Chart Of The Day: Forbid USD, It Is Used For Drug Buying!

in cryptocurrency •  last month

United States Treasury Secretary Steven Mnuchin seems to be agreed with his boss, President Donald Trump, and also expressed his concerns on the use of cryptocurrencies to finance “illicit activities”. Calls for stronger regulations of crypto-related organizations.

He thinks, but where is the proof?

He also called the use of cryptocurrencies a national security issue, saying that billions of dollars have been used for this purpose.

“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking […] This is indeed a national security issue.” “I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation” – cited Cointelegraph and many other sources.

Billions of dollars? Not bad

And I think extraterrestrial life exists. But I don’t have proof. “Billions of dollars of illicit activity”? Thank you, Mister Mnuchin. Do you know what this is? Nothing. Nothing compared to the illicit activities financed with your US dollars, and also euros, yens, or other fiat currencies.

The organization of the United Nations, UNODC wrote earlier:

Transnational organized crime is big business. In 2009 it was estimated to generate $870 billion - an amount equal to 1.5 per cent of global GDP.

And this is only in 2009, and only “transnational”! Where is the national level, dear American people? I suppose other hundreds of billions of dollars.

From billions to trillions

A newer source:

Globally, transnational crime has an average annual retail value of $1.6 trillion to $2.2 trillion, based on 11 “industries”: counterfeiting and piracy, drug trafficking, illegal logging, human trafficking, illegal mining, illegal fishing, the illegal wildlife trade, crude oil theft, the trafficking of small arms and light weapons, the illegal organ trade, and the trafficking of cultural property. (Global Financial Integrity wrote)

cod Forbid USD, It Is Used For Drug Buying.jpg

Forbid dollars or regulate them

Let’s suppose, Mnuchin is right and “billions of dollars” of illegal activities are financed with cryptocurrencies. Let’s suppose, 10 percent of all cryptos, approximately 25 billion USD at the moment. (I doubt it.) And then, compare this with “1.6-2.2 trillion”.

The result can be seen on the chart. I propose we forbid USD dollars. It is much much more probably that an “illicit activity” will be financed with US dollars than with cryptocurrencies. At the moment.

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Actually, there are elements in the economy that want to eliminate cash. Then all of your transactions would be done account to account. It seems harmless enough until your account gets frozen, or the impose new fees or negative interest rates where you are charged for having money in an account. That has already happened in Japan! Yes, I use those conveniences too, and I pay fees at the bank, but I also keep cash for when the system fails (and it has). So be careful what you propose, even if it’s to make a (very) valid point!

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I was not really serious about the prohibition of fiat. A balanced portfolio of different assets is mostly the best choice.

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I agree. It’s that there may be others who have not thought it through as well. I did like the piece regardless - it made the right point!

Still the government says that crypto is illegal and used only by drug dealers

Good Morning,

Very good points are made here! I do believe that the US Dollar will lose its value over time, as cryptos begin to be recognized as great assets!

-pf

👍👏 Bravo. Great article. Cryptocurrency needs this kind of articles on mainstream news.

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