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> I thought the whole point of using crypto was that transactions could not be traced. A commonly believed false narrative. Bitcoin transactions are intrinsica
by anonporridge 5y ago
> I thought the whole point of using crypto was that transactions could not be traced.
A commonly believed false narrative. Bitcoin transactions are intrinsically more traceable and verifiably incorruptable than anything that exists in the traditional financial world, which is teaming with fraud and criminal behavior, both explicitly illegal and criminal behavior sanctioned by government insiders.
The hidden message from Satoshi in the genesis block gives a better foundation for the reason they created it. https://en.bitcoin.it/wiki/Genesis_block https://en.bitcoin.it/wiki/Genesis_block
> The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
Privacy lovers are mostly using Monero now.
- periheli0n 5y agoYes, of course that's what the blockchain is about, but there is usually no information attached to a transaction that would identify it as illicit, like a note saying "this was for banned substances", "thank you for placing the bomb", or "Enjoy your new superyacht, Sergej". Therefore it is not possible to trace illicit transactions, unless one defines illicit as referring solely to using stolen crypto.
- anonporridge 5y agoIsn't the same true of traditional finance and cash?
- periheli0n 5y agoIn principle yes, but at least for wire transfers the autorities can walk up to the bank and ask for transaction details. And cash needs physical transfer which complicates things. Either way, it is difficult to determine which transactions are illicit, also in traditional finance.