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    Author Topic: Bitcin does not support financial crimes and is not involve in political affairs  (Read 663 times)
    Agbamoni (OP)
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    November 11, 2023, 08:11:41 PM
     #1

    I received a mail on my inbox. It took me some days before i went through my inbox and i read it.



    This is the full content of the email. here

    There is a major scandal brewing at the Wall Street Journal related to their bitcoin coverage. Two reporters, Angus Berwick and Ian Talley, recently wrote an article titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto.”
    The article claimed that Hamas and their affiliates raised approximately $130 million in cryptocurrency donations. For obvious reasons, this would be very concerning if it was true. That is a big “if” though.
    Elliptic, the platform that the Wall Street Journal reporters allegedly used to come up with this analysis, came out publicly yesterday and said that the analysis is wrong. In fact, the Elliptic team wrote in a statement “there is no evidence to suggest that crypto fundraising has raised anything close to this amount, and data provided by Elliptic and others has been misinterpreted.”
    That should be the end of the story, right?
    Unfortunately no. More than 100 lawmakers came together to sign a letter to national security leadership calling for a crackdown on cryptocurrencies. What was their argument? That the Wall Street Journal article proved that terrorists were using cryptocurrency to raise obnoxious amounts of money.
    Think about how ridiculous this situation is.
    The Wall Street Journal published an article that is inaccurate. That article was read by hundreds of our lawmakers, who then decided to create pressure on other administration officials based on the inaccurate information.
    The mainstream media is programming the brains of our lawmakers with fake news.
    There has been no retraction of the story from the journalists.
    They are actually doubling down on Twitter/X and refusing to acknowledge their mistake, although the platform they used to do the analysis has publicly said they are wrong.
    There has been no comment or retraction of the letter from lawmakers that is now proven to be based on false information.
    The scary part in this scenario is that if lawmakers are so easily swayed by inaccurate reporting, we should ask ourselves what other legislation is being proposed after someone consumed inaccurate information?
    This brings me to a point that I made on CNBC’s Squawk Box yesterday. Bitcoin does not care about the politics in Washington DC. The asset is oblivious to what is happening in the world.
    If the US was to take the extreme measure of banning or outlawing bitcoin, the rest of the world would continue to adopt the technology. They may even accelerate their adoption because it would be seen as a positive sign that bitcoin is outside of the US system.
    So while our politicians are being tricked by the mainstream media, it would still not solve the problem that they are claiming to want to solve.
    Bad people are going to do bad things with technology, regardless of the rules. If the US took the most extreme steps at home, it would not stop criminals from trying to use the technology.
    Thankfully, the criminals are one step ahead in this situation though and they have figured out that using a public ledger for committing crimes is a horrible idea.
    The market has solved the problem and does not require new rules or regulations.
    We have to be very careful that we do not simply become a country where the creation of regulations is the norm. We should want the least regulations possible while still accomplishing our overarching goals.
    The whole situation on this topic is unfortunate. The media was likely trying their best to do good work and analysis. The lawmakers took the information and analysis at face value. It is easy to see how we got here.
    Now that we know the information is inaccurate, the media should retract and/or correct the article and lawmakers should publicly correct their comments as well.


    There is a misconception and i want to focus my discussion on some key points

    1. Bitcoin itself is not tied to any financial crimes. Yes, it can be use by criminals as a means to receive payment from. There is a difference between misuse by individuals and the Bitcoin technology itself. Bad people are going to do bad things just like the sender said, regardless of the rules surrounding the technology. Even if there is a law to stop Bitcoin in a particular country criminals will not still stop to use the technology in other countries. 

    2. Government and Information should consider focusing on the need for accurate information before disseminating it to the public. This incident was caused by misinformation that has led to the sudden hash government actions and decision towards cryptocurrency especially the pioneer Bitcoin.

    3.  Hasty decision based on inaccurate information can cause a huge consequence not on Bitcoin but to the society at large. The law makers should have conducted through investigation before proposing to take actions on anything. These scenario has exposed the envies of the lawmakers and government heads towards bitcoin and its technology.


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