Cryptocurrency

Full Title or Meme

A Digital Asset that can be traded online without passing through a Financial Institution.

Context

Created by anarchists who somehow thought they could avoid government regulation of their actions without also avoiding the protections that such regulation provided. What could go wrong?

Well what resulted was human slavery and suffering that is hard to imagine. Chinese mafia is creating cities in Thailand and Myanmar where the goal is to use their purchased slaves to cheat online suckers out of all their assets. That part is working well.

Workers who missed quotas were beaten, starved, made to hit one another. One worker said he'd seen people injected with methamphetamine to increase productivity.

Obfuscation

The US Treasury has fallen for one of the crypto lobby's favorite deceptions that "most money laundering, terrorist financing, and proliferation financing by volume and value of transactions occurs in fiat currency or otherwise outside the digital asset ecosystem via more traditional methods."

The simple reason that most money laundering and terrorist financing by volume and value of transactions occurs in fiat currency or otherwise outside the digital asset ecosystem is that multiple quintillions of dollars flow through the fiat ecosystem compared to a few trillions in the crypto ecosystem. So you'd expect there to be more volume and value of illicit fiat activity than illicit crypto activity.

When you analyze the RATE of illicit activity to total activity in both ecosystems you get to this uncomfortable (for crypto grubrists) fact: there is $3,400 in illicit crypto activity for every $1 million in total crypto activity, there is $0.20 in illicit fiat activity for every $1 million in total fiat activity.