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Is this for real? Do merchants really rely on some opaque third-party service to determine which accounts are able to pay? Is this third-party able to essential

by foepys 5y ago

Is this for real? Do merchants really rely on some opaque third-party service to determine which accounts are able to pay? Is this third-party able to essentially blacklist aka unbank accounts at their will, without a legal appeal process? How can a system that supports this be considered better than USD or EUR?

matheusmoreira 5y ago
> Is this for real? Yes. Bitcoins are not fungible. If they've been tainted by criminal transactions, they might as well be worthless. There are better coins out there that do not have this problem. Monero, for example. > Do merchants really rely on some opaque third-party service to determine which accounts are able to pay? Not if they use Monero where transaction details are simply not made public. Even if they managed to blacklist some Monero addresses, it wouldn't matter since you can just make more addresses. > Is this third-party able to essentially blacklist aka unbank accounts at their will, without a legal appeal process? Yeah. The US treasury will place some address into a database and everyone holding bitcoins that passed through that address will instantly be made poorer. https://www.treasury.gov/ofac/downloads/sdnlist.txt https://www.treasury.gov/ofac/downloads/sdnlist.txt Monero is apparently able to subvert these sanctions. The link above also shows the US treasury failing to sanction a Monero address. > Digital Currency Address - XMR 5be5543ff73456ab9f2d207887e2af87322c651ea1a873c5b25b7ffae456c320; Note the lack of a 0x prefix. That's not a wallet. It's a transaction identifier. Here's the transaction on a block explorer: https://localmonero.co/blocks/search/5be5543ff73456ab9f2d207887e2af87322c651ea1a873c5b25b7ffae456c320 https://localmonero.co/blocks/search/5be5543ff73456ab9f2d207... Pretty awesome. > How can a system that supports this be considered better than USD or EUR? It can't. Bitcoin is a failure. The fact it's still number one in the market is proof of how irrational it is.
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cblconfederate 5y ago
because it s not better. it's overrun by speculators who failed in fiat-world. Unless we see a breakthrough implementation or application that solves the problem of financialization of crypto progress will be stunted

by foepys 5y ago

matheusmoreira 5y ago

> Is this for real? Yes. Bitcoins are not fungible. If they've been tainted by criminal transactions, they might as well be worthless. There are better coins out there that do not have this problem. Monero, for example. > Do merchants really rely on some opaque third-party service to determine which accounts are able to pay? Not if they use Monero where transaction details are simply not made public. Even if they managed to blacklist some Monero addresses, it wouldn't matter since you can just make more addresses. > Is this third-party able to essentially blacklist aka unbank accounts at their will, without a legal appeal process? Yeah. The US treasury will place some address into a database and everyone holding bitcoins that passed through that address will instantly be made poorer. https://www.treasury.gov/ofac/downloads/sdnlist.txt https://www.treasury.gov/ofac/downloads/sdnlist.txt Monero is apparently able to subvert these sanctions. The link above also shows the US treasury failing to sanction a Monero address. > Digital Currency Address - XMR 5be5543ff73456ab9f2d207887e2af87322c651ea1a873c5b25b7ffae456c320; Note the lack of a 0x prefix. That's not a wallet. It's a transaction identifier. Here's the transaction on a block explorer: https://localmonero.co/blocks/search/5be5543ff73456ab9f2d207887e2af87322c651ea1a873c5b25b7ffae456c320 https://localmonero.co/blocks/search/5be5543ff73456ab9f2d207... Pretty awesome. > How can a system that supports this be considered better than USD or EUR? It can't. Bitcoin is a failure. The fact it's still number one in the market is proof of how irrational it is.

deleted 5y ago
[deleted]

cblconfederate 5y ago

because it s not better. it's overrun by speculators who failed in fiat-world. Unless we see a breakthrough implementation or application that solves the problem of financialization of crypto progress will be stunted