Er – you can use Bitcoin to buy drugs on the dark web
— Peter Crowley (@SmoothRegulator) December 26, 2020
Peter Crowley is right to make the connection. Bitcoin is the currency of the dark web and it’s used to pay for the requisites of life if your wellbeing is dependent on a regular supply of under the counter drugs. Reading the quoted article from the London Review of Books is like diving down Alice’s rabbit hole into an alternative web with its own rules.
Some readers of this blog will use it regularly but not many. The 21st century version of the dirty-mac brigade, lurk down the virtual allies where sites whore virginity as ruthlessly as the 18th century madams depicted by Hogarth. The means are different but the impact is the same and bitcoin oils the wheels.
So what do we make of the boasts of this man (thanks for two of my readers for independently sending me this press release from the deVere Group.
“I sold half my Bitcoin holdings over Christmas”: deVere CEO
-FOR IMMEDIATE RELEASE-
December 26 2020
As Bitcoin hits nearly $25,000, the CEO of one of the world’s largest financial advisory and fintech organizations has revealed that he has sold half of his Bitcoin holdings.
The revelation from the deVere Group chief executive Nigel Green – one of the first high-profile cryptocurrency advocates – comes as the Bitcoin price hit yet another all-time high on Christmas Day.
The world’s largest cryptocurrency by market capitalisation jumped to more than $24,661. The value of all Bitcoin in circulation is now around $452 billion.
Mr Green stated: “I have sold half my holdings of Bitcoin as it hit an all-time high. Why? Because it should now be treated as any other investment –that’s to say, where possible, it’s better to sell high and re-buy in the dips.
“The steady gains in the price of Bitcoin has made the digital currency the top performing asset of 2020, up over 200%. As such, I felt the time was right for profit-taking.”
He continues: “There should be no misunderstanding about my decision to sell. It is not due to a lack of belief in Bitcoin, or the concept of digital currencies – it’s profit-taking now to buy more later.
“Indeed, more than ever, I believe that the future of money is cryptocurrencies.”
As Bitcoin surged past $20,000 for the first time ever last week the CEO noted that as some of the world’s biggest institutions – amongst them multinational payment companies and Wall Street giants – “pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn, swells consumer interest.”
He went on to note that with governments continuing to support economies and increase spending due to the pandemic, investors are increasingly going to look to Bitcoin as a hedge against the “legitimate inflation concern.”
Previously Mr Green observed that inherent traits of cryptocurrencies are ever-more attractive. “These characteristics include that they’re borderless, making them perfectly suited to a globalised world of commerce, trade, and people; that they are digital, making them an ideal match to the increasing digitalization of our world; and that demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.”
In addition, a global poll carried out by deVere Group found that nearly three-quarters of high-net-worth individuals will be invested in cryptocurrencies before the end of 2022.
The deVere CEO concludes: “Like me, many traders will sell record high prices as an opportunity to sell, so we can expect some pullback on prices in the near-term.
“But the longer-term price trajectory for Bitcoin is, I believe, undoubtedly upwards.”
The dark web is the new wild web
Bitcoin’s value is sustained and increased by high-net-worth individuals speculating on its future price, but the fundamental value of Bitcoin is as a way of paying for things that by-passes the MLRO and the governance of the traditional banking system.
There is nothing illegal about investing in Bitcoin or converting crypto into fiat money. There is no need for investors to “look through” to what is enabled by Bitcoin, nor the consequences of all this activity on the dark web.
When the west opened up to Americans in the 19th century, it enabled unbridled licentiousness , unpunished murder and a general lawlessness that was tolerated since it was out of the sight of those building up the apparatus of state – including the financial services on which platform America has built its global dominion. The expansion of America across its badlands from sea to shining sea, happened because the west was permitted to be wild.
The dark web is our wild west and like the entrepreneurs who made their fortunes from the pillage of indigenous culture and wanton lawlessness, those who work the dark web are furthering the wealth of nations such as the USA and the UK. We can read the article on how to buy drugs, log into the dark web and – buy drugs. But to do so, we need to buy some of those bitcoin- but don’t worry about that last bit, there are plenty of speculators like deVere’s Nigel Green, who are creating the liquidity for you.
Thanks for pursuing this subject. Nothing illegal about buying the “currency” but I feel morality drives me against it – of course the fact that by giving it credibility I may be furthering dark transactions. But most of all the massive harm this gimmick causes to our planet. It should be outlawed by COP26 in my view.
Hard to see the E S or G of Bitcoin
Fiat currency’s value is sustained and increased by high-net-worth individuals and traders speculating on its future price, but the fundamental value of Fiat currency is as a way of paying for things that quite frequently by-passes the MLRO and the governance of the Fiat banking system.
My edit can equally be true. Those those that think Crypto assets are just another bunch of currencies need to educate themselves about smart contracts blockchains and the general technological advances that Crypto brings to the market.