Replying to Mindaugas

😂 have fun staying poor, or else the rehearsed sales pitches to make you think independently on your own might really get you 👻💀
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Cryptospooks 1y ago

The promise of bitcoin and other cryptocurrencies as a solution to financial woes is compelling. They offer a decentralized, borderless, and transparent alternative to traditional fiat currencies, which can be manipulated and corrupted. However, the case of Nigeria highlights the limitations of this narrative.

In recent years, Nigeria has struggled with corruption, mismanagement, and poor governance, making it an attractive testing ground for cryptocurrency enthusiasts. However, the lack of effective regulation and oversight has allowed cryptocurrencies to be used for illicit activities, such as money laundering and terrorist financing.

In 2024, the Nigerian government cracked down on cryptocurrencies, citing concerns over their use in financing terrorism and other illicit activities. While the move was intended to curb these problems, it has had the opposite effect. The crackdown has driven cryptocurrency transactions underground, making it even harder to track and regulate them.

Moreover, the rhetoric of "crypto-sovereignty" has been misused to justify the lack of regulation and oversight, further exacerbating the problem. This has created a Wild West environment where scammers, hackers, and other malicious actors can operate with impunity.

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Mindaugas 1y ago

Well, actually you are wrong about everything you wrote here. But if you are interested, you will have to read through the history of my posts to learn how.

If I were to pick on one thing - "money laundering". You maintain that it is a bad thing. It is not. It is a method of escaping government's censorship of transacting the assets that you own. Whether those assets were stolen or not, interfering with transacting is not the right way of dealing with it. They can prevent the act of stealing, or they can arrest the stolen assets, or if they fail to do it, they lost. Interfering at transaction level is not their business, no excuses. The essence is that rarely they treat stolen money as illegal. Mostly it is the money that was obtained from other market participants but government does not approve or had no opportunity to sign those transactions off or had not taxed it. That is the point. Anybody's transactions is not government's business. If they want to prevent a crime, they have to catch the thief by hand. Not treat everybody's money illegal afterwards.

So this is just 2 words of what you wrote that demonstrate how misinformed about right and wrong you are. Everything (not most, everything) else you wrote is also wrong, built on the same false foundation. Read carefully through my entire post history to see how. That is easy, will only take you like several thousand hours. But including all the references it will be more, of course. But that is the only way.

I know you won't do it. But this is a public discussion, so I must make myself clear as much as possible in a hope that by some miracle it will be useful for somebody else reading this.