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> by design, untraceable This is simply incorrect. I fail to understand why so many people believe bitcoin transactions are untraceable, we are talking about
by lsadam0 10y ago
> by design, untraceable
This is simply incorrect. I fail to understand why so many people believe bitcoin transactions are untraceable, we are talking about a public ledger.
I understand the gap between how supporters and non-supporters discuss bitcoin. It's just that if you give all your USD to a scammer, we don't say there is a fundamental flaw with the USD.
- pjc50 10y agoThe ledger records bitcoin addresses, which are not readily traceable to a person unless that person deals directly with one of the exchanges which implement KYC/AML.
- lsadam0 10y agoIt's factually incorrect to say that transactions are untraceable. Every single transaction is logged on a public ledger. The only difficulty lies in establishing that a particular address belongs to a particular entity. KYC/AML does help in a large way in this regard. However, even with this difficulty, it's still easier than tracing cash payments to a particular entity. If I pay someone in cash, under the table, good luck proving the cash was ever mine. I would wager the government would prefer criminals conduct their business in bitcoin. If you don't like cryptocurrencies, thats fine, don't use them. I'm just asking that you do not misrepresent them with half truths in some fruitless attempt to show they are flawed when compared to cash.