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> ...being secretive about money flows will always put you in company with criminals. It matters what is being kept secret from whom. I don't tell the general
by rlpb 9y ago
> ...being secretive about money flows will always put you in company with criminals.
It matters what is being kept secret from whom. I don't tell the general public about my finances. I do accurately tell the tax authorities what I am required to disclose, and I can back that up by accounting for all (material) transactions that I have made. This is what distinguishes me from money launderers.
It's perfectly reasonable to attempt to hide in a public blockchain while simultaneously maintaining private records and making the appropriate declarations to the authorities.
As you're not an authority, you will never see the legal side of it. But that doesn't put anyone in the company of criminals any more than the fact that you don't publish your finances online puts you in the company of criminals.
> It was much worse for, say, buying a book online. But it was much better for crime, including digital extortion and fraud. It quickly picked up a taint that it's never really been able to shake.
I would argue that it is the most useful cryptocurrency that attracts legitimate and criminal users alike. It's not a "taint" caused by a consequence of some criminal-friendly design. Any higher level of criminality is a direct consequence of being the most used cryptocurrency. If something else takes over, then the criminals will switch too.
- wpietri 9y agoI agree that some people have reasons for keeping blockchain transactions private. But criminals have much stronger reasons to keep them private. The most useful cryptocurrency is not as broadly useful as other means of moving money around. So if it has advantages for criminals, criminals will use it disproportionately. Ransomware generally doesn't take Visa and Mastercard. The Silk Road was Bitcoin's most prominent early adopter. And the early Bitcoin market was also rife with scams, fraud, Ponzi schemes, and all manner of other criminal idiocy: https://www.amazon.com/Attack-50-Foot-Blockchain-Contracts-ebook/dp/B073CPP581 https://www.amazon.com/Attack-50-Foot-Blockchain-Contracts-e...