And keep your coins safe…
Clearly, when you trade Bitcoin or any other form of cryptocurrency, you have no idea what that person is going to do with the money. You don’t know whether the person is a decent human being, or a terrorist. You don’t know if the person is an agent for the IRS, or for MI6, or a housewife supplementing her income.
What we have to assume is that the person we are dealing with is an ordinary person, doing ordinary things, and making some profit in the process.
We can, however, take some precautions, both in terms of the countries we deal with, and in terms of ensuring that we do not lose our coins through injudicious trades.
Now the USA, the UK, and in fact most western countries have no problem at all selling arms and technology to Saudi Arabia and other middle eastern countries, some of which we have invaded and installed puppet regimes in, some of which we have not. Some, like in Syria, we are still trying to do so.
This is the sort of thing that decides where your moral compass points. Taking Saudi Arabia as an example, they have no minimum age for marriage, meaning that very young girls are being married off (sold, in other words) to dirty old men to do what they like with. And what they like to do is the worst things you can imagine or possibly cannot imagine. And with the Saudis, it can even be your own child. For example, Muslim preacher Fayhan al-Ghamdi got reduced charges under Sharia law and was released from jail “after having raped, tortured and killed his five-year-old daughter” in 2012.(1)
In that foul place also, that place our governments do business with, women and children can be stoned to death, whipped, raped and tortured, or have limbs cropped for the most minor offences.
Recently, the UN Committee on the Rights of the Child asked to Saudi Arabia to “…repeal all provisions contained in legislation which authorize the stoning, amputation and flogging of children”. (Huff.Post)
But ‘Bandar Bin Mohammed Al-Aiban’, chairman of the Saudi Human Rights Commission, who led a Saudi delegation to the committee’s review, told the body that Islamic law was above all other laws and treaties, including the Convention on the Rights of the Child.(1)
Saudi Arabia is also one of the biggest funders of Terrorism in the Middle East. This WikiLeaks article makes interesting (and legal) reading. That’s right, it is a legal release of a post by a US government agency.
Funding of terrorism only touches on the problems with such regimes.
So where does your moral compass lie? Would you do business with some person or business in a regime like that of Saudi Arabia? Personally, as a humanist and as someone who loves life and freedom and hates cruelty and injustice, I would not deal with them. of course, what you do is your affair. I would not presume to impose my moral compass on yours. Well, to be honest, yes I would! If you are in favour of cruelty and injustice, you can bugger off somewhere else right now.
Now there is another point to consider. The USA, in their campaign to make life difficult for exchanges and platforms in the USA, and the people who deal with them, have used the excuse of possibly funding terrorism to freeze people’s accounts and close down exchanges. If it is found during the Federal investigations that you have dealt with people in any regime that could have any connection with funding terrorism, (except of course the USA itself which indirectly funds terrorism by selling and giving weapons to them and funding the regimes through oil purchases, grants, and loans); then you may never get the right to claim back any coins you have stored with them.
So if the moral case for not dealing with Middle Eastern regimes and their people does not bother you, then surely the possibility of losing your funds should do so!