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1  Bitcoin / Bitcoin Discussion / Could Bitcoin's transparency be its downfall? on: May 29, 2022, 07:18:01 PM
Serious question I am not anti Bitcoin do not get the wrong impression and I have grown a deep hatred for our fiat system that is exploitative and ill natured.

When we compare Bitcoin to fiat there are a couple of differences which I think could impact us in the future:

1. Bitcoin's will become more tainted over time

2. This pushes governments to become concerned and impose more KYC requirements

3. Eventually most Bitcoin will be tainted to a degree. If we look at this research concluded by economist Rogoff[1]:

Quote from: Independent
Rogoff’s estimate of the share of currency held by consumers for legitimate purposes is even more suspect. He relies on surveys of consumers, who report holding 5 to 10 percent of all outstanding currency. Then, by assuming that any cash that the surveyed consumers do not fess up to holding must be held for nefarious purposes, he concludes that 34 to 39 percent of all currency in circulation is used by criminals.
34-39% in fiat currency is a huge of money. Bitcoin is further limited by its cap of 21 million which means that if Bitcoin becomes the mainstream currency used by everyone the share of tainted money would be higher because of the cap with fiat more money is printed in the fiat currency which reduces this amount.

We already know that governments require anti-money laundering evidence for many transactions outside of cryptocurrencies such as buying a house requires proof that the money was earned legally and not through illegal activities. Exchanging money on exchanges requires identity which they probably look at your salary reported by the government.

We have seen that in the last couple of years governments have started to require KYC more, and I believe that as the share of tainted money increases, government regulation and intervention will also increase.

I am not saying it is a problem of Bitcoin because I think it is unfair and most of us have probably touched money that has been used in criminal activities without knowing it. That is the nature of cash but cash cannot be tracked as easily. Blockchain works against us in this way, providing an easy way to discover tainted coins. The government could use this as propaganda if it wanted to and convince people that cryptocurrencies are bad because a good portion of them are used in criminal activities but not just this because they can prove it and further convince others that btc is "bad".

How do we prevent this type of propaganda attack or invasion of privacy?


[1] source: https://www.independent.org/publications/tir/article.asp?id=1289


2  Bitcoin / Development & Technical Discussion / What are the technical obstacles that Bitcoin has to overcome in the next decade on: July 14, 2021, 04:41:19 PM
I have been studying Computer Science at College which has taken over my life for the last two years. I have been tasked with a essay that will be the last one I have to write which I am allowed to pick any subject and I have picked Bitcoin. I thought that an interesting topic would be the obstacles that Bitcoin has overcome which I have mostly written and then I thought adding some of the obstacles that Bitcoin has yet to face and might take the collective minds to figure out.

What do you think will be the biggest technical obstacles faced in the next decade?
3  Other / Meta / [Proposal] Badges. Badges everywhere on: December 19, 2018, 07:16:47 PM
With the introduction of reporting badges on the horizon we should consider introducing badges for other things. Most importantly I think looking at the possibly of rewarding a badge for setting a custom trust list. The trust system is wholeheartedly broken and theymos has even said himself its not working as intended.  We are not sure of the positive effects that badges bring at the moment. But this is why reporting statistics should be released before the implementation of the badges and then after an initial period (3 months) we should look to see if this has increased the number of reports being made.

If it has then we have hit the jackpot and the status of getting a badge encourages members to do things that they wasn't doing before. Therefore the trust system might not be doomed after all and might only need minor adjustments in the future if we were to implement badges for creating a custom list. Among others things too. Reaching milestones of posts, time signed in or merit gained.

There is a reason why universities reward virtual badges now and its because people love to show off to other people their accomplishments and making the badges stand out without being annoying is a great way to improve things without even....well improving things.
4  Other / Off-topic / Precautions to take just in case email goes down on: May 27, 2015, 10:24:04 AM
I use a non 'mainstream' email. I like the current email provider because it's not such a big target such as the bigger and more used ones. However, something which does concern me if they disappear suddenly. for what ever reason they've lost funding etc.

What precautions can I take in order to assure that I can still recieve emails from the my account if the service provider did go down. Is there any possible way?
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