211–220 of 237 posts
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Yes, which is why all ransomwares ask money in USD, right?
Your point being what? That because USD is uncommonly used in ransomware it can't be used to commit crimes? Do you really think that no extortion has ever taken place via USD? Because I can guarantee you that money-related crimes and scams happen in just about every single form of currency, even things that technically aren't even currency like gift cards.
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Bitcoin is the horse and buggy in this comparison - while attempting to naively remove control possibilities and making it "trustless" aka a free for all/wildwest where nations can't use financial levers to try to economically punish known bad actors, e.g. Magnitsky Act.
I think it's a grand experiment. Perhaps the primary output of bitcoin will be that it lights a fire under the lazy ass of government to actually have a service mindset towards people, because they now have an alternative that they can use however they want. We'll see.
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Bitcoin is the horse and buggy in this comparison - while attempting to naively remove control possibilities and making it "trustless" aka a free for all/wildwest where nations can't use financial levers to try to economically punish known bad actors, e.g. Magnitsky Act.
>where nations can't use financial levers to try to economically punish known bad actors, e.g. Magnitsky Act. Probably unknowable but I wonder what has caused more damage to the world, financial crimes or centralized financial levers being used to steal the time/savings/wealth of 8 billion people and redistribute it to a small group of people.
Also,
- $1.9B in crypto currency stolen by hackers last year [that's known about/reporter]; https://www.securitymagazine.com/articles/94627-19b-in-crypt...
- Bitcoin extortion: How cryptocurrency has enabled a massive surge in ransomware attacks (Crypto revenues from ransomware surged more than 300% in 2020 from the year before) - https://www.marketwatch.com/story/bitcoin-extortion-how-cryp...
How does that criminal activity keep scaling? And you do you think criminal enterprise won't target to infiltrate organizations who hold large amounts of Bitcoin et al to infiltrate to steal the keys to the vault? Then the only way to counter that is centralized database/service to check all transactions through to make sure the funds didn't originate from criminal activity, and then centralized authority for enforcement, etc.
Bitcoin Maximalists or crypto-"currency" enthusiasts skip over, don't respond to such criticism as it doesn't fit into their glossy propagandist narratives that Bitcoin etc al are godsend - they keep the scope of conversation and talking points narrow or cordoned off - which is super obvious with most Bitcoin spokespeople, though the most popular are intelligent ideologues who speak beautifully, poetically, in inspiring way that's motivating - but still lacks the rigor of challenge by peer confrontation; Jordan Peterson recently had a popular Bitcoiner on to speak, it's good he's diving deep into it, let's hope he doesn't get too indoctrinated into an imbalanced/out of balanced doctrine spread by financially motivated individuals; imagine if being part of a religion and proselytizing was financially advantageous - where the earlier on you're in on the pyramid (with contributions to the church to "show your commitment") lead to a potential windfall or promise of such if and once everyone in the world is part of that religion/cult.
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Good riddance. I don't think KYC/AML are a force for good. Its just more box ticking laws that serve to give a false sense of security while poor people are being excluded from the banking system and normal people have their all their data stolen from centralized databases. Real dangerous criminals don't give a damn about KYC/AML laws and operate freely within the banking framework. The European Central Bank chairwom…
> The European Central Bank chairwoman is a felon convicted for massive government payouts. Why do people feel the need to deliberately mislead by leaving out all the important details? I had no idea what you were talking about, so I looked it up, it's the second item under https://en.m.wikipedia.org/wiki/Christine_Lagarde#Controvers... . Regardless of your opinions on that particular court case, or the fact that the…
absolutely. Your wikipedia link is absolutely clear :
"the court found Lagarde guilty of negligence"
So, she is a convicted felon for conveniently looking the other way. Some of course may question whether the 400M euro is "massive" these days...
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Why comment "incorrect" on a factually true statement? It's fine that you believe the dev is a nice person and will never dump on you, but they absolutely do hold a vast majority of issued chia.
You said Bram owns almost all the coins. That is not true. https://www.chia.net/whitepaper/ Pages 18-21 You could say that he is on the board that manages the pre-farm but that is not the same thing.
Selling coins or selling a company that holds coins. Whatever, it's all dumping.
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Holy fucking strawman, Batman! Way to skip over the different potentials for abuse and just dive to the cryptonerd's handwaive argument. Looking forward to your insights about rubber and glue.
"bitcoin is for illegal things" is the OG handwaive argument so nothing substantial was needed to swat it down :)
The claim wasn’t "BitCoin is for illegal things (and by comparison, USD is never used for crime)", it was "BitCoin's lack of support for KYC makes it more likely to be attractive to criminals and therefore likely to have its use criminalized" which you CAN'T just hand waive away.
A crazy thing with Taproot is: A company could create a virtual bank to handle all transfers with its suppliers by doing a single onchain transaction. From the outside, it would look like a normal "Someone sent some coins from address A to address B" transaction. But internally, a key needed to spend the funds is only valid if the company and all of its suppliers sign it. This means every time there is a transaction…
So basically, does that mean KYC/AML are officially dead in BTC's environment? The picture was not bright before, but with this kind of innovations, it seems impossible for this network to build banking systems that respect regulations.
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Good riddance. I don't think KYC/AML are a force for good. Its just more box ticking laws that serve to give a false sense of security while poor people are being excluded from the banking system and normal people have their all their data stolen from centralized databases. Real dangerous criminals don't give a damn about KYC/AML laws and operate freely within the banking framework. The European Central Bank chairwom…
> The European Central Bank chairwoman is a felon convicted for massive government payouts. Why do people feel the need to deliberately mislead by leaving out all the important details? I had no idea what you were talking about, so I looked it up, it's the second item under https://en.m.wikipedia.org/wiki/Christine_Lagarde#Controvers... . Regardless of your opinions on that particular court case, or the fact that the…
P.s. "My currency is signed by my own private key, yours - by a convicted felon". Whom would you trust more?
P.S. Also, how come you can use such language ("You're full of shit.") and not be banned? Could a moderator take a stance on this one? I don't see the flag button for some reason.
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Finance without KYC/AML is like air travel without TSA. Everyone remembers those times fondly, but have lost the imagination to believe they are possible again.
And even more forget why we put those systems into place to begin with. Just because the response is a bad one doesn't mean that the problem doesn't exist. FWIW, even if TSA is bad at stopping terrorists, I AM glad that all of these people punching flight attendants are, with certainty c. 1, not packing heat.
Seriously, how often does this happen? I've flown a fair amount in my life (in Europe though) and I've never seen any commotion on a plane. I've read about some incidents, but I've read about a lot of fucked up stuff that I'm not concerned about in my life.
It's along the lines with everything these days. Someone does something bad and someone else gets shocked and then everyone wants to stop something like that from happening ever again, through whatever means, without realizing the incredible inconvenience (and complexity) this causes over time when repeated ad infinitum.
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"bitcoin is for illegal things" is the OG handwaive argument so nothing substantial was needed to swat it down :)
There you go strawmanning again. The claim wasn’t "BitCoin is for illegal things (and by comparison, USD is never used for crime)", it was "BitCoin's lack of support for KYC makes it more likely to be attractive to criminals and therefore likely to have its use criminalized" which you CAN'T just hand waive away.