Bitcoin Does Not Protect Against Fraud

There is a common misconception that the cryptocurrency Bitcoin is safe and secure and will protect those who trade in it from fraud. However, as white collar …


  1. You're describing a human problem, not a Bitcoin problem. Bitcoin doesn't stop crime or fraud. Correct. That's not a problem with BTC, it wasn't designed to. It was made for censorship-resistant value transfer. It was made to move value in a trustless way. Without BTC, WikiLeaks would not exist due to government censorship. Infact, I've donated to news organizations similar to RNN with BTC.

    And you must separate BTC from several other cryptos. Some are illegal fundraising securities under the control centralized corporations which the SEC should have regulated, some are Ponzi schemes, and some are copies of BTC.

    BTC is just a tool, much like the internet. It can be used for good or bad, but that's is in the hand if the user, just like any other tool. Don't let speculation or other human activities jade your vision of Bitcoin.

    Btw I believe Nevada allows for residents of the state to pay their taxes in BTC.

  2. It makes TRN look so amateur when you allow guests to broadcast without the slightest control of their screen image. I cannot believe time was so short that this speaker could not be asked to adjust his camera before you record. You even allow the echo. TRN is surely one of the leading communicators online – why can't you bother A LITTLE about the images you impose on us viewers?

  3. Clueless baby boomer Marxist talking about a free market currency. Fortunately the brilliant, tech savvy millennials who would probably be otherwise unemployed don't have to ask his permission to change their lives working in the economy of the future.

  4. First thumbs down I ever made of a real news video. Very disappointing. Your guest obviously knows nothing about Bitcoin. He sounds more like a troll for the banks.

  5. better stick to the news guys. just because we generally like bill black does not mean he is shooting us straight when given the opportunity to shill against bitcoin

  6. Thanks for the tutorial, I watch videos by a couple that analyze trends and they believe Crypto could challenge the US Dollar as a Reserve currency. I’m not that interested in Crypto, matter of fact I started not to watch this video until I saw it was made by you guys. I’m developing a narrative on a Post Capitalist model that if we haven’t waited too late to implement it (Climate chaos driving us to extinction) will destroy the need for markets and in turn destroy the need for Money. Right now I’m doing a deep dive on Karl Marx’s “Fragment on Machines” which is central to the narrative. If anyone could expose Crypto it would be Bill B. once again Thanks.

  7. I would be happy to interview with The Real News to offer a polite rebuttal to many of Mr. Black's points and add some context to the findings of the study which was discussed in this program.

  8. Bill Black is a very intelligent man but at 1:38 he says A government could issue a cryptocurrency when it can't, its impossible, a government can only run a centralised ledger. Bitcoin is backed by th same thing money is, labour but also electricity and hardware to mine it into existence. In an odd way it probably has more things actually backing it than the dollar, which is created out of noting digitally or printed and backed by nothing.

  9. Once they get us totally cashless we are done yes yes I know the argument , it’s full-proof!!!! Even if it is ( which it isn’t) this will be short lived with the advancements in AI and can you imagine where the elite POSwill have their AI in say 10 short years?

  10. Bitcoin is a God send compared to how many times we have been robbed by the banks.
    Bank bailouts cost America more than all of our wars combined by far. Most of you clowns still go to he banks.

  11. Really disappointing. Bill Black has dragged out the usual bunch of hackneyed arguments and tired old myths that have been addressed so many times before. I don’t believe this man understands the technology or the environment of BitCoin. “Bitcoin can be manipulated”, oh really? Are you saying gold and silver can’t be manipulated? Are you saying the value of money can’t be manipulated? “Bitcoin isn’t backed by anything”, what is gold, silver and currency backed by? Answer: faith. Tradition. As to the fraud: No, people are told over and over again -“DO NOT LEAVE YOUR COINS ON AN EXCHANGE”, so your guest is wrong when he says people are encouraged to do that. Bitcoin was NOT designed to prevent fraud, the only true protection against fraud is caveat emptor. Bitcoin was designed to prevent double-spending! That is very, very basic and a glaring misunderstanding of the tech on the part of your guest. Really sad discussion.

  12. 🙁 I like Bill. I like the real news. But you should really have interviewed someone who understands bitcoin, because 90% of what Bill said here is either flat wrong or completely misses the point. The one thing I agree with, is not getting involved with it unless you understand what it is (and isnt). Its not a get rich quick scheme, its the emergence of an internet of value. Please consider interviewing Andreas Antonopoulos to get the other side of the story, or watch his videos on youtube or read his book (its free). Bill, if youre reading, also feel free to contact me if you want to better understand bitcoin and decentralised blockchains.

  13. Accepting Crypto currency for taxes, is in the legislature of several states. Arizona, Tennessee, New Hampshire, Georgia, and others.

  14. um… whoever said bitcoin was meant to prevent fraud? All it does is confirm transactions have definitely happened or definitely haven't so one person can provably transfer coins from one address to another address without even needing to know the person on the other end… they can't say they didn't receive it, and I can't try to send the same thing to two different people, like if it were a physical token… that's it, it's not meant to stop me from sending it to someone who's lying to me or whatever, and doesn't stop me from leaving my wallet where somebody else can pick it up, that's not it's claim. But yes, lots of people think it's some magic because all problems come from government and not human nature therefore bitcoin will be free of those problems (like systemic corruption, hoarding and speculative bubbles) and those people have been bitten by the 2017 bitcoin bubble.

  15. Anybody heard of THIN AIR – That is the only way one can describe BITCOIN. Fairy Tale Dream currency ( So Called ) with no Intrinsic value besides what the Old Economic system of Demand & supply would give it.

  16. Mr. Wilpert, your guest does not understand bitcoin. Blockchain prevents double spending, i.e. counterfeiting… not fraud per se, bitcoin is not a panacea. No computer code can eliminate fraud and greed from human society. The price bubbles in bitcoin are the same as bubbles in other aset classes. Bitcoin and most cryptocurrencies are decentralized, an arrangement that takes control of money away from banks and governments, the primary sources of inequality and war. Cryptocurrencies are a fantastic tool for Progressives, for example if you want to send donations to RNN, Wikileaks or BDS, crypto is your best bet. As for Ross Ulbrecht, he ran a website on the dark web enabling drug and arms sales and his clients used bitcoin. Such people will engage in that activity with or without bitcoin. Most criminals use the US dollar but no one calls for banning the US dollar. I request that you do a new segment on bitcoin in the style of a debate. Daniel Bruno, Chartered Market Technician.

  17. Bitcoin is a scam that will not go away until the banks kill it by not accepting deposits from the so-called "exchanges" which manipulate the price and then cash out in fiat.

  18. Anything with value is going to attract thieves. If you leave your phone lying around and someone steals it you can't claim phones don't protect against theft.

  19. My barber takes cash only. Every other merchant I can purchase from takes an electronic transfer from my account to theirs. So who is most likely to be cheating on paying taxes?

  20. Bill Black is brilliant…intelligent plus he's done the real work..threw banksters into jail. Should be the US Treasury Secretary in any govt worth anything..

  21. the whole bit about the silk road seemed mostly grounded in moralism more than anything. still unclear about how exactly what took place on silk road was "mostly fraud" ? sweeping generalizations… harmful.

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