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It's pretty impossible to beat the $5 wrench attack (or in the case of the government, 5 years in prison) unless you have anonymity, which Bitcoin does a very b
by GhostVII 6y ago
It's pretty impossible to beat the $5 wrench attack (or in the case of the government, 5 years in prison) unless you have anonymity, which Bitcoin does a very bad job of.
- seibelj 6y agoLuckily there is Monero https://www.getmonero.org/ https://www.getmonero.org/
- spurgu 6y agoNot sure why you're getting downvoted, to my knowledge you're correct.
- shitlord 6y agoThe IRS even has a $625k bounty for anyone who can break privacy coins like Monero! https://heraldsheets.com/irs-will-pay-625000-cracks-monero-network-privacy-wall/ https://heraldsheets.com/irs-will-pay-625000-cracks-monero-n...
- overkalix 6y agoI'd be extremely surprised if this bounty was anything else than misdirection and bait.
- gmadsen 6y agopeople don't realize this. If there is no flaw in the current implementation of Monaro, then it can't be traced. It is entirely possible that something has been figured out and allows tracing, but that is no different than using bitcoin. So I don't get the hate towards Monaro. \
- dorgo 6y agowould you sell the secret how to break privacy coints for $625k?
- coolspot 6y agoI didn’t downvote, but Monero is not magic. State-level attacker absolutely can trace real-world recipients of money “laundered” through Monero. See “Breaking Monero” series on YouTube.
- StavrosK 6y agoI don't know why Monero isn't more widespread. It's anonymous, cheaper than Bitcoin, and faster. Plus, there's xmr.to, which has integration with a bunch of wallets so you can send Monero directly to a Bitcoin address and they'll convert transparently.
- sfifs 6y agoWell if it becomes popular, holding and dealing with Monero will be made illegal and ISPs will be tasked with blocking it. Governments can be very vindictive if their tax revenue is threatened. If you have a use case for Monero, you're better off it remains exotic enough that it flies under the radar.
- fallat 6y agoMultisig or SSS.
- Ancapistani 6y agoSSS? In my circles, That’s instructions forgetting away with murder: “Shoot. Shovel. Shut up.” Does it mean something else in this context?
- fallat 6y agohttps://en.wikipedia.org/wiki/Shamir%27s_Secret_Sharing https://en.wikipedia.org/wiki/Shamir%27s_Secret_Sharing
- amatic 6y agoWell, it is stil a matter of research of how to maintain anonymity, and the best ones are keeping their secrets.
- driverdan 6y agoThere is no way they were only facing 5 years. Any sane person would do 5 years for a billion dollars.
- kickopotomus 6y agoIt's worth a billion dollars today. But in 5 years, who knows? Could be worth $10B. Could be worth $0.
- mcfly1985 6y agoOoo so brave, saying Bitcoin will go to 0! No one has heard that before!
- kickopotomus 6y agoIs there a particular reason for the snark? We are talking about essentially a 5-year blind trust in a historically volatile asset.
- deleted 6y ago[deleted]
- CydeWeys 6y agoIt's stolen property. They're never going to be able to keep it even if they do do some prison time. If their claim is that it's truly lost and they no longer have access, and then the funds ever move again on the blockchain, boom, right back to jail under contempt and other charges.
- s1artibartfast 6y agoYou can also do the time and leave the US after.
- sixothree 6y agoRight. It's nothing half a million dollars worth of jailing costs can't fix.
- NormenNomen 6y agoOr just set up 2fa and give the second factor to a third party whom the state has difficulty compelling. Granted this does require unconditional trust.