laws for the 21st Century,” Grassley said.



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