Every system ought to work with a legal pattern of set laws that must be observed – Thomas Paine agrees with the concept. The day a system will decide to run without an actual king (this case, the law), that is the day havoc will reign. While many powerful corporations and governments continue mistreating its subjects, there is a need to voice the injustices practices – with the hope of stopping them. Here are the injustices done every day that need to be stopped by the introduction of universal laws:
A threat to wipe out Bitcoin
Bitcoin’s blockchain always stores all transaction that have ever taken place. Most of those transactions recorded on the blockchain ledger are majorly crime-related, including stolen funds, contraband deals, and paid ransoms. All the illegal transactions are found sitting on open ground, yet obscured by unidentifiable Bitcoin address – allowing for money laundering.
Incidentally, a group of Cambridge cybersecurity researchers are arguing that they can distinguish ‘tainted coins’ from the legitimate ones – through a mere observation of the blockchain. No technical or forensic technique is used, rather an unjustified observation of the blockchain – like a 19th century English judge. We hoped they’ll offer any ideal detective tricks to identify the source of a Bitcoin transaction disguising as a pseudonymous address – their argument rather concentrates on redefining what constitutes of a dirty Bitcoin.
Drawing from a legal hearing of an 1816 British court decision – they posit that the original coin leaving the tainted source is the same coin that is received on the other end of the address. According to them, that coin is to be forever considered as a tainted one, and should never be used. They continue to argue that if a coin was stolen, then the owners should be allowed to claim it back, regardless of the multiple addresses it may have passed. We’re looking at an endless loop of Bitcoin claims that will be made – posing Bitcoin crash fears.
Oligarchs using shell companies to commit fraud – lack of transparency
Two years ago, the Guardian published a report about the Panama Papers. That was after an unidentified source issued them an approximated 2.6 terabytes of internal information from the corrupt Panamanian law firm of Mossack Fonseca. The Guardian then shared the data with other journalists globally, in a move to expose the illegal deals going down in Panama. A move which was seemingly successful brought many leaders to justice for allowing the misconducts – some even resigned. The campaign made some leaders realize the collected tax money, and the owed still to be received, could feed all the poor and bring key developments to the country.
A more recent report by BBC says that the US authority’s investigations body has criminally charged four men. This was after the suspects were connected to the Panama Papers, which leaked files from the offshore law firm Mossack Fonseca. The four men were then charged with wire fraud, tax fraud, money laundering and other crimes. The prosecutors argued that Mossack Fonseca dictated decades of a criminal scheme – first exposed by the Guardian plus other media outlets globally.
US attorney in Manhattan, Geoffrey Berman, said in a statement, “Extraordinary lengths to circumvent US tax laws.” The four suspects had gone miles off-the-charts, in efforts to increase the wealth of their clients.
Big corporations are stealing wages from workers
Wage theft is far reaching than sweatshops, fast-food outlets, and retailers. It has built into the business model of a significant portion of corporate America.
A tweet by Tamara Draut showcases a wage theft report that came out mid this year, revealing how multiple companies are stealing from its employees. Unbelievable as that might be, the report identifies numerous wage theft practices including off-the-clock work, job title misclassifications and unfairly exempted workers from their overtime pay. The list extends to the uncompensated individuals from overtime, less wages, meals, and tip violations.
We realized that wage theft goes beyond the small firms, but also the big corporations such as Walmart, FedEx, AT&T, just to mention a few. Going by the published report of Wage Theft 2018, workers who were forced to pay penalties for wage theft violations included retailers, banks, insurance and telecommunications.
Among the dozen most penalized corporations, Walmart, with $1.4 billion in total settlements and fines, is the only retailer. Second is FedEx with $502 million. Half of the top dozen are banks and insurance companies, including Bank of America ($381 million); Wells Fargo ($205 million); JPMorgan Chase ($160 million); and State Farm Insurance ($140 million). The top 25 also include prominent companies in sectors not typically associated with wage theft, including telecommunications (AT&T); information technology (Microsoft and Oracle); pharmaceuticals (Novartis); and investment services (Morgan Stanley and UBS).
The report further revealed to us that such practices are common among employees working for American companies. Demos Action researcher Tamara Draut, who was apparently not involved in the study, tweeted saying, the report’s documentation of wage theft is a “one more reason for unions”.