Wall Street Journal Explores Criminal Side of Cryptocurrency

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The Wall Street Journal has an excellent piece exploring the criminal side of cryptocurrency. Long-time readers know I’m a fan of cryptocurrency, but this piece offers excellent insight on the dark side of this technology. Here’s a snippet:

For many criminals, cryptocurrency is less cumbersome than cash. Hackers hold computer systems hostage and demand instant, anonymous payment in bitcoin. Drug dealers sell in dark corners of the internet, obscuring their names and locations. Narcotics traffickers move and launder their profits with clicks of a mouse. “The cases have exploded,” says Gabriel Bewley, a special agent in the virtual-currency initiative at the Drug Enforcement Administration.

I’ve read some really awful attacks on cryptocurrency and Bitcoin in the last few weeks, pieces that are devoid of logic, knowledge, and understanding. What I like about this piece is that it covers this real problem with facts and without hyperbole. If you’re looking for some understanding on this issue, this is a great article to read.

Check It Out: Wall Street Journal Explores Criminal Side of Cryptocurrency

2 Comments Add a comment

  1. archimedes

    Bitcoin mining seems to be an astonishing waste of power (some 65 TWH/year, about as much as the Czech Republic) and it has also caused a GPU shortage.

    Is this really a good thing?

  2. geoduck

    Bryan:
    As we’ve discussed before, I’ve never been a fan of Bitcoin or any other cryptocurrency. I see them as investments with no intrinsic value so nether like, trust, or use them. So this bit comes as no surprise to me. I see it as only a matter of time before major countries crack down on all cryptocurrencies, probably using the excuse of how criminals are using it, and the value collapses. Either that or there is a major crisis, investors “flee to quality” and the value crashes.

    How can you tell when a fad has peaked? When Oscar Meyer gets involved. I present The Bacoin:
    https://www.coindesk.com/bring-home-bacoin-oscar-mayer-debuts-crypto-campaign/

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