Is Cryptocurrency Evil – One of the most common criticisms of cryptocurrency is that it is the currency of criminals. Jamie Dimon, CEO of JPMorgan Chase, the largest bank in the United States: “If you’re in Venezuela or Ecuador or North Korea or many places like that, or you’re a drug dealer, a murderer, those types of things. “It is better to deal with bitcoins, not US dollars,” he said.
In reference to terrorist financing, Treasury Secretary Janet Yellen said, “The technology to address this will change over time, and we must ensure that our approach to addressing the issue of technological financing of terrorism evolves with technological change, especially with cryptocurrencies of concern. .
Is Cryptocurrency Evil
Pay cryptocurrencies for ransom attacks, money laundering, and more. There are certainly examples of its use for nefarious purposes. I mean, criminal activities existed before the advent of cryptocurrencies, and there were no problems dealing with national currencies such as the US dollar.
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Many of Bitcoin’s critics are concerned with dirty money. Take HSBC, the sixth largest bank in the world, for example. In March 2021, HSBC banned account holders from buying shares in MicroStrategy, expressing its distaste for cryptocurrencies and their securities. Ironically, HSBC has a well-documented history of profiting from money laundering schemes for drug addicts.
The problem here is that it’s easy for Big Bank executives or government officials to get away with cryptocurrency because of its ability to facilitate illicit financial transactions, while ignoring the fact that many legacy financial institutions are involved in billions, even trillions. dollar dirty money transactions in a month.
So how much of the cryptosphere is involved in criminal transactions? The report found that 2.1% (or about $21.4 billion) of all cryptocurrency transactions in 2019 were for criminal purposes. This amount will decrease by 0.4% (or $10 billion) in 2020. Economist Ken Rogoff (a Bitcoin skeptic) estimates that about a third of all US currency in circulation is now missing from the US dollar. taken into account. because the opportunity means it’s being used by criminals or tax cheats. It’s hard to say for certain that 33 percent goes directly to criminal purposes, but I’d venture to guess it’s more than 0.4 percent. I think that’s a safe bet because the United Nations Office on Drugs and Crime estimates that between $800 billion and $2 trillion is laundered worldwide in a year.
Could cryptocurrency be used to facilitate financial transactions to support illegal activities? Absolutely. Does this mean that cryptocurrencies are bad and should be avoided? Absolutely not, especially when other official currencies are used to such an extent for criminal activities. Criminal activity occurs regardless of the available economic means. The problem is not the currency, but the criminal activity.
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In addition, the scope of cryptocurrencies goes beyond simple financial transactions, and the underlying blockchain technology has the potential to massively change the world by creating a freer, fairer and more functional system for people, not financial managers and their shareholders.
There is no need to deny that some use cryptocurrency for illegal purposes. But it’s foolish to focus only on this while ignoring the good of crypto and blockchain and the huge potential for good in the future.
Previous Previous Blockchain for Social Responsibility Next Next Next Using the VeChain blockchain to verify that the ocean is clean of plastic In March 2021, digital artist Mike Winkelmann, known professionally as Beeple, sold a digital collage of five thousand original images as a non-editable token (NFT). For over $69 million. The sale, brokered by Christie’s, is the largest NFT transaction to date. The story gets even more complicated considering that the buyer, Vignesh Sundaresan, used 42,329 units of a cryptocurrency called Ether to finance the purchase.
What exactly did Sundaresan get for his investment? The BBC defines an NFT as a “unique asset” in the digital world that can be bought and sold like any other property, but has no physical form of its own. Digital tokens can be thought of as certificates of ownership of virtual or physical assets.
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Therefore, Sundaresan has exclusive ownership of the original digital images of Beeple’s Everydays: The First 5000 Days collage. Anyone can see it
This story may be more fun than fiction, but it represents a cultural shift from the physical world to the digital world. In addition to Bitcoin, Ethereum and NFTs, more and more people in the western world are buying, selling and giving with the touch of a screen. Cash and checks are practically obsolete. According to a report by the Federal Reserve System, 71 percent of bank account holders use online banking and 38 percent use mobile banking.
This trend towards a cashless society is very interesting and it has answered many questions about why we are being led to the mark of the beast.
With so many signs popping up in the financial world, it’s getting harder and harder to figure it out. God’s Word contains general principles and prophecies to guide us, but predicting future events is difficult. We must be careful not to translate these principles and prophecies into actual prophecies. While no one can predict what role NFTs and cryptocurrencies will play in tomorrow’s economy, there is no doubt that money will play an important role in future events, including the end times.
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After the tribulation begins, two men, the False Prophet and the Antichrist, will unite global economic power through the Mark of the Beast. Revelation 13:17 says, “No one can buy or sell except he who has the mark or the name of the beast.” Other than placing it on the forehead or right side, the Bible does not specify what form this mark will take (Revelation 13:16). The Bible emphasizes the power of signs.
Not only does this symbol become the world’s currency, but Satan uses it to create unity between the financial and religious worlds. The false prophet will receive power from Satan to show great signs that will lead people to worship the Antichrist (Revelation 13:15). The mark of the beast identifies the bearer as a worshiper of the Antichrist.
One thing we do know is that the Antichrist will come into power before the “Mark of the Beast” (2 Thessalonians 2:3; John 17:12). In other words, believers no longer have to worry about accidentally grabbing a token by buying a cryptocurrency or NFT. However, it is easy to imagine how a cashless society could lay the foundation for a unified global economy.
We seem to be seeing a major storm brewing in the financial world. Digital assets such as cryptocurrency and NFTs are just one example of how these technologies exist to fulfill the Antichrist’s agenda. All this may seem scary to you. I feel the same way.
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As believers, we can confront these things with biblical understanding and a measured tone. When we keep our eyes open to all that is happening around us, we can focus on Christ and trust Him. The good news about living for Jesus is that not only can we experience the wealth of God’s wisdom and knowledge, but we can also experience the reality of God’s presence today.
The writer of Hebrews said, “For He Himself said, ‘I will never leave you, nor forsake you.’ Therefore, we can confidently say: “The Lord has helped me, I will not be afraid.” What can a man do to me?” (13:5-6) This is one of the most emphatic statements in the New Testament. God will always be with you in your life. He will guide you through the dark days and he will not leave you. As the end times approach, the financial world will be chaotic, but Jesus is there yesterday, today and always!
Federal Reserve System (US) Board of Governors, “Consumers and Mobile Financial Services 2016,” accessed October 6, 2021, https://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603. pdf.
Continue your study of Bible prophecy with this other popular article by David Jeremiah: Church of Seven Revelations Bible Study to Become a Moneyless Society – Financial Signs of the End Times What Suffering? Why Who Receives the Mark of the Beast? What is the judgment of the Great White Throne in Revelation? False Prophets in Revelation 11 Answers to End Times Questions What is the Rapture? What is a millennium? 7 Answers to 7 Questions 4 Signs of the End Times A Timeline of the 144,000 Revelation Prophecies in the Book of Revelation View All Prophecy Articles Here >
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God blessed them and God said to them: “Be fruitful and multiply, fill the earth and subdue it, rule over the fish of the earth.