March 5, 2018

The power of crytocurrency

As we have noted, what we know about the cash flow in the illegal drug industry (which is reportedly roughly the size of the legal pharmaceutical industry) is extremely little thanks in part to cash and cryptocurrency transactions that can be used for all sorts of dealing including, say, those of real estate investors. 

 CNBC - During a recent "Ask Me Anything" session on Reddit, the Microsoft co-founder said that the main feature of cryptocurrencies is the anonymity they provide to buyers, and Gates thinks that can actually be harmful. "The government's ability to find money laundering and tax evasion and terrorist funding is a good thing," he wrote. "Right now, cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way." When a Reddit user pointed out that plain cash can also be used for illicit activities, Gates said that crypto stands out because it can be easier to use. "Yes -- anonymous cash is used for these kinds of things, but you have to be physically present to transfer it, which makes things like kidnapping payments more difficult," he wrote.


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