Schoenbeck calls cryptocurrency “fake money”; Bitcoin Dives – Dakota Free Press

Pro-Tempore Senate Speaker Lee Schoenbeck recognizes fakes when he sees them. He admitted in 2014 that Annette Bosworth was a fraud and a fake republican. Last year he identified false “crazy” curators in his own party and funded primary campaigns to oust them from the Legislative Assembly. And like many of his fellow Republicans, he’s a master of the art. simulate voters undermine direct democracy.

So when Senator Schoenbeck says cryptocurrency is “fake ticketsand applauds the South Dakota Investment Council’s decision not to add cryptocurrency to our portfolio, Kampeska Krusher’s conviction should fully explain why Bitcoin lost 10% of its value this morning, to the right?

No, Bitcoiners are more likely to show their true color by reacting negatively to the government’s ability to prevent criminals from using cryptocurrency to hold the country hostage:

Bitcoin fell to a two-week low, with analysts pointing to a technical breakdown as well as Colonial Pipeline Co.’s ransom retrieval as proof that the crypto is not beyond government control.

The fact that investigators “could find the untraceable and seize it could undermine the case that is libertarian and free from government control,” said Jeffrey Halley, senior market analyst at Oanda. The implications of that may have prompted the selloff, he said.

The United States has recovered almost all of the Bitcoin ransom paid to the perpetrators of the Colonial cyberattack last month, a sign that law enforcement is able to pursue online criminals even when they operate outside of the United States. country borders.

The FBI was able to find the bitcoin by uncovering the digital addresses the hackers used to transfer the funds, according to an eight-page seizure warrant released Monday by the Justice Department. [Vildana Hajric, “Bitcoin Tumbles as Analysts Point at Looming Technical Breakdown,” Bloomberg via Yahoo, 2021.06.08].

When an asset loses value because the rule of law prevails, we do well to share Senator Schoenbeck’s skepticism. Cryptocurrency is not just fake money; it facilitates criminal activity. Today’s drop in value demonstrates that many of its supporters think it’s a feature, not a bug. Cryptocurrency therefore represents an attitude and an industry that I am happy to join Senator Schoenbeck in avoiding.

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