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How would you tell the difference between illegal and legal crypto? Assuming you didn’t already have their names, anyway.

by lazide 1y ago

mptest 1y ago
normally, and it's been a LONG time since I been anywhere near crypto, it's about progeny of the actual "coin" , ie how many private wallets has it touched since being mined. coins freshly "mined" go for more than touched crypto.
- Our_Benefactors 1y ago
  > coins freshly "mined" go for more than touched crypto. I’ve literally never heard of such a thing. I have trouble believing this is actually true, especially given there’s no way to select for it on the exchanges.
  - mptest 1y ago
    Yeah sorry I didn't mean to give the impression this was common, this is like huge buyers, like OTC deals or seriously bad buyers. Back when mixers were first coming under the cosh some of the big/bad buyers cared about that type of thing. for us mortals that's above our pay-grade but it has been known to happen. Having trouble finding more than anecdotes and limited sources for obvious reasons but they're out there
- lazide 1y ago
  Not with any crypto I’ve ever seen or used.
ggm 1y ago
The forensic accountant I know says "follow the money" works really well for bikie gangs, drug money and international crime links. Sure, there's mixers. But, there's also a chain and pseudonymous ain't invisibility. She works in Australia. Maybe things are different in other jurisdictions.
- monerozcash 1y ago
  There are so many ways to eliminate traceability with cryptocurrency. Just exchange monero and do a thousand transfers with randomized delays, nobody will track that. Swap to zcash piece-by-piece and do similar things if you don't trust monero.
akimbostrawman 1y ago
Inferior cryptocurrencies like Bitcoin are non fungible with a transparent blockchain so tracing and tainted coins are a very real and enforced problem. To solve this use actually useful currency that is private and fungible by design like monero.
- lazide 1y ago
  I think you’re talking about blacklisted/tainted wallets?
  - akimbostrawman 1y ago
    Yes but it's not only wallets, that is possible because of transparent blockchain and non fungible by design. Imagine you could get a dollar bill* which value could evaporate and even put you in criminal trouble because X amount of unrelated money transfers before it got to you it was used in something criminal. *dollar bills are also not fully fungible because IDs and currency tracking but those aren't implemented everywhere unlike with btc. Fungibility: gold = monero >>> dollar bill >> bitcoin and most other transparent coins

How would you tell the difference between illegal and legal crypto? Assuming you didn’t already have their names, anyway.

by lazide 1y ago

How would you tell the difference between illegal and legal crypto? Assuming you didn’t already have their names, anyway.

mptest 1y ago

normally, and it's been a LONG time since I been anywhere near crypto, it's about progeny of the actual "coin" , ie how many private wallets has it touched since being mined. coins freshly "mined" go for more than touched crypto.

Our_Benefactors 1y ago
> coins freshly "mined" go for more than touched crypto. I’ve literally never heard of such a thing. I have trouble believing this is actually true, especially given there’s no way to select for it on the exchanges.
- mptest 1y ago
  Yeah sorry I didn't mean to give the impression this was common, this is like huge buyers, like OTC deals or seriously bad buyers. Back when mixers were first coming under the cosh some of the big/bad buyers cared about that type of thing. for us mortals that's above our pay-grade but it has been known to happen. Having trouble finding more than anecdotes and limited sources for obvious reasons but they're out there
lazide 1y ago
Not with any crypto I’ve ever seen or used.

ggm 1y ago

The forensic accountant I know says "follow the money" works really well for bikie gangs, drug money and international crime links. Sure, there's mixers. But, there's also a chain and pseudonymous ain't invisibility. She works in Australia. Maybe things are different in other jurisdictions.

monerozcash 1y ago
There are so many ways to eliminate traceability with cryptocurrency. Just exchange monero and do a thousand transfers with randomized delays, nobody will track that. Swap to zcash piece-by-piece and do similar things if you don't trust monero.

akimbostrawman 1y ago

Inferior cryptocurrencies like Bitcoin are non fungible with a transparent blockchain so tracing and tainted coins are a very real and enforced problem. To solve this use actually useful currency that is private and fungible by design like monero.

lazide 1y ago
I think you’re talking about blacklisted/tainted wallets?
- akimbostrawman 1y ago
  Yes but it's not only wallets, that is possible because of transparent blockchain and non fungible by design. Imagine you could get a dollar bill* which value could evaporate and even put you in criminal trouble because X amount of unrelated money transfers before it got to you it was used in something criminal. *dollar bills are also not fully fungible because IDs and currency tracking but those aren't implemented everywhere unlike with btc. Fungibility: gold = monero >>> dollar bill >> bitcoin and most other transparent coins