Oh no.... Criminals!
Again Steve Munchkin (as I'm going to call him now) is completely unaware of how ridiculous he sounds. He went on CNBC and said the stupidest thing he could, and when confronted he doubled down.
The idea that Bitcoin is only used for crime is not only ridiculous, but it also ignores the simple fact that even if a currency is used for crime, banning said currency is ridiculous. Which is to say, that if the metric we are using to determine if something should be banned is not solely based on the activity of bad actors, but in a net gain/loss sense.
I will give props to Joe Squawk for pushing back, and correctly pointing out that the US dollar is #1 worldwide for criminal activity, and mind you, not all crimes are committed by Chapo look alikes. As a matter of fact, there's a list easily available of the biggest criminals in this field, and guess what, they are The Banks.
Did HSBC not pay insane fines recently for laundering ridiculous amounts of money? Yes, of course it did. But, Munchkin is too busy being ridiculous to make heads or tails of his argument.
https://twitter.com/SquawkCNBC/status/1151817678157484034
As pomp says... The virus is spreading!
MenO
The US Dollar is the preferred currency of criminals, by far. Watching Libra hearings has been beyond ridiculous and embarrassing for me as an American. It's frightening how out of touch most of our politicians are when it comes to current technology. I say having a basic understanding of anything they have the power to enact legislation on should be a requirement. Otherwise, the US will continue to slide backwards in comparison with the rest of the world.
same here.... watching dinosaurs speak
Yep exactly. You know having a family member that used to be in banking they talked about there is something called a bank charter, all banks have to apply and/or re-apply for every few years. Why do these charters get extended to banks in locations that have more or less plead guilty to fraud, embezzlement, or worse? Why does when Wells Fargo have branches all over the US do they get these charters renewed? They are based on "service and positive work in the community." They just pay fines and never have these charters revoked in the areas, and there are never any lawsuits brought up because of it. I suppose that's the system that Mnuchin prefers, locking out the competition with these kinds of regulations that are not enforced on existing mega conglomerates but anything that may at any point upset the blissful monopoly going on right now.
Excellent review @meno and I am very surprised by people like the Steve Munchkin and their myopia in crypto matters!
He knows exactly what to say to the spotlight on himself
Posted using Partiko Android
A nation-state that loses control of coinage is only a short step away from dissolution into anarchy. That was the reason for counterfeiting of national currency being capital offense in civilised human societies. Allowing unauthorised exchange medium to replace national currency is akin to following a policy of national and racial suicide. It would be odd of the US Treasury department to freely acknowledge a non-government sanctioned exchange medium to be classified as money. The Secretary is merely performing his duty to the public.
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