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Tuesday, October 31, 2017

Senator on Trial: Bitcoin "Ideal" For Crooks

It's disturbing and revolting to the justice system when suspects on trial, and especially elected public officials, "find ethics" when they're about to be indicted, convicted or sentenced.

These courthouse confessions are efforts to evade the consequences of bad acts. As such, they're consistent with prior behavior.

Such is the case with Senator Robert Menendez (D-Hoboken), who's currently on trial for numerous bribery charges. His trial is about to go to the jury. Today, Menendez said

"Because of the anonymous nature of bitcoin transactions, the digital currency is an ideal choice for criminals..."

On the contrary. The blockchain, the foundational technology underlying bitcoin (which is a protocol), acts as a public ledger. As such, it is an immutable library, a data warehouse or marketplace where information is preserved in its original state.

That makes it an immutable evidentiary chain. Ideal for criminals? More likely? Ideal for investigators.

Sounds like the Senator has regret.

Regret, because he doesn't understand distributed ledger technology and thinks he could have used it to avoid detection.

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