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What is it that scares you about reliable, private, non-traceable financial transactions?

genev 4y ago
Not the person you replied to, but I could think of something like certain countries avoiding sanctions as an example. Or someone selling illegal weapons online. I realize that can be done in cash now, but it's easier with an untraceable digital currency.
roenxi 4y ago
Everyone on the planet can identify an alternate political group who would have them murdered if the situation gets dicey. The rich have been murdered by communists, the communists by fascists, the fascists by liberals, minorities by majorities, this religion by that, family against family, etc. If political opponents are moving and have provably robust infrastructure to organise it would get very, very scary. At the moment the police/authorities do make use of the ability to disrupt such things to keep the peace. In theory. Although I personally think the trade off would be worth it. The social downs would go lower but the ups will more than offset that.
nly 4y ago
The UK tabloid media is already riddled with outrage stories where some granny is robbed of her life savings through some crypto scam and her bank won't refund her. With untraceable non-reversible digital transactions you're very vulnerable to being robbed and completely wiped out.
pjc50 4y ago
A private non-traceable transaction of £10 or £100 is obviously not a threat. Private non-traceable transactions of £100k? Enough money to move the needle on a political campaign or bribe a public official. Suddenly every cop or judge can be untraceably on the take. Law enforcement against crimes of the powerful becomes even harder. Private non-traceable transactions of £1bn? Suddenly international sanctions don't work any more and you can't tell who's selling weapons to the Russians or funding the next 9/11. The thing about cash is that the larger the transaction is the harder it is to hide. Digital transactions are the opposite: a micropayment and a megacrime are equally visible. Westerners tend to forget, but corruption is real and left unchecked will destroy your society.
- nervuri 4y ago
  The ability to make large anonymous digital transactions do make corruption and tax evasion easier to get away with. As for sanctions, I imagine they can mostly be enforced by looking at the flow of goods. The money transfers can't be traced, but the weapon shipments can be.

Not the person you replied to, but I could think of something like certain countries avoiding sanctions as an example. Or someone selling illegal weapons online. I realize that can be done in cash now, but it's easier with an untraceable digital currency.

roenxi 4y ago

Everyone on the planet can identify an alternate political group who would have them murdered if the situation gets dicey. The rich have been murdered by communists, the communists by fascists, the fascists by liberals, minorities by majorities, this religion by that, family against family, etc. If political opponents are moving and have provably robust infrastructure to organise it would get very, very scary. At the moment the police/authorities do make use of the ability to disrupt such things to keep the peace. In theory. Although I personally think the trade off would be worth it. The social downs would go lower but the ups will more than offset that.

nly 4y ago

The UK tabloid media is already riddled with outrage stories where some granny is robbed of her life savings through some crypto scam and her bank won't refund her. With untraceable non-reversible digital transactions you're very vulnerable to being robbed and completely wiped out.

pjc50 4y ago

A private non-traceable transaction of £10 or £100 is obviously not a threat. Private non-traceable transactions of £100k? Enough money to move the needle on a political campaign or bribe a public official. Suddenly every cop or judge can be untraceably on the take. Law enforcement against crimes of the powerful becomes even harder. Private non-traceable transactions of £1bn? Suddenly international sanctions don't work any more and you can't tell who's selling weapons to the Russians or funding the next 9/11. The thing about cash is that the larger the transaction is the harder it is to hide. Digital transactions are the opposite: a micropayment and a megacrime are equally visible. Westerners tend to forget, but corruption is real and left unchecked will destroy your society.

nervuri 4y ago
The ability to make large anonymous digital transactions do make corruption and tax evasion easier to get away with. As for sanctions, I imagine they can mostly be enforced by looking at the flow of goods. The money transfers can't be traced, but the weapon shipments can be.