Allowing cryptocurrencies to exist is nurturing an ever-expanding global network of criminals and terrorists.
They should be banned like nuclear bombs, human trafficking and crimes against humanity.
It is truly impressive to see how assiduous our governments have been in stopping bad people like criminals and terrorists, from doing bad things. Over the last 20 years governments have tried to stop criminals and terrorists from stealing money or using it to finance bloody wars and strife.
As a result, banks, companies, and us ordinary people must adhere to strict rules that stop us from making payments to criminals and terrorists. New laws and regulations abound like KYC (=Know Your Customer), Anti-Terrorist laws and Money Laundering laws, etc. The laws and rules are supervised by banks and the authorities who have designed special software to catch suspicious payments before they are processed.
We have generally accepted these limitations because we really do want to stop bad people from doing more bad things. But while these new laws, regulations and processes have been put in place, new payment systems have been developed outside the banking system that allow the bad people to enjoy the fruits of their ill-gotten gains and encourage them to expand their activities.
These payments occur with cryptocurrencies over the internet and far from the eyes of banks, regulators, and the police. Genius software developers have been employed with juicy salaries to develop even higher levels of secrecy and anonymity to ensure that the cash hoards remain safely in the hands of the criminal perpetrators.
Cryptocurrencies allow hackers to steal and transfer safely huge amounts of money using clever software, called malware, over the internet. It is estimated that criminals now steal many times more money than ordinary bank robbers. Once stolen, the same criminals can pay the money through different software systems and launder it to buy expensive properties, boats, planes, and other luxuries while the rest of us carry on a little poorer than before! In the same manner state-controlled units in North Korea, Russia, and a few other countries use cryptocurrencies for similar acts of theft and use the money for weapons and other illicit purposes. Drug dealers also use them for payment systems.
And while this is going on right under our noses, we have the big banks, fund managers and rich investors talking about how cryptocurrencies should be introduced as an asset class for investors! That is totally insane because it makes this uncontrolled jungle appear to be something useful, good and innocent. Even the SEC and the ECB have been thinking about this same but, rationally, are now talking about regulation… Their reaction speed is beyond belief…
Not only are they bad for society, but they are also extremely wasteful. The mining of cryptocurrencies uses more electric power each year than Sweden uses in a whole year!
There is no reason on earth why we should be allowing cryptocurrencies to exist,
since they have spawned and maintain a huge network of criminals and terrorists who steal from us more easily than ever before. Call your local politicians and start a new movement to stop cryptocurrencies.