Wednesday, October 30, 2021

Ted Leonsis: the Economy is “Shadowy” Thanks to BTC

Billionaire Ted Leonsis has made a real name for himself when it comes to sports and gambling. Recently, the mogul took a case to the Supreme Court that resulted in the U.S. relaxing some of its gambling laws. This led to less money flowing into illegal operations and more into legitimate gambling platforms.

Leonsis: Confused About Crypto?

No doubt Leonsis has done wonders for the gambling sector, but he seems to suffer from a viewpoint that many in his position are unable to shake. As we all know, bitcoin and cryptocurrency has opened up several doors to new kinds of online gambling, and while this been very good for the industry in a lot of ways, Leonsis is choosing primarily to associate crypto with the dark web, and unfortunately, he’s not the only one.

The dark web paves the way for criminal activity in the crypto community. Those looking to buy drugs, guns and other illegal paraphernalia typically seek to use crypto make such purchases given that they are allegedly more anonymous than fiat or plastic credit cards. In a recent interview, Leonsis explains:

Let’s take this shadowy economy which is going to explode even more with bitcoin and the dark web and bring it into the light, and if we can do that it will generate more jobs and it will generate tax revenues.

In this sense, Leonsis is potentially missing out on an entirely new side of crypto. For one thing, many people in his position - the Winklevoss Twins, for example - have learned to embrace the technology behind cryptocurrency as a means of steadying whatever infrastructure it’s looking to support, whether it be finance or warehouse supply chains.

Both Cameron and Tyler Winklevoss were potentially among the world’s first bitcoin billionaires in early 2018 following the currency’s explosion to nearly $20,000 in December of 2017. As some of the first investors in the currency, the sudden surge brought their net worth up and placed them on par with people like Leonsis, thereby allowing them to enjoy similar wealth but through digital means.

In addition, the Winklevoss Twins have consistently showed a willingness to remain compliant with present rules and regulations. Their company the Gemini Exchange was among the first to obtain a BitLicense so that it could operate legally in New York.

Blockchain Can Help the Gambling World

Thus, blockchain and bitcoin don’t necessarily have to serve as the underlying supporters of dark web activity. It’s simply a matter of utilizing them properly. Perhaps if Leonsis were more open to the notion of blockchain appropriately serving the gambling industry, he might realize just how legitimate blockchain-based betting could be.

Imagine ensuring all bets are valid by having them recorded permanently on a digital ledger. Now that’s legitimacy for you.

The post Ted Leonsis: the Economy is “Shadowy” Thanks to BTC appeared first on Live Bitcoin News.

Ted Leonsis: the Economy is “Shadowy” Thanks to BTC

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

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