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Any technology enables crime. Have you considered the impact of legitimizing cars, weapons, phones, audio recorders, drones, etc? Edit: not sure how to interpr

by mrb 9y ago

Any technology enables crime. Have you considered the impact of legitimizing cars, weapons, phones, audio recorders, drones, etc? Edit: not sure how to interpret the replies to my post ("currency enables crime"). Yes the dollar/euro/pound/cryptocurrency enable crime. Should we ban them all? No. Both government-controlled currencies and cryptocurrencies enable economic activity, hence create wealth, and are a net benefit to society. Besides more illegal activity is conducted (in absolute and relative numbers) in fiat than in cryptocurrency so that's even less of a reason to ban cryptocurrency.

senectus1 9y ago
Any Currency enables crime. in fact I'd go as far as to say that it's a driving force for Crime...
cbanek 9y ago
Currency definitely enables crime. There are a few reasons why institutions (government, banks) are crazy about digital currency: auditing (taxes, crime), fees, negative interest rates.
Kinnard 9y ago
"If it can't be used for evil, it isn't a super power"
closeparen 9y ago
We are in the process of delegitimizing cars, weapons are already taboo and illegal in liberal cities, Congress keeps trying to open phones to law enforcement, HN is enamored of European-style privacy laws that make it an onerous legal liability to have the capability for audio recording (or any other data collection), and drones were heavily curtailed by the FAA with widespread public support. We already have currency, and it works much better than any cryptocurrency. The specific problem cryptocurrency solves is vulnerability to law enforcement (i.e. central control). I would also be concerned if someone started selling weapons whose defining feature was their resistance to homicide investigators.
xg15 9y ago
> Besides more illegal activity is conducted (in absolute and relative numbers) in fiat than in cryptocurrency. (emphasis mine) I'm honestly surprised by that. (Especially after it's seems to be the go-to method of payment for ransomware which should lead to huge amounts of illegal activity.) Could you link some sources?

by mrb 9y ago

senectus1 9y ago

Any Currency enables crime. in fact I'd go as far as to say that it's a driving force for Crime...

cbanek 9y ago

Currency definitely enables crime. There are a few reasons why institutions (government, banks) are crazy about digital currency: auditing (taxes, crime), fees, negative interest rates.

Kinnard 9y ago

"If it can't be used for evil, it isn't a super power"

closeparen 9y ago

We are in the process of delegitimizing cars, weapons are already taboo and illegal in liberal cities, Congress keeps trying to open phones to law enforcement, HN is enamored of European-style privacy laws that make it an onerous legal liability to have the capability for audio recording (or any other data collection), and drones were heavily curtailed by the FAA with widespread public support. We already have currency, and it works much better than any cryptocurrency. The specific problem cryptocurrency solves is vulnerability to law enforcement (i.e. central control). I would also be concerned if someone started selling weapons whose defining feature was their resistance to homicide investigators.

xg15 9y ago

> Besides more illegal activity is conducted (in absolute and relative numbers) in fiat than in cryptocurrency. (emphasis mine) I'm honestly surprised by that. (Especially after it's seems to be the go-to method of payment for ransomware which should lead to huge amounts of illegal activity.) Could you link some sources?