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Paying bribes to government officials. Large transactions for illegal goods such as drugs. Transferring money out of controlled currencies. This isn’t meant

Paying bribes to government officials. Large transactions for illegal goods such as drugs. Transferring money out of controlled currencies. This isn’t meant to be a joke. I’m illustrating that the price of cryptocurrency is indeed backed by some of its utility and not 100% a money making scheme.

SpelingBeeChamp 7y ago
Bingo.
me_me_me 7y ago
Dollar is by far biggest offender is all of those categories, but bitcoin is the currency of evil, eh...
- realtalk_sp 7y ago
  That's a horrendous argument. 'Nefarious activity' is a vanishingly small fraction of how dollars are used. Not so for crypto. And the reason for the discrepancy is obvious: it's much harder to identify and counter illicit activity conducted via crypto.
  - me_me_me 7y ago
    It depends on crypto, so lets talk about the biggest one, bitcoin. You cannot money launder bitcoin. Because all transactions are tracked, as opposed to dollar. Bitcoin is not anonymous. Also where do you base your case though? What % of bitcoin is used for crime? All i have seen is total amounts, and bitcoin nor other crypto coins don't come even close. Heck, all major banks were openly laundering narco money and nobody gave fuck. What makes you think that bitcoin changes anything?
    - realtalk_sp 7y ago
      'Here's how criminals use Bitcoin to launder dirty money' (https://thenextweb.com/hardfork/2018/11/26/bitcoin-money-laundering-2/ https://thenextweb.com/hardfork/2018/11/26/bitcoin-money-lau...) 'Bitcoin Money Laundering: How Criminals Use Crypto' (https://www.elliptic.co/our-thinking/bitcoin-money-laundering https://www.elliptic.co/our-thinking/bitcoin-money-launderin...) 'Bitcoin Has Lost Steam. But Criminals Still Love It.' (https://www.nytimes.com/2020/01/28/technology/bitcoin-black-market.html https://www.nytimes.com/2020/01/28/technology/bitcoin-black-...)
      - me_me_me 7y ago
        Bitcoing tumblers are obfuscation method and are definitely not preventing you from tracing money. Its a way of making it harder to trace all the money. Also its public which tumbler was used for laundering so it can become target for law enforcement too. It sounds like you feel really strongly about the subject and don't like crypto at all but I think you are being unfair here.
        realtalk_sp 7y ago
        So the solution is to make currency flows centralized, traceable, and subject to government regulation? Fascinating...
        me_me_me 7y ago
        I would take a notch down from intellectual superiority. I have never claimed cryptocurrency to be better solution than fiat money. I am simply pointing out that false claims and perceptions that are often being spread. There is a lot issues with bitcoin but that doesn't make fiat somehow flawless solution. And just be be precise... The idea behind bitcoin is not to directly controlled by government. That is exactly what government can't do with bitcoin and what they are doing now - print money like crazy in a hope that ceos of multinationals somehow fix current crisis. Government and law is absolutely required to go after criminal elements. You cant solve crime with blockchain.
woodandsteel 7y ago
Are there any large, stable examples of blockchain being used in a way that makes the world better? The fact you only listed examples where it doesn't makes me think there aren't any.

SpelingBeeChamp 7y ago

Bingo.

me_me_me 7y ago

Dollar is by far biggest offender is all of those categories, but bitcoin is the currency of evil, eh...

realtalk_sp 7y ago
That's a horrendous argument. 'Nefarious activity' is a vanishingly small fraction of how dollars are used. Not so for crypto. And the reason for the discrepancy is obvious: it's much harder to identify and counter illicit activity conducted via crypto.
- me_me_me 7y ago
  It depends on crypto, so lets talk about the biggest one, bitcoin. You cannot money launder bitcoin. Because all transactions are tracked, as opposed to dollar. Bitcoin is not anonymous. Also where do you base your case though? What % of bitcoin is used for crime? All i have seen is total amounts, and bitcoin nor other crypto coins don't come even close. Heck, all major banks were openly laundering narco money and nobody gave fuck. What makes you think that bitcoin changes anything?
  - realtalk_sp 7y ago
    'Here's how criminals use Bitcoin to launder dirty money' (https://thenextweb.com/hardfork/2018/11/26/bitcoin-money-laundering-2/ https://thenextweb.com/hardfork/2018/11/26/bitcoin-money-lau...) 'Bitcoin Money Laundering: How Criminals Use Crypto' (https://www.elliptic.co/our-thinking/bitcoin-money-laundering https://www.elliptic.co/our-thinking/bitcoin-money-launderin...) 'Bitcoin Has Lost Steam. But Criminals Still Love It.' (https://www.nytimes.com/2020/01/28/technology/bitcoin-black-market.html https://www.nytimes.com/2020/01/28/technology/bitcoin-black-...)
    - me_me_me 7y ago
      Bitcoing tumblers are obfuscation method and are definitely not preventing you from tracing money. Its a way of making it harder to trace all the money. Also its public which tumbler was used for laundering so it can become target for law enforcement too. It sounds like you feel really strongly about the subject and don't like crypto at all but I think you are being unfair here.
      - realtalk_sp 7y ago
        So the solution is to make currency flows centralized, traceable, and subject to government regulation? Fascinating...
        me_me_me 7y ago
        I would take a notch down from intellectual superiority. I have never claimed cryptocurrency to be better solution than fiat money. I am simply pointing out that false claims and perceptions that are often being spread. There is a lot issues with bitcoin but that doesn't make fiat somehow flawless solution. And just be be precise... The idea behind bitcoin is not to directly controlled by government. That is exactly what government can't do with bitcoin and what they are doing now - print money like crazy in a hope that ceos of multinationals somehow fix current crisis. Government and law is absolutely required to go after criminal elements. You cant solve crime with blockchain.

woodandsteel 7y ago

Are there any large, stable examples of blockchain being used in a way that makes the world better? The fact you only listed examples where it doesn't makes me think there aren't any.