6 ms·

well uhh fuck that. its only like $1740 and the reasons they list for getting rid of cash is exactly why we need cash.

by collegeburner 4y ago

_8j50 4y ago
And why bitcoin is here to stay regardless of price and of course xmr.
- p1necone 4y ago
  Bitcoin specifically is inadequate to act as anything more than a very infrequently traded store of value. Not a currency that is exchanged for goods and services in small amounts by many people. Someone needs to build a better cryptocurrency, but it everyone is preoccupied with building ponzi schemes and pump and dump scams instead.
  - _8j50 4y ago
    There is eth and btc cash. Lightning payment is also a thing even eith btc. It is really a question of merchants willing to spend time supporting it give lack of significanr consumer demand.
- aaronbrethorst 4y ago
  Ah yes, the notoriously computer-illiterate Israeli government will never think to monitor Bitcoin transactions.
- cube00 4y ago
  7 transactions a second won't cut it unfortunately[1] [1] https://en.wikipedia.org/wiki/Bitcoin_scalability_problem https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
  - EVa5I7bHFq9mnYK 4y ago
    Bitcoin's layer 2 can do 7000 transactions per second easily.
    - deleted 4y ago
      [deleted]
- hristov 4y ago
  It is very easy to track crypto spending. All the information is there on the blockchain for anybody to peruse. The blockchain may not have personal identifications, but you only need to catch a person spending bitcoin once in order to match them to a blockchain wallet. So if the Israeli government's goal is to track citizen's spending, they will love crypto.
  - jondwillis 4y ago
    I’ve been considering “laundering” my own crypto through a handful of bespoke smart contracts that I write myself since I doubt anyone on IRS salary would actually read my source code.
    - ayende 4y ago
      At which point you are probably guilty of "structuring". Which is a crime all on its own. Also, that only holds up until someone actually looks at you.
  - reedjosh 4y ago
    But XMR is private?
  - _8j50 4y ago
    Not with single use wallets. If you have multiple transactions yes but if you create a new wallet put btc in it and spend it all and each time you spend you create a new wallet it is much like cash.
    - hristov 4y ago
      But you will have to move BTC from the old wallet to the new one. And that will be visible on the blockchain.
      - _8j50 4y ago
        No, that's what I am saying you will spend the entire wallet no transfers. If HN was charging me something I will create a new wallet at say paxful, populate it with btc by paying much more than exchange rate in exchange for giftcards or wire (or cash if they are local) and then pay HN, never use that wallet again. Of course the threat to this has been thay american/western services have all become KYC (mandatory ID check) still possible with chinese and other services. Another alternative is to store it all in XMR and populate single use btc wallets with one time XMR transfers all while VPN+Tor'd.
- MerelyMortal 4y ago
  All the replies so far seem to focus on Bitcoin and not XMR (Monero). Monero does a better job at solving the problems that have been mentioned about Bitcoin: A blocksize that scales which also leads to reduced fees, transactions and address balances are private. (Disclaimer: I own some XMR, but not much.)
  - throwaway290 4y ago
    Props for the disclaimer. However, it seems doubtful that Monero is 'better' than cash either. The idea is less about chasing after cash money, and more that if e.g. you suggest me to deal in cash I must consider that I will be on the hook forever in case this leaks -- doesn't matter if this is due to your negligence, your disgruntled employee or partner whistleblowing, advances in spying tech, another customer reporting you, etc. It's the same with Monero, possibly worse. With cash, taking all precautions once is enough (ensure there are no cameras around, leave my phone at home, wear gloves, etc.), while the only way to have all the evidence gone from blockchain is only by having Monero itself gone, right?
- anigbrowl 4y ago
  lol imagine still buying this. You have even less privacy with BTC than you do with fiat.
  - p1necone 4y ago
    Yeah, the average laypersons idea of crypto seems to be that it's totally anonymous. When I explain that most are pseudonymous not anonymous and that every single transaction being publicly visible forever is a feature, not a bug they seem pretty shocked.
Double_a_92 4y ago
This seems extreme, but it's actually already common in some European countries (e.g. Italy where the limit is 999€).

well uhh fuck that. its only like $1740 and the reasons they list for getting rid of cash is exactly why we need cash.

_8j50 4y ago

And why bitcoin is here to stay regardless of price and of course xmr.

p1necone 4y ago
Bitcoin specifically is inadequate to act as anything more than a very infrequently traded store of value. Not a currency that is exchanged for goods and services in small amounts by many people. Someone needs to build a better cryptocurrency, but it everyone is preoccupied with building ponzi schemes and pump and dump scams instead.
- _8j50 4y ago
  There is eth and btc cash. Lightning payment is also a thing even eith btc. It is really a question of merchants willing to spend time supporting it give lack of significanr consumer demand.
aaronbrethorst 4y ago
Ah yes, the notoriously computer-illiterate Israeli government will never think to monitor Bitcoin transactions.
cube00 4y ago
7 transactions a second won't cut it unfortunately[1] [1] https://en.wikipedia.org/wiki/Bitcoin_scalability_problem https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
- EVa5I7bHFq9mnYK 4y ago
  Bitcoin's layer 2 can do 7000 transactions per second easily.
  - deleted 4y ago
    [deleted]
hristov 4y ago
It is very easy to track crypto spending. All the information is there on the blockchain for anybody to peruse. The blockchain may not have personal identifications, but you only need to catch a person spending bitcoin once in order to match them to a blockchain wallet. So if the Israeli government's goal is to track citizen's spending, they will love crypto.
- jondwillis 4y ago
  I’ve been considering “laundering” my own crypto through a handful of bespoke smart contracts that I write myself since I doubt anyone on IRS salary would actually read my source code.
  - ayende 4y ago
    At which point you are probably guilty of "structuring". Which is a crime all on its own. Also, that only holds up until someone actually looks at you.
- reedjosh 4y ago
  But XMR is private?
- _8j50 4y ago
  Not with single use wallets. If you have multiple transactions yes but if you create a new wallet put btc in it and spend it all and each time you spend you create a new wallet it is much like cash.
  - hristov 4y ago
    But you will have to move BTC from the old wallet to the new one. And that will be visible on the blockchain.
    - _8j50 4y ago
      No, that's what I am saying you will spend the entire wallet no transfers. If HN was charging me something I will create a new wallet at say paxful, populate it with btc by paying much more than exchange rate in exchange for giftcards or wire (or cash if they are local) and then pay HN, never use that wallet again. Of course the threat to this has been thay american/western services have all become KYC (mandatory ID check) still possible with chinese and other services. Another alternative is to store it all in XMR and populate single use btc wallets with one time XMR transfers all while VPN+Tor'd.
MerelyMortal 4y ago
All the replies so far seem to focus on Bitcoin and not XMR (Monero). Monero does a better job at solving the problems that have been mentioned about Bitcoin: A blocksize that scales which also leads to reduced fees, transactions and address balances are private. (Disclaimer: I own some XMR, but not much.)
- throwaway290 4y ago
  Props for the disclaimer. However, it seems doubtful that Monero is 'better' than cash either. The idea is less about chasing after cash money, and more that if e.g. you suggest me to deal in cash I must consider that I will be on the hook forever in case this leaks -- doesn't matter if this is due to your negligence, your disgruntled employee or partner whistleblowing, advances in spying tech, another customer reporting you, etc. It's the same with Monero, possibly worse. With cash, taking all precautions once is enough (ensure there are no cameras around, leave my phone at home, wear gloves, etc.), while the only way to have all the evidence gone from blockchain is only by having Monero itself gone, right?
anigbrowl 4y ago
lol imagine still buying this. You have even less privacy with BTC than you do with fiat.
- p1necone 4y ago
  Yeah, the average laypersons idea of crypto seems to be that it's totally anonymous. When I explain that most are pseudonymous not anonymous and that every single transaction being publicly visible forever is a feature, not a bug they seem pretty shocked.

Double_a_92 4y ago

This seems extreme, but it's actually already common in some European countries (e.g. Italy where the limit is 999€).