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You can write down the serial numbers of paper money you hold, but that's not going to help you recover the money if someone steals the money and spends it at a

by FDSGSG 7y ago

You can write down the serial numbers of paper money you hold, but that's not going to help you recover the money if someone steals the money and spends it at a shop. Traceability doesn't need to be a problem.

shkkmo 7y ago
Untraceability sidesteps getting courts or lawmakers to give you legal status as money. I don't see why governments have any motivation to extend this protection to cryptocurrencies as it would seem to mainly facilitate crime without providing any benefit in terms of encouraging adoption of government controlled currency.
- FDSGSG 7y ago
  >I don't see why governments have any motivation to extend this protection to cryptocurrencies The governments don't need to do this, the courts do. There's an existing principle they could very cleanly apply here.
pjc50 7y ago
Steal a banknote, nobody's going to find it. Steal enough banknotes and the bank will go to great lengths to find you. The Northern Bank robbery stole a significant fraction of all NB notes in circulation, so the bank re-issued them, relying on the impossibility of the criminals laundering them before the swap deadline. https://www.belfasttelegraph.co.uk/news/northern-ireland/the-provos-got-so-much-cash-from-northern-bank-heist-they-could-not-handle-it-30833641.html https://www.belfasttelegraph.co.uk/news/northern-ireland/the...
stanferder 7y ago
Governments are unlikely to give cryptocurrencies the same legal privileges as the currencies they issue. As such, traceability will remain a risk for anyone receiving cryptocurrency payments. If a chain analysis reveals an illegal transaction as a precursor, it's going to be considered stolen goods, not money, as the article states.
- FDSGSG 7y ago
  > Governments are unlikely to give cryptocurrencies the same legal privileges as the currencies they issue. That's fine, but if the governments don't take action it'll be up for the courts to decide that. >it's going to be considered stolen goods, not money, as the article states. This is not at all obvious. It's not even clear that the nemo dat rule would apply to any kind of ransom payment.

by FDSGSG 7y ago

shkkmo 7y ago

Untraceability sidesteps getting courts or lawmakers to give you legal status as money. I don't see why governments have any motivation to extend this protection to cryptocurrencies as it would seem to mainly facilitate crime without providing any benefit in terms of encouraging adoption of government controlled currency.

FDSGSG 7y ago
>I don't see why governments have any motivation to extend this protection to cryptocurrencies The governments don't need to do this, the courts do. There's an existing principle they could very cleanly apply here.

pjc50 7y ago

Steal a banknote, nobody's going to find it. Steal enough banknotes and the bank will go to great lengths to find you. The Northern Bank robbery stole a significant fraction of all NB notes in circulation, so the bank re-issued them, relying on the impossibility of the criminals laundering them before the swap deadline. https://www.belfasttelegraph.co.uk/news/northern-ireland/the-provos-got-so-much-cash-from-northern-bank-heist-they-could-not-handle-it-30833641.html https://www.belfasttelegraph.co.uk/news/northern-ireland/the...

stanferder 7y ago

Governments are unlikely to give cryptocurrencies the same legal privileges as the currencies they issue. As such, traceability will remain a risk for anyone receiving cryptocurrency payments. If a chain analysis reveals an illegal transaction as a precursor, it's going to be considered stolen goods, not money, as the article states.

FDSGSG 7y ago
> Governments are unlikely to give cryptocurrencies the same legal privileges as the currencies they issue. That's fine, but if the governments don't take action it'll be up for the courts to decide that. >it's going to be considered stolen goods, not money, as the article states. This is not at all obvious. It's not even clear that the nemo dat rule would apply to any kind of ransom payment.