Columnist and business journalist John Crudele doesn’t always write 100-word rants on Bitcoin in the New York Post — but when he does, you can be sure it’s wrong.
On September 30, Crudele once again published an article about Bitcoin — this time titled “Bitcoin is only useful to people who don’t want to get caught.”
In the article — or, rather, the brief collection of irrelevant sentences — Crudele manages to say almost nothing. In fact, the only thing he actually says to reinforce his headline is:
Bitcoin is a confidence game that’s useful only to people who don’t want to get caught doing bad things.
Sure Beats a Bank Transfer
First and foremost, Bitcoin is undeniably useful as a means for transferring value.
I can send Bitcoin from my Coinbase account to my father’s Coinbase account, overseas, in a matter of minutes — from which he can cash out in fiat to his bank, which takes less than 24 hours. If I wanted to do the same thing with an international bank transfer, it takes days, occasionally fails, and incurs high fees.
Verdict: Useful for something other than hiding bad things.
A Crappy Crypto for Criminals
Secondly, Bitcoin isn’t even particularly good at hiding bad things.
Crudele sarcastically writes:
If I’m ever going to bet on Manchester United with a bookie in Hong Kong or launder my drug money out of Mexico City, I guess I’ll have to get myself some bitcoin.
In fact, if you want to launder money, you’d probably be better off doing it off an immutable distributed ledger that permanently records every illegal transaction — especially since law enforcement agencies are becoming increasingly adept at tracking and tracing transactions and tying them to individuals’ locations. (Don’t get us started on KYC requirements.)
Not that we condone illegal activities, of course, but privacy coins like Monero tend to be the cryptocurrency of choice for bad guys.
Verdict: Crudele needs to read up on Bitcoin before “teeing up” empty rants.
What do you think about Crudele’s pointless article? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock.
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