I like to joke that any proof-of-work crypto like Bitcoin and Ethereum puts the control over transactions into the hands of organized crime and/or a few guys in China (the best humor being true, of course).
So what if those few guys in China get in bed with the Iranian government? In that case, run-of-the-mill organized crime is the least of your worries.
This situation hit the news this week, as this article for 8BTC explains. According to the Iran press PressTV, Chinese crypto miners have been looking into moving operations to Iran.
Given the fact that they’re getting subsidized electricity in China, why would they do such a thing? Because the Iranian government has a vested interest in violating the draconian sanctions that the US has imposed on them. Crypto is the perfect solution.
Read the entire article at https://dailyiconews.com/crypto-skepticism-of-the-week/trade-bitcoin-risk-a-10-million-fine-and-30-years-in-prison-for-violating-sanctions/jason-bloomberg/2019/07/12/.
IBM is an Intellyx customer. None of the other companies mentioned in this article are Intellyx customers. Jason Bloomberg neither owns, nor plans to own, any cryptocurrency or other cryptotoken, either long or short.
