8 ms·

It’s hell of easy to prevent transaction. You publish a wallet blacklist and prohibit all exchange services from processing tainted bitcoins.

Quindecillion 4y ago
That's not transacting on the Bitcoin blockchain though. Once you have access to Bitcoin on-chain and have other people willing to transact directly through Bitcoin, with no fiat intermediaries like exchanges... yeah, there's literally nothing anyone can do to stop the transaction from going through (eventually). The end goal with Bitcoin is to bypass all the permissioned fiat rails eventually.
- oblio 4y ago
  > with no fiat intermediaries like exchanges What's the volume of Bitcoin traded outside of exchanges? 0.0001%?
  - oblio 4y ago
    Just because you don't like it, doesn't make it wrong :-)
  - ashwagary 4y ago
    >What's the volume of Bitcoin traded outside of exchanges How could you ever know? A group of people could trade paper wallets with 1000s of Bitcoin trillions of times and no record of it would show up on chain.
    - eru 4y ago
      Well, that's off-chain and requires trust. So it's arguably not bitcoin. (It requires trust, because how do you prevent double spending attacks? Someone can just print out the same paper wallet twice. You need to move the funds to an address you control to be sure.)
      - ashwagary 4y ago
        >So it's arguably not bitcoin. It's always Bitcoin in any scenario we can think of since value never ever leaves the chain, only the person with control of the on-chain value changes. >Someone can just print out the same paper wallet twice. I used "paper wallet" as a simple place holder, many tamper resistant one time use solutions exist, like Opendime.
koonsolo 4y ago
Why do people always want to talk about the old bitcoin technology? Try to do the same with Monero, good luck.
- unicornmama 4y ago
  OK. All Monero addresses are banned. Done.
  - livueta 4y ago
    > banned ...from KYC exchanges. There's already tons of non-KYC darknet exchanges that will happily take your btc and give you xmr, at which point you're off to the races. Any attempt to extend requirements at KYC exchanges would spur further developments in non-KYC/decentralized swappers, as we've seen so far.
    - unicornmama 4y ago
      It’s not just about exchanges it’s about taxation. So long as governments can enforce taxation (e.g. income, sales, VAT). They maintain the power to restrict mediums of payment. The world your proposing isn’t just about upending financial plumbing. It’s predicated upon uprooting government financial regulation. That would send us back to the dark ages of finance. That’s not something I support.
      - livueta 4y ago
        Sorry, completely forgot about this thread. > It’s predicated upon uprooting government financial regulation. Imo this is a positive, but that's a little besides the point - it is inevitable in the same way that encrypted communications are inevitable and don't care whether Australia decides its laws trump the laws of math. If you care about the ability to maintain taxation, etc, then riding the wave is vastly preferable to being crushed by it.
  - koonsolo 4y ago
    Banned from what? The internet? LOL

Quindecillion 4y ago

That's not transacting on the Bitcoin blockchain though. Once you have access to Bitcoin on-chain and have other people willing to transact directly through Bitcoin, with no fiat intermediaries like exchanges... yeah, there's literally nothing anyone can do to stop the transaction from going through (eventually). The end goal with Bitcoin is to bypass all the permissioned fiat rails eventually.

oblio 4y ago
> with no fiat intermediaries like exchanges What's the volume of Bitcoin traded outside of exchanges? 0.0001%?
- oblio 4y ago
  Just because you don't like it, doesn't make it wrong :-)
- ashwagary 4y ago
  >What's the volume of Bitcoin traded outside of exchanges How could you ever know? A group of people could trade paper wallets with 1000s of Bitcoin trillions of times and no record of it would show up on chain.
  - eru 4y ago
    Well, that's off-chain and requires trust. So it's arguably not bitcoin. (It requires trust, because how do you prevent double spending attacks? Someone can just print out the same paper wallet twice. You need to move the funds to an address you control to be sure.)
    - ashwagary 4y ago
      >So it's arguably not bitcoin. It's always Bitcoin in any scenario we can think of since value never ever leaves the chain, only the person with control of the on-chain value changes. >Someone can just print out the same paper wallet twice. I used "paper wallet" as a simple place holder, many tamper resistant one time use solutions exist, like Opendime.

koonsolo 4y ago

Why do people always want to talk about the old bitcoin technology? Try to do the same with Monero, good luck.

unicornmama 4y ago
OK. All Monero addresses are banned. Done.
- livueta 4y ago
  > banned ...from KYC exchanges. There's already tons of non-KYC darknet exchanges that will happily take your btc and give you xmr, at which point you're off to the races. Any attempt to extend requirements at KYC exchanges would spur further developments in non-KYC/decentralized swappers, as we've seen so far.
  - unicornmama 4y ago
    It’s not just about exchanges it’s about taxation. So long as governments can enforce taxation (e.g. income, sales, VAT). They maintain the power to restrict mediums of payment. The world your proposing isn’t just about upending financial plumbing. It’s predicated upon uprooting government financial regulation. That would send us back to the dark ages of finance. That’s not something I support.
    - livueta 4y ago
      Sorry, completely forgot about this thread. > It’s predicated upon uprooting government financial regulation. Imo this is a positive, but that's a little besides the point - it is inevitable in the same way that encrypted communications are inevitable and don't care whether Australia decides its laws trump the laws of math. If you care about the ability to maintain taxation, etc, then riding the wave is vastly preferable to being crushed by it.
- koonsolo 4y ago
  Banned from what? The internet? LOL