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> the whole point of crypto is that it's easy to hide. This couldn't be further from the truth and shows how the majority of people do not understand the benef
by nbar1 4y ago
> the whole point of crypto is that it's easy to hide.
This couldn't be further from the truth and shows how the majority of people do not understand the benefits that crypto offers.
- HDThoreaun 4y agoOther than speculation the main use case of crypto is hiding money. Sure many people do it poorly, but it is possible and in fact the main use case.
- Cardinal7167 4y agoYou could say this exact same thing about cash and be just as correct.
- CPLX 4y agoNo. The main use of cash is as a means for conducting transactions for goods and services.
- deleted 4y ago[deleted]
- eric_cc 4y agoAnd what’s the main use of cash from the perspective of the US government? And what makes cash have value? And what has been the history of money thus far that has led to this junction?
- HDThoreaun 4y agoTransacting for goods and services. Cash has value because you get arrested if you don’t have enough to pay taxes.
- eric_cc 4y agoI totally agree. Cash has value because it’s backed by violence.
- mrguyorama 4y agoOh no the state has a monopoly on violence what a bad thing. I much prefer the natural way where your right to property ends at the tip of my spear.
- CPLX 4y agoEverything privately held that has value is backed by the threat of violence.
- Eisenstein 4y agoExcept transferring cash requires physically moving it, and it is heavy and bulky in large amounts.
- kijin 4y agoCompared to bank accounts, real estate, and offshore corporations, it is certainly easier to hide your crypto (or rather, hide the fact that it's your crypto) if you know what you're doing. Heck, even the word "crypto" means "hidden". Do Kwon might not be any good at sneaking though airports, but he certainly knows his way around the crypto scene. He has had plenty of time to launder his coins. In fact, he's probably had more time to plan and execute an exit scheme than any of the other crooks who got busted lately. So I wouldn't underestimate how well he has hidden his embezzled billions.
- eric_cc 4y agoHacker News is especially hostile toward crypto. Most likely, people here won’t even bother to engage in an honest conversation. “It’s a scam, it’s for crime” is the consensus. It’s frustrating when you’re surrounded by “confident idiots”, people who are uneducated about a topic that portray confidence. As I’ve gotten older, I just care less about educating people for free. Bitcoin is going nowhere. Time itself will teach the naysayers. HN will be angry, in denial, etc as the trend of bitcoin adoption plays out. But they can’t be so ignorant as to stop it. In other words, their education is not required.
- deleted 4y ago[deleted]