Walmart Says Report That It Will Be Accepting Litecoin as Payment is False (bloomberg.com) 12
Major cryptocurrencies gave back their advances after Walmart denied having an agreement to use Litecoin for purchases. From a report: Litecoin -- which rose as much as 33% at one point -- erased all its gains. Bitcoin, the largest digital asset, was down 2.9% as of 10:24 a.m. in New York after earlier having advance roughly 4% on the news. Other digital assets also retreated, with Bitcoin Cash, Ether and EOS all declining. A Walmart spokesperson said the statement on Litecoin was "inauthentic." Meanwhile, a verified Litecoin Twitter account deleted a tweet that linked to a press release announcing the partnership.
The real question (Score:5, Insightful)
Did the instigator manage to sell off their litecoin when the price was still pumped up or did they cause a bunch of trouble for nothing>
What's Crypto without a pump and dump? (Score:2)
~nt~
Money Launderers are getting despo (Score:3)
Typical money laundering is to use bent retailers to get them to deposit cash in small quantities. Need to pay them a commission and bear all the tax consequences. And there is a limit.
Some money laundering through smuggling gold is possible too, but again that is limited.
The dream of the politicians sitting black money in places like India, Nigeria, Pakistan, Bangladesh or drug lords of South America or organized crime in USA is to somehow launder it.
Some state actors are getting into it, thinking may be they can get around sanctions from US govt. North Korea, Iran etc. Some cyber criminals are into to too, thinking of stealing wallet credentials.
And regular speculators are caught up in it too. And the small libertarian, we defy govt, people provide the very vocal facade to the general public.
Getting a large retailer or a small nation to use crypto will provide millions of transactions for money launderers to hide their transactions. Crime will be seriously incentivized if money laundering becomes more efficient.
Criminal pumping (Score:2)
At least it will be as soon as Litecoin is regulated. At the moment this is legal, but there are good reasons for making it illegal.
How about Apple/Google/RFID pay? (Score:3)
I am able to go Shopping to all the other stores in my area with the exception of Walmart and Home Depot and be able to buy stuff with a touchless RFID based pay system. Which is more secure than the other methods, especially if you use your phone or watch, where the code can be different every time, preventing card scrapers from stealing your credit card, as easily.
It is 2021, this isn't new technology anymore, it is nearly 7 years old technology now. I feel like a caveman, having to take my wallet out of my pockets, find my card, and insert the chip in. Where I just push a button on my watch, and pay.
Taking crypto currency as payments seems like a jump missing some important steps.
Serial numbered... (Score:3)
Pump and dump (Score:2)