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Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators - Business - Nairaland

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Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by TheRareGem1(f): 8:17pm On Feb 23
Bitcoin’s Price Tumbles After US Regulator Says It Can Be Used For ‘Illicit’ Purposes

(FILES) In this file photo taken on December 17, 2020 shows shows a physical imitation of a Bitcoin at a crypto currency “Bitcoin Change” shop, near Grand Bazaar, in Istanbul. Ozan KOSE / AFP


Bitcoin tumbled Tuesday from its record-breaking run after US Treasury Secretary Janet Yellen warned that the “highly speculative” unit could be used for “illicit” purposes.

At about 1500 GMT, the digital currency slid 12.57 percent to $47,946, while rival ethereum declined 15 percent to $1,539.

Tesla boss Elon Musk — whose company has invested heavily in bitcoin — tweeted Saturday that the prices of both cryptocurrencies “seem high”.

READ ALSO: Bitcoin Market hits $1 Trillion In Value

Yellen hit out Monday over bitcoin, claiming it was inefficient and required a vast amount of energy — and she expressed fear it was used for “illicit” reasons.

“I don’t think that bitcoin… is widely used as a transaction mechanism. To the extent it’s used, I fear it’s often for illicit finance,” she said at an event hosted by the New York Times.

“It’s an extremely inefficient way of conducting transactions. And the amount of energy that’s consumed in processing those transactions is staggering.

“But it is a highly speculative asset, and I think people should beware. It can be extremely volatile, and I do worry about potential losses that investors in it could suffer.”

Tuesday’s slump came after bitcoin had blazed a record-breaking trail to peak at $58,350 on Sunday.

The total value of all bitcoin had surpassed $1.0 trillion on Friday.

One week ago, bitcoin blasted past $50,000 after Musk’s electric carmaker Tesla revealed it had invested $1.5 billion in the unit.

Bitcoin also vaulted higher in recent weeks after corporate giants — including investment fund BlackRock, New York bank BNY Mellon and credit card titan MasterCard — embraced the digital unit.

AFP

https://www.channelstv.com/2021/02/23/bitcoins-price-tumbles-after-us-regulator-says-it-can-be-used-for-illicit-purposes/

4 Likes 2 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by TheRareGem1(f): 8:18pm On Feb 23
And when CBN said the same thing in Nigeria people thought it was out of ignorance.

Many people even drag Osinbajo...abeg is he the CBN governor or the President?

Nigerians.

76 Likes 4 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Fixey: 8:18pm On Feb 23
That's why Bill Gate envies it. Once they didn't invent the system, they begin to castigate it

How can Bill Gate be advocating the use of vaccines whose longterm effects are unknown, the consumption and regularisation of artificial beef but on the other hand choose to castigate Bitcoins. Pure hypocrisy


Life is a hate-arcade. Once the spotlight isn't on people, they get frustrated, kick and begin to attack. Just the same way CR7 gives " Fraudiola " and Barca fans nightmares grin

50 Likes 6 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Billyonaire666: 8:23pm On Feb 23
Makes no sense.

If you invest $100K on bitcoin as a store of value, you will expect it to double in value within a very short period of time, as a smart investor, you should withdraw the $100K in 3 digits batches and have just your profit sitting there to the moon.

The crypto future guarantees enjoyable future without work.

Just invest in future tech IPOs and ICOs and sit back and read books and watch movies and 'eat' from your money working in the hands of tech engineers and their technologies.

Savvy?

This is the future that your dull Federal Government is too ignorant to foresee.

149 Likes 14 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by blamingthedevil: 8:26pm On Feb 23
It is fraud. It has no back up product , that serves as basis for transactions.

17 Likes 2 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by GamalNasser: 8:28pm On Feb 23
Where are all the foolish Biden Supporters

6 Likes

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Koulture(m): 8:58pm On Feb 23
GamalNasser:
Where are all the foolish Biden Supporters
How long will you continue crying and wailing over the loss of your master?. grin

You go wail you go tire.

66 Likes 4 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Monogamy: 9:01pm On Feb 23
It's already $45k.

If you have bitcoin, you better sell now cos the price will still come down further

25 Likes 5 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by alterego17: 11:20pm On Feb 23
Billyonaire666:
Makes no sense.

If you invest $100K on bitcoin as a store of value, you will expect it to double in value within a very short period of time, as a smart investor, you should withdraw the $100K in 3 digits batches and have just your profit sitting there to the moon.

The crypto future guarantees enjoyable future without work.

Just invest in future tech IPOs and ICOs and sit back and read books and watch movies and 'eat' from your money working in the hands of tech engineers and their technologies.

Savvy?

This is the future that your dull Federal Government is too ignorant to foresee.

Mister biafrannigerian lol

3 Likes

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Help2020: 11:21pm On Feb 23
Billyonaire666:
Makes no sense.

If you invest $100K on bitcoin as a store of value, you will expect it to double in value within a very short period of time, as a smart investor, you should withdraw the $100K in 3 digits batches and have just your profit sitting there to the moon.

The crypto future guarantees enjoyable future without work.

Just invest in future tech IPOs and ICOs and sit back and read books and watch movies and 'eat' from your money working in the hands of tech engineers and their technologies.

Savvy?

This is the future that your dull Federal Government is too ignorant to foresee.
you made it look so easy.You're not a real investor.Every investors knows that nothing is sure in financial world.

65 Likes 4 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Billyonaire666: 11:55pm On Feb 23
Help2020:
you made it look so easy.You're not a real investor.Every investors knows that nothing is sure in financial world.

You are too poor to know about RoI on an investment on the level of a $100K.

Do not blame me for your poverty of mind and body.

18 Likes 1 Share

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by addictiv(m): 2:17am On Feb 24
blockchain tech remains the holy grail of the future and crypto will be the face of future global economic activity

10 Likes 3 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by priceaction: 4:17am On Feb 24
First of all op, try to always edit your post. You guys will just come carry and paste without proof reading and removing all those junks inside. Na wa..
To the topic, It's been predicted several times. The ride to the top was so fast and swift all these days, so expect many cash out on that. Its gotten to her peak and its expected to drop drastically before consolidation. Even many thought its gonna happen at 50k.

Besides, it's end of the month, monthly candle draw down is expected to come after a bull run. It's always good to analyse again at the beginning of the month. It might get direction that time. But now, Na the person wey wise go run out faster to avoid being trapped.
Again I don't know why many people concentrateon btc, while there are many other c.. rypt..o c...oin that are less volitile and people still hold..

When most major Co..ins drop, some altcoins are rising. That's part of the check and balancing in such m... arket.
Some will say buy the deep, me no sabi when deep start so I don't buy such.
I only run with the sharp trend way up, when there is high aptitude and momentum resulting into high volume.

What ever I see in few days and weeks I keep. No time for stories.

12 Likes 2 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Rityonyi(f): 5:01am On Feb 24
priceaction:
First of all op, try to always edit your post. You guys will just come carry and paste without proof reading and removing all those junks inside. Na wa..
To the topic, It's been predicted several times. The ride to the top was so fast and swift all these days, so expect many cash out on that. Its gotten to her peak and its expected to drop drastically before consolidation. Even many thought its gonna happen at 50k.

What ever I see in few days and weeks I keep. No time for stories.


Are you in any crypto whatsapp group or telegram group, kindly link me up if you are in any of them. Thanks]
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Jamesbally: 5:20am On Feb 24
GamalNasser:
Where are all the foolish Biden Supporters

Igbo man

12 Likes 3 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by priceaction: 5:42am On Feb 24
Rityonyi:


Are you in any crypto whatsapp group or telegram group, kindly link me up if you are in any of them. Thanks]

Lol, nothing like that. I hate them with passion especially those telegram nonsense. Many of them are looking for free money to thief.
Are you following the cryp..to thread here? if not, check some of my comments or posts and trace it to the thread.

It may be 70% of what you need and be careful of many of those groups and telegram links (they will soon arrive grin that may turn out to be scam.

3 Likes 1 Share

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by cooooooks(m): 3:03am On Feb 25
Lol. It's back up to $50k.

This is not the first time that the Feds have come for bitcoin.

They can't control it. It has a very important place in the financial sector. Including for people who cannot bank through the US.

Monogamy:
It's already $45k.

If you have bitcoin, you better sell now cos the price will still come down further

8 Likes 2 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by whitewalker673(m): 8:52am On Feb 25
priceaction:


Lol, nothing like that. I hate them with passion especially those telegram nonsense. Many of them are looking for free money to thief.
Are you following the cryp..to thread here? if not, check some of my comments or posts and trace it to the thread.

If you are totally new in cry..pto.. trading, i will send you some youtube videos that can really help you fast and open your eyes to many things. If you are interested sha. You may send me a pm. It may be 70% of what you need and be careful of many of those groups and telegram links (they will soon arrive grin that may turn out to be scam.

Boss i fit PM too
I really need this
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by GeneralPula: 12:18pm On Feb 25
They don’t usually have interest in anything that will benefit the common man easily..

Don’t be deceived..

Investing in bitcoin is more profitable than even any other business atm..

Elon musk and other billionaires knows better..

16 Likes 1 Share

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by adesegun121(m): 12:18pm On Feb 25
Ok
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by slawormiir: 12:18pm On Feb 25
Damnnn niggarrrr
Isoright
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by emmanuel596(m): 12:20pm On Feb 25
Lai Mohammed will rush and use this to justify the ignorance of his pay masters
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Karleb(m): 12:20pm On Feb 25
But the Naira and Dollar cannot be used for illegal purposes. Bravo! cool grin

26 Likes 1 Share

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by eedimo(m): 12:21pm On Feb 25
At least those worshipers of foreign policies, especially those emanating from the US would now stop criticizing the CBN order.

4 Likes

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Queenlovely(f): 12:21pm On Feb 25
why do we abuse any good that comes into this country
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Miyachi: 12:21pm On Feb 25
Truth is fiat currency can also be used for illicit purposes.

Also note that Bitcoin is not truly anonymous as blockchain transactions can be traced, they include IP and other metadata. With a little time and effort you can unmask both sender and receiver.
I think the main issue is censorship and control. The United States needs the Dollar to be de facto world currency for trade so that they can threaten and control other countries by means of sanctions, trade embargoes, etc.

They don't control bitcoin and it is a threat to their control and dominance in the international financial market.

36 Likes 3 Shares

Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by elmas(m): 12:21pm On Feb 25
Billyonaire666:
Makes no sense.

If you invest $100K on bitcoin as a store of value, you will expect it to double in value within a very short period of time, as a smart investor, you should withdraw the $100K in 3 digits batches and have just your profit sitting there to the moon.

The crypto future guarantees enjoyable future without work.

Just invest in future tech IPOs and ICOs and sit back and read books and watch movies and 'eat' from your money working in the hands of tech engineers and their technologies.

Savvy?

This is the future that your dull Federal Government is too ignorant to foresee.

Can I dm you sir?
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Miyachi: 12:22pm On Feb 25
Queenlovely:
f
Even you? grin

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