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    I stopped being interested at “We would not judge a fish by its ability to climb a tree”. Bitcoin’s whitepaper is titled A Peer-to-Peer Electronic Cash System. We are judging a currency by it’s ability to be used as a currency. The cryptocurrency space is full of these charlatans who think Bitcoin needs to be some undefined esoteric non-mainstream non-currency. (It’s also crap for breaking laws because you can follow the flow of coins through the network among other flaws.)

    Monero? Now that’s good for breaking social constructs.

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      It’s also crap for breaking laws because you can follow the flow of coins through the network

      Tell that to all the criminals making money from ransomware that receives the ransoms via Bitcoin.

      Following the flow through the network is not very helpful if the flow out of the network is mixed in a big exchange.

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        flow out of the network is mixed in a big exchange

        Then law enforcement just calls up the exchange and goes “Hi, I’m the FBI. Who just deposited 750BTC?” and they tell them, because they’re legally required to do so in basically every country. I’d even argue that the flow out of the network is the easiest thing to track for that reason.

        I’m honestly not sure how ransomware authors get away with things. Maybe there are trusted mixing services or exchanges in countries that refuse to cooperate.

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          The authors are selling the software for money. The operators get away with it because:

          • The individual payments are not super high, so don’t trigger a large investigation
          • There’s quite a few operators
          • The operators don’t tend to target their home jurisdictions

          These combined factors mean that cops would need to bring together forensic computing expertise and international policing. That’s an organisational challenge the police have never needed to meet before, and there’s not a lot of money to make it happen.

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            They also use Tor and I2P. That part is pretty vital.

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              Well put and interesting

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                In addition, most cryptocurrency exchanges make a point of not implementing KYC/AML, so that it’s possible to do the following:

                • implement a ransomware scheme
                • sell the resulting BTC to a 3rd party, at a hefty discount, for cash
                • the buyer proceeds to send the BTC to an exchange, and maybe buy other cryptocurrencies, send to other exchanges, park the amount in Tethers, etc etc.
                • after a while, the proceeds of the transaction on the exchange are converted into fiat currency.

                At the end, $100 of ransomware payments is realized as maybe $40, but it adds up in the end.

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            Monero is also a cryptocurrency :) There’s nothing wrong with arguing that Bitcoin is a failure as a currency because it doesn’t allow sufficiently anonymous transactions, or because its transaction costs are too high or its transaction volume too low, or any other reason you can think of; and similarly there’s no reason to treat Bitcoin as the only relevant cryptocurrency, and view things that Bitcoin specifically is bad as inherently impossible for cryptocurrencies in general.

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              I truly believe in cryptocurrency as the future, and personally Bitcoin is structurally a usable currency (YMMV). Just the angle of “cryptocurrency advisors/consultants/experts/analysts” makes my blood boil