3 ms·

The problem with counterfeiting dollars is that it only works until the design is changed and it's hard to transfer your capabilities. On the other hand hacking

The problem with counterfeiting dollars is that it only works until the design is changed and it's hard to transfer your capabilities. On the other hand hacking is convenient since it can be use for political leverage, espionage and similar.

bilekas 2y ago
Also I’m not expert but washing a significant amount of cash seems extremely more difficult than the Hacking enterprises?
anonym29 2y ago
The problem with hacking is that it's far easier to patch a vulnerability than it is to redesign a currency note and reissue new batches of them across an entire printing press while removing the old ones (some real, some fake) from circulation very slowly. Also, Bitcoin has never had the counterfeiting problem of currency notes, largely because there's no such capacity for bad actors to create or issue counterfeit Bitcoin, as Bitcoin backed by mathematical work that must be performed to in order to mine/"mint" new Bitcoin, unlike US Federal Reserve Notes, which are backed by nothing more than an Intaglio printing press, some engraving plates with publicly-available designs, and 3D security ribbons, ribbons featuring ink that is visible under a blacklight (you can find which chemicals exhibit this property on Wikipedia), some paper, and some linen. Oh, and every single one of those ingredients are are produced by a third party (NOT the US Bureau of Printing and Engraving), who all solemnly pinky promise they don't secretly keep and distribute any extras :)
IncreasePosts 2y ago
America doesn't rescind or invalidate old money from circulation when a new design comes out though. No one is going to bat an eye at a 10 year old $100 bill coming through.
- anonym29 2y ago
  Well then I guess it's settled - the US Federal Reserve notes are truly inferior to Bitcoin in terms of counterfeit resistance! Humor aside, "When currency is deposited with a Federal Reserve Bank, the quality of each note is evaluated by sophisticated processing equipment. Notes that meet our strict quality criteria--that is, that are still in good condition--continue to circulate, while those that do not are taken out of circulation and destroyed. This process determines the lifespan of a Federal Reserve note." Not only does the Federal Reserve routinely remove counterfeit notes from circulation, they even routinely remove non-counterfeit notes that are older or have physical damage from circulation! You'll also find on the source link below, typical lifespans of circulation for various notes, as follows: Denomination - Estimated Lifespan $1 - 6.6 years $5 - 4.7 years $10 - 5.3 years $20 - 7.8 years $50 - 12.2 years $100 - 22.9 years So no, nobody is going to bat an eye at a 10-year-old 100-dollar federal reserve note, but by 25 years old, it would be likely to have already been removed from circulation. The 10-year timeframe you mention is more appropriate for $20 and below, but those notes tend to be counterfeited less than larger notes. Source: https://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm https://www.federalreserve.gov/faqs/how-long-is-the-life-spa...
  - permo-w 2y ago
    okay, so? spending money is not the same as depositing it at the fed.
- lesuorac 2y ago
  > No one is going to bat an eye at a 10 year old $100 bill coming through. Within the US mostly. Although sometimes you can have trouble with a $2. Outside the states you might.

bilekas 2y ago

Also I’m not expert but washing a significant amount of cash seems extremely more difficult than the Hacking enterprises?

anonym29 2y ago

The problem with hacking is that it's far easier to patch a vulnerability than it is to redesign a currency note and reissue new batches of them across an entire printing press while removing the old ones (some real, some fake) from circulation very slowly. Also, Bitcoin has never had the counterfeiting problem of currency notes, largely because there's no such capacity for bad actors to create or issue counterfeit Bitcoin, as Bitcoin backed by mathematical work that must be performed to in order to mine/"mint" new Bitcoin, unlike US Federal Reserve Notes, which are backed by nothing more than an Intaglio printing press, some engraving plates with publicly-available designs, and 3D security ribbons, ribbons featuring ink that is visible under a blacklight (you can find which chemicals exhibit this property on Wikipedia), some paper, and some linen. Oh, and every single one of those ingredients are are produced by a third party (NOT the US Bureau of Printing and Engraving), who all solemnly pinky promise they don't secretly keep and distribute any extras :)

IncreasePosts 2y ago

America doesn't rescind or invalidate old money from circulation when a new design comes out though. No one is going to bat an eye at a 10 year old $100 bill coming through.

anonym29 2y ago
Well then I guess it's settled - the US Federal Reserve notes are truly inferior to Bitcoin in terms of counterfeit resistance! Humor aside, "When currency is deposited with a Federal Reserve Bank, the quality of each note is evaluated by sophisticated processing equipment. Notes that meet our strict quality criteria--that is, that are still in good condition--continue to circulate, while those that do not are taken out of circulation and destroyed. This process determines the lifespan of a Federal Reserve note." Not only does the Federal Reserve routinely remove counterfeit notes from circulation, they even routinely remove non-counterfeit notes that are older or have physical damage from circulation! You'll also find on the source link below, typical lifespans of circulation for various notes, as follows: Denomination - Estimated Lifespan $1 - 6.6 years $5 - 4.7 years $10 - 5.3 years $20 - 7.8 years $50 - 12.2 years $100 - 22.9 years So no, nobody is going to bat an eye at a 10-year-old 100-dollar federal reserve note, but by 25 years old, it would be likely to have already been removed from circulation. The 10-year timeframe you mention is more appropriate for $20 and below, but those notes tend to be counterfeited less than larger notes. Source: https://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm https://www.federalreserve.gov/faqs/how-long-is-the-life-spa...
- permo-w 2y ago
  okay, so? spending money is not the same as depositing it at the fed.
lesuorac 2y ago
> No one is going to bat an eye at a 10 year old $100 bill coming through. Within the US mostly. Although sometimes you can have trouble with a $2. Outside the states you might.