The very fact that it’s “fake money for criminals” is exactly why I didn’t pick up any BitCoin when it was 12p per coin… I could have been rich af off of £10
It is very traceable. It’s just that the government doesn’t have a special position with tracing transactions, so there’s been a bunch of kludges built on top of the very transparent Bitcoin network to try to mask things.
For your lay: the government puts a significant fraction of the coins into these boxes and can use the statistical information gained from this to deobfuscate transactions. If you put enough money in, either at once or slowly over time, they can figure out who you are.
I too, ran across Bitcoin in the VERY early days, when it was pennies. I thought it was a scam and probably illegal, I mean “people can’t just set up their own currency, can they?” It didn’t help that I first found it when I was poking around in Tor, wondering what the “dark web” was all about.
@DarrinBrunner
I found it at $50 and knew it was for sketchy things but still tried (unsuccessfully) to convince my parents to let me give them my cash to use their debt card to buy some.
The very fact that it’s “fake money for criminals” is exactly why I didn’t pick up any BitCoin when it was 12p per coin… I could have been rich af off of £10
“criminals” = people the goverment doesnt like crypto is untraceable (mostly)
I think thats why there are so many smear campaigns against it
It is very traceable. It’s just that the government doesn’t have a special position with tracing transactions, so there’s been a bunch of kludges built on top of the very transparent Bitcoin network to try to mask things.
For laypersons: they put all the coins in a box and shake the box.
For your lay: the government puts a significant fraction of the coins into these boxes and can use the statistical information gained from this to deobfuscate transactions. If you put enough money in, either at once or slowly over time, they can figure out who you are.
I too, ran across Bitcoin in the VERY early days, when it was pennies. I thought it was a scam and probably illegal, I mean “people can’t just set up their own currency, can they?” It didn’t help that I first found it when I was poking around in Tor, wondering what the “dark web” was all about.
@DarrinBrunner
I found it at $50 and knew it was for sketchy things but still tried (unsuccessfully) to convince my parents to let me give them my cash to use their debt card to buy some.
I could have paid off their house 😆
@rizzothesmall