Is crypto for money laundering and drugs?

[RandomGuy1032]

I mean most crypto is owned by the americwn government. It was seized from the silk road (dark web drug market place).

Then you have nft's which seem to be enormously overpriced. (there's no taxes on "profits" made off artwork in the Us).

Yes its corrupt

Other

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1 y

there's literally no reason for crypto to exist besides as an anonymous way to transfer funds

[zeitgeist057]

I don't think you understand crypto at all.

You could say USD is "for money laundering and drugs" since more USD has been spent and used to launder money and to support drug operations than crypto has.

Crypto is just a digital form of currency that ISN'T controlled by the government. Sure, the government can buy or own some, but they can't print more and more of it the way they can with USD. That's why they are scared of it. Because if people used crypto the way they use USD, then crypto would gain even more value and USD would lose value, and then the government couldn't just print more USD whenever they wanted to build something or waste taxpayer money. You don't even have to pay taxes for the government to devalue your money. As they print more and more all the time, the $1 that bought your grandma a gallon of milk, then it cost your mom $2 to buy a gallon of milk, and now you are paying $4 a gallon and if you have kids they will pay $8/gallon once they are adults. Why? Because when the government prints more money, they devalue the money other people have.

Crypto (BTC, ETH), prevents that from happening since there is a set amount with a cap on how much will ever be produced, like gold.

https://www.youtube.com/embed/BU3Uk3wzOwI

[Guy13]

That's an interesting opinion. Everything can be misused when it comes to money. Banks off mainland USA to protect money etc. I am sure the criminals will figure out a way to manipulate the System when it comes to money,

[Adaeva]

Crypto money is used to prevent the criminal government from stealing peoples' money.

[jshm2]

Don't be daft. Most crypto is actually owned by independents.

[zeitgeist057]

Most USD is owned by government also, and they just print up trillions more and devalue what exists. Way more "corrupt" than crypto.

[Zenit93]

NFTs are definitely taxed