Crypto’s representation in mainstream media took an odd series of twists and turns this week, taking us to North Korea and then Switzerland before dropping us off in Japan where Mark Karpelès found his name splashed around in big letters. Let’s dive in and see what the uninitiated learnt about crypto this week.
Brits Getting Around Porn Block with Crypto…or Not
The week began with a truck full of nonsense from British rag the Daily Express, which reported that the forthcoming “porn block”, which will require ISPs to obtain ID verification on all sites containing adult content, could be overcome by using cryptocurrencies. How? Because they can be used to buy a VPN, which is the actual way to get around them. And VPNs can be rented with almost any fiat currency you care to mention. Yet another case of cryptocurrencies being used as clickbait on a completely unrelated story.
North Korea’s Bitcoin Wallet is Full to Bursting
On Wednesday, the Independent cited a UN Security Council report warning that North Korea was holding huge amounts of Bitcoin and other cryptocurrencies, obtained almost entirely by hacking, which it intended to use to get around sanctions imposed on it. Cryptocurrencies have been chosen, the report said, because they are “harder to trace, can be laundered many times and are independent from government regulation.” This is very likely true, given the amount and scale of crypto hacks in recent years, and it’s fair to say that this won’t have done much to oppose the argument that cryptocurrencies are only used by criminals and terrorists.
Mark Karpelès Grabs Freedom, and the Headlines
Ex-Mt. Gox CEO and former toad lookalike Mark Karpelès unsurprisingly stole the headlines Friday when, like 99% of those who end up in a Japanese court, he was found guilty of a charge laid against him. Except, he was also found not guilty of a much bigger charge, embezzlement of some $3 million in client funds, which was what grabbed the attention of a number of news outlets, both crypto and mainstream. The case was unconnected to the fall of Mt. Gox, but it shone a light on the fact that, five years on, no one has yet entered a courtroom on the back of the site’s collapse, or the mass theft that caused it.
‘Crypto Will Kill Us All’ Cries Basel Committee
The New York Times this week reported (as did we) the findings of the Basel Committee who did the bidding of the banks decided that, for a number of reasons, cryptocurrencies are a threat to the existing banking model. And they say it like it’s a bad thing. The attack was nothing new, just a lazy band on tour just strolling through the crowd pleasers, but the fact that it came at a time when cryptos are at their weakest for some three years could be seen as a feather in the cap for the community. Unfortunately it’s another example of how far big banks’ influence extends and will do little to ease the fears of the masses in regards to the negative aspects of cryptocurrency, when it’s the banks they should be worried about.
