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Feds Ran a Bitcoin-Laundering Sting For Over a Year (theverge.com)
More than 40 alleged dark-web drug dealers have been arrested as part of a sweeping federal effort by the Department of Justice as "the first national undercover operation targeting dark net vendors." The Verge reports: The core of the operation was an online money-laundering business seized by agents from Homeland Security Investigations and operated as a sting for over a year. By offering cash for bitcoin, HSI agents were able to identify specific drug dealers, ultimately tracing more than $20 million in drug-linked cryptocurrency transactions. The hijacked money-laundering service was offered across a number of different marketplaces, with agents claiming at least some presence on AlphaBay, Dream Market, Wall Street, and others.
So far, prosecutions have been launched across 19 states as a result of the operation, seizing more than $3.6 million in cash. The same raids seized large quantities of Schedule IV pharmaceuticals -- including 100,000 tramadol pills and over 24 kilograms of Xanax -- as is typical of trade on dark net markets. Agents also recovered more than 300 models of liquid synthetic opioids and roughly 100 grams of fentanyl. Further investigations are still ongoing.
So far, prosecutions have been launched across 19 states as a result of the operation, seizing more than $3.6 million in cash. The same raids seized large quantities of Schedule IV pharmaceuticals -- including 100,000 tramadol pills and over 24 kilograms of Xanax -- as is typical of trade on dark net markets. Agents also recovered more than 300 models of liquid synthetic opioids and roughly 100 grams of fentanyl. Further investigations are still ongoing.
Crypto currencies base value is almost entirely on drugs, money laundering and ransomware payments. Legitimate businesses like Steam got out of it when it got to volatile to consider a currency.
Legalize Marijuana and I suspect you'll see the bottom fall out of Crypto currencies. Heck, legalize all drugs and treat the hard ones (cocaine & heroine) like the medical conditions that they are and that's basically that.
I can't say I'd be sad to see them go. It's a tremendous waste of electricity for not much in return. You're not going to get freedom from Government & Corporation backed fiat currencies out of it. If it ever came to that they'd just move in and take over. Heck, by all accounts Bitcoin's price has been manipulated by a bunch of folks out of China for the last year or two. Meanwhile it's nice to see GPU prices slowly coming back to Earth.
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I was all ready to mark your comment insightful until the end when you claim socialized medicine somehow prevents opiod addiction from prescription meds.
Here's a recent BBC article claiming the exact opposite, that the NHS is creating drug addicts.
https://www.bbc.com/news/uk-en...
So go ahead, pretend this is an American only issue.