4 ms·

Disclosure: I own Bitcoins While Bitcoin came out of our "own" community, and a lot of technologically inclined people are enthusiastic over it and it's featur

by Drakim 12y ago

Disclosure: I own Bitcoins While Bitcoin came out of our "own" community, and a lot of technologically inclined people are enthusiastic over it and it's features, I wonder if Bitcoin got planet-wide adoption, would it be a bigger boon to the man in the street or the big fat rich cats? It makes hiding money a lot easier (akin to the Swiss bank account but with less trouble transferring) and makes it a lot easier for money to "disappear" and be impossible to take back. These things strike me as things the man in the street wouldn't care so much for (the government tracks his income so he can't whisk Bitcoins away, and working black is, well, like working black for dollar bills, not that different).

exo762 12y ago
Disclosure: same here. You can hide your money, but you can't hide your spending. If someone is living beyond their means, it's a signal to IRS or (place name of agency that taxes you) that you are worth their effort. Also, government is not the only one who is abusing power. Rich and powerful also do that. Bitcoin can at least prevent some of that abuse by being censorship resistant.
- sanoli 12y ago
  You can hide your money, and then you can launder your money. I don't know much about bitcoin and about money laundering to know if it would make it any easier, or even harder. I do know, however, that if it makes it any easier, the big fat cats will make good use of it. But maybe there's no difference, I don't know. Maybe somebody chimes in? This book's author claims it is the third largest business(money laundering): http://www.amazon.com/The-Laundrymen-Laundering-Largest-Business-ebook/dp/B001OI1YIY http://www.amazon.com/The-Laundrymen-Laundering-Largest-Busi...
  - exo762 12y ago
    Fat cats and drug cartels are currently doing great job of laundering money using banks. So the question is: was anything of value lost? Also - does this mean that Bitcoin will democratize tax evasion / money laundering? There is also a matter of complex tax codes. Today they predominantly used by large businesses and wealthy people. With Bitcoin as a very democratic tax evasion / money laundering mechanism, is there any chance that we will see clear and simple tax codes in Bitcoin future?
qznc 12y ago
> It makes hiding money a lot easier Does it really? Bitcoin by design records every transaction forever globally. The only reason it would be easier that it is easier to program compared to banking APIs. I am not convinced by stuff like Darksend [0] so far. [0] https://www.dashpay.io/about/what-is-dash/darksend/ https://www.dashpay.io/about/what-is-dash/darksend/
- wmf 12y ago
  Has any stolen BTC ever been found?
  - StavrosK 12y ago
    Has any stolen BTC ever been used?
    - SlippyCrisco 12y ago
      Yes, and yes. http://www.nytimes.com/2015/03/31/nyregion/silk-road-case-federal-agents-charges.html http://www.nytimes.com/2015/03/31/nyregion/silk-road-case-fe...
      - StavrosK 12y ago
        This doesn't say he used them, only that he stole them. Plus, he got caught.
  - dragontamer 12y ago
    The ones from Mt. Gox have been traced. http://www.newsbtc.com/2015/01/01/mt-gox-bitcoin-theft-insider-not-hackers-say-police/ http://www.newsbtc.com/2015/01/01/mt-gox-bitcoin-theft-insid...

by Drakim 12y ago

exo762 12y ago

Disclosure: same here. You can hide your money, but you can't hide your spending. If someone is living beyond their means, it's a signal to IRS or (place name of agency that taxes you) that you are worth their effort. Also, government is not the only one who is abusing power. Rich and powerful also do that. Bitcoin can at least prevent some of that abuse by being censorship resistant.

sanoli 12y ago
You can hide your money, and then you can launder your money. I don't know much about bitcoin and about money laundering to know if it would make it any easier, or even harder. I do know, however, that if it makes it any easier, the big fat cats will make good use of it. But maybe there's no difference, I don't know. Maybe somebody chimes in? This book's author claims it is the third largest business(money laundering): http://www.amazon.com/The-Laundrymen-Laundering-Largest-Business-ebook/dp/B001OI1YIY http://www.amazon.com/The-Laundrymen-Laundering-Largest-Busi...
- exo762 12y ago
  Fat cats and drug cartels are currently doing great job of laundering money using banks. So the question is: was anything of value lost? Also - does this mean that Bitcoin will democratize tax evasion / money laundering? There is also a matter of complex tax codes. Today they predominantly used by large businesses and wealthy people. With Bitcoin as a very democratic tax evasion / money laundering mechanism, is there any chance that we will see clear and simple tax codes in Bitcoin future?

qznc 12y ago

> It makes hiding money a lot easier Does it really? Bitcoin by design records every transaction forever globally. The only reason it would be easier that it is easier to program compared to banking APIs. I am not convinced by stuff like Darksend [0] so far. [0] https://www.dashpay.io/about/what-is-dash/darksend/ https://www.dashpay.io/about/what-is-dash/darksend/

wmf 12y ago
Has any stolen BTC ever been found?
- StavrosK 12y ago
  Has any stolen BTC ever been used?
  - SlippyCrisco 12y ago
    Yes, and yes. http://www.nytimes.com/2015/03/31/nyregion/silk-road-case-federal-agents-charges.html http://www.nytimes.com/2015/03/31/nyregion/silk-road-case-fe...
    - StavrosK 12y ago
      This doesn't say he used them, only that he stole them. Plus, he got caught.
- dragontamer 12y ago
  The ones from Mt. Gox have been traced. http://www.newsbtc.com/2015/01/01/mt-gox-bitcoin-theft-insider-not-hackers-say-police/ http://www.newsbtc.com/2015/01/01/mt-gox-bitcoin-theft-insid...