Hey mate, can you please share documentary video link. I am interested to watch that documentary.
So, I watched this documentary called "VICE" - Season 7 episode 1 and they discussed Sim swapping and how so-called Sim Kids are using Crypto currencies to hide their earnings through this crime. One of those kids have almost $2 000 000 in Crypto currencies hidden from the authorities and will be jailed for about 10 years for these crimes.
These people seem to think Bitcoin and other Crypto currencies would be a perfect way to store their illegal stash, earned from crime. They are bargaining on getting small sentences for these crimes and then getting out and spending those millions when they get out.
Doing 10 years for $2 000 000 might sound good to the average person, but what about inflation and also a possible collapse of the Bitcoin price. A lot can happen in 10 years.... heck we have seen a 80% drop in the price of Bitcoin in a matter of a few weeks.
Also remember that you would be stuck with a criminal record, so finding a good job will not be easy at all. That money will not last forever and when it is finished, your life will be ruined.
Imagine doing 10 years or more and then having to sell those bitcoins for a few Dollars, because the price collapsed whilst you were in jail.
Most of these guys are hoping for the Moon and when they get out, it might just be as valuable as a rock on the ground.
These people seem to think Bitcoin and other Crypto currencies would be a perfect way to store their illegal stash, earned from crime. They are bargaining on getting small sentences for these crimes and then getting out and spending those millions when they get out.
Doing 10 years for $2 000 000 might sound good to the average person, but what about inflation and also a possible collapse of the Bitcoin price. A lot can happen in 10 years.... heck we have seen a 80% drop in the price of Bitcoin in a matter of a few weeks.
Also remember that you would be stuck with a criminal record, so finding a good job will not be easy at all. That money will not last forever and when it is finished, your life will be ruined.
Imagine doing 10 years or more and then having to sell those bitcoins for a few Dollars, because the price collapsed whilst you were in jail.
Most of these guys are hoping for the Moon and when they get out, it might just be as valuable as a rock on the ground.
No sorry, Mate.. no can do.. This is a TV series - https://en.wikipedia.org/wiki/Vice_(TV_series) .. so there will be Copyright issues.
They store all their money on bitcoin/crypto? For sure?
If it were me, I'd diversify the funds to various things. Let's say gold (there are dozens of gold vaults that don't care about your identity and operate on an anonymous basis), off-shore banking, etc.
Btw, I think the title is a bit of a clickbait. I thought it was a simulation of the world where the bitcoin price fell to nothing, but here we're talking about the possibility of the future.
If it were me, I'd diversify the funds to various things. Let's say gold (there are dozens of gold vaults that don't care about your identity and operate on an anonymous basis), off-shore banking, etc.
Btw, I think the title is a bit of a clickbait. I thought it was a simulation of the world where the bitcoin price fell to nothing, but here we're talking about the possibility of the future.
Yes, there are much better ways to "hide" that, but many of these things will leave a paper trail. Bitcoin does not leave a paper trail and you can dump those bitcoins onto a paper wallet and then laminate it and dig a hole and hide it.
The title was not meant to be "Clickbait" .... I just did not have any other way to word this more appropriately. What would have been a better title according to you?
