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He did say using purely cryptocurrencies, so if one was paid in crypto from the get-go and didn't have to convert to or from fiat, then an individual could prot

He did say using purely cryptocurrencies, so if one was paid in crypto from the get-go and didn't have to convert to or from fiat, then an individual could protect their money, so long as they could keep their private keys secure. #opsec

beagle3 12y ago
... until you want to eat, and then realize you have to convert to a fiat currency because the grocery store doesn't accept bitcoins. Bitcoins are pseudonymous, rather than anonymous - and worse, every single transaction ever is documented in the blockchain. The IRS, I'm sure, is quite happy about this complete documentation, and while they haven't gotten around to (ab)using it, I'm sure they will sooner or later.
- programmarchy 12y ago
  You can buy food with Bitcoin [1], although options are currently limited. I think this will continue to improve in the future as the counter-economy grows. And I agree that Bitcoin's lack of anonymity is a big problem. However, there are techniques one can use to keep transaction histories private, like using stealth addresses and decentralized, trustless mixing services like dark wallet and coinjoin [1]. Other cryptocurrencies like Darkcoin [2] have built privacy features into their protocol. These solutions are not yet perfect, but again I think they will continue to improve. Further agree that abuses by the IRS as well as other state agencies will continue. But why make it easier for them? It's only going to get worse in the future if we do nothing. [1] https://bitdazzle.com/food https://bitdazzle.com/food [2] https://wiki.anoncoin.net/Anonymity_of_cryptocurrencies https://wiki.anoncoin.net/Anonymity_of_cryptocurrencies [3] https://www.darkcoin.io https://www.darkcoin.io