I though anonymity and legal safeharbour were founding principles of cryptocurrency? The original comment is correct that what we call money laundering is an artificial construct of power.
Is that sarcasm? How do you think criminal groups get funded? They use the financial system like anybody else. You should have a look into the history of HSBC, money laundering and financing drug cartels is one of their main specialty.
Maybe I'm in too deep but peer-to-peer is a buzzword? I mean person-to-person, without intermediaries. This seems useful and powerful to me (and my politics I suppose).
> 5. no transparency/security using crypto as bulk transport
I don't mean building a social layer on top, I mean building digital infrastructure on top, 'smart contracts' etc.
I still maintain hope for something like this but after watching the gradual but massive increase in the complexity of 'DeFi' (decentrialized finance) in the Ethereum community I don't know where to look and what to work on these days...
It's DAI, a stable currency based on derivatives, built on Ethereum and backed by ETH. It's not perfectly stable but it's done a reasonably good job keeping a value of one dollar, despite a 94% drop in the ETH price. Current DAI supply is $86 million.
Yeah, the hundreds of cryptocurrencies using it isn't enough.
This has yet to be proven, and as you say, there’s reasons why it has yet to land. I give this one vitaliks sideways smiley face.
> 2. You can't -- this is a cultural problem, not a technological one
Uh, one that doesn’t exist in the current financial system. I’m sure y’all will find a way. As I said, it’s a prerequisite.
> 3. There’s no such thing as money laundering.
Hilarious. I see someone never took compliance training at work. With that attitude I’d love to see you explain your position to a judge. Money laundering is literally financial transactions arranged in such a way as to conceal the original source of funds.
> 4. Buzzword soup.
> 5. More buzzword soup.
More buzzword soup that immediately falls down as once you use crypto as only a bulk transport instrument you’ve lost out on all its ostensible benefits. No transparency, no security, it’s no better than just using a wire transfer.