This is true of bank deposits, when data from large banks like JPM and NYM leaks, criminals all around the world know who has a lot of fiat and where they live.
So this is not a negative specific to bitcoin, no?
The fiat system provides no additional protection to violent attacks or extortion or confiscation than available to the bitcoin network. In my opinion, the fiat system provides provides less protection than many security models natively available in bitcoin.
Yes, I agree it does not change the fact that tainted coins is a problem, but I understood your argument to be that this was a specific problem to bitcoin, or one that is at least worse.
Further, in bitcoin solutions do exist to some extent, are possible in the future and are being built. There is no solution to this issue in fiat.
When I look at your arguments holistically, you seem to be arguing that bitcoin has not solved all the issue completely right away and therefore it is worse than other stores of value and is not going to end well. While I get the points you are making, I think the core of you point is fundamentally flawed.
mobiusmoe
npub12q…srgrq
2025-03-04 22:52:01
in reply to nevent1q…ng9r
Author Public Key
npub12qc8qhuy7r4w88fexxp37zxjk62rtx3xfc3tgx0375ftg5jdfrlsrsrgrqPublished at
2025-03-04 22:52:01Event JSON
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"content": "This is true of bank deposits, when data from large banks like JPM and NYM leaks, criminals all around the world know who has a lot of fiat and where they live. \n\nSo this is not a negative specific to bitcoin, no?\n\nThe fiat system provides no additional protection to violent attacks or extortion or confiscation than available to the bitcoin network. In my opinion, the fiat system provides provides less protection than many security models natively available in bitcoin.\n\n\nYes, I agree it does not change the fact that tainted coins is a problem, but I understood your argument to be that this was a specific problem to bitcoin, or one that is at least worse. \n\nFurther, in bitcoin solutions do exist to some extent, are possible in the future and are being built. There is no solution to this issue in fiat.\n\nWhen I look at your arguments holistically, you seem to be arguing that bitcoin has not solved all the issue completely right away and therefore it is worse than other stores of value and is not going to end well. While I get the points you are making, I think the core of you point is fundamentally flawed.",
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