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CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

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Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#291

Post by golergka »

liquidise wrote: post #4

> U.S. Treasury Secretary Janet Yellen and other officials have warned about the use of cryptocurrencies for illicit transactions. Wait until you hear about cash. More seriously (and hopefully less reductionist) i feel nations who embrace cryptocurrencies early will see mixed results as the landscape matures. I am more confident that nations which turn their back on it, or shut it out completely, will see a loss of o…

> Wait until you hear about cash.

I've seen the estimation that 40% of all bitcoin transactions are related to drugs. Hydra (russian dark web drug store) is still the biggest receiver of bitcoin transactions. I don't think that cash is anywhere close.

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#293

Post by tiborsaas »

kelnos wrote: post #109
liquidise wrote: post #4

> U.S. Treasury Secretary Janet Yellen and other officials have warned about the use of cryptocurrencies for illicit transactions. Wait until you hear about cash. More seriously (and hopefully less reductionist) i feel nations who embrace cryptocurrencies early will see mixed results as the landscape matures. I am more confident that nations which turn their back on it, or shut it out completely, will see a loss of o…

> Whatever your stance on cryptocurrencies are, what is of little dispute is the business opportunities they have created. Binance and Coinbase are large, successful companies. Poloniex was sold for ~400M. I find this argument a little weird, because I think we can all agree that bubbles and fad tech isn't really great for society as a whole. If you believe cryptocurrencies aren't a fad and actually provide useful be…

Blockchain tech is a next generation internet still in its early days. I don't think it will go away. What do you think these networks will look like in 20 years?

It might be a negative for society now (I assume you are referring to the shady nature of using it as an alt currency), but it's precisely the tech you need to provide an alternative against Facebook or other walled gardens many people love to hate on here.

It solves multiple problems at the same time. Content creators can get paid by design, tech is open an transparent and scalable. It's unlike anything we've seen before.

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#294

Post by cwkoss »

winslett wrote: post #46

Instead of killing it by banning it, I suspect they could kill it by buying it. If the Fed wanted to "invest" in Bitcoin, it would kill it by soaking up liquidity and creating a liquidity-squeeze. Because the amount in circulation is fixed, it wouldn't have to buy all of the Bitcoin -- just enough to kill any utility. This is a downside of an asset with a fixed quantity. Once the community discovered the liquidity-sq…

“Whatever you do,” cried Brer Crypto, “Don’t throw me into the briar short squeeze”

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#295

Post by machinecontrol »

exabrial wrote: post #289

> use of bitcoin for money laundering, terrorist financing and other illegal activities. Bullshit. It's being used to get around the fucking enormous 33% taxes levied on the middle class to support Democrat and Republican donor's lifestyles.

For anyone thinking to do this, it’s a terrible idea. Bitcoin has a public ledger that is around forever. It is much easier to trace than cash or offshore bank accounts.

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#297

Post by nullifidian »

liquidise wrote: post #4

> U.S. Treasury Secretary Janet Yellen and other officials have warned about the use of cryptocurrencies for illicit transactions. Wait until you hear about cash. More seriously (and hopefully less reductionist) i feel nations who embrace cryptocurrencies early will see mixed results as the landscape matures. I am more confident that nations which turn their back on it, or shut it out completely, will see a loss of o…

>Wait until you hear about cash.

Tell me when 95+% of cash transactions don't serve any good purpose like it currently is with cryptocurrencies (speculation, waste of energy, malware ransoms, money laundering, hiding wealth / tax evasion, other illicit use)

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#298

Post by Jasper_ »

tiborsaas wrote: post #293
kelnos wrote: post #109

Earlier quoted context omitted.

> Whatever your stance on cryptocurrencies are, what is of little dispute is the business opportunities they have created. Binance and Coinbase are large, successful companies. Poloniex was sold for ~400M. I find this argument a little weird, because I think we can all agree that bubbles and fad tech isn't really great for society as a whole. If you believe cryptocurrencies aren't a fad and actually provide useful be…

Blockchain tech is a next generation internet still in its early days. I don't think it will go away. What do you think these networks will look like in 20 years? It might be a negative for society now (I assume you are referring to the shady nature of using it as an alt currency), but it's precisely the tech you need to provide an alternative against Facebook or other walled gardens many people love to hate on here.…

> What do you think these networks will look like in 20 years?

Exactly the same as it looks today. Because nothing has changed in the last 15 years either (Bitcoin was released in 2006).

> it's precisely the tech you need to provide an alternative against Facebook or other walled gardens many people love to hate on here.

How does cryptocurrency help with any of that?

> tech is open an transparent and scalable.

Citation needed.

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#299

Post by acdha »

exabrial wrote: post #289

> use of bitcoin for money laundering, terrorist financing and other illegal activities. Bullshit. It's being used to get around the fucking enormous 33% taxes levied on the middle class to support Democrat and Republican donor's lifestyles.

Are you saying that the U.S. middle class starts at $163/326k of taxable income?

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#300

Post by walterbell »

motohagiography wrote: post #280
walterbell wrote: post #257

Earlier quoted context omitted.

Identity is necessary but boring. US SSNs were used by third-parties far beyond the original purpose. Any identity system that achieves global scale can be used to anchor a risk score. Which systems do you consider good candidates for global digital identity and credit score? Cryptocurrency exchanges are using driver's license and utility company bills. The IaaS KYC EO basically says "record as much as possible", htt…

Necessary for whom? Every single use case for assigned identity reduces to enforcement. It is not a consumer product people want, it's a tool to herd people. These companies and so-called foundations are just jockeying to become the next Hollerith. Identity schemes don't need features or complexity as once you're subject to it, it can be a crappy yellow card or even an arm band you carry with you and present it when…

I was going to say that identity is useful when replying to a comment on HN :) but you're right that the comment text could stand alone. The poster's identity is only needed for karma sorting and greylisting of comments.
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