The black market just got a little bit red-hotter this year, with Bitcoin and other crypto currencies making serious headway as a mainstream exchange in the underground world of illegal activities. And for every action, there is a reaction…
There’s more than one way to skin a pussy—cat. With the latest revelation in currency, via blockchain technology and crypto, people, governments, and countries are finding themselves in a new, yet familiar position. Some might compare these new innovations to the yesteryears of the “credit card” (introduced in the 1950’s), and with great power, comes great responsibility (Uncle Ben-Spiderman). With the magnitude of these “new” technologies, with implications in convenience, decentralization, and a new era—comes danger, uncertainty, and confusion.
We are living in strange times; and it’s about to get stranger. I’m not talking about the guy peddling popsicles on the streets of Quebec in mid-January. For the first time in recent history, a new currency platform has been created that is uniting WORLD WIDE, through every country, border, language, race, sex, and species…well, maybe not species. It’s no secret that communication is not uniform throughout the world, with thousands of languages in existence (6,909 to be exact). However, more and more inhabitants of earth are beginning to speak Bitcoin and other crypto currencies by the day, with no sign of slowing down.
So where do sex and drugs fit in with Bitcoin, besides the obvious (exchange as currency)? First of all, at this juncture, government and law enforcement agencies in the US are struggling, although making new efforts to combat drug trafficking via cryptocurrencies. According to Greg Nevano, ICE’s (U.S. Immigration and Customs Enforcement) Deputy Assistant Director, there has been an increase in the number of excanges of cryptocurrencies for illegal drugs, and opioids, such as fentanyl. Also, in his testimony, on January 25, 2018, he explains, “Fentanyl is a Schedule II synthetic opioid, used medically for severe pain relief in patients that are already opioid tolerant, and it is 50-100 times more potent than morphine...as little as two milligrams of pure fentanyl can be fatal,” and furthermore, “one kilogram of fentanyl purchased in China for $3,000 - $5,000 can generate upwards of $1.5 million in revenue on the illicit market.” It’s estimated that the cryptocurrency exchange for illicit drugs may be approaching the billions of dollars worth.
Likewise, in the sex industry, unconfirmed reports show that an increasing amount of prostitution rings are not only accepting and utilizing cryptocurrency for payment, but additionally using it as a more secure and seamless way of money laundering. Although, ICE and some other agencies have confirmed that they are adopting new strategies to expose launders, such as “complex blockchain technology exploitation tools", according to Nevano, with hopes of discovering the identities of said individuals. I’m sure the reason for the vagueness of the aforementioned is a product of two things…first, they don’t quite know what they are talking about, and second, they are not going to give their hand that they don’t quite understand yet.
Clearly, there are some extraordinary implications of this new technology as we advance, both positive and negative. Nothing is wholly good or bad, or without an opposite and equal reaction. The consequences of blockchain technology are as complex as age-old adages and conundrums, such as: which came first, the chicken or the egg? We may never fully understand the answers, but one thing is clear, if we want to stay ahead of the curve, we need to play the game—not let the game play us. Cryptocurrency and blockchain have immense potential to great things for security, record keeping, and decentralization of currency, but may also ruin lives in the process. Stay vigilant, informed, and HodL on friends; it’s going to be a wild ride.
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