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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

#351

Post by gsempe »

Daishiman wrote: post #312
cslarson wrote: post #253

Earlier quoted context omitted.

Sovereign identity, DAOs, NFTs (not just the art stuff which atm is a little cringe but game items, land registries, deeds), stablecoins (usdc, dai, yes there is also wilder experimentation here). I think people can quickly get dissuaded by some negatives like lack of scaling or environmental issues. These are real but are being solved. We really need communities like HN to engage because if proponents are right then…

> Sovereign identity Not a real problem. Any civilized country has solved identity already. > DAOs A solution in search of a problem > NFTs Speculative. Game items, land registries and deeds are a solved problem. If your jurisdiction/company hasn't solved them already with Postgres and hardcopy it's because it's not interested in solving it or it's not a real problem, just a minor annoyance.

Most of the problems solved are not at their first iteration of solution. There will be a next one for most of them as well. None can deny that the crypto field opens opportunities for the next iteration of solutions

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

#352

Post by revel »

Almost certainly the heavily privacy themed cryptos will the first to go. Monero, dash, I'm looking at you.

Bitcoin and ethereum are almost certainly safe, but I there are a few on the periphery that are harder to gauge. Decentralized exchange tokens like 0x and rep / augur seem like they could fall on the wrong side of the law too. Lastly, I'm not sure how much I would want to hold stable coins like maker / dai.

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

#354

Post by cam0 »

puranjay wrote: post #261
OGWhales wrote: post #254

Earlier quoted context omitted.

> Why is this post so downvoted? Oddly, HN is over all rather closed minded about cryptocurrencies/blockchain. I can understand being jaded at all the bitcoin maximalist out there that are frankly ignorant or even just being generally weary about the idea of such currencies... but it seems like the general sentiment is very negative in almost every thread with very minimal understanding of cryptocurrencies or frankly…

At this point, I don't even care about Bitcoin anymore. It serves no purpose. I don't even care about cryptocurrencies as such. But the ideas popping out from these fields are just so darn exciting. DeFi makes all these complex financial instruments that were previously the sole purview of big banks accessible to anyone . And we're barely scratching the surface with NFTs and DAOs.

I think it's exciting too, but I'm also a little weary of making these complex financial instruments more prevalent. I see more of a downside to the increase in these instruments overall. Still fascinating to watch unfold though.

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

#355

Post by intotheabyss »

tonyarkles wrote: post #342
viraptor wrote: post #323

Earlier quoted context omitted.

> land registries, deeds I hope that will never happen. We really don't need anyone to end up in a situation where a key is lost and they can neither prove they own something nor sell it legally. Also, "transfer your home by mistake" scams. And have fun trying to figure out how to deal with dead owners.

The other aspect of these is that, unless we're also going to eliminate the possibilities of courts ruling on things, the reversibility features of land registries and deeds is a feature, not a bug. Husband and wife divorce and the courts rule that the husband gets the deed to the house and the wife gets the Ferrari. Husband refuses to transfer the Ferrari's deed. Now what? Unless you mean that the land registry cont…

Have you ever heard of OpenLaw? https://www.openlaw.io/

Court systems, even traditional ones, can interact with Ethereum. At the end of the day, Ethereum is just a ledger. We humans are the ones that enforce laws and social contracts, Ethereum just helps with the (automated) bookkeeping.

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

#356

Post by mywittyname »

iorrus wrote: post #337

I think many underplay the real advantages of crypto assuming it’s all used for nefarious reasons, I use crypto quite frequently now, especially BCH (Bitcoin Cash), I can send this internationally for less than the cost PayPal changes for international payments. So why not use it, if the other person accepts it. In addition here is a real business (gpu.land) going only crypto as it provides better options: “I’m reach…

> In some cases Some might prefer to keep their bank from knowing exactly what theyre spending money on even tho it’s perfectly legal e.g. paying for porn, supporting a political dissident etc.

Wait, wouldn't everyone who has your wallet id know what you spend your money on if you use crypto? It is a public ledger. I mean, you could go through the effort of trying to hide it by using various wallets, but that only adds plausible deniability.

If someone at your work or bank decide to track the BTC they give you, I'm pretty sure they will start picking up on spending patterns.

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

#357

Post by meiraleal »

scandox wrote: post #202

To me it's always seemed like money grows from the barrel of a gun. Detaching money from military power sounds wonderful but it makes no sense to me. It seems to defy the very basis of what money is. Tokens handed out by warlords. Only stretched out over such a long time that it isn't obvious any more. Obviously I am neither an economist nor a political theorist.

Internet is a new thing, the old world might not satisfactorily explain the new one.

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

#358

Post by intotheabyss »

Daishiman wrote: post #316
c01n wrote: post #265

Earlier quoted context omitted.

- Pseudonymous Transactions / Privacy - Multiple Accounts - International Transfers - Customization (smart contracts) - Micro Payments / Internet money - Low entry (Phone, internet) - Peer 2 Peer and decentralized - Free Software

> Pseudonymous Transactions / Privacy Not really tech problems; you're bound to the limits of the law > International Transfers Not a tech problem; international trx are dropping in price as competition increases; tech doesn't change anything here. > Micro Payments / Internet money There is no way to scale the tech to the volume where it makes sense for microtransactions. I'm not really seeing these as problems funda…

You can scale Ethereum by running computations off-chain and submitting batches of zero knowledge proofs on-chain. StarkWare https://starkware.co/ is the leading layer 2 for zk proofs. There are also other platforms that use other zero knowledge techniques to batch computation and sends proofs of that computation on-chain.

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

#359

Post by ibeckermayer »

mywittyname wrote: post #356
iorrus wrote: post #337

I think many underplay the real advantages of crypto assuming it’s all used for nefarious reasons, I use crypto quite frequently now, especially BCH (Bitcoin Cash), I can send this internationally for less than the cost PayPal changes for international payments. So why not use it, if the other person accepts it. In addition here is a real business (gpu.land) going only crypto as it provides better options: “I’m reach…

> In some cases Some might prefer to keep their bank from knowing exactly what theyre spending money on even tho it’s perfectly legal e.g. paying for porn, supporting a political dissident etc. Wait, wouldn't everyone who has your wallet id know what you spend your money on if you use crypto? It is a public ledger. I mean, you could go through the effort of trying to hide it by using various wallets, but that only ad…

I’m not a crypto expert, but I’ve researched this some myself and believe that’s all true. There are “privacy-coins” like Monero which obfuscate this, however afaict KYC laws make it impossible to use legally for commercial purposes.

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

#360

Post by iso8859-1 »

dgrin91 wrote: post #77
petertodd wrote: post #23

Earlier quoted context omitted.

> Wait until you hear about cash. I'm always bothered by this arguement because most of the same people in government who want to see a crackdown on Bitcoin also seem to want cash to be eliminated. I've been asked to do consulting on one of these digital cash replacement projects. The requirements included all the stuff you'd expect, like strict ID requirements for every account, and the ability to freeze funds at wi…

> most of the same people in government who want to see a crackdown on Bitcoin also seem to want cash to be eliminated Can you provide a source for that? First I've heard of such an argument from government officials

Here is one prominent Bitcoin opponent arguing that people shouldn't have the right to exchange money in private:

https://twitter.com/smdiehl/status/1381152231836254211

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