4 ms·

Presumably to make it harder to track down transactions to individuals?

briandear 14y ago
Money laundering, buying illegal stuff, you know pretty much the only reasons for real people (other than hacker enthusists) for using BCs. The high volatility mixed with low trade volumes make the currency's value as a hedge against the dollar painfully useless. If people wanted a 'safe' currency, BC is the wrong answer, CHF is a far better choice. But, my hypothesis is that Bit Coiners want untraceable transactions for nefarious reasons. I'm not against bitcoin, but let's not be delusional and pretend that it's main benefit is stability. It seems that many bitcoin users are under the delusion that their $100 purchases at Amazon are of interest to the authorities. The people that most need financial anonymity are the ones that should least likely get it. The last thing I want is for North Korea to start settling transactions with Syria using bitcoin, but that's exactly what bitcoin will be used for if it isn't already. Bitcoiners are the hacker equivalent of the Glen Beck types that hoard gold for the coming apocalypse.
- krasin 14y ago
  You certainly know that North Korea leaders keep money in Swiss banks? see, for example, http://www.telegraph.co.uk/news/worldnews/asia/northkorea/7442188/Kim-Jong-il-keeps-4bn-emergency-fund-in-European-banks.html http://www.telegraph.co.uk/news/worldnews/asia/northkorea/74... Bitcoin is not good for dictator states, because it allows people to fund initiatives like wikileaks w/o a risk to be punished.
- rishonik 14y ago
  > Money laundering, buying illegal stuff, you know pretty much the only reasons for real people (other than hacker enthusists) for using BCs. My reason for using them and wanting them to see wider adoption is because PayPal sucks. YCombinator is somewhat invested in Bitcoin because they know a good possibility when they see one. The rest of your arguments can also be made about cash, with the added exception that my bitcoins, bought at about $4, have outperformed gold, the dollar, the Dow and NYSE even with the price crash last year. I held my btc and have gathered more since. Even with price averaging, I'm doing better than my friends in the stock market.
- steve19 14y ago
  PGP is only useful for criminals, spies and other unsavory elements of society. Just because I don't wish to share my electronic transactions with Visa, it does mean I am doing anything illegal.

Money laundering, buying illegal stuff, you know pretty much the only reasons for real people (other than hacker enthusists) for using BCs. The high volatility mixed with low trade volumes make the currency's value as a hedge against the dollar painfully useless. If people wanted a 'safe' currency, BC is the wrong answer, CHF is a far better choice. But, my hypothesis is that Bit Coiners want untraceable transactions for nefarious reasons. I'm not against bitcoin, but let's not be delusional and pretend that it's main benefit is stability. It seems that many bitcoin users are under the delusion that their $100 purchases at Amazon are of interest to the authorities. The people that most need financial anonymity are the ones that should least likely get it. The last thing I want is for North Korea to start settling transactions with Syria using bitcoin, but that's exactly what bitcoin will be used for if it isn't already. Bitcoiners are the hacker equivalent of the Glen Beck types that hoard gold for the coming apocalypse.

krasin 14y ago
You certainly know that North Korea leaders keep money in Swiss banks? see, for example, http://www.telegraph.co.uk/news/worldnews/asia/northkorea/7442188/Kim-Jong-il-keeps-4bn-emergency-fund-in-European-banks.html http://www.telegraph.co.uk/news/worldnews/asia/northkorea/74... Bitcoin is not good for dictator states, because it allows people to fund initiatives like wikileaks w/o a risk to be punished.
rishonik 14y ago
> Money laundering, buying illegal stuff, you know pretty much the only reasons for real people (other than hacker enthusists) for using BCs. My reason for using them and wanting them to see wider adoption is because PayPal sucks. YCombinator is somewhat invested in Bitcoin because they know a good possibility when they see one. The rest of your arguments can also be made about cash, with the added exception that my bitcoins, bought at about $4, have outperformed gold, the dollar, the Dow and NYSE even with the price crash last year. I held my btc and have gathered more since. Even with price averaging, I'm doing better than my friends in the stock market.
steve19 14y ago
PGP is only useful for criminals, spies and other unsavory elements of society. Just because I don't wish to share my electronic transactions with Visa, it does mean I am doing anything illegal.