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Ok, so you can't get any privacy when using Bitcoin, let's say you use Monero instead. So you kidnap someone, demand a payment in Monero and the family pays it
by capableweb 6y ago
Ok, so you can't get any privacy when using Bitcoin, let's say you use Monero instead.
So you kidnap someone, demand a payment in Monero and the family pays it. So now you have X Monero. Now what? In order to use it for something, either you need to purchase it with Monero (meaning you can only buy things like drugs and other illicit things, no popular stores offers Monero as payment), or you trade Monero for Y-coin and lose your privacy again or you sell Monero on a exchange for Z, again losing your privacy.
Replace Monero with any other "privacy" coin and you have the same problem.
Cryptocurrencies with public ledgers, "privacy" focused on not are simply not a good solution for crimes and preventing people from finding you. The best tool for that job is still cash.
- Miner49er 6y ago> you trade Monero for Y-coin and lose your privacy again This seems to work fine, though. If Y coin is Bitcoin, all anyone can tell is you traded Monero for Bitcoin. They can't go and track where the Monero came from as they could with Bitcoin. It gives plausible deniability.
- capableweb 6y agoHow are you performing this "Monero for Bitcoin" trade without loosing your privacy to at least the person/entity you're trading with? You can't.
- bruce343434 6y agoSo the IRS asking questions as to how you got all that monero is not an issue?