Illicit activity is hurting Bitcoin’s future | New York Post – New York Post

Dear John: I really think you missed the boat on bitcoin.

You assume bitcoin is just money, when in fact it has many other uses. Its here to stay, and will disrupt every industry, including governance.

Bitcoin ATMs are an easy on/off ramp, since due to regulations in the US its very hard to get bitcoin today. If you look at all the companies (including all banks) that are looking into utilizing this technology, I think you may want to rethink your view.

Santander Bank alone will save $20 billion in internal transfers. E.G.

Dear E.G.: You are referring to a column I wrote about bitcoin being used to launder money from illegal activities.

It just so happens that last week a US jury indicted a Russian man for operating a digital bitcoin exchange that he allegedly used to launder more than $4 billion for people involved in crimes ranging from computer hacking to drug trafficking. The guys name is Alexander Vinnik, and he was arrested in a small beach-side village in northern Greece. This is all according to a report by Reuters.

US officials alleged Vinnik and his firm received more than $4 billion in bitcoin and did substantial business in the US without allowing appropriate protocols to protect against money laundering and other crimes.

So that pretty much confirms what I wrote about the sudden growth of bitcoin ATMs throughout the city.

But lets also look at the illogical stance you are taking. You say that bitcoin is going to disrupt every industry, including governance.

If that were so if governments were going to be disrupted why would governments allow bitcoin and other digital currency to survive? They wouldnt.

Will there someday be a universal currency used by all countries? And will it be digital?

Probably. But thats not going to happen until bitcoin and the others control the illicit activities they are condoning, and until someone backs these currencies with something other than the full faith and credit of nothing.

In other words, eventually governments will band together to create and back a digital currency. And it probably wont be bitcoin.

Dear John: The only way to make going to the doctor affordable is to get rid of the insurance companies, Medicare and Medicaid.

When I first began working full-time in 1985, I went to a neighborhood doctor, God rest his soul.

For a $20 visit and another $20 for a prescription, he got me well. Follow-ups were free. He gave free samples. He even made house calls.

In a cash business, doctors would only be able to charge what the patients have in their wallets and pocketbooks. No greedy middle men. Prices would fall.

God bless and straight ahead. S.H.

Dear S.H.: I remember when I could get an ice cream cone for 25 cents and a decent dinner would cost $20.

But those days are gone.

And so is the Marcus Welby-era that you describe.

Now Id like to see some real letters on the health care problem.

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Illicit activity is hurting Bitcoin's future | New York Post - New York Post