this post was submitted on 08 Dec 2024
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Don't forget how easy it is to launder money with cryptocurrency.
Also useless if you don't have electricity or an Internet connection.
That's not entirely accurate. Look up Caesaceous coins. There aren't many of them, but they do exist, and they are physical coins with a private key embedded under a hologram, which as long as the hologram has not been tampered with, is guaranteed to contain the amount of crypto it says, and you can trade that without electricity or internet.
Until that gets common acceptance at places like grocery stores, I'll stand by what I said.
But what u said got nothing to do with common usage.
Of course it does. You can't use a physical token if nobody will accept it as payment.
U said its useless if u dont have electricity and an internet connection. If u meant to talk about it being usless if its not widely accepted then u should have talked about that instead of talking about an already solved issue. Words have meanings thats their purpose if u use them to convey an idea when u actually meant to convey a completly different idea then perhaps u should have used completly different words?
So it's just a significantly more complicated and expensive coin.
I'm not sure how much more expensive it is, but I wouldn't think it would add much to the price of the actual crypto that's in it.
But unless you use Monero or other crypto with similarly strong privacy all you do is leave a permanent trail for agencies to investigate.
Using shell companies on the Cayman Islands might be the safer approach.
And even with Monero, it's about the same as physical cash, if you avoid the bank reporting for suspicious transactions. And if the police are suspicious, Monero is arguably worse because there's the possibility to get transaction data if the police can access your device, whereas that's not a thing w/ cash. And then you still have the issue of converting back to fiat, which either involves a KYC service (in most countries) or P2P cash transactions, in which case we're back to cash.
Money laundering will happen regardless, and IMO it's not worth the privacy violations required to attempt to eradicate.
Or just bypass illegal sanctions.