61–70 of 110 posts
You can prove somebody has access to a registry on a blockchain, you cant prove nobody else does. This has been one of the hurdles for custodial regulations to adapt to. South Africa has the entire concept wrong though.
I miss the old crypto. When it was this fringe, nerdy digital coin i could transfer to my friends to pay my bar tab. Yeah - Venmo/paypal/ a billion other systems that did the same thing, but to my friends btc and eventually eth was cooler. I could stake coins, provide liquidity, mine random coins from my laptop - It was fun. The concept of a global computer was awesome, interesting and nerdy. I've never used an excha…
The point of crypto currency is to do the exact thing money laundering laws try to prevent: to transfer large sums of cash untraceably across the globe, with no way for the government to do anything about it. Recently it's become a game of baseless investment, but anyone actually wanting to use crypto currencies as payment should've seen this coming from miles away.
All cryptocurrencies (sans the ones that are privacy-preserving) are more traceable than fiat money. As for "baseless investment", you might want to read up on hard money properties.
How does hard money ensure that a decay in real investments does not erode the real value of the currency in the long run? It doesn't. You're relying on the rest of the world to make those real investments to maintain the real value of your currency. Having a currency be a store of value just shifts the medium of exchange function to a different currency. The idea that you make a profit off of making it harder to do real investments is absurd.
It's equivalent to letting a plot of land sit idle for 20 years while the population grows and then expect the future generation to work hard for it even though you did nothing to improve the value of the land, nor did you help people get higher paying jobs so they can afford your expensive land.
Earlier quoted context omitted.
How is that different from an asset in a bank account? What matters who controls the access to it.
They can compel the bank directly, no one can "force" the blockchain do to anything that's not programmed to do.
I suppose the issue will be getting you paycheck $$ from South Africa into Coinbase (or wherever)
The point of crypto currency is to do the exact thing money laundering laws try to prevent: to transfer large sums of cash untraceably across the globe, with no way for the government to do anything about it. Recently it's become a game of baseless investment, but anyone actually wanting to use crypto currencies as payment should've seen this coming from miles away.
According to Chainalysis, in 2020 only 0.35% of crypto transactions were associated with illicit activity. Cash is still king when it comes to crime. Crypto can help make it harder for criminals.
I miss the old crypto. When it was this fringe, nerdy digital coin i could transfer to my friends to pay my bar tab. Yeah - Venmo/paypal/ a billion other systems that did the same thing, but to my friends btc and eventually eth was cooler. I could stake coins, provide liquidity, mine random coins from my laptop - It was fun. The concept of a global computer was awesome, interesting and nerdy. I've never used an excha…
Old fringe crypto was the cringiest thing ever. I miss nothing about that. Every single crypto was and is called a scam in every single chat and thread about it. Pivoting to that as your rationale for whats different is very inaccurate.
Going to the old BTC or crypto meetups was like going to a warhammer turny. No one showered, everyone smelled like shit and you always had those wannabe prophets preaching about a 'New World Order'. Everyone laughed along and never took it too seriously. Same thing now but people act like those prophets have something interesting to say because they are in a $10k suit and screaming "Fuck Elon" on stages haha.
Earlier quoted context omitted.
According to Chainalysis, in 2020 only 0.35% of crypto transactions were associated with illicit activity. Cash is still king when it comes to crime. Crypto can help make it harder for criminals.
How does Chainalysis claim to know the intent behind all of the crypto transactions they studied?
Its worth noting that their entire business is built around detecting blockchain based illicit activities.
Earlier quoted context omitted.
Old fringe crypto was the cringiest thing ever. I miss nothing about that. Every single crypto was and is called a scam in every single chat and thread about it. Pivoting to that as your rationale for whats different is very inaccurate.
It was soooo cringy and I think that's why i liked it. Going to the old BTC or crypto meetups was like going to a warhammer turny. No one showered, everyone smelled like shit and you always had those wannabe prophets preaching about a 'New World Order'. Everyone laughed along and never took it too seriously. Same thing now but people act like those prophets have something interesting to say because they are in a $10k…
Earlier quoted context omitted.
They can compel the bank directly, no one can "force" the blockchain do to anything that's not programmed to do.
> can compel the bank directly, no one can "force" the blockchain do to anything that's not programmed to do This doesn't work with banks outside a court's jurisdiction. That doesn't stop enforcement. We already have tools that informally designate tainted versus untainted wallets. Incorporating that into the law wouldn't be that difficult nor, I suspect, controversial.
Earlier quoted context omitted.
How does Chainalysis claim to know the intent behind all of the crypto transactions they studied?
Good question! I am not sure! I had a brief look at their 2020 and 2021 report but I havent been able to see how they got the data and reached their conclusions. Its worth noting that their entire business is built around detecting blockchain based illicit activities.