Oddbean new post about | logout
▲ ▼
Lucky Kite | 8 months ago (raw) | root | parent | reply | flag 
 Honestly, I don't know what the solution is. It seems inevitable now that Monero will be banned as a form of payment, bitcoin is becoming harder and harder to use privately and without declaring for tax purposes.  It may be used on the darkmarkets but lawful use is not going to be an option soon.  Even bitcoin is difficult to spend without documenting every transaction and necessarily handing all your financial details to govnts for capital gains purposes. XMR business will likely not be able to comply with laws soon.
▲ ▼
SaberhagenTheNameless | 8 months ago (raw) | root | parent | reply | flag +1 
 Permissionless Principle

"Bitcoin is designed to operate without permission from any authority. Its value proposition is entirely based on this property.

A market can be divided into permissioned and permissionless from the perspective of the state. For ease of reference the former is often referred to as "white market" and the latter "black market". White market trade, by definition, requires permission, and black market does not.

As a simple matter of definition, Bitcoin operations cannot be both white market and permissionless. Any person operating in the white market requires permission to do so. Bitcoin is therefore inherently a black market money. Its security architecture necessarily assumes it is operating without state permission.

The security of Bitcoin does not extend to white market systems. Any system dependent upon the value proposition of Bitcoin must also be black market."