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The Forum > Article Comments > The digital crack down on crypto: what does the future hold? > Comments

The digital crack down on crypto: what does the future hold? : Comments

By Jessica Foreman, published 24/5/2018

Here in Australia, a financial scandal involving the Commonwealth Bank of Australia sparked reforms to strengthen the anti-money laundering laws to include the likes of Bitcoin.

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Crypto? Derivatives by yet another name. Or money plucked from thin air with absolutely no intrinsic value! Didn't get your fingers badly burned enough last time courtesy of your own stupid greed? This is pass the parcel stuff, with the last one accepting it losing every which way! And all too often older retirees not using the brains they were born with! And in one foul swoop going from moderately comfortably well off to out on the street, homeless or couch surfing, barely surviving on the old age pension! Then they feel they deserve sympathy!? Finally, it has to be the best money laundering scheme ever devised by clever young folk! And I know you know what I mean! Alan B.
Posted by Alan B., Thursday, 24 May 2018 9:50:09 AM
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HODL, Sounds like somebody's a nocoiner Alan B,

"with people using fake social media profiles to try to engineer extra price volatility."

Yeah... But you just go to coinmarketcap.com (or coincheckup.com) and link to the coins ACTUAL Twitter account on the 'social' tab.
The real 'shady and illegal' volatility comes from pump and dumps where a buyer or group of buyers will buy a large qty of a cheaper coin or token that they can break down the sellers wall and force the price significantly higher, like a 25% to 50% gain in 5 minutes, I've seen it happen on Cryptopia.
- Though that's nothing significant as many coins often make 15% to 20% gains or more daily or trade within that range.
Some coins are completely untraceable which means our elected leaders could have coins in these wallets and the public wouldn't ever know or be able to trace it if they did.
Also you can mine coins and tokens without buying them and trade coins on 'decentralised exchanges', such as shapeshift and others meaning the trades are executed by smart contract and there is no actual company per se to gain any data of the trades from.
Crypto's interesting to look into.
For anyone interested I recommend looking up 'blockchain' and 'smart contract' and check out 'Altcoin Buzz' on YouTube,
Posted by Armchair Critic, Thursday, 24 May 2018 10:30:25 PM
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One thing is clear:

Had the bible been written today, it would have included the explicit commandment: "Thou shalt not use crypto-currencies".
Posted by Yuyutsu, Friday, 25 May 2018 12:42:49 AM
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What do you think God has against cryptocurrencies, Yuyutsu?
Posted by Aidan, Friday, 25 May 2018 1:22:25 AM
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Dear Aidan,

God is not for or against anything.
There are however, actions that lead us toward God and other actions that lead us away from God.

To complicate things, the bible (old-testament) was not as concerned with which actions bring us closer or further from God, as much as it was concerned about which actions would prosper the Jewish nation and which actions would break it apart.

Clearly, as segregation is good for the Jewish nation, trading away from the national currency and mixing up anonymously with other nations on the internet would be against the interests of the Jewish nation. This of course is none of our concern, but it was the concern of the bible, historically, hence my comment.

Now regarding things that bring us closer or further to God, the simpler life is, the more time one has to devote to God without distraction. One should be able to say, "I have accumulated that much, so it will last to feed me for that long without worries": this prevents greedy speculation and spending the time on the roller-coaster of watching currencies (or shares for that matter) going up and down - and crypto-currencies do just that because there is nothing real and stable behind them. Another aspect is, that using an anonymous currency makes it easier to pay for vices.

But the main thing is that internet complicates our life: whether we want to dedicate our lives to a nation or to God, either way spending our time on the internet dissipates our intention.

The commandment against crypto-currencies would thus be included as part of a class of similar commandments whose overall gist is given in Exodus 19:6: "And ye shall be unto me a kingdom of priests, and an holy nation".
Posted by Yuyutsu, Friday, 25 May 2018 3:59:25 PM
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It just like to share this video, it contains a lot of inside news and information relating to this topic.
http://youtu.be/Ov3_mvv7ZIo
Posted by Armchair Critic, Saturday, 26 May 2018 9:45:32 AM
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