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1  Economy / Gambling discussion / Re: Losing all your fortune with just 3 years on: Today at 03:57:35 AM
I’m not sure if this story was already shared here but I just recently watch this gambler sad story from social media that is really heartbreaking.

The subject is Terrance Watanabe which is a successful businessman who has a huge business and money that becomes addicted on gambling. He lose a total of 127M which is all his fortune that he earn from his business. Imagine all your hardworking was turn out to nothing after a few years of gambling addiction.

The sad part here was he became a victim of casino scheme of alluring user with their offers and allowing him to play while drunk until he loss everything.

He manage to wager a whooping 825M $ in just a single year when he lose that 127M.


Source: https://www.cbsnews.com/news/gambler-lost-127m-in-2007-sues-casino/

Its wild to me that people who already have all the money they could need in the world still turn to entertainment in this form. Surely there are other forms of entertainment that are affordable, especially if you're a multimillionaire! This man lost his focus, and therefore he lost his life. It just goes to show you that if you lose focus of your business and life and turn to forms of addiction you will lose it all! Temptations, pleasures, money, its all fleeting. What is sure to stick is the proper character when focused on with sheer discipline and restraint. When you work hard and sacrifice, this is what will keep the rich richer & even turn the poor man turn into a rich one.
2  Economy / Gambling discussion / Re: Another health benefit of online gambling on: Today at 03:46:56 AM
My neighbor has tuberculosis and from the information I gathered from a reliable source, his case is so severe. He is at the lung cavitation stage of the disease and he has been advised to avoid overcrowded environments for his health and the safety of others. But my neighbor who is a responsible gambler will always visit physical betting shops. Some physical gambling shops in my area are poorly ventilated and they could be overcrowded and stuffy. Sometimes you could see that he is struggling to remain in the casino shop and such cases he would be coughing heavily. I have told him to focus on online gambling but he told me that he is more entertained in physical bet shops.

Betting with online gambling firms will shield you from contracting communicable diseases because you are all alone in a comfortable atmosphere. My neighbor's behavior has made me focus only on crypto casinos because I am scared of my health. Don't get me wrong there are many well-built and very comfortable physical casinos that offer quality services, but when you are an online gambler you will not need to worry about the health concerns of fellow gamblers.

Its like a flash back in time, because this post took me back to 2020 when covid hit the world like a brick wall and the whole world shut down. Of course sort of the opposite tho because if we were still in those times nobody could even visit a casino in person and their only choice would have been online gambling!

An interesting thread to stumble upon here, I certainly hope that the man fully enjoys what he is doing and living up his days to the fullest. If only your chances of winning at gambling increased due to the order of which your unfortunate circumstances lay would people who truly needed the money the most would win it all, I wish that was how gambling really worked.
3  Economy / Gambling discussion / Re: An interesting story and experience of a gambler on: Today at 03:41:28 AM
Hi everyone,

So, like few hour ago, I was scrolling through my reddit feed and found a post that was made on one of the gambling channels on the platform, I opened the post to read and behold, it was a gambler telling his own story and experience in gambling, I found it quite interesting to read, plus his experiences could also serve as a valuable lesson to some of us here, so, I thought I should share it.

Read the whole story in the shot I post below, you can also click the shot to view the original post on reddit, and as well read reddit users comments on the post..



What exactly do you think we call this type of gambler? For he is not only addicted to gambling, but he seem to be also addicted to buying stuffs he obviously does not need, and absolutely not interested in..

Again, alot of money can be made through gambling if one is lucky, but it also can destroy the person if he or she does not, or fail to control him or herself..
Anyways, lets discuss about this, feel free to put your comments below.



What an engaging read, filled with ups and downs what a roller coaster. I feel for this man, for surely he is the man who doesn't know a good thing when he's got it. Hopefully he hasn't lost grip of the ones he holds near and dear to him as well to only find himself crowded with all the wrong people in the wrong place, such as his predicament with the boxes of things he ordered. I think oftentimes hindsight is always 20-20 & of course when you mix random beliefs with chance you can almost bet that certain loss is lingering, unless of course you are bursting with confidence! I do hear that fortune favors the bold  Cool
4  Economy / Gambling discussion / Re: Land-based Casino Enjoyers are something else. on: Today at 03:36:22 AM
I was scrolling on my social media feeds one day until a very close friend of mine showed me a meme vid. We usually send memes to each other as our little way of communicating which I think some of you guys will get, but this one not only cracked me up, it also kind of opened my eyes at how fucked up Brick-and-Mortar Casino Enjoyers could be if they tried.

GIRL SITS AT CASINO SLOT MACHINE CHAIR TO PEE

Watching this "meme vid" or whatever made me curious enough to dig into this little rabbit hole where I see casino gamblers, particularly those who play slot, go bonkers and I mean like literal mental while playing slots. I mean most of them are depicted to even claw at the screen as if it's going to do anything.

I gotta say man, I know gambling for some people is bad but when they say it's bad I didn't think it'd be this worse lol. Oh well, all the more reasons to avoid the land-casinos I guess.

Well, this is certainly disheartening to see if you're an avid slot machine sitter! Can you imagine the outrage if that was their SPOT. As some of you may or may not know, these types of gamblers are often very superstitious of where they sit and do things in a particular order - often times rubbing a rabbit foot on their key chain. They most likely also REEK of cigarettes, they may have completely vexed eyes and be fixated for hours on end! This chick, however, clearly has 0 F's to give and pisses on the slotters parade lol.
5  Economy / Gambling discussion / Re: Drake curse strikes again, rapper loses on Fury, Usyk bet on: Today at 03:32:14 AM
"Drake curse"? Probably Kendrick Lamar cursed Drake in his last diss track. Grin Drake isn't the best sports bettor in the world, but he can afford to lose half a million. Wasn't the "Fury vs.Usyk" boxing match fixed? Maybe Fury just lost to Usyk in order to support Ukraine. Grin I'm joking, but I'm sure that many people will believe in this conspiracy theory. For some reason Fury refused to look Usyk in the eyes in the day before the match.

Just the previous day I was talking about Drake curse and other celebrities who lose in gambling. And here we are again with another drake's matter. Drake is a terrible gambler and he has to come to admit that that is what he is and he should just take a break from gambling for some time, get some coaching on it and return and try his hands while gambling again. I know he's a celebrity and these are monies that he can afford to lose because he has more than enough. Yet I am worried for his fans who has not as wealthy as he is and who he has a huge influence over.

The world is full of dumb people, who are getting influenced by other dumb people. There's no cure for human stupidity.
Drake isn't just a terrible gambler. He seems like a terrible person in general. Or maybe the excessive amount of money, women and fame had changed his personality.

I think those bottom three things would change anyone's personality, and probably not in a good way. It is an unfortunate thing and with fortune and fame there comes a lack of privacy and a need for higher security! Apparently Drake is not the best gambler in boxing, indeed. Perhaps another thing for Kendrick to jape at him in the next diss track hahahha. I'd much rather see Drake & Lamar in a boxing match though, now that is something I would bet on, I got Drake on that one!
6  Economy / Gambling discussion / Re: Lunatic gamblers who says Airdrop rewards are free funds. on: May 24, 2024, 02:33:33 AM
There is absolutely no Source of income that is free but some of my Bitcoin investors friends who are as much gamblers would not want to agree to that.
Currently, there had been several airdrops projects ongoing which participants are earning crypto coins without investing of money but executing some tasks.

So some of my friends says such funds are free money so they are delighted dedicating it to be spent on gambling and when they lost it all, it would be easier to let go because they did not stress to get the money.
Meanwhile... This usually comes a huge amount of money beyond their normal gambling budgets.

To me, they can utilize these so called free money by adding it up to their Bitcoin portfolio or even used it to spend on necessary things instead of dedicating to lavish it on gambling.

It was never free! Money is always quid pro quo, the exchange was the task for the air dropped coins. It is best to use up those funds asap in my experience they have not been stable and they are only good in their hype, best to gamble it away in hopes of a come up rather than waiting until that airdropped token is left completely REKT
7  Economy / Gambling discussion / Re: Why Lotto Winner Takes Time To Claim Their Rewards, What's The Point? on: May 24, 2024, 02:31:07 AM
Here in our country, if you hit the jackpot, you are given one year to claim your rewards. There is also a security feature on the back of the lotto ticket where you can write your name and sign it, so you are the only person who can claim the jackpot prize, and you have a year to claim it.

I read that some lottery winners take weeks or even months to claim their rewards, but what's the point?

What if you keep it and will surprise your family after a month, but you have an accident and you get into a coma?

Or you let it know to your family, but you decide that you will claim it after a month but some members of the family spread the news will this put your family and yourself in jeopardy

Do you think it's a good idea to claim your winnings a day after hitting the jackpot or wait a few weeks?

How about you? When do you think is the right time to claim your winnings?



Its a crazy scenario about the coma but literally could happen to anyone and you have to prepare for everything these days! You can never be sure of anything or any outcome and literally anything can happen, so failing to plan would be planning to fail! If it is me I am calling into the lotto to tell them I plan to take the next flight into town and submit my ticket in person. I would hope that would help speed the payout process, but I guess i'll have to find out when I win the lotto of a future scratch off ticket i'll buy at a gas station or supermarket  Grin
8  Economy / Gambling discussion / Re: Gambling and Religion. Beliefs or Choices? on: May 24, 2024, 02:25:32 AM
However, people still gamble for various reasons.
We can assume that the people who still gamble are not from the religion that prohibits it or if they are they are not very religious. In reality too, almost every religion is averse to gambling, Islam is the only one I know that expressly prohibits any form of riba which will include gambling and also investing in Bitcoin, but Christianity is not welcoming of gambling either or any other religion for that matter.
Gambling is forbidden in Quran. That is why you will see Muslim countries that are strict against gambling. But in Christianity, gambling is not forbidden in Bible. Although you can see Christian religious leaders forbidden it as they count it as a love for money which is the root of evil.

The reason was simple, religious people believed gambling is owned by devils. I don't know where you can find in the bible that states gambling is a sin
No where in the Bible that says gambling is a sin.

That's right gambling isn't a sin, but it ain't a righteous act either! Its a rather tabu subject in some religions such as Muslim mentioned above, but even in the christian church its definitely not like promoted to gamble. Its not talked about in church unless its part of the message at least as a Christian. I personally think that there are so many things that could be considered synonymous with gambling you can't get away from gambling in some sort of way of fashion!
9  Economy / Gambling discussion / Re: I just woke up and saw wins in my gambling app on: May 24, 2024, 02:19:21 AM
I know this is not a new experience for many old gamblers that has been into gambling, but for me it's a new one, I've played a game over a week ago and I didn't even bother to check cause I never expect it to play out or let's say I mostly forgot since it was a busy week, just yesterday I logged it to check out the booking code my friend sent to me so I could fund my account and try it, the nest thign i saw from sporty was a win on my screen, I was shocked thinking it as a network glitch or something then I went to check my balance I had just won some cash, I was happy.

And worst of it, I never expected that game to play it was a rare case of I just tried my luck.

This is another reason why gambling can not be a job or anything like a source of income cause you can't know your games would play out and no predictions is ever accurate.

If you have such experience share it with us let's see the luck guys around.
I like the way that you are gambling, because you never put your hope on gambling to make profit, or putting your mind on winning. Why I said this is because, you made a bet that you have forgotten about, it means you are a responsible gambler, and you are gambling with an amount that means nothing to you.

Back to your question, Yes. I have played a game that I was less concerned about the result, and it was a friend of mine that called me to ask me of the result of the game, and when I was able to lay my hands on app reluntantly, I discovered that I won the game, and you should know what that means. I was over excited to the extent that I didn't gble throughout that week. There are a lot of things that will occupy a responsible gambler, that he would not be thinking about his bet all the time.

Would have to agree this is a healthy way to gamble, not glued to the screens & not always on the site 24/7 it is definitely an indication of a more mature & responsible gambler. Responsible gambler sounds like such an oximoron doesn't it? haha. Anyways I have definitely had this experience, not thinking a thing of it and them wham you got a winner out of thin air! Its a good feeling, but its fleeting .
10  Economy / Gambling discussion / Re: Never borrow money to be able to gamble on: May 24, 2024, 02:00:28 AM
First remember that you have to play with common sense and responsibility, to make sure that the game is always an entertainment. Knowing this won't make you go to the extreme of borrowing money to gamble. And you have to know the golden rules of gambling. Which are!

(1) DON'T FORGET IF YOU PLAY YOU CAN ALSO LOSE

(2)FOR YOU, GAMING MUST ONLY BE A HEALTHY FOR ENTERTAINMENT.

(3) DON'T SPEND MORE MONEY THAN YOU CAN AFFORD

(4) DO NOT GAMBLE TO WIN BACK MONEY THAT YOU HAVE ALREADY LOST BY GAMBLING.

(5) DON'T LET GAMBLING INTERFERE WITH YOUR WORK OR WITH YOUR DAILY RESPONSIBILITIES.

(6) REMEMBER THAT GAMBLING IS NOT THE IMPORTANT THING IN YOUR LIFE. DON'T LET GAMBLING AFFECT YOUR FAMILY LIFE OR YOUR RESPONSIBILITY.

(7) SET YOURSELF A BUDGET AND DON'T EXCEED IT.

Why I brought this topic it's because so many people are still paying debt, why? Because they went ahead of borrowing money just to gamble and by the end of the day, they lose it all.  I know of a friend who is still battling to pay of his debt while he used the money on gambling. Is it proper no. What are the main points of gambling?
(1) CONSIDERATION
(2) ANY AMOUNT WAGERED.
(3) RISK (4) CHANCE AND A PRICE.

With you knowing this elements, you won't bother to go to the extreme of borrowing money to gamble. So have you borrowed money to gamble? If you do please take notes of this and stop it.

I couldn't agree more with this if you have some real gambling struggles and addictions then take the proper steps to free yourself from the bondage and the chains and take back your freedom! Only you have to power to make these changes in your life, no one else can do it for you. This is really great these types of posts, I know many don't like them but they are honestly so important to have top of mind.
11  Bitcoin / Bitcoin Discussion / Re: Runes are now worthless and have killed Ordinals too on: May 20, 2024, 11:58:03 AM
Runes are one of the most hilarious* economic systems ever created, after perhaps BRC-20.

1. Someone creates a token with a specific name.
2. Other people can create their own units of these tokens. There is a limit, but usually it's not very low.
3. Then all try to sell their tokens, thinking there will be someone collecting them, either because of the "creative" name, or because it was created on a specific date (e.g. Halving Day).
4. Rinse and repeat (protocol is open, everybody can participate in each step).

Basically it's like "you can create your own money! and you will be rich if you do that!" Are you really willing to waste thousands of dollars of transaction fees for that?

Technically Runes is not much more advanced than Omni/Mastercoin which was created in 2013. More than ten years ago!



If you think Halving Day is special to create your own Rune, think again:

During the halving day, 144 blocks approximately will be created. Each block normally has 1000-3000 transactions. 74% of them currenty are Runes according to this dashboard.
This means probably more than 200.000 Runes will be created today.
Now try to sell them all. Order books will be thick, but only on the ask side Grin



*not in a positive way Grin

Haha, yes BRC-20 is definitely lacking in terms of feature rich functionality, something that other protocols offer so I don't think BRC-20 will be around. I for one am very intruiged by the new coined term "Epic Sats" & also I think it is quite a fun development in the space drawing new attention & adoption towards bitcoin's cause. I think you can definitely partake in the fun now and make some sats if you do a little research & find some good projects to get into. Personally I like bitmaps I think the concept is cool and they seem to have a lot of application in their own way. I have yet to delve more into the runes protocol & project & see all the other side rune projects - there is still much to learn in this area.
12  Bitcoin / Bitcoin Discussion / Re: How has Satoshi's identity never been revealed ? on: May 20, 2024, 11:53:27 AM
I'm not so sure that anyone knows Satoshi's actual IP address, if Satoshi knew what he was doing, and he most likely did, his actual IP address was hidden by many layers of obfuscation, including TOR.

And IP address is not the same as identity. It often links to identity if someone is using the Internet from their home, but if a public WiFi is used, IP won't reveal much,

Satoshi had everything covered in terms of privacy & its pretty remarkable that someone could make something so large and wildly successful and never be present to take credit for anything. Surely satoshi is such a popular character amongst bitcoiners and crypto folk - but he is basically considered I want to say nearly an enemy or a threat to governments and financial institutions. So it's no wonder that you don't see him anywhere. Satoshi was wise and knew that if they revealed themselves they could have been subject to foul play - surely death threats & maybe even torture!? Who knows, there are a lot of bad people out there & powerful ones at that that could do whatever they wished probably without getting caught. At least that is my take and the reason I think he wanted to keep his identity a secret, one main one at least. 
13  Bitcoin / Bitcoin Discussion / Re: End Goal or Keep HODLing? on: May 20, 2024, 11:48:15 AM
I wouldn't have said this but I am much more concerned about the fact that we have been hearing so many people talking about holding Bitcoin for the long term and never selling. I find it so confusing that after investing so much in Bitcoin for years we won't want to sell our bitcoin till we die.

I've been buying Bitcoin since last year when it dipped in December i know it's not long. Since then I have held my bitcoin firmly regardless of the price increase this year I still decided to sit on it. Although I do not have enough Bitcoin because I have little money then if I were to sell my holdings now I would have 3 times of I invested.

Also, I have the belief that Bitcoin will keep breaking new ATH forever. Should I leave my Bitcoin forever without selling it or set a goal that I have in mind and when it reaches that goal I sell and take my profits?


What do you do?

On what principles guide your actions in the realm of Bitcoin (BTC)?



Bitcoin holders believe in bitcoin's ability to act an an anti-inflationary agent in their portfolio. If Banks are the disease then bitcoin is the cure! Bitcoin is going to prove to be the greatest safe haven asset the world has ever seen, & it is currently already doing quite a fantastic job at moving up in price over time & the chart looks absolutely beautiful. I plan to hold on for at least another 5 or 6 years I think around 2030 the crypto market will be very mature.
14  Bitcoin / Bitcoin Discussion / Re: Number of new Bitcoin wallets drops to lowest level since 2018 on: May 20, 2024, 11:44:12 AM
Everyone is beginning to be bearish hehehehe but this article cannot be more bullish, I reckon. New wallets and onchain volume might be down, however, the price of bitcoin has not dumped on our faces. How strong would bitcoin pump again when new investors arrive through the ETF and from retail investors? They will return and new projects created on bitcoin will make this a certainty.



Six months ago, excitement around spot Bitcoin ETFs, developments in the Bitcoin ecosystem such as Ordinals, and the upcoming halving drove the average weekly number of new Bitcoin addresses to approach its highest levels since its all-time high value in December 2017.

Yet six months on, just like in early 2018, the number of new addresses joining the network has cratered as the fervor around new Bitcoin projects dies down.

Other related metrics were down as well including, critically, miner revenue as measured by hash rate, which has also fallen to record lows. Transaction fees on the network are also down, as well as on-chain volume metrics.


Read in full https://www.theblock.co/post/295279/number-of-new-bitcoin-wallets-drops-to-lowest-level-since-2018

I honestly don't think that a recent low number of new addresses is of concern really. People are looking at the price who have never invested in crypto before and they are star struck. The new price is a little intimidating, probably new folks are afraid that they will buy in at the top and then the market will suddenly crash and they will be down, although I don't know this for sure. Its definitely one opinion, but lets hope that the up trend continues. If what they say is true we are still sooooo early to Bitcoin even now with the same amount of users now as the internet in like the 90s or something like that.
15  Bitcoin / Bitcoin Discussion / Re: Are you increasing your bitcoin investments because of today halving ? on: May 20, 2024, 11:40:29 AM
Are you increasing your bitcoin investments because of today halving ? For how long do you plan to hold this new investment from here on.

I am but definitely not as much as I'd like to or should. The price seems so high right now but long term I don't see this price point being considered high. Long term I see this price point considered a very low price to what we will see in the future. Maybe this is just wishful thinking but I truly think that we can't be far off from 500k and then 1 million and after that the sky is the limit!
16  Bitcoin / Bitcoin Discussion / Re: MemoryDealers aka Roger Ver Arrested! on: May 19, 2024, 02:13:51 PM
The Uniited States tax laws are insane. Despite several attempts to try and wrap my head around it, I hit a brick wall every time. It seems like a design intended to indict people rather than make the process easier for them, you have to figure out what to do and when to do it, otherwise you'll face prosecution.

I just stumbled across this thread, and *wow* I'm blown away at the charges but somehow not entirely surprised by the alleged behavior on the part of Ver.  I'd no clue that he'd become an ex-pat, either.

But yep, taxes and all the laws regarding them are indeed crazy in the US.  However, in other countries the actual tax rates are even higher (though I don't know how complex the laws are, or how fucking hard they make it for the average person to file their taxes without resorting to expensive software or hiring an accountant).  I don't think the IRS is looking to put people in jail necessarily, but they just make doing your taxes unnecessarily difficult/costly as I just said.  The amount of money involved in this case is huge, but for "little people" who owe back taxes or get caught up in tax issues, the IRS usually settles with them in the form of a fine, penalties, whatever and they don't end up in prison.

Most crypto rich people wanted to show off, wanted to be famous and now they are paying the price for their stupidity.

No offense to the younger generation, but that has a lot to do with immaturity in a lot of cases--Roger Ver is an exception if he flaunted his wealth, but I have heard tell of a lot of young, crypto-wealthy people making it known on social media what their financial situation is, how rich they are, and even if they didn't get in trouble with the IRS, they got robbed.  Plus even if Ver weren't vocal about his wealth, I'm sure the IRS would have had its eyes on him anyway and they've got enough investigative power such that they don't need to resort to following his escapades online, you know?

I had the same reaction & also didn't know that he was an ex-pat. How could you blame him though? With the current state of affairs in the US becoming an ex-pat and paying your exit tax for a guy like Ver seems like it would be a good idea. He would have been much better off making his new residence in Puerto Rico & then just traveling back and forth in between the islands of the caribbean, I mean he has the money to do so. Its just wild to me that he went so far as to gtfo of america & pull that expat card. In this case his very desire to become free from the bondage of US taxation has become his very demise! Pity really. I hope that he fares well with I mean everyone is innocent until proven guilty but Ver's chips seem to be stacked against him in this scenario...
17  Bitcoin / Bitcoin Discussion / Re: FED action against bitcoin & crypto on: May 19, 2024, 02:05:40 PM
Apr. 24: Samourai Wallet Founders Arrested and Charged With Money Laundering
Privacy wallet devs arrested for... Developing a privacy wallet. One was unfortunate enough to be arrested in the U.S. and the other will be facing an extradition battle.

Apr. 30: Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal
CZ Got sentenced to a jail sentence in spite of him having made a very extensive plea deal with the feds only to avoid jail. He had even given up his role as CEO. CZ had willingly come to the U.S. to stand trial and he still didn't manage to avoid a sentence even though he fully cooperated. Albeit a small sentence it goes to show how ferocious feds can be.

May 1: DOJ charges ‘Bitcoin Jesus’ with $48 million tax fraud, seeks extradition
Early bitcoin supporter and investor Roger Ver, who had rescinded his U.S. citizenship and was traveling on a Saint Kitts passport he had bought, was recently arrested abroad. Now the feds are seeking his extradition.  

May 2: Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns
Another prominent privacy wallet shut down its privacy component proactively in light of developments from the U.S. pursuing action against privacy wallet developers.

There is definitely a trend line here & Biden's administration is obviously not loving crypto at the moment. They want to shut it down, lock it out, stop it any way that they can. But to someone's point this will just push the bad guys in another direction that doesn't put them at risk when they pull an atomic swap on the funds from BTC to XME or others & honestly because of this it may be even more hard for authorities to track these guys if they stay on the route that they are on here, I'll post the tread link here: https://bitcointalk.org/index.php?topic=5495931.0
18  Bitcoin / Bitcoin Discussion / Re: Crackdown on mixers and privacy tools is ineffective: it may even help criminals on: May 19, 2024, 01:58:30 PM
For a long time now, authorities above all from the US have been closing mixers and other privacy services and tools operators (like Samourai) and arresting their founders and operators.

They may believe these crackdowns help against money laundering. But that is probably not the case.

Why closing mixers is useless

The reason is simple: If a criminal has some technical abilities, then he can hide his traces on blockchains in several ways without even having to use a privacy tool or mixer: He only has to do a lot of transactions mixing in different sources of funds, for example using CoinJoins and exchanges of coins on different blockchains.

One important method to help with that task are atomic swaps, a trustless method to exchange funds coming from a blockchain for funds on another chain. Traditional atomic swaps still provide a link between the transactions on different blockchains. But a few years ago a new kind of atomic swap was developed which uses adaptor signatures and is already used in Bitcoin-Monero swaps. This method makes the swap private.

This also gives a completely safe path for all criminals to hide their on-chain traces (I purposefully avoid the term "money laundering", see the last paragraph): simply do a couple of atomic swaps and transactions, using different blockchains, and it will be extremely difficult -- probably as difficult as to detect funds going through a centralized mixer -- to link these transactions together. This would even work without recurring to "privacy coins" like Monero.

Why a complete crackdown on privacy services would actually help criminals

In the current crypto services/tools landscape, where mixers are often still centrally or semi-centrally operated, law enforcing authorities have still some chance to stop criminals. For example, a centralized mixer has at least the opportunity to react to orders and petitions of authorities, victims of crime or whitehat hackers. Probably some mixers do cooperate if they still can intervene.

If criminals however went to completely decentralized methods like atomic swaps, nobody could stop them. Only the trade partners, but be honest, how many traders do chain analysis? So you go from a perhaps 20-50% chance to be able to stop criminal transactions due to cooperating mixers down to perhaps 0.01% of atomic swap users which can at least delay atomic swaps - atomic swaps can never be frozen!

It becomes even worse if we take into account the concept of the anonymity set. Currently, there are only few people using atomic swaps. So the anonymity set is relatively low: To achieve a high degree of anonymity, you need a large set of transactions (or "funds origins") to mix your funds with. But the current liquidity of these services provides few "funds origins".

But what will happen if there are no centralized or semi-centralized mixers available? Everybody who wants privacy will use atomic swaps, decentralized CoinJoins and other similar trustless/decentralized services.

Funds going through mixers have mostly been legitimate in many cases. Only in some occasions, where mixer operators probably cooperated with criminals, criminal funds made up a big portion or the majority.

So it's very likely that the anonymity set which can be achieved using atomic swaps will explode. And that will benefit criminals. There will be probably no way to stop them, at least inside the crypto-sphere.

A better approach

Authorities should accept that it is not possible to make it impossible to hide the traces of stolen/hacked/terrorist/sanction-evading funds inside the blockchain world. And the more they view privacy services as enemies, the more difficult it will become to stop criminals. Basically, cryptocurrency should be treated like cash.

Instead, authorities and lawmakers should focus first on the fiat "laundering" operations which emerge when the criminals have converted their funds to fiat, e.g. the creation of fake companies and other traditional methods. Because for "laundering" a criminal needs to end up with "clean" funds, it often doesn't help to have "crypto funds of unclear origin".

But also cooperation with privacy services could help to combat crime. For example, I can imagine a kind of "agreement", preferrently written into clear laws and regulations: A country allows non-KYC mixers, with the requirement that they react to orders and petitions from authorities, whitehat hackers (e.g. in the way the Security Alliance promotes it) and victims of crime, and block their addresses or freezes the funds until it's clear if they are related to a crime or not. It could also help that services could delay processing of funds, requiring more confirmations for a deposit, giving victims and authorities some more time to react.

Would criminals still use techniques like atomic swaps? Probably. But remember what I wrote about the anonymity set: People who use mixers for privacy and not to hide crimes, would be able to use centralized mixers and privacy tools without having to fear anything. So they would probably not massively switch to atomic swaps, and the atomic swap anonymity set would stay small.

There is also the important related topic of the negative consequences of the KYC requirement for all kinds of cryptocurrency services, resulting in data of hundreds of millions or perhaps even already billions of people often stored on relatively unsafe servers, being an interesting target for fraudsters due to the possibilities it provides for identity theft. The linked text from 1miau is really worth reading.



In summary: Neither the crackdown on privacy services nor the widespread KYC obligations really help to combat crime.

It may be difficult for an average Bitcoiner to convince their country's authorities of these arguments. But there are possible strategies. Tell your friends about the harm of crackdowns and KYC requirements. Your friends probably are also voters, and the more people understand these things, the more attractive it becomes for politicians to hear. Support privacy on social media. And for those wanting to do a bit more: Participate in pro-privacy organizations like the Electronic Frontier Foundation or the Pirate movement.



Edit: I wrote a similar text in Spanish, and possible will also add a German translation.

I really liked your point that authorities should stop focusing on crypto as the primary focus but to look for the exit point when the funds become clean and turned into fiat and that they should try to find the transfers or large sums of cash via withdrawals from the bank etc. because the funds don't become fully laundered until they reach that point. But Also, the Atomic swaps are a very interesting subject, and I also like that point that cracking down hard on coin mixers are going to be like shooting themselves in the foot. At least with coin mixers if authorities made some kind of deal with them to help them catch criminals it would at least be a tool they could use, but I don't think they see it that way its just a money laundering machine in their eyes. I will have to look more into the atomic swaps, I had no clue those even existed.
19  Economy / Speculation / Re: BTC staying above $67,000, will it reach all time high? on: May 19, 2024, 04:10:59 AM
What kind of link did you bring that is full of ads? I was unable to go through the link because the ads are disturbing.

If you continue to hold your coins, bitcoin may fall slightly in price but it will rise in price again. There will be a time that $70000 would be the support price and all-time-high is very possible.

What I am looking for now is no more all-time-high but a price above $100000 which is very possible to achieve before next year.

You've got to hand it to those advertisers tho, they're relentless! And they were disturbing? My goodness I don't even want to look. I'll take your word for it...

I agree for serious long term bag holders we are talking huge gains here, I mean we are talking that straight deflamitory hedging against the inflated fiat currencies.
20  Economy / Collectibles / Re: Alpen Coin - “Switzerland’s first ever physical bitcoin” on: May 19, 2024, 03:56:02 AM
This was posted on Instagram, figured I’d share here in anticipation for Alpen Coins upcoming release (I am unaware of any is the details).





It appears to be a bitmap so that means that it also has an Ordinal component https://magiceden.io/ordinals/marketplace/bitmap to it I'm guessing which was also a big deal in this halving the addition of the new runes protocol, which I might add is a very nice touch, Frank! Love your work here. Bigger is always better, especially in Texas ;P. the big 5 troy ounces! The special number 5's meaning/ interpretation as well is very intriguing. Can't wait to see these in person will have to keep an eye out for these when you drop them!
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