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>there's no recourse in the case of fraud or errors. I think this is the biggest problem with cryptocurrencies. Reversible and traceable transactions are a fea

>there's no recourse in the case of fraud or errors. I think this is the biggest problem with cryptocurrencies. Reversible and traceable transactions are a feature of real money, not a bug.

njarboe 9y ago
Lots of people like non-traceable transactions. Real money (paper notes, gold coins?) has this property. Do you mean credit card or ACH transactions are real money and paper bills are not?
- drngdds 9y ago
  > Do you mean credit card or ACH transactions are real money and paper bills are not? No, I just forgot cash existed for a second.
Muromec 9y ago
>Reversible and traceable transactions are a feature of real money, not a bug. That depends. Having a paper trail of your money in local tax office sometimes means you would be shot in a head and buried in a nearest forest. When armed insurgency happens (and yes, they do happen) all you see in the news is "Country A" occupied parts of "Country B", but on the ground you would have armed people going full-DAESH on local tax offices to see whom to demand ransom from and that would be law-obeying people with paper trail for their earnings.
- acdha 9y ago
  That seems like a really weird argument to me. First, you’re advocating for tax evasion rather than a particular type of currency, which isn’t a particularly good strategy for avoiding punishment. Second, it’s a really strong argument for cash and against cryptocurrencies — if you’re worried about someone mining your financial history, the last thing you want is to provide a permanent public ledger which cannot be removed (and before someone mentions tumblers, ask whether Daesh would be more likely to say “oh, guess you don’t owe anything” or “you MUST be hiding something, traitor!”). Looking at the big picture, this is even worse: the way you don’t have Daesh is by having a strong society which has the resources to fight them off. A society with rampant corruption and black market activity is exactly how you create the conditions for them to thrive!

>there's no recourse in the case of fraud or errors. I think this is the biggest problem with cryptocurrencies. Reversible and traceable transactions are a feature of real money, not a bug.

njarboe 9y ago

Lots of people like non-traceable transactions. Real money (paper notes, gold coins?) has this property. Do you mean credit card or ACH transactions are real money and paper bills are not?

drngdds 9y ago
> Do you mean credit card or ACH transactions are real money and paper bills are not? No, I just forgot cash existed for a second.

Muromec 9y ago

>Reversible and traceable transactions are a feature of real money, not a bug. That depends. Having a paper trail of your money in local tax office sometimes means you would be shot in a head and buried in a nearest forest. When armed insurgency happens (and yes, they do happen) all you see in the news is "Country A" occupied parts of "Country B", but on the ground you would have armed people going full-DAESH on local tax offices to see whom to demand ransom from and that would be law-obeying people with paper trail for their earnings.

acdha 9y ago
That seems like a really weird argument to me. First, you’re advocating for tax evasion rather than a particular type of currency, which isn’t a particularly good strategy for avoiding punishment. Second, it’s a really strong argument for cash and against cryptocurrencies — if you’re worried about someone mining your financial history, the last thing you want is to provide a permanent public ledger which cannot be removed (and before someone mentions tumblers, ask whether Daesh would be more likely to say “oh, guess you don’t owe anything” or “you MUST be hiding something, traitor!”). Looking at the big picture, this is even worse: the way you don’t have Daesh is by having a strong society which has the resources to fight them off. A society with rampant corruption and black market activity is exactly how you create the conditions for them to thrive!