Entropia News: Introducing Utrust - Digital Currency Deposits

March news 22

 

Maybe it's just me, but I don't get it. So you dep a crypto currency, or bits of a crypto currency, that's worth x-amount of pounds, dollars, etc, that then gets converted into peds. Why not just dep in pounds, dollars, etc in the first place?

 

Maybe this? Dunno

 

Yer, I get the washing bit, but it's still got to go through the exchange and transfer system at some point, so not untraceable, right?

 

Until it also works for withdrawals, it's just a little convenience. Also advertisement, of course, since Entropia is now featured prominently on their merchant list. (Or maybe it's just that there aren't so many yet. We'll see if Utrust stays.)

People need to get off the illusion of remaining untracable. Unmarked coins of precious metal were untracable, that's a thing of the past. At some point, you need to get something out of virtual space and into your hands. And if your income statement doesn't match what Big Brother already knows, you know what follows. Which implies that the humiliating ritual of reporting is actually unnecessary, but that's the joy and whole point of having power. Officially, this is only for doing good deeds and protecting you from fraudsters, of course. Which is not totally invalid either and therefore complicates the matter.

 

No implying untracability just convoluting the origin. But yeh I agree with San for the most part, lets face it crypto is popular with some people. It's a kind of funds they have available so if it doesn't cost MA too much to do it, no reason why they shouldn't have it as an option.

 

Exactly, ppl need to get off that illusion, and using crypto wouldn't be untraceable (Wistrel's pic suggests dep using crypto could be for money laundering purposes...), so you may as well dep using ££, $$, etc in the first place. I'd rather keep my crypto and try selling it on crypto exchanges when the value goes up, but it's ok for MA to offer crypto dep as an option...

 

Not to be misunderstood, I don't criticise MindArk for doing this. It has been requested a lot and certainly makes business sense to include this way of making deposits. I just find that some people still hold false expectations about the use of cryptos. It will never be allowed as a mainstream means of exchange unless authorities get full control over it, which runs counter to its early adopters' vision.