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Neural networks plus proof of work is interesting, but there is one, foundational problem: cryptocurrencies have no particular value. Bitcoin has a bubble of pe
by madhadron 8y ago
Neural networks plus proof of work is interesting, but there is one, foundational problem: cryptocurrencies have no particular value. Bitcoin has a bubble of people who held a particular ideology and didn't understand currency, and folks who needed money laundering took advantage of that. Without a similar bubble, it's hard to convince someone to give you a currency that you can, say, pay taxes with in exchange for some numbers that you can prove were hard to calculate.
Beyond that, it's pretty straightforward to shut down. If a municipality decides it doesn't like this, you pass a law against it. You can't fully anonymize sparse nodes because the appearance and disappearance of objects under various situations lets you pinpoint where it is and either send the police up to break it or give the company running the poorly secured security camera an injunction to fix it.
- thaumasiotes 8y ago> Bitcoin has a bubble of people who held a particular ideology and didn't understand currency, and folks who needed money laundering took advantage of that. I'm pretty sure that the Bitcoin ideology specifically seeks to enable money laundering. It's not like people who needed money laundering took advantage of a design flaw; the point is to let people launder money.
- hnuser123456 8y agoThe point is it's magic internet money, the fans don't really care what you do with it.
- arisAlexis 8y agoactually all money transacted is transparent because the blockchain is public domain. What is used for money laundering is dollars. It's a common fallacy that there is a lot of money laundering with Bitcoin disproved by EU studies (google them).