Re:El Salvador makes Bitcoin legal tender
by Dzugaru on Wednesday June 09, 2021 @02:21PM
(#27451265)
You must be joking? There is a trivial way to hide the traces by using mixers. Why do you think ransomware and black markets today exclusively run crypto not fiat?
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Re:El Salvador makes Bitcoin legal tender
by sadfasf122 on Wednesday June 09, 2021 @02:22PM
(#27451277)
Most criminals use cash. USD to be exact.
Re:El Salvador makes Bitcoin legal tender
by fbernier on Wednesday June 09, 2021 @02:25PM
(#27451304)
Because unlike cryptocurrencies it has an actual value as a currency.
Re:El Salvador makes Bitcoin legal tender
by fredfoobar on Wednesday June 09, 2021 @02:45PM
(#27451531)
What do you mean "actual value" where is that value coming from?
Re:El Salvador makes Bitcoin legal tender
by mcbuilder on Wednesday June 09, 2021 @02:57PM
(#27451671)
Also stable value, if I stole $1 million, I'd probably want to bury it in the desert for a few years and then come back to dig it up once the heat died down. With BTC it's a big gamble what it will be worth. Fine to sit on it when the price is going up, but if the price of my ill gotten bitcoins is crashing it might force me to make a stupid mistake and get caught.
Re:El Salvador makes Bitcoin legal tender
by fredfoobar on Wednesday June 09, 2021 @03:09PM
(#27451811)
So, what you're talking about is a USD market consensus on another currency/entity (i.e. people who currently work with USD primarily arriving at a consensus on the price of bitcoin), run a simulation in your head if you will, something interesting and fairly complex comes up, there's a lot of information asymmetry around it, what do you think happens around the consensus of it as time progresses? (does the information asymmetry decrease or increase?)
Re:El Salvador makes Bitcoin legal tender
by bankisan on Wednesday June 09, 2021 @02:50PM
(#27451591)
I can walk down the street and buy a coffee with it.
Re:El Salvador makes Bitcoin legal tender
by fredfoobar on Wednesday June 09, 2021 @03:04PM
(#27451762)
We can do this soon in El Salvador (and some pockets in the US too).
The thing is, this is a strange argument, you want a sudden world wide adoption, like, tomorrow every biz owner wakes up and decides to accept bitcoin, so that you can buy your coffee at your local starbucks, have you thought through this? how does the total adoption happen what steps should happen before.
Re:El Salvador makes Bitcoin legal tender
by Dzugaru on Wednesday June 09, 2021 @02:25PM
(#27451308)
Most criminals don't kill people. Does that mean we should ignore killers?
Re:El Salvador makes Bitcoin legal tender
by fredfoobar on Wednesday June 09, 2021 @02:44PM
(#27451521)
Can you (or someone else) please explain this analogy? I didn't understand it at all.
Why are those criminals caught and even the extortion money quickly recovered?
I assume it has to do with using a transparent open ledger...
Re:El Salvador makes Bitcoin legal tender
by fredfoobar on Wednesday June 09, 2021 @03:19PM
(#27451934)
Re:El Salvador makes Bitcoin legal tender
by minsc__and__boo on Wednesday June 09, 2021 @02:39PM
(#27451462)
All the trusted mixers/tumblers/exchanges gradually went KYC.
Re:El Salvador makes Bitcoin legal tender
by tradertef on Wednesday June 09, 2021 @05:43PM
(#27453636)
Most criminals are stupid and eventually get caught. Can you show an example of large-scale ransomware where criminal could convert Bitcoin into fiat currency? Most of them store Bitcoin and wait, probably realizing it is not easy to clean that bitcoin. This idea of using mixers is a myth.
Re:El Salvador makes Bitcoin legal tender
by emodendroket on Wednesday June 09, 2021 @07:21PM
(#27454677)
Come on, many ransomware packages are quite sophisticated and the operation's run by organized criminals. We're not talking about people impulsively robbing a gas station.