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But.. this isn’t true on two counts: Cartels smuggle huge amounts of money all the time, and the bitcoin hack involving a YC founder ended with the coins recove
by sillysaurusx 5y ago
But.. this isn’t true on two counts: Cartels smuggle huge amounts of money all the time, and the bitcoin hack involving a YC founder ended with the coins recovered. They were unable to tumble the coins without losing them.
- smoldesu 5y agoCartels smuggle cash. Cash is fairly untraceable, so it makes sense. If anything, it reinforces the idea that removing accountability from money encourages bad behavior. > the bitcoin hack involving a YC founder ended with the coins recovered Sometimes you get a happy ending. There's plenty of stories about the Wild West that don't end with two dead cowboys. On the other hand though, our banking system can almost universally guarantee a happy ending. Axie Infinity hacks simply don't happen on there. When someone is dumb enough to try it, they're in custody by the end of the day and their money likely never even left the source account in the first place.
- sillysaurusx 5y agoCartels smuggle hundreds of millions of dollars through the actual banking system. It's scary how connected they are. I was very surprised.
- smoldesu 5y agoBe that as it may, do we really want to enable everyone to have cartel-level money smuggling capabilities? Is that the sort of power we should strive to democratize?
- AnimalMuppet 5y agoYes. Everybody, or nobody. Why should some have it and others not? Note well: In this post, I am not taking a position as to whether "everybody" is the correct answer, or whether "nobody" is. I just want everyone to be at the same level.