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I agree. But if not for privacy, why use crypto at all? Even bank accounts are reasonably private, if you are not doing anything considered suspicious by societ
by AlexanderTheGr8 5y ago
I agree. But if not for privacy, why use crypto at all? Even bank accounts are reasonably private, if you are not doing anything considered suspicious by society.
Also, with mixers such as tornado_cash, laundering money is ,sadly, pretty trivial.
- Dwolb 5y agoSpeculation, self-sovereignty, ease of use/trade/leverage/exchange
- AlexanderTheGr8 5y ago> Speculation You can do that by owning crypto. No need to use it. > Self-sovereignty Majority people use centralized exchanges, which regularly control transactions. > Ease of use/trade/leverage/exchange Fiat banking is much easier to use than crypto. It's also faster. Now everyone uses 1-tap payments. Crypto transactions are more complicated than that. They also take longer. Also are bad for the environment (not as bad as media portrays, but bad nonetheless)
- tedivm 5y agoEven the apps built off of the "blockchain" rarely touch the blockchain. Companies aren't looking up NFTs on the chain, they're just hitting OpenSea APIs.
- bandrami 5y agoI've been keeping my eye out for the inevitable attack that leverages that fact. The aftershocks would be epic.
- Dwolb 5y agoA few counterpoints, Speculation for IDOs usually requires directly interacting with the contract with your wallet. Likewise new tokens are found on DEXes which requires taking custody of the token. Borrowing against crypto, leveraging it, going delta neutral, buying options are all available on chain, typically with better yields, and with a higher variety of tokens.
- wcoenen 5y agoMixing is not laundering. The difference is that laundering provides you with an explanation for wealth and/or income. Example of laundering: buy a business (with clean or borrowed money), have fictional customers "spend" their cash money at your business every day, then report your income and pay taxes. Now if anybody asks about where you got your money, you have a seemingly legit explanation. Mixing does none of that. So mixing may be trivial, but laundering is not. edit: now that I think about it, is that why NFTs are so popular? Are people pretending to have gotten capital gains, while in reality they're buying these things from themselves? That would explain a lot.
- AlexanderTheGr8 5y agotornado.cash puts your crypto in a completely fresh account (using smart contracts). You can claim that you earned this crypto mining it back in 2010. You can definitely come up with a decent excuse for this. Then you can convert those crypto (in new account) into fiat money. Everyone will know you are lying, but they will never be able to prove it.
- whatshisface 5y agoThat sounds impossible, wouldn't people be able to see that the account didn't have those coins in 2010?
- deleted 5y ago[deleted]
- everfree 5y agoIt's very common to use more than one account, and send money between them for various reasons.
- throwaway48375 5y agoI think the point is that it technically isn't illegal to mine coins, later mix them, and then sell them. It is very suspicious though.