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Chainalysis CTO said blockchain is easier to trace than paper money
201–210 of 328 posts
Re: Chainalysis CTO said blockchain is easier to trace than paper money
#202I have refused to shop at numerous stores because they make a point of not accepting cash. Cash is incredibly important for modern society due to actually being untraceable and allowing for private transactions. Plus, a society without cash is one where you are forced to use central banking. Blockchain is just trying to imitate cash digitally, which as it turns out is really hard to do. So it just ends up that people…
I have not found a shop that refuses cash, but if I did I would also refuse to shop there. It shouldn't even be legal for a shop to refuse cash. I understand the grey area of some asshat coming in with $300 of pennies, but outside of those edge cases, it should be illegal to operate a physical store without accepting cash, and without putting in limits to convince people not to use cash.
Stores should be perfectly free not to accept cash. While our money says "This note is legal tender for all debts public and private", that assumes there has been a meeting of the minds who agree to conclude a transaction. But up until that point I don't see an obligation. And I don't see using the force of government to compel people to do something increases their freedom.
Re: Chainalysis CTO said blockchain is easier to trace than paper money
#203Earlier quoted context omitted.
https://www.federalreserve.gov/faqs/currency_12772.htm > Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency [including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks] are legal tender for all debts, public charges, taxes, and dues." This statute means that all U.S. money as identified above is a valid and legal offer of payment for debts…
True, but that taco shop m̶u̶s̶t̶ may have to accept cash if they want to operate in Arizona, Colorado, Connecticut, Delaware, D.C., Idaho, Maine, Massachusetts, Michigan, New Jersey, New York, North Dakota, Oklahoma, Pennsylvania, Rhode Island, or Tennessee. Or Berkeley, Chicago, or San Francisco. And everywhere else in the U.S. if the Payment Choice Act passes. https://www.cashmatters.org/blog/america-legislates-fo…
Are you positive about Michigan? My most recent interaction with a cashless store was during a trip to Detroit, where a convenience store attached to a very large bank building made a very public point about not accepting cash. To include a large banner at the entrance of the store remarking about them being proudly cash free.
Re: Chainalysis CTO said blockchain is easier to trace than paper money
#204Earlier quoted context omitted.
I can't use crypto for anything useful without it. This advice means crypto is useless.
not entirely correct; if you both earn and spend all of your crypto directly as cryptocurrency, then you can fairly easily just remain entirely anonymous. This just doesn't apply to most people, at least most who do legal business.
What about when it comes to paying taxes on those earnings?
Re: Chainalysis CTO said blockchain is easier to trace than paper money
#205Earlier quoted context omitted.
Buying something at a shop or paying for a service is not repayment of a debt. There’s no precondition of accepting cash. https://www.law.cornell.edu/uscode/text/31/5103
I always considered it as a debt which only exists for a few seconds. You agree to purchase something, cashier rings it up, and in those few moments before you pay you have a debt to the shop.
That's still not a debt. If the cashier rings it up, and you try to pay with credit card and your card is declined, you can leave without buying anything. Whereas with a debt, you couldn't just change your mind like that.
Re: Chainalysis CTO said blockchain is easier to trace than paper money
#206That's because when most people use "blockchain" or "DeFi" they're using AML/KYC entities that post their transaction logs to public servers. Law enforcement eats this up because it saves them the trouble of getting warrants for investigations. Bad for customers to be sure. Most have no idea what they're doing and have fallen for a scam hook, line, and sinker. They (loudly, incessantly) proclaim to their friends the…
The whole article is a plug for Chainalysis, a company that sells its ability to trace crypto transactions to the US government who ironically gave them KYC, the most fundamental and lazy ability to start a business that traces stuff like this. What I'd like to see Grigg admit to with a straight face is his companies ability to trace monero. his company got the US Government bid for a $625,000 bounty to trace it, and…
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Re: Chainalysis CTO said blockchain is easier to trace than paper money
#207I have refused to shop at numerous stores because they make a point of not accepting cash. Cash is incredibly important for modern society due to actually being untraceable and allowing for private transactions. Plus, a society without cash is one where you are forced to use central banking. Blockchain is just trying to imitate cash digitally, which as it turns out is really hard to do. So it just ends up that people…
Funny, I'm the opposite. I'm a tech guy and by this point I refuse to deal with grimy dirty worn pieces of paper in order to pay for anything.
If a place is cash only, they simply lose out on my business. I'm done using their shitty ATM in the back with its $5 fee, never again. And I'm done helping these cash-only businesses evade their taxes.
My communications are digital. My calendar is digital. My concert tickets are digital. Even house keys are turning digital. Physical cash is an anachronism.
If you need privacy, the solution needs to be encrypted value on refillable cards or a blockchain or whatever it is. But not grimy pieces of paper. Digital-only, please.
Re: Chainalysis CTO said blockchain is easier to trace than paper money
#208I have refused to shop at numerous stores because they make a point of not accepting cash. Cash is incredibly important for modern society due to actually being untraceable and allowing for private transactions. Plus, a society without cash is one where you are forced to use central banking. Blockchain is just trying to imitate cash digitally, which as it turns out is really hard to do. So it just ends up that people…
I have not found a shop that refuses cash, but if I did I would also refuse to shop there. It shouldn't even be legal for a shop to refuse cash. I understand the grey area of some asshat coming in with $300 of pennies, but outside of those edge cases, it should be illegal to operate a physical store without accepting cash, and without putting in limits to convince people not to use cash.
> I understand the grey area of some asshat coming in with $300 of pennies
In the UK, coins are only considered to be legal tender up to a certain amount. This amount varies depending upon the value of the coin. See: https://www.royalmint.com/help/trm-faqs/legal-tender-amounts...
Is there any equivalent rule in the US?
Re: Chainalysis CTO said blockchain is easier to trace than paper money
#209I found this article to be poorly-written and deliberately inflammatory. I'll gloss over the regular criticism of "stop conflating cryptocurrencies with blockchains". It makes continual leaps from Satoshi Nakamoto's intentions to short-comings of non-BTC cryptocurrencies, and then snowballs this into the tremendously non-sequitur subheading Bitcoin has failed. Cryptocurrencies and DeFi platforms are now more vulnerab…
The modern monetary system used to have all of the same obvious scams. They made participating in any economic activity risky and depressed local as well as global economic activity as a result. None of these scams are new and the regulations and tools that crypto is attempting to get away from were created as a response to these scams in the past. To my mind Crypto has not yet made the case that it is better than th…
This argument pops at least 10 times everytime crypto is mentioned but I'm not sure it holds water when you compare Bitcoin and the traditional system.
The traditional monetary system prevents fraud by relying on trust and reputation of participating entities. Frauds can happen naturally but also can be reverted by making a few calls.
Of course this system suffer from its own problems specially being prone to corruption. You need permission to participate on a monetary network that is controlled by few. I'm not even talking about underground gray black market activity because unless you were living in a cave it wasn't long ago that Robinhood and others were blocking, reverting and force selling stocks from Gamestop and AMC.
Such things are rooted on the creation Bitcoin: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" is written on the genesis block.
Bitcoin transactions are final and do not depend on trust. You don't need permission to participate. Bitcoin won't kick you because you spoke some wrong on social media or is trying to raise money from a cause your government doesn't like like Belarus or Nigerian protests.
As many things in life the alternatives have trade offs. Personal responsibility is important. Keep your keys safe and do not participate in scammy or bleeding edge experimental defi or meme coin schemes.
Re: Chainalysis CTO said blockchain is easier to trace than paper money
#210I have refused to shop at numerous stores because they make a point of not accepting cash. Cash is incredibly important for modern society due to actually being untraceable and allowing for private transactions. Plus, a society without cash is one where you are forced to use central banking. Blockchain is just trying to imitate cash digitally, which as it turns out is really hard to do. So it just ends up that people…
> The point is, cash is hard to trace.
When I see a business that doesn't take credit, I think... tax evasion.