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The Breakdown

Terrorism, Sanctions & Global Opioid Rings: The Return of the Crypto Crime FUD Narrative

The Breakdown

Blockworks

Investing, Business

4.8786 Ratings

🗓️ 22 August 2019

⏱️ 21 minutes

🧾️ Download transcript

Summary

What do Palestinian bitcoin brokers, bitcoin rewards via hangover deliveries and a Russian spy scandal have to do with one another? It's all on today's 3@3. First, we look at the return of the crypto crime FUD narrative, with the specter of terrorism and US OFAC action against Chinese opioid kingpins. Then, we look at whether reports of legitimate use by Palestinians, legitimate use by US consumers, or chain analysis tools for law enforcement can counteract that narrative. Finally, we look at Patrick Byrne's resignation from Overstock and its blockchain initiatives after his embroilment in a Russian spy scandal.  Watch: https://www.youtube.com/nathanielwhittemorecrypto

Transcript

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0:00.0

Welcome back to another Crypto Daily 3 at 3. All right. So today, one and two are kind of parallels of each other. So first, we're going to look at the return of crime fud. It's obviously been a major category of FUD throughout the history of crypto. Tons of people first came into crypto because they heard of the Silk Road or something like that. But it's back in it, and I think a big way in a way that's worth noting and observing.

0:23.1

So that's our start.

0:24.3

Second, we're going to look at how we combat that fud, particularly looking at whether adoption

0:29.5

and legitimate adoption can actually be a salve and an answer to that.

0:34.6

And then third, we're going to look at news that just came out that Patrick

0:37.6

Byrne, the CEO of Overstock, had set down and what it means for crypto. So let's start with

0:43.1

number one, the return of crime fud. So there were a bunch of things that were noticeable, obviously,

0:47.9

about or notable about Donald Trump tweeting about Bitcoin. The first was that Donald Trump was

0:53.3

tweeting about Bitcoin in cryptocurrencies. The second was that as much as it was about Bitcoin, it first was that Donald Trump was tweeting about Bitcoin and

0:54.4

cryptocurrencies. The second was that as much as it was about Bitcoin, it seemed even more

0:58.4

to be about Libra. The third is that he kind of plied and plummed for this older narrative

1:05.4

of crime, right? So when he was saying, I am not a fan of Bitcoin and other cryptocurrencies,

1:10.0

which are not money and whose value is highly volatile and based on thin air, that's kind of like the whatever

1:14.7

part. But then he says, unregulated crypto assets can facilitate unlawful behavior, including

1:19.2

drug trade and other illegal activity. So again, this has been a part of the Bitcoin narrative,

1:25.8

or at least the kind of the Fudd narrative for pretty much as long

1:29.9

as most mainstream outlets, politicians, et cetera, have heard of Bitcoin, right? This is kind of

1:37.5

part and parcel of new technologies. They're often adopted on the margins first by people who are

1:43.3

looking for alternatives to the regulated

1:45.4

mainstream system. It is just kind of a byproduct of the nature of what these technologies

1:50.7

can do. The challenge comes in how what they do or what these narratives do, what these

1:57.3

fud narratives do in terms of building legitimate support for this in kind of those

...

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