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Isn't this like banning cash to stop muggings?

by bdamm 5y ago

cduzz 5y ago
They banned enormous denomination bills to prevent this sort of crime. By "Ban" I mean they no longer make them, and possibly destroy them once they get circulated back to the central bank. They're still legal tender. See also 500 euro note... (edited to clarify "ban" meaning)
coolspot 5y ago
Crypto is realistically the only way to accept a payment for high-profile ransomware attack. Imagine encypting whole Maersk network and then asking ransom in cash? Wherever you decide to do the exchange there will be couple Apache/Eurocopters/Mis hovering around and watching you. With crypto just send them your XMR address, then wait couple years for heat to come down before mixing/cashing out.
mrweasel 5y ago
It is, and it has proven very effective. Robberies against banks and stores have been cut in half during the last ten years, as cash is getting harder to access. Many store open after 19:00 don't have much cash on hand so robbing them is not really attractive any more. There are almost no bank robberies, as even banks doesn't actually have cash. The people who get mugged are normally forced to go to an ATM to withdraw cash. I'm not suggesting we just randomly ban stuff to avoid the criminals from exploiting it, but it is working.
- Workaccount2 5y ago
  That's not a function of banning cash however, its on account of the rise of credit cards. No one sacrificed or was inconvenienced to get here, it was just natural progression with good side effects.
  - creato 5y ago
    Of course, but it doesn't invalidate the point, banning cash would have similarly reduced muggings. Just like banning bitcoin will reduce ransomware activity.
    - user-the-name 5y ago
      Cash is useful and widely used, unlike bitcoin. There's very little secondary harm in banning bitcoin. Instead, there are several other benefits to doing it, such as reducing environmental harm and stopping several other kinds of fraud.
- bluGill 5y ago
  Banks have long had tricks like giving robbers cash with an "exploding" ink packet inside - the criminal then has to deal with bills that are marked. Also banks have security cameras (that normally are operational), and silent alarms that ring the police station. In the end odds are anyone robbing a bank is caught, and even if you are not banks keep plenty of small bills on hand, so you get a bag full of money, but not a lot of real value inside the bag. Stores don't generally have as much protection, but even then they never have a large amount of money on hand. Robbing a store and getting $300 isn't really worth the risk.

Isn't this like banning cash to stop muggings?

by bdamm 5y ago

Isn't this like banning cash to stop muggings?

They banned enormous denomination bills to prevent this sort of crime. By "Ban" I mean they no longer make them, and possibly destroy them once they get circulated back to the central bank. They're still legal tender. See also 500 euro note... (edited to clarify "ban" meaning)

coolspot 5y ago

Crypto is realistically the only way to accept a payment for high-profile ransomware attack. Imagine encypting whole Maersk network and then asking ransom in cash? Wherever you decide to do the exchange there will be couple Apache/Eurocopters/Mis hovering around and watching you. With crypto just send them your XMR address, then wait couple years for heat to come down before mixing/cashing out.

mrweasel 5y ago

It is, and it has proven very effective. Robberies against banks and stores have been cut in half during the last ten years, as cash is getting harder to access. Many store open after 19:00 don't have much cash on hand so robbing them is not really attractive any more. There are almost no bank robberies, as even banks doesn't actually have cash. The people who get mugged are normally forced to go to an ATM to withdraw cash. I'm not suggesting we just randomly ban stuff to avoid the criminals from exploiting it, but it is working.

Workaccount2 5y ago
That's not a function of banning cash however, its on account of the rise of credit cards. No one sacrificed or was inconvenienced to get here, it was just natural progression with good side effects.
- creato 5y ago
  Of course, but it doesn't invalidate the point, banning cash would have similarly reduced muggings. Just like banning bitcoin will reduce ransomware activity.
  - user-the-name 5y ago
    Cash is useful and widely used, unlike bitcoin. There's very little secondary harm in banning bitcoin. Instead, there are several other benefits to doing it, such as reducing environmental harm and stopping several other kinds of fraud.
bluGill 5y ago
Banks have long had tricks like giving robbers cash with an "exploding" ink packet inside - the criminal then has to deal with bills that are marked. Also banks have security cameras (that normally are operational), and silent alarms that ring the police station. In the end odds are anyone robbing a bank is caught, and even if you are not banks keep plenty of small bills on hand, so you get a bag full of money, but not a lot of real value inside the bag. Stores don't generally have as much protection, but even then they never have a large amount of money on hand. Robbing a store and getting $300 isn't really worth the risk.