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of course crypto would not help criminal money laundering. Bitcoin and Etherium are very traceable by design. In fact, it is often much, much easier to trace to

of course crypto would not help criminal money laundering. Bitcoin and Etherium are very traceable by design. In fact, it is often much, much easier to trace to origin of Bitcoin funds than the origin of USD funds, especially when cash was involved. There are "private" coins like Monero but they aren't getting much traction.

carlosdp 5y ago
Monero is pretty popular in Venezuela right now.
- minsc__and__boo 5y ago
  Monero is probably used more like a currency than BTC is.
  - fredfoobar 5y ago
    Monero and other crypto folks seem to rush in whenever Bitcoin is being attacked for something. I find it fascinating.
    - deleted 5y ago
      [deleted]
    - anonporridge 5y ago
      I actually see monero as a kind of lurking beast in bitcoin's shadow, as if it's whispering "Oh, you think bitcoin with it's completely public ledger is bad and dangerous. Why yes, it's very, very bad. Please attack people who use it and show them why they need me." It's an interesting game that law enforcement is caught in. On the one hand, they want to demonize bitcoin because it's outside of their control. On the other hand, if they attack bitcoin users too strongly, they push people to alternatives like monero that are both outside of their control and legitimately untraceable in system. Which devil do you want to deal with?
    - minsc__and__boo 5y ago
      I'm not a monero folk and think it has no real world application outside of criminal dealings. Monero is being used as a currency though which is relevant because bitcoin used to be used as a currency too before the first bubble/speculators got a hold of it. It's critical to any conversation with claims about bitcoin being a great currency (it's not)
      - rllearneratwork 5y ago
        I am of an opinion that deflationary crypto (like Bitcoin) can not be used as currency. It should absolutely be used as a store of value (kind of like gold) and as a way to transfer value. ETH is not deflationary and it is a good candidate to be used as currency.
        fredfoobar 5y ago
        > ETH is not deflationary and it is a good candidate to be used as currency. I'm guessing you're opposing EIP1559 then
        rllearneratwork 5y ago
        I am fine with EIP1559. If ETH becomes deflationary, it would still have other uses and something else can fill in the "currency" use. Intuitively (have no idea how to do this), it would be interesting to have Country's coin supply grow (approx.) with its GPD/productivity.
        fredfoobar 5y ago
        What happens when eth switches to PoS? everyone will be incentivized to hoard and stake to become a validator, what will incentivize spending?
        batduck 5y ago
        APY on stacking won't be as good as today. I am not sure everyone will stake once ETH2 rewards will be around 1-2%. ETH2 won't be deflationary because such things is nearly impossible in a PoS network. You need issuance to rewards validators. It can't be network fees because if network fees are high, the network is doom to fail.

carlosdp 5y ago

Monero is pretty popular in Venezuela right now.

minsc__and__boo 5y ago
Monero is probably used more like a currency than BTC is.
- fredfoobar 5y ago
  Monero and other crypto folks seem to rush in whenever Bitcoin is being attacked for something. I find it fascinating.
  - deleted 5y ago
    [deleted]
  - anonporridge 5y ago
    I actually see monero as a kind of lurking beast in bitcoin's shadow, as if it's whispering "Oh, you think bitcoin with it's completely public ledger is bad and dangerous. Why yes, it's very, very bad. Please attack people who use it and show them why they need me." It's an interesting game that law enforcement is caught in. On the one hand, they want to demonize bitcoin because it's outside of their control. On the other hand, if they attack bitcoin users too strongly, they push people to alternatives like monero that are both outside of their control and legitimately untraceable in system. Which devil do you want to deal with?
  - minsc__and__boo 5y ago
    I'm not a monero folk and think it has no real world application outside of criminal dealings. Monero is being used as a currency though which is relevant because bitcoin used to be used as a currency too before the first bubble/speculators got a hold of it. It's critical to any conversation with claims about bitcoin being a great currency (it's not)
    - rllearneratwork 5y ago
      I am of an opinion that deflationary crypto (like Bitcoin) can not be used as currency. It should absolutely be used as a store of value (kind of like gold) and as a way to transfer value. ETH is not deflationary and it is a good candidate to be used as currency.
      - fredfoobar 5y ago
        > ETH is not deflationary and it is a good candidate to be used as currency. I'm guessing you're opposing EIP1559 then
        rllearneratwork 5y ago
        I am fine with EIP1559. If ETH becomes deflationary, it would still have other uses and something else can fill in the "currency" use. Intuitively (have no idea how to do this), it would be interesting to have Country's coin supply grow (approx.) with its GPD/productivity.
        fredfoobar 5y ago
        What happens when eth switches to PoS? everyone will be incentivized to hoard and stake to become a validator, what will incentivize spending?
        batduck 5y ago
        APY on stacking won't be as good as today. I am not sure everyone will stake once ETH2 rewards will be around 1-2%. ETH2 won't be deflationary because such things is nearly impossible in a PoS network. You need issuance to rewards validators. It can't be network fees because if network fees are high, the network is doom to fail.