[Cryptography] Our leader opines on cryptocurrencies - tainted coins . . .

[Ken McCall]

‐‐‐‐‐‐‐ Original Message ‐‐‐‐‐‐‐
On Friday, August 2, 2019 1:13 PM, <jamesd at echeque.com> wrote:

> jamesd at echeque.com wrote:
>
> > > If you buy bitcoins for fiat money through coinbase and spend them
>
> > > on something illegal, then you are toast. And if you acquire
>
> > > bitcoins from something illegal then turn them into fiat money
>
> > > through coinbase then you are toast.
>
> > >
>
> > > So, don't do that. If you stay away from coinbase and similar, you
>
> > > will usually be fine. It is the websites that are the problem.
>
> On 2019-07-29 11:06 pm, Howard Chu wrote:
>
> > If you don't buy bitcoins from coinbase, you're likely to get coins
>
> > that are already tainted/blacklisted.
>
> Fine. All my coins are tainted/blacklisted, and I expect that all the
> coins of everyone I transact with are also tainted and blacklisted.
>
> Indeed, why would anyone ever use a crypto coin that was not
> tainted/blacklisted?
>
> Pretty sure that the entire real bitcoin economy, people using bitcoins
> to buy stuff and sell stuff, rather than investing in bitcoin as an
> alternative to gold, shares, and government bonds, is tainted/blacklisted.
>
> This tainting/blacklisting seems to be having limited effectiveness.
>
> And the solution is to not to improve the inherent privacy of the
> blockchain as Monaro is doing (though what Monaro is doing is great) but
> to do something about the problem of transacting through websites and
> the domain name system.
>
> The traceability of bitcoin is a huge problem - but what makes it a
> problem is not the traceability, it is the way the web works. Monaro
> alleviates, rather than fixes, the problem.
>
> As the joke goes, you are using an armored car to transport a parcel
> between two people, one of whom is living on a park bench, and the other
> of whom is living in a cardboard box.
>
> Better armored cars, and Monaro is a way better armored car, are more a
> distraction than a solution.
>
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According to some sources 80% of all the bills in circulation are "tainted" with bacteria, or . . . cocaine. I've never had one refused. Oh, I take that back - in Russia. Every American bill must be pristine and perfect. No tears. No marks. No folds. Nothing. But, they don't care where they've been, or what they've been used for.

(https://www.cnn.com/2017/06/26/health/atm-dirty-cash-partner/index.html)

In fact, if I had one signed by El Chapo it would probably be worth more!

"give me your tired your poor your tainted masses . . ." I'll take 'em!


Ken McCall

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