3 ms·

I think this is only the beginning, as bitcoin becomes more and more popular, countries are going to start becoming scared of it. Bitcoin cannot be controlled b

I think this is only the beginning, as bitcoin becomes more and more popular, countries are going to start becoming scared of it. Bitcoin cannot be controlled by the government and it is almost impossible to trace. There are bitcoin mixers available which can obfuscate transactions too. Black Money is a huge problem in India, and bitcoin transactions pose a major challenge to law and tax enforcement. As it starts to become a problem in other countries, I'm sure they will follow suit.

PointyFluff 6y ago
Illegal transactions are a much greater problem in fiat currencies.
_muff1nman_ 6y ago
Bitcoin is not only possible to trace, it is arguably becoming easier to trace than things like cash. In addition it has started to degrade in some of its decrentalizing aspects which opens up lots of vulnerabilities to being subverted by the government. One example is the supply chain of mining.
Entwickler 6y ago
"it is almost impossible to trace." I always struggle with this argument. Literally every tx is on the chain. Sure, they can obfuscate and make tracing more difficult, but the data is still there to be analyzed. At some point the user will likely try to receive the crptyo and cash out at an exchange, or purchase goods and services through a regulated entity like paypal. That's where the gov can scrutinize and take action, which is why KYC is in place at Coinbase and other US exchanges. To curb nefarious use across borders, seems like the problem may be that more exchanges need KYC laws across the globe, not just in USA, and there would need to be some interpol-like oversight. A globally public ledger seems like a tool, not a hindrance, against "Black Money". We just need more global cooperation and oversight between governments tracking the exchanges.
- me551ah 6y ago
  If you use a bitcoin mixer then it cannot be traced. That's the whole point of mixers.
randomopining 6y ago
What if the government shut down all exchanges? So then you have people transacting OTC? I don’t get it. Then there’s no price discovery and nobody wants to take a risk.

PointyFluff 6y ago

Illegal transactions are a much greater problem in fiat currencies.

_muff1nman_ 6y ago

Bitcoin is not only possible to trace, it is arguably becoming easier to trace than things like cash. In addition it has started to degrade in some of its decrentalizing aspects which opens up lots of vulnerabilities to being subverted by the government. One example is the supply chain of mining.

Entwickler 6y ago

"it is almost impossible to trace." I always struggle with this argument. Literally every tx is on the chain. Sure, they can obfuscate and make tracing more difficult, but the data is still there to be analyzed. At some point the user will likely try to receive the crptyo and cash out at an exchange, or purchase goods and services through a regulated entity like paypal. That's where the gov can scrutinize and take action, which is why KYC is in place at Coinbase and other US exchanges. To curb nefarious use across borders, seems like the problem may be that more exchanges need KYC laws across the globe, not just in USA, and there would need to be some interpol-like oversight. A globally public ledger seems like a tool, not a hindrance, against "Black Money". We just need more global cooperation and oversight between governments tracking the exchanges.

me551ah 6y ago
If you use a bitcoin mixer then it cannot be traced. That's the whole point of mixers.

randomopining 6y ago

What if the government shut down all exchanges? So then you have people transacting OTC? I don’t get it. Then there’s no price discovery and nobody wants to take a risk.