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How The Hells Angels Actually Works | How Crime Works | Insider
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Cryptocurrencies are often described as decentralized because the core infrastructure—such as blockchain technology—operates without a central authority. This means that transactions and the creation of new units of currency are managed by a distributed network of computers rather than a central entity like a government or bank.
However, when it comes to converting cryptocurrencies into traditional cash (fiat money) and transferring that money to a bank account, centralized entities typically become involved. These entities, such as cryptocurrency exchanges, facilitate the conversion process and ensure compliance with regulatory requirements. The involvement of these centralized exchanges can add points of centralization to the otherwise decentralized nature of cryptocurrencies.
Key points of centralization include:
1. Exchanges: Platforms like Coinbase, Binance, and Kraken act as intermediaries for buying and selling cryptocurrencies for fiat money.
2. Regulations: Banks and governments impose regulations (such as KYC—Know Your Customer—and AML—Anti-Money Laundering laws) that centralized exchanges must comply with, further adding layers of control and centralization.
3. Banking System: The traditional banking system is centralized, and when fiat money is involved, transactions must go through this system.
These factors create a hybrid situation where the core technology of cryptocurrencies remains decentralized, but practical use cases often necessitate interactions with centralized systems.
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“The first thing a cult does is tell you everyone else is lying.”
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Tobacco, alcohol, processed foods and fossil fuels ‘kill 2.7m a year in Europe’
“In a groundbreaking report, the WHO said powerful industries were driving ill-health and premature death by using ‘misleading’ marketing and interfering in governments’ efforts to prevent killer diseases such as cancer, heart disease and diabetes.”
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Brazil’s Supreme Court decriminalizes possession of marijuana for personal use
“The Supreme Court’s ruling has long been sought by activists and legal scholars in a country where the prison population has become the third largest in the world. Critics of current legislation say users caught with even small amounts of drugs are regularly convicted on trafficking charges and locked up in overcrowded jails, where they are forced to join prison gangs.”