The blockchain, a tool for criminals?

@Delioos

A new network

The first blockchain was created in 2011 to run the bitcoin network. At this time, Satoshi Nakamoto wanted to create a tool for financial freedom, a new technology above the laws and the institutions.

Logically, the first users to understand the possibility beyond this technology were marginals.

The silk road

One of the first massive use of Bictoins was made by @Dread Pirate Roberts (presumed Ross William Ulbricht). He was a true liberalist and built the freest market possible. Knowing that everything* could be sold on his tor-based market place, he wanted to protect the identity of *The silk road*’s users.

When we say everything we are talking about both legal and illegal things, such as computer as well as weapons*

Anonymity was preserved thanks to the use of $BTC, with an arrangement with the platform that consists of letting it manage your funds so that your transactions are not traced (an escrow). The silk road adventure came to a halt for the first time in 2013 when the founder was arrested in the Glen Park Library in San Francisco. The platform’s creator was convicted, but the story will live on forever, as no less than $1.2 billion was generated in just two years

As a result, crypto-assets will suffer from a connotation with the world of crime. But it’s important to recontextualise: those two years were the very first for the bitcoin network, and it makes sense that even the FBI had considerable trouble tracing a user. The first popular block explorer (blockchain.info) didn’t arrive until 2014.

What’s more, people were not as well-trained as they are today. Let’s take a closer look at the best-known on-chain detective.

Tracking down scammers

In recent years, particularly with the bull run and the arrival of a number of dubious projects, internet detectives have emerged. Like @zachXBT, they relentlessly track down stolen project funds. Their involvement and motivation in scouring the blockchain to find the sums taken, and those concerned (see a new case a few days ago involving the theft of $60m) proves that the transparency of this technology makes it easier to track down criminals.

It is important to note that many people do this by personal conviction, “for the cause” (like the founders who coded open source blockchains, without thinking a second about personnal financial benefits, but only world changing tech). Members of the community knows how to help each others. Once again, it’s about @zachXBT. After the denunciation of an unprecedented case, he was sued by a firm, and it was impossible to finance the legal fees to fight against the dozen lawyers of a large company. That’s when a huge chunk of crypto users mobilised to send him funds (without him asking), so he received nearly $1 million in a matter of days.

It*‘s easy to preach for my parish, but on the other hand, I’d also like to expose the vices of the current banking system. No, I’m not going to talk about the indebtedness of the average citizen over a lifetime, or the relationship between possible returns and the inflation created by the banks. Let’s stick to crime.*

A two-tier system

Under the guise of protecting criminals, keeping the banking system opaque hinders the financial freedom of the average citizen to dispose of his or her money freely. The economic lobbies have fuelled this idea by highlighting the complexity and danger of managing one’s own finances, insisting on the importance of trusting the banks to ensure the safety of our assets.

However, this supposed security has also created an environment that is conducive to the concealment of gross corruption and illegal practices. The lack of transparency in the banking system facilitates clandestine financial transactions and the illegal activities of corrupt individuals, who can hide their illicit gains without being bothered.

The Qatar gate

While the people are subjected to restrictions, the elites profit. Take the “Qatar Gate” (occured at the end of 2022), where several members of the European Parliament were arrested on corruption charges, some of them were found in possession of bags containing 600,000 euros in cash. Among the criminals at the top of the civil service are the Socialist vice-president of the parliament, Eva Kaili, and her husband Francesco Giorgi, who ironically enough is one of the main leaders of the NGO Fight impunity. Niccolò Figà-Talamanca, President of the NGO No Peace Without Justice in Brussels, can also be quoted to extend the joke.

Pressure on citizens

At a time when banks are banning “large” cash withdrawals, when a spending limit of 1,000 euros a day has been introduced in France, and when bank accounts are being closed for withdrawals of 6,000 euros. The elites, on the other hand, are fattening themselves up on our backs. With bags of cash and transfers to offshore accounts.

conclusion

It is important to be aware of the pressure the banking institutions are putting on the masses to strengthen their control of global finances. Always think critically and avoid labelling one sector for its past, or trusting into another’s without any questions. There’s always a light and a dark side to every system, so it’s up to you to choose your direction.

PS: I’m linking blockchain here to the popular use of it through Ethereum and its decentralised applications, but it’s worth noting that other alternative currencies focusing on privacy and complete anonymity have emerged, such as monero.