Oddbean new post about login | logout ### Japanese Police Hunt Down Criminals by Tracing Monero https://cointelegraph.com/news/monero-transactions-japanese-authorities-arrest-18-scammers The crime is the crime. There is no such thing as money leading. Encryption is not as secure as people think. - Cash is not traceable. - Cash doesn't leave a permanent history on a blockchain. - Cash does not charge a transaction fee. - Cash does not require high tech electronics and a complex computer network to function - Cash does not require permission from 3rd party verification
The value of cash melts away because it can be created by other people for free. Can literally burn and is very easy to steal.
Goldbacks maintain value relative to inflation.
Cool! Zap me over a Goldback and I'll check it out. 😉
I can trade in person with members of ThePeopleRsstore.org in Utah using Goldbacks. Any member business is required by contract to accept them. Also TheGreaterReset people are trying to build cells of people that use goldbacks, Bitcoinand and Monero.
cash is just serial numbers that not everyone keeps track of yet.
Goldbacks have serial numbers? Hmmm
they do actually 😄
That was my point. They do. Nothing is tracking the serial in a person to person transaction. Put it in a bank's digital currency system and it gets traced. Take it out, no longer traced. So all they see are exit and entry people points.
I like cash, but keeping it in circulation without touching an ATM is not always easy. If not yourself, your counterparty will log the serial number at your bank’s local branch.
You could always burn off serial with a laser...
They traced them after they left Monero just like every other article that has claimed this. But "we traced Monero" makes great clickbait. Cash is great locally but you can't instantly transact with anyone on the planet with cash -Can't carry arbitrarily large amounts. -More vulnerable to confiscation and theft. -More difficult to verify authenticity on-the-fly. -Issuance is centralized, unpredictable, and doesn't require PoW. -Not as easily divisible (Need to carry specific denominations and change) -Can't trustlessly exchange for crypto (no atomic swaps) -Can't have multiple people with simultaneous ownership and control over the same cash (multisig)
250g of benjamins is bulkier than 250g of gold, sure. For most of us, we're not spending 250g worth of either day-to-day. Physical presence is a much higher bar than remote access of a computer. Authenticity is indeed a problem. Gold issuance is not centralized and does require work. Divisibility is indeed a problem.
Yep, gold, cash, and crypto each have their own advantages. Use what makes sense for your situation.