It is apparent that there are bad actors using this innovation for shady means. This does not mean, however, that the rest of us people are. In order for you to understand that Cryptocurrency in itself is a blessing to humanity It is imperative you learn your History about Colonial Scripts.
COLONIAL SCRIPTS
Colonial Scripts were used in the Original Colonies of this country. They were not backed by Gold or Silver, and there was no Interest Attached. In the 1750’s The Colonists were very Prosperous. They had no Income Tax, no unemployment and they actually had stable Prices.
Benjamin Franklin, himself was asked how did the Colonists become so Prosperous, To which he answered,
“That is simple. In the Colonies we issue our own money. It is called Colonial Script. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one”.
I will leave a reference to this Colonial Script moment in History in the reference section Below.
CRYPTOCURRENCY
Cryptocurrency is the 21st Centuries version of Colonial Scripts. With the mining systems the coins are created digitally in the same proportionate ability to pass from consumer to producer. This is the computerized version of sound money. Remember this as this article goes on. Cryptocurrency such as Bitcoin, Litecoin, Dash, or any other is not bad in itself. It is the intention of the person that is using it.
Regular people mining, or working for this digital currency in order to live life are not the subject of these frameworks. What is the subject are those that would use this innovation for nefarious objectives.
DARK-WEB, AND MONEY LAUNDERING
No matter how great the innovation is, there will always be those that will use those inventions for bad intentions. There were many scam sites luring beginners in this innovation to blindly send them their hard earned coins and to the dismay of the beginner, they never received anything from it.
Bitcoin exchanges, Casinos, alleged bitcoin generators have all played a host to these schemes.
In order for Cryptocurrency to remain the people’s money and innovation to have our world flourish, we need to have some protections and understanding in place.
CRYPTOCURRENCY ENFORCEMENT FRAMEWORK
Attorney general William Barr as of Today has published the “Cryptocurrency Enforcement Framework” By the extensive amount of research, as well as the understanding of how these criminals have been using, Bitcoin in particular, to launder money with out a trace, we can hope that this framework will allow the rest of us earning cryptocurrency through legal means to prosper just as our original colonies have done.
Conclusion
With the understanding how these criminal minds are attempting to destroy a prosperous and fruitful invention that would allow we the people to have true control over our finance and our own lives, it is good to know that our Attorney General is working diligently to protect us from those who would destroy what makes humanity great.
REFERENCES:
Colonial Scripts
Attorney General William P. Barr Announces Publication of Cryptocurrency Enforcement Framework
Attorney general's Report Cyper Criminal Cryptocurrency Framework Report
https://www.justice.gov/ag/page/file/1326061/download
