A cybersecurity expert, John Stark, with 20 years of work experience in the US Securities and Exchange Commission (SEC) is of the opinion that Bitcoin has no value but is being used to aid an abet crime. In a warning to the public, he asked that people be aware of the falseness and uselessness of the crypto world.
In a published report on Law 360, he made it clear that the initial exchange offerings, known as IEO, are being closely monitored and there existence is in danger. He went on to further describe the IEO as a modification of crypto casino fundraising that is currently not regulated.
Stark stressed that cryptocurrency trading and the buying of cryptocurrency such as Bitcoin is a way of defrauding people into losing their money but gave the assurance that the SEC is on the tail of the recent increase in IEO transactions and they will be taken to task.
IPO and IEO – is there a difference?
In his message to the public, Stark stated that IEO and similarly ICO, were trying to take over from an abbreviation not dissimilar, that being IPO.
There is however a vast difference between the commodities that being that IPO follows strict regulations which the neither IEO and ICO do – these are unregulated. The latter two commodities lure opportunities for beguiling behavior, insider trading, and deceit.
Bitcoin attracts lawbreakers says Stark
Stark is strong in his belief that the sole purpose of Bitcoin is to be a platform to enable crimes which include money laundering, the financing of terrorist activities and cryptoviral blackmail plans.
The cryptocurrency trading options of Bitcoin, have led to an easy way to collect payment for all of the above illegal activities, says Stark. As a result of the lack of regulation of the crypto industry, the online cryptocurrency trading platform has been a breeding ground for criminal actions and an international body of lawbreakers who pose an international threat to society.
In a warning to merchandizers, Stark said that using cryptocurrency as a means of trading from those who buy cryptocurrencies, would put their businesses at risk not only by tainting their character but also from a legal, financial and moral perspective.
Are the cryptoviral extortions (ransomware) paid?
Whilst Stark is no longer employed by the SEC’s Office of Internet Enforcement, he now works in a company focusing on digital adherence and the anonymous reply to the violation of data.
The demands of the extortionists are payment in cryptocurrency such as Bitcoin, the reason being that it is unregulated, almost totally unfindable, speedy and dependable. In essence, Bitcoin is the ideal payment for situations such as this.
The election process and Bitcoin:
In the recent inquest by special counsel Robert Mueller into the interference by Russia in the 2016 US Presidential election, 12 Russian intelligence officers were accused of using Bitcoin to gain access to computers and domains from which they could operate.
It was also noted in the document that the use of Bitcoin offered no link to the standard financial organizations thereby avoiding any investigation into who they were and where the money was coming from.
The future value of Bitcoin and cryptocurrency trading:
Cryptocurrency businessman, Craig Wright asked fans of Bitcoin to exercise caution as, in the near future, he believed that Bitcoin Satoshi Vision (BSV) would replace Bitcoin as the genuine cryptocurrency but that prior to that happening, that Bitcoin would lose all its value due to its current use only in the underground world.
His warning to the world is that Bitcoin operates on a less than a solid foundation and that its current value could diminish overnight and any current investments would be reduced to zero when trading on the international market ceases, never to be resurrected.