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0 representation here - I do not own any, though that is reflective to my fiscal status currently though have not owned any previously either. Why I own 0 bitc
by Zenst 13y ago
0 representation here - I do not own any, though that is reflective to my fiscal status currently though have not owned any previously either.
Why I own 0 bitcoins (currently):
One aspect I find facinating about bitcoins over normal money is how they can be tracked and every coin can be audited openly down to its creation. Whilst with notes this is possible, tills and other transactions do not note down those serial numbers used and coins have no way at all of being tracked. Both due to the analogue forms of transactions mean that no exact coin or note is tracked and at most the amount is tracked albeit in a form not tied down to the history of said coin or note. Bitcoins are completely different.
Reason that is important is whilst the media etc seem to portray the criminal usage of bitcoins, the whole system is more secure and auditable than any paper notes or metal coins and with that any bad press about criminal usage of bitcoins are more equaly so with other forms of currency due to the very nature of usage.
So one day I may very well get some bitcoins, but finances aside I do see them as dynamic as shares and in many weays less spendable than shares, due to lack of mainstream recognition and acceptance. When you can go into a major bank and get an exchange rate is when some stability gets introduced and the whole dynamic price akin to shares is removed. That is when I will personaly utilise them as a currency of transaction and fiscal storage.
- deleted 13y ago[deleted]
- Zenst 13y agoI was not aware of that; But in many ways it is still more auditable than alternative currencies. In some respect this tumbler sounds like money laudering albiet more detectable than alternative currencies. I would also imagine that such brokering/proxy services would still be reliant in that they kept records in a non-public form that would still be open to legal recorse via law authorities.
- schoen 13y agoI heard speculation that some ATMs were technically capable of recording the serial numbers of bills that they dispense to a particular customer (via OCR) and that some bill accepters used by banks or currency exchangers were capable of doing the same. Since modern ATMs already have quite sophisticated OTR on the input side -- I've found them very accurate lately at recognizing even sloppy handwriting on checks -- this is quite plausible technologically. It's not clear to me whether governments would ask cash-handling businesses to do this kind of bill-tracking today, and whether they'd expect to learn interesting things from it. (I'd imagine most bills participate in several cash transactions in between bank deposits.)