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Not so, a key element in many fraudulent schemes is to use faux transparency to either market the fraud ("Look how popular this is, everyone's doing it!") or to
by nullc 3y ago
Not so, a key element in many fraudulent schemes is to use faux transparency to either market the fraud ("Look how popular this is, everyone's doing it!") or to create a false sense of security ("This can't be fraudulent, the absolute worst place to do fraud is on a traceable and a transparent blockchain.").
Beyond that, data isn't knowledge. That there is a lot of data doesn't mean you actually know much of value.
- rvz 3y agoEven if the fraud or false sense of security happens, it is still traceable. That is the whole point. It is there for everyone to see and untangle the actions that have happened on the ledger and can be verified to be faked or not. > Beyond that, data isn't knowledge. That there is a lot of data doesn't mean you actually know much of value. The blockchain doesn't just have 'data', it has the 'information' that has the recorded transactions useful enough for those who want to trace the actions that happened on the ledger; fraudulent, faked, or not. This is exactly why tools like Chainalysis exist.