News for hackers. Stuff that matters.
Re:Bitcoin is a disaster by Anon1096 on Thursday December 31, 2020 @06:05PM (#25598260)
Theoretically companies like Mindgeek who have been kicked off of the VISA/Mastercard duopoly, would be able to use Bitcoin as a censorship-resistant way to accept online payment. There's additional benefits as mentioned earlier like not needing to comply with KYC laws.

Of course, as Bitcoin currently stands, it's difficult for this to come to fruition because most holders are speculators rather than people interested in using it as currency.

Re:Bitcoin is a disaster by overscore on Thursday December 31, 2020 @06:19PM (#25598389)
> There's additional benefits as mentioned earlier like not needing to comply with KYC laws.

Why would Bitcoin transactions be exempt from KYC?

Re:Bitcoin is a disaster by Spoom on Thursday December 31, 2020 @06:42PM (#25598655)
Because the fact that it's (in theory) anonymous means that most people think that it also cannot be regulated by laws. People just don't outright say that though because it might sound like enabling fraud, tax evasion, and other unsavory activities was the point.
Re:Bitcoin is a disaster by NovemberWhiskey on Thursday December 31, 2020 @07:29PM (#25599084)
>like not needing to comply with KYC laws

You can also not comply with KYC laws in the traditional banking system; you're just going to get roflstomp'd by the financial authorities, c.f. $200mm fine for Deutsche Bank for insufficient AML/KYC controls in 2012-2015 time period.

Why would you imagine the result will be any different for crypto-banking? FinCEN is already promoting KYC for exchange-hosted wallets.

Re:Bitcoin is a disaster by oblio on Thursday December 31, 2020 @06:37PM (#25598599)
> There's additional benefits as mentioned earlier like not needing to comply with KYC laws.

In many situations lack of KYC is a bug, not a feature.

Re:Bitcoin is a disaster by ur-whale on Thursday December 31, 2020 @07:22PM (#25599016)
>In many situations lack of KYC is a bug, not a feature.

Some people seem to be actually believe that.

You just happen to be one of them.

Re:Bitcoin is a disaster by oblio on Friday January 01, 2021 @05:48PM (#25608085)
How do you track money laundering? Not everyone doing it is a virtuous rebel Fighing The Powah. A lot of them are just plain old crooks or other kinds of criminals.
Re:Bitcoin is a disaster by ur-whale on Saturday January 02, 2021 @10:08AM (#25613261)
> How do you track money laundering?

You don't.

Just like free speech, tracking what people do with their money is a violation of basic human rights.

Giving governments that kind of power is downright crazy.

If you want to catch criminals, resort to traditional ways.