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Thread: Mnuchin: “We Want To Make Sure Bad People Can’t Use Bitcoin To Do Bad Things”

  1. #1

    Mnuchin: “We Want To Make Sure Bad People Can’t Use Bitcoin To Do Bad Things”

    http://www.shtfplan.com/headline-new...hings_01122018

    Back in September 2015, when we first predicted that Bitcoin would enjoy an exponential price increase as first the Chinese and then everyone else realized that the cryptocurrency is nothing less than the digital equivalent of borderless Swiss account, bypassing capital controls with ease and enabling money laundering anywhere and everywhere, its market cap was $3 billion. It is now $230 billion.

    Today, a little over two years later, the US Treasury has finally this figured out, and on Friday Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as Bitcoin from becoming the digital equivalent of an anonymous Swiss bank account.

    “We are very focused on cryptocurrencies,” Mnuchin explained, pointing to discussions with other regulators within the U.S. government and later stating: “We want to make sure that bad people cannot use these currencies to do bad things.”

    Speaking at the Economic Club of Washington, Mnuchin said that the Financial Stability Oversight Council, a government body that assesses financial system risks, has formed a working group focused on cryptocurrencies, and explained that “In the United States — and people may not realize this — under our laws, if you have a wallet to own bitcoins, that company has the same obligation as a bank to Know Your Customer. So, in the United States, we have rules for anti-money-laundering, for all different types of entities, we can track those types of [transactions]. The rest of the world doesn’t have that. So one of the things we are working very closely with the G-20 on is making sure that this doesn’t become the Swiss numbered bank account.”

    During the remarks, Mnuchin also suggested that the Federal Reserve is unlikely to develop its own digital version of fiat currency – a topic under discussion at a number of central banks worldwide – in the near future.

    “The Fed and we don’t think there’s a need for that at this point,” Mnuchin said.

    Mnuchin added that he was worried about heightened levels of speculation in the bitcoin market. “The other concern I have is, there’s a lot of speculation in this, and I want to make sure that consumers who are trading this understand the risks,” Mnuchin said. “I am concerned that consumers may get hurt.”

    Apparently he was far less concerned about consumers buying the S&P at all time high valuations.

    ...
    Full article on link.

    Let me translate this:

    “We want to make sure that bad people cannot use these currencies to do bad things.”
    Translation

    "We want to make sure that bad people cannot use currencies competing currencies to do bad things things that do not benefit the money printers."
    To which I respond with another quote:

    “The laws of a country ought to be the standard of equity, and calculated to impress on the minds of the people the moral as well as the legal obligations of reciprocal justice.

    But tender laws, of any kind, operate to destroy morality, and to dissolve, by the pretense of law, what ought to be the principle of law to support, reciprocal justice between man and man — and the punishment of a member who should move for such a law ought to be death.”


    - Thomas Paine

    ... and there is this quote about firearms:

    "The laws that forbid the carrying of arms disarm only those who are neither inclined, nor determined to commit crimes."

    - Thomas Jefferson

    Just replace firearm with money and it makes a different kind of sense:

    "The laws that forbid the carrying of competing currency disarm only those who are neither inclined, nor determined to commit crimes."

    Basically, ordinary people who are not inclined nor determined to commit crimes will be made to be VICTIMS of the money printers, who are actively seeking to monitor EVERY transaction. Cash, despite being a Fiat Currency, carries with it Anonymity, which is vital to resisting the heavy handed influence of the current Status Quo has been targeted to be replaced with a 100% trackable Central Bank issued digital currency. If you resist, they just turn off your bank acct. Not that there was any money in there to begin with. Now, you can no longer buy guns or prepare to resist, you are no longer even able to eat. Fully dependent, fully controlled. It would be like a nuclear arms race against a tribe of cave men.

    They DO NOT WANT BITCOIN or other competing currencies. They DO WANT a fully digital trackable currency that is issued ONLY by them, to subject EVERY transaction to approval. Buying toothpaste? Ok, youre allowed. Buying from an approved vendor like Amazon? Ok, youre allowed. Buying a firearm? Prohibited on Ebay (already actually is). Buy a subscription to INFOWARS? Red Flag, known terrorizer. Loan your neighbor 20 digital bucks? Not unless we can tax it. Digital currency competes with our Fiat Dollars. Their digital currency is the end of freedom, period. Endgame. Their digital currency will destroy the known world.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    You are Ron Paul's Media!

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.



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  3. #2
    We should make sure bad people don't do bad things with frn's.
    "The Patriarch"

    Quote Originally Posted by Swordsmyth View Post

    Not going to happen.
    Quote Originally Posted by Schifference View Post
    The man did not think clearly. It was almost as if he had brain cancer of something.

  4. #3
    Quote Originally Posted by Origanalist View Post
    We should make sure bad people don't do bad things with frn's.
    You mean those pieces of paper whose value is backed by war and death, not gold or even a GDP?
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    You are Ron Paul's Media!

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  5. #4
    Bitcoin is backed by energy and consensus.

  6. #5
    We want to make sure bad people can't use government to do bad things. ...

    Like tracking all financial transactions,
    or trying shut down, control, "regulate", track, tax cryptocurrencies
    "Let it not be said that we did nothing." - Dr. Ron Paul. "Stand up for what you believe in, even if you are standing alone." - Sophie Magdalena Scholl
    "War is the health of the State." - Randolph Bourne "Freedom is the answer. ... Now, what's the question?" - Ernie Hancock.

  7. #6
    Unlike 90% of FRNs you won't find cocaine residue on a bitcoin...
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq



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