UK Banks Fined $66B for Insurance Fraud... Bitcoin Doesn't Do Fraud!

The arguments as to why bitcoin is superior to the banking system are pretty clear cut to anyone that has used it. A decade ago BTC was conceived to cut out the fatcat middlemen and allow people to transact between themselves. We are not quite there yet, but flaws in the way banks work and grab their profits are mounting up.


Aside from the simple premise that bitcoin is faster and cheaper to send than an equivalent bank transfer, there are a number of other aspects in the crypto asset’s favor. Regulators, especially from the US, constantly harp on about money laundering and terrorist financing but they should really start looking closer to home than bashing bitcoin at every opportunity.

The world’s top banks have been fined in excess of $300 billion over the past decade for appalling and unprofessional behavior. That epic figure is more than the entire crypto market capitalization, yet still, regulators fret about a bit of bitcoin.

According to the figures, those fines are for a range of nefarious offenses including mortgage abuses, tax violations, insider trading, AML discrepancies, toxic securities, interest rate manipulation, and consumer protection violations. Read More at Bitcoinist...

#UK #Banks #BTC #LongBitcoinShortTheBankers

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