Re:Emergencies Act Rescinded in Canada
by kragen on Wednesday February 23, 2022 @06:39PM
(#30448254)
Those are indeed very serious problems with Bitcoin, but they are not the problem the parent was talking about.
Re:Emergencies Act Rescinded in Canada
by smnrchrds on Wednesday February 23, 2022 @07:01PM
(#30448498)
I disagree. the government can tell (and has told) everyone that certain bitcoins are radioactive, making it hard or even impossible to spend them. There was a Matt Levine article about bitcoin laundering. It is much harder than I thought.
The problem is that, even if you think this is the kind of thing the government should be able to do, they haven't told me which ones are "radioactive". So if someone uses one of those bitcoins to buy something from me, I might have trouble spending it afterwards. Failures of fungibility like that are potentially a big problem for a currency. So far they're only a small problem for Bitcoin, but as these examples show, they have the potential to become significant. That might create pressure to move to a coin like ZCash, Monero, or Mimblewimble which has built-in safeguards against such things.
https://sethforprivacy.com/posts/fungibility-graveyard/