Cryptocurrency realization

Post #421,012 by drook 10/24/17 2:08:40 PM 10/24/17 2:08:40 PM Reply	Cryptocurrency realization One of the benefits of cryptocurrencies is their anonymity. But there are two flavors of anonymous: 1) You don't have to identify an individual to conduct a transaction. 2) You aren't able to identify an individual conducting a transaction. I suspect a lot of people who expect cryptocurrencies to provide the second will be surprised to learn it's only the first. -- Drew
Post #421,013 by Another Scott 10/24/17 2:34:17 PM 10/24/17 2:34:17 PM Reply	Yup. Heard a story on the radio yesterday about someone at Crane's paper. ATC from 10/23 The guy specifically made the point that unlike cryptocurrency you really can be anonymous with cash (no digital breadcrumbs, no need for electricity or a connection to the internet, etc., etc.). Of course, the goldbugs don't like paper money. Dunno if they might be attracted to bitcoin by the fixed number. Bitcoin seems to be a huge ponzi scheme to me. China's cracking down on it, there are the stories about people's stash being stolen, etc., etc., not to mention its use by lots of nefarious people (as is cash, but the normal banking system has some sensible controls against drug traffickers, etc.). So, naturally it hit a new high around $5300 recently... ¯\_(ツ)_/¯ Cheers, Scott.
Post #421,022 by pwhysall 10/25/17 1:51:22 AM 10/25/17 1:54:52 AM Reply	And even (2) isn't guaranteed Isn't there some technique whereby you follow the real world around and marry it up to the transactions in the blockchain? i.e. I buy a thing for £123.45 on the 22nd of October at 12.34pm {-- law enforcement can prove this, but can't prove the seller There's a transaction for £123.45 on the 22nd of October at 12.34pm {-- law enforcement can also prove this, but can't prove that I'm the buyer One transaction ain't gonna cut it, natch, but if there's a big old pile of transactions that line up, then that's starting to look like the kind of evidence that would convince a jury. Or something. I'm bound to have all the details wrong here. Edited by pwhysall Oct. 25, 2017, 01:54:52 AM EDT Expand All History
Post #421,023 by pwhysall 10/25/17 1:56:39 AM 10/25/17 1:56:39 AM Reply	And of course it's a product https://www.chainalysis.com/
Post #421,030 by drook 10/25/17 9:28:21 AM 10/25/17 9:28:21 AM Reply	Yeah, that's the point At some point you have to turn your cryptocurrency into "real" money. And the chain ensures that you can follow the money forward and back from that point. -- Drew
Post #421,031 by pwhysall 10/25/17 10:35:08 AM 10/25/17 10:35:08 AM Reply	I think it's even more insidious than that, on reflection I'm sure I read a thing where people were just following bitcoin transactions around - not even looking for real currency entering/exiting the system. Lemme google that shit when I get home. I recall it being quite interesting.

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