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Well, even if not keeping everything in Bitcoins (which, I agree, sounds dangerous) the same scheme can be used as a convenient cash alternative that - unlike m

Well, even if not keeping everything in Bitcoins (which, I agree, sounds dangerous) the same scheme can be used as a convenient cash alternative that - unlike many credit/debit card payments - preserves privacy. I mean, I rarely want merchants to know my full name or email or whatever, however cash isn't always convenient. The transaction fees aren't great, but it's still looks like a fairly nice option. (Offtopic) And, sorry, I had just fat-fingered a downvote when I meant to upvote!

pjc50 11y ago
The last time I had a bitcoin argument I was forcefully reminded that a global public ledger really doesn't preserve privacy. https://news.ycombinator.com/item?id=11589272 https://news.ycombinator.com/item?id=11589272 Edit: also, systems that are private will get you in trouble with KYC/AML.
- drdaeman 11y ago
  True. But, well, I supposed USD-to-BTC and BTC-to-USD services conceal this data to the extent recipient isn't aware of sender's address. This is usually not the case with "classic" services like bank-to-paypal-to-store chain (where PayPal requires you to identify and also would still provide a good insight of your identity to the store). Also, I think there are coin mixers to avoid this.
- jacobush 11y ago
  But DASH does, and Bitcoin could to if they got their act together.
- stale2002 11y ago
  OK, but it is actually possible to be extremely private with bitcoin if you want to. If you use things like bitcoin mixers, or pay/sell bitcoin for cash, it can be extremely difficult for people to track you in a mass collection scenario. People get away with buying drugs on the internet, or blackmailing people with ransomware all the time and most of them don't get caught. Sure, if the government is sending black vans to your house to spy on everything you do, you are probably screwed no matter what you do. But most situations aren't like that. And bitcoin fits the bill for being pretty darn anonymous if you actually go about it right.

pjc50 11y ago

The last time I had a bitcoin argument I was forcefully reminded that a global public ledger really doesn't preserve privacy. https://news.ycombinator.com/item?id=11589272 https://news.ycombinator.com/item?id=11589272 Edit: also, systems that are private will get you in trouble with KYC/AML.

drdaeman 11y ago
True. But, well, I supposed USD-to-BTC and BTC-to-USD services conceal this data to the extent recipient isn't aware of sender's address. This is usually not the case with "classic" services like bank-to-paypal-to-store chain (where PayPal requires you to identify and also would still provide a good insight of your identity to the store). Also, I think there are coin mixers to avoid this.
jacobush 11y ago
But DASH does, and Bitcoin could to if they got their act together.
stale2002 11y ago
OK, but it is actually possible to be extremely private with bitcoin if you want to. If you use things like bitcoin mixers, or pay/sell bitcoin for cash, it can be extremely difficult for people to track you in a mass collection scenario. People get away with buying drugs on the internet, or blackmailing people with ransomware all the time and most of them don't get caught. Sure, if the government is sending black vans to your house to spy on everything you do, you are probably screwed no matter what you do. But most situations aren't like that. And bitcoin fits the bill for being pretty darn anonymous if you actually go about it right.