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I think many underplay the real advantages of crypto assuming it’s all used for nefarious reasons, I use crypto quite frequently now, especially BCH (Bitcoin Ca
by iorrus 5y ago
I think many underplay the real advantages of crypto assuming it’s all used for nefarious reasons, I use crypto quite frequently now, especially BCH (Bitcoin Cash), I can send this internationally for less than the cost PayPal changes for international payments. So why not use it, if the other person accepts it.
In addition here is a real business (gpu.land) going only crypto as it provides better options:
“I’m reaching out to let you know that as of today we'll no longer be taking cards for top up, and instead we'll be taking crypto payments.
The problem is fraud. A lot of people try to use stolen cards to mine on GPU.LAND, despite all the defenses and pledges not to do it. When chargebacks come through, we're on the hook, and to date that meant losing 30% of our revenue.”
In some cases Some might prefer to keep their bank from knowing exactly what theyre spending money on even tho it’s perfectly legal e.g. paying for porn, supporting a political dissident etc.
- mywittyname 5y ago> In some cases Some might prefer to keep their bank from knowing exactly what theyre spending money on even tho it’s perfectly legal e.g. paying for porn, supporting a political dissident etc. Wait, wouldn't everyone who has your wallet id know what you spend your money on if you use crypto? It is a public ledger. I mean, you could go through the effort of trying to hide it by using various wallets, but that only adds plausible deniability. If someone at your work or bank decide to track the BTC they give you, I'm pretty sure they will start picking up on spending patterns.
- ibeckermayer 5y agoI’m not a crypto expert, but I’ve researched this some myself and believe that’s all true. There are “privacy-coins” like Monero which obfuscate this, however afaict KYC laws make it impossible to use legally for commercial purposes.
- iorrus 5y agoI was more thinking along the lines of what’s this PayPal deposit to “furry art 4 u” (not my thing btw) or “Free Ross Ulbrict” with the mortgage advisor rather than anything requiring block chain analysis. How would anyone at work know your block chain wallet hash? It’s a cryptographically generated hash not linked to any personal ID. People can see that money is moving around to different address and if law enforcement or mortgage advisor requested the exchange account details they could see you deposited this money in this address and then it moved to this address etc, but it’s not trivial to identify who owns any of those address once it’s left the exchange wallet. If I was dealing with work people and trying to isolate them from other transactions, I’d just generate a separate wallet address for them which is trivial.