Daily Crypto Digest - Stolen NEM tokens Blacklisted | + | Banks Further Crypto Crackdown | + | Crypto harder to launder than fiat study shows | 2.2.18
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Stolen NEM tokens Blacklisted
The devs of NEM traced the funds of the 400Mln $ stolen NEM tokens, and blacklisted the tokens, rendering them useless to exchanges. However, it seems they are breaking the coins into 100 XEM batches into new wallets, but- dividing 500million coins into 100 coin bundles even automated is a huge process. They are going to definetely get away with some of the money, however the odds of even 1% of them being laundered is unlikely.
Banks further crypto Crackdown
JPMorgan expects to start its ban on Feb 3. Due to credit risks, Bank of America is also said to begin on Feb. 2nd.
The bank of America is limited to credit cards. Citing, money laundering as the reason, even though less crypto illicit activity is present. And supposedly adds they are 'concerened' in users purchasing more than they can afford.
I see this as a double edged issue. It's a reason we need to get away from relying on banks and credit systems, and also a step towards getting people to become more responsible investors!
https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases/
Photo Credit: news.bitcoin.com
Cryptocurrency harder to launder than Physical currency
A recent report tracking the circulation of funds from 2013 to 2016 concluded less than 1% of bitcoin transactions stemmed from illicit origins. It is estimated between 2 and 5% of global GDP or, $800Bln - $2Trln is laundered annually. It's harder to launder in scale, and much easier to track. That's what makes the defence by many governments so laughable. When they find out how trackable it is, big brother will smirk gleefully as they line their pockets, and agencies with more ways to track us down. Fantastic, Orwell is rolling in his grave.
But for now, the war of information will rage on and they will continue talking on things they know nothing of.
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It’s the establishment’s coordinated crackdown on crypto. Big banks, governments and the Media banding together. Why?
The reason is: because they are running scared! The establishment and the ruling elite stand to lose the most by people gaining more (financial) freedom!
Bitcoin - and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.
Awesome update Jeff which helped me learn about banks banning cryptocurrency transactions!
BAM! But you still know that "they" are going to continue to use that as justification for regulating or shutting down crypto.
I'm sure the whole banks banning transfers thing has a lot of us on edge, I think they fear capital flight and are testing the waters with just the credit card ban.
It is good that the stolen coins are blacklisted and rendered useless.
However, looking at another point of view, this means the coin is not decentralized enough and the devs have absolute power. This is the same case with central banks marking the serial numbers of stolen money / money laundry service. The coins were stolen because of the lack of security from the exchange, thus the exchange should be responsible, not the dev. Some people have the opinion that this is actually not a good move for crypto world.
Good news for any steemit man
nice @followbtcnews
thank you for giving new insights @