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Fiat money is harder to steal because you can't just transfer hundreds of thousands or millions about from mainstream banks without questions being asked. For
by naming_the_user 2y ago
Fiat money is harder to steal because you can't just transfer hundreds of thousands or millions about from mainstream banks without questions being asked.
For the most part I don't think that the GP has the story straight.
You can't really have it both ways - either Bitcoin is desirable to criminals because it's untraceable enough to get away with it etc, or it's not. I think that they're overstating the ease of finding a person's complete holdings.
Having said that, amusingly, if I had to think of the best way to force someone with a million dollars in a bank account to give me it... the first thing that comes to mind would be to hold them hostage and say to them, get KYC'd on a crypto exchange and send me the crypto. I think that the biggest barrier would be that with no prior history their bank and the exchange would throw a big fat WTF and probably lock everything down for weeks.
- xethos 2y agoI'd say it's really a mix here: It's traceable enough to make Phil uncomfortable, but not every criminal will know it's traceable (especially by government agencies). Your point is the big one though - one cannot suddenly, unexpectedly, and without a history of doing so, transfer six-figure sums without traditional financial institutions looking at said transaction fairly closely. Bitcoin doesn't have this drawback