SEC says it will deregulate cryptocurrencies with 'Project Crypto'

Comments

• bacon_pdp@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  So to match the fraudulent government, the USA is going to have an entirely fraudulent market and soon after an entirely fraudulent currency.

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  • Reverendender@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

    I would argue that the market has been fraudulent for some time now, but otherwise yes

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    • tonytins@pawb.social ⁨3⁩ ⁨weeks⁩ ago

      Got even worse after the Terra blockchain collapsed. Pretty much popped the first bubble in a day.

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  • blargle@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

    Image

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  • db2@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    🌍🧑‍🚀🔫🧑‍🚀

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  • rozodru@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    soon? it always has been. Does no one remember the whole CDO shit? buying insurance on bullshit loans or packaged loans/debts of quite literally shit? no one knew what the fuck was in those things, literally no one. The rating agencies would rate these things and have no fucking clue what the hell they were. They handed loans out like halloween candy to Americans just to get more shit into these things.

    the US Market has been fraudulent for decades.

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• 474D@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Sounds like another pump and dump scheme to inflate prices of popular crypto, which trump and his buddies already bought cheap, sell high, and then reverse the process after profits have been made. All this guy knows is money. It’s not even the value, just getting a payday is his high.

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• overload@sopuli.xyz ⁨3⁩ ⁨weeks⁩ ago

  RIP climate targets

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  • UnpopularCrow@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Well the head of the EPA called climate change “a religion” so that ship has sailed for the US.

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    • muusemuuse@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

      Wouldn’t it be funny if it got special protections because it was declared a religion?

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    • PattyMcB@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Funny that actual religion is being embraced by all the Republicans

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  • UnderpantsWeevil@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    You say that now, but wait for the US economy to completely shit itself.

    COVID and the Great Recession were both spectacular for reducing emissions.

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    • timbuck2themoon@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

      I mean, global economy really. Crypto has the potential and already fucked a few banks when it shit itself which could’ve led to awful bank runs.

      If/when it destabilizes the American banking system the entire global economy will follow its lead down, at least a bit.

      Like I don’t think people understand how devastating letting a scam like this into proper finance can be. Finance itself already has way more latitude than it should- wait until this just splits everything wide open.

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  • AmbitiousProcess@piefed.social ⁨3⁩ ⁨weeks⁩ ago

    To be fair, the SEC has only really gone after cryptocurrencies other than Bitcoin, which is the only major blockchain that uses the energy-intensive Proof-of-Work. The things the SEC was trying to regulate, that it considered securities, are almost entirely running on Proof-of-Stake networks, which have negligible relative energy consumption.

    This will almost certainly have a lot of other negative impacts, but I doubt it will have that much on the climate.

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• Kronusdark@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Genuine question, is crypto good for anything other than gambling at the moment? I don’t ever hear of anyone buying anything with crypto, only exchanging it out for USD. NFTs are basically a punchline now… what is it actually good for?

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  • queermunist@lemmy.ml ⁨3⁩ ⁨weeks⁩ ago

    It’s a good way to launder money. The used to need to sell coke to fund off-the-books CIA operations, now they can just give them shitcoins.

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  • Imgonnatrythis@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

    It’s not untraceable, but it’s way more anonymous for routine purchases than CC. Also with all the nonsense the CC companies are pulling lately, it’s a nice example of why de-centralized, unbanked fiat has real value. Personally I use it for search engine subscriptions and paying VPN fees with at least a layer of “hey, you can’t sell my demographic data or send me junk mail” privacy. Also if you want to send money to someone without using venmo type garbage, it’s super easy and flexible even if you don’t have the same type of crypto as the person you are sending to. It’s huge for sending money internationally as there are big fees associated with international money brokers when involving traditional fiat.
    The mantra of crypto as a scam is wrong. It’s just seriously overvalued and has been turned into scam as an investment commodity. The technology itself, at least modern scalable versions that don’t require AI level nuclear power plants to scale, is not flawed. The fact that the archiac unscalable bitcoin prototype is still the most valued is a great example of the mismatch between real world value and the fucked up crypto marketplace.

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    • cadekat@pawb.social ⁨3⁩ ⁨weeks⁩ ago

      The fact that scams persist on blockchain is an unfortunate side effect of the whole uncensorable thing…

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    • prole@lemmy.blahaj.zone ⁨3⁩ ⁨weeks⁩ ago

      Monero absolutely is untraceable

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    • rottingleaf@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      So. Which one would you advise? To use for the purposes described.

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  • wampus@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

    It’s a really good way to bribe politicians and public figures.

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    • Knock_Knock_Lemmy_In@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      It’s traceable and immutable. It’s a bad way to do anything illegal.

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  • muusemuuse@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

    Maybe if you want to buy something visa, Mastercard, and Christian nut jobs don’t want you to have. Otherwise it’s a total scam.

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    • Mirshe@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Assuming you can find a buyer who will process that crypto, without touching either of those payment processors. All the crypto evangelists seem to forget the major crypto payment platforms are in use because you can actually rapidly exchange your crypto for that thing you can actually pay your rent with - but those function largely on the backbone of big payment platforms to trade that crypto into cash for the merchant.

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  • ZILtoid1991@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    If things go as they do, then it’ll be your only option soon to pay for porn.

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  • tonytins@pawb.social ⁨3⁩ ⁨weeks⁩ ago

    It was supposed to be the very thing that Paypal become (probably Elon hedged his bet on it after getting kicked) but it became so inefficient with expensive transaction fees that everyone turned it down. (Mind you, this was before we even before we knew environmental damage.) As a consequence, it became turned became a worse version of the stock market.

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  • iopq@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    It’s easy to transfer to other countries. Ever tried to send $20 to another country like Kazakhstan? It’s a nightmare

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    • utopiah@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      easy to transfer to other countries

      Also easy to transfer with IBAN and relatively cheap … so I guess other countries that do not rely on IBAN?

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  • deafboy@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    I used to buy a lot of pizza and burgers with bitcoin when I did night shifts. Still use it to buy electronics at least once a month.

    It’s also the best way to donate to nonprofit projects. I can just send ~ $10 of value, one time. No need to risk accidentally signing up for a monthly subscription or being bombarded by spam.

    If you don’t keep 100% of your monthly budget in BTC, you don’t really care about the volatility either, because long term it always goes up.

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    • breecher@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

      None of your examples are examples of what it is good for, since they can all be done by other means.

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  • REDACTED@infosec.pub ⁨3⁩ ⁨weeks⁩ ago

    Yes. Can you imagine my surprise when my drug money suddenly became mainstream? You could also buy weapons and order a murder online.

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    • ScoffingLizard@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

      Where tf do you order an assassin online? It’s an FBI agent on the other end for sure.

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  • axum@lemmy.blahaj.zone ⁨3⁩ ⁨weeks⁩ ago

    Sui specifically is a unique horse in this race, as they are trying to really push for zero knowledge/trust models as well as what is known in cryptography spaces as multi party computation.

    What this all effectively means long term is several things

    • moving between one cryptocurrency on one chain to another can be done without trusting a 3rd party 'bridge’
    • you still retain control of your assets on cryptocurrency exchanges utilizing the tech instead of trusting some 3rd party like Coinbase or Charles Schwab to fulfill their end of the bargain
    • with the raise of the bs porn ID laws, this tech coupled with NFTs could generate you a proof token that has your personal info hidden after verifying with some trusted company handing these token out and being able to use them at sites to prove you are an adult without revealing your name.

    The problem with all of this of course is it is very new tech, and it’s hard to break into a space that’s littered with scammers running pyramid schemes or just pulling the rug out from under people and running with the money.

    The tech is there to eliminate a lot of unnecessary middle men in the financial world, but like all shiny new things, it is still lacking mass adoption and formal govt rules around it.

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  • AngryRobot@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Didn’t Newegg have some kind of crypto payment option? Do they still have it?

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    • O_i@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      I funded my entire gaming pc with bitcoin, I believe they still accept it

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  • oppy1984@lemdro.id ⁨3⁩ ⁨weeks⁩ ago

    Crypto (ETH and the like) is useful for it’s protocol, you can build projects on it.

    Bitcoin is a good store of value, and with lightning payments starting to be accepted it could be a good way to pay for goods and services. The third world is currently using lightning to circumvent inflationary currency swings.

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  • ryannathans@aussie.zone ⁨3⁩ ⁨weeks⁩ ago

    Bitcoin has become a reserve currency like gold, without the heavy weight

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    • Lumisal@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Currency has stable and usable value.

      Bitcoin has neither of those.

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  • NewNewAugustEast@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

    It was great to trade and move value around. You could send to other countries, or do work for it. But Bitcoin fucked it all by basically being a ponzi scheme. People below will talk about it and how it holds or increases in value. Thats because most people are still buying in and hording it. Making it terrible as a currency.

    I never bought crypto, I only traded, bartered, worked for it. I never put it on an exchange or used another company. Another sink of value and a stupid place to keep it. But that is the vast majority of people now.

    So it is not good for anything anymore.

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    • icylobster@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Bitcoin specifically was never meant as a currency. There is a reason why people call it “digital gold”. I do find myself hesitant to buy it since people buy it with the goal of getting rich, it ruins the entire point.

      In theory I actually love the idea of Bitcoin, something independent of resources. I know that sounds weird, but the moment asteroid mining gets big, traditional money storage will get rocked, hard. While something like Bitcoin, in theory, would be safe.

      I see deregulation as generally a bad thing if you want any of this to be taken seriously and not be manipulated. At least, for most of them. In theory you could have a crypto that is very resilient to manipulation, I just don’t know if that exists right now.

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  • fodor@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

    Yes. There are a few legitimate non gambling non crime uses. But those are typically very minor transactions. The problem is that it is somewhat anonymous and not refundable. It turns out that we really do want those features for almost all medium-high price purchases. Otherwise the thieves and scam artists will jack our shit.

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    • Knock_Knock_Lemmy_In@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Illicit cryptocurrency transactions experienced a notable decline, representing approximately 0.4 percent of the total transaction volume. … Scams accounted for 24% of total illicit activity.

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  • O_i@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Bitcoin is the only cryptocurrency worth owning really. All the pump and dumps/rugpulls you hear about are about “shitcoins”.

    Plus word is Square and PayPal will start to implement bitcoin payments to their services very soon

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  • prole@lemmy.blahaj.zone ⁨3⁩ ⁨weeks⁩ ago

    Monero is good for completely private and secure transactions. People often use it to buy drugs online… From what I’ve heard.

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    • icylobster@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Don’t a lot of platforms online not let you buy Monero because of this? Like how do people buy Monero through a reputable source?

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  • pineapplelover@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

    You can anonymously buy things on the dark web with monero. I’ve been looking to buy gift cards so I can purchase things anonymously. I believe you can even pay for Mullvad with monero

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    • prole@lemmy.blahaj.zone ⁨3⁩ ⁨weeks⁩ ago

      I believe you can even pay for Mullvad with monero

      You can

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  • Euphoma@lemmy.ml ⁨3⁩ ⁨weeks⁩ ago

    Its good for evading the law.

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• oh_@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Ready for another crash.

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• neon_nova@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

  Will this mean that I won’t need to report every single transaction on my tax returns?

  It would be real useful to use crypto for international money transfers.

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  • acosmichippo@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    the IRS needs some way to track income based on the fluctuating value of crypto.

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    • iopq@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      When you change btc into eth the IRS considers it realizing your capital gains. Even though you don’t have USD to pay extra taxes with.

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    • neon_nova@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

      It’s not about avoiding taxes, it’s having to submit every single transaction you make in crypto on your tax forms. One year I had to manually compile hundreds of transactions. Only for the irs forms to show their of a net loss and no taxes needed to be paid.

      I wasn’t using it as an investment, so I didn’t care about the loss, which was under $10 anyway.

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  • Reverendender@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

    I like where your head is at

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• whotookkarl@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

  Unregulated capitalism is fascism

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• paraphrand@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Crypto should want more regulation and they should want the public educated on why this makes crypto safe.

  Crypto is already largely seen as a scam, one that many privately mess with, but this won’t help that perception.

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  • Sludgehammer@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Crypto is already largely seen as a scam,

    It’s more than seen as a scam.

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    • Reverendender@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

      It is known

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  • IWW4@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

    lol it is a scam

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  • Psythik@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    You had me in the first half, not gonna lie.

    Fuck the haters, you don’t have to pander to them. I like crypto too, and I don’t give a flying fuck how many times I get downvoted for saying that. Investing in BTC and ETH has made me thousands over these past 3 years or so (I can send screenshots as proof to any naysayers). All because I ignore the haters and keep stacking sats.

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• jaemo@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

  I see we’re putting the crypto in cryptofascist.

  Or maybe it’s the other way around.

  Something something Venn diagram is a circle something.

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• deathbird@mander.xyz ⁨3⁩ ⁨weeks⁩ ago

  Whoohoo Viva Ponzi baby!

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• abbiistabbii@lemmy.blahaj.zone ⁨3⁩ ⁨weeks⁩ ago

  Oh Boy, it’s Great Depression 2: Electric Boogaloo!

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• kibiz0r@midwest.social ⁨3⁩ ⁨weeks⁩ ago

  I feel like there was a time when we messed around with unregulated banking before.

  I don’t remember what happened though…

  Huh. Oh well.

  Hey, yaknow what’s a funny word? “Contagion”. Hehe. What a weird word.

  What was I saying? Eh, it’ll be fine.

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• lechekaflan@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Those greedfuck assholes. Never fucking learning anything.

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• cupcakezealot@piefed.blahaj.zone ⁨3⁩ ⁨weeks⁩ ago

  speedrunning the destruction of the us economy and the fall of the us. you love to see it.

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• perishthethought@piefed.social ⁨3⁩ ⁨weeks⁩ ago

  The only surprising thing is they didn't also whisper, "We're gonna get so stinking rich off this!" at the same time.

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• BarneyPiccolo@lemmy.today ⁨3⁩ ⁨weeks⁩ ago

  Sure, because of all the things that we could loosen regulations on, CRYPTO should be at the top of the list. After all, we have only people with the most unquestionable integrity involved. /S

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• SouthFresh@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  What could go wrong?

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• Wazowski@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Suckas bouta get took.

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• Bronzebeard@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

  …what was the point of the crypto bill the right wing just pushed through, then?

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• Psythik@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Finally, some good fucking news.

  I don’t care how much you hate it, start stocking up on BTC and ETH now. $1,000,000 BTC, here we come! :D

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• baggachipz@sh.itjust.works ⁨3⁩ ⁨weeks⁩ ago

  Well this is obviously going to go swimmingly.

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• CatDogL0ver@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Crypto makes it easier to launder dirty money

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