Bitcoin was for Criminals?

If you were holding alot of Bitcoin prior to say the GFC, or even later, you were probably involved in some criminal activities?

As an investment vehicle we all knew of Bitcoin back when it first began, As astute investors we all knew of the legislative risk of it as an investment vehicle, so we avoided it.

But Bitcoin quickly became the currency of choice for those wishing to hide their criminal transactions.

I've known Gym owners (one currently banged up) selling Steroids who made a fortune as they were holding alot of Bitcoin to buy and sell Steroids.

I've known Security personnel (one did time too) buying, selling and using Steroids who made a fortune holding Bitcoin. Then we've all known the Rascals who stumbled onto Bitcoin late and bought the obligatory Lamborghini (why do they all do that).

If you were holding alot of Bitcoin prior to say the GFC, you were likely involved in Criminal activities, right???

 

Hey buddy!

 

~2012 the people who interacted with a colleague of mine were suspicious

 

As the first bitcoin block was minted in Jan 2009, and uptake was minimal for months afterward, it is unlikely that any criminals were holding alot (sic) of bitcoin prior to the GFC.

The criminals, con men, and sleazebags came later, and are with us now.

As a rule of thumb, when Wall Street and the money center banks get involved in an industry, the moral and ethical tone ratchets down a couple of levels.

 

Those Bitcoin machines came out (and quickly disappeared) before the GFC.

 

I went to school (Choate) with a kilo molly dealer and ran into him years ago. I asked him about that and he denied it and said while he used crypto a ton for his business that everyone wanted to deal in stables to eliminate FX vola. May have changed as stat-vol was above 80% for BTC at the time.

 

OK, we'll say 2012?

If you were holding alot of Bitcoin prior to 2012, you were likely involved in dodgy chit?

 

You could have been a geek, didn't have to be a criminal.

1. Buy/mine bitcoin.
2. Go to the gym.
3. ???
4. Profit.

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While a definitive statement about all Magic: The Gathering (MTG) players being early crypto adopters can't be made, there are notable intersections and connections between the two communities:

• Origins of a Major Exchange: Mt. Gox, a significant early Bitcoin exchange, was originally created by Jed McCaleb as an exchange for Magic: The Gathering Online cards before being converted to a Bitcoin exchange. This indicates an early connection and overlap in interest between those involved with MTG and those interested in Bitcoin.
• Collector and Investor Mindset: The trading card game aspects of MTG, where rare cards can hold significant value and be traded like assets, can be seen as a parallel to the world of crypto collectibles and NFTs. Some MTG collectors have even compared the potential return on investment in rare cards to that of early Bitcoin investments.
• Web3 and Blockchain Gaming: The MTG community is also encountering the world of Web3 games, which leverage NFTs and blockchain technology, showcasing an interest in this space, even if there are reservations due to the volatile nature of the crypto market and the focus on long-term value in collectible card games.

Therefore, while not every MTG player was an early crypto user, the history of Mt. Gox and the comparable nature of the trading card game and crypto collectible markets suggest a significant overlap in the interests of those involved in both communities.

 

The unfortunate reality is Bitcoin made alot of Criminals very rich.

 

Yeah. Bear in mind however, there's nothing new under the sun. "The more things change...." you can fill in the rest J Edgar. Duh.