How is this not the kill-switch for bitcoin? Every bitcoin comes with the risk of having been in a wallet of a criminal. Since all transactions are kept forever, shouldn't every bitcoin be at risk of being seized?
Government doesn't even have to physically seize anything. They just have to say "transacting with these particular coins is illegal". The blacklisted bitcoin is now worth zero USD, as many individuals receiving money from sanctioned people discovered.
I honestly have no idea why bitcoin is still the most valuable cryprocurrency when projects like Monero exist.
You are right vis-a-vis sanctions and ( based on what I understand ) Monero at this time. I think the reason this is not a killswitch parent is referring to is that there is just too much money on the line for the government. LEOs are apparently still trying to figure out how do it right. Last bigger conference I was a part of representative discussed some of the less appreciated logistics ( for example, you can't sell that much of bitcoin and not tank the price for one ). It is different from auctioning Tony Montana's yacht.
matheusmoreira|3 years ago
I honestly have no idea why bitcoin is still the most valuable cryprocurrency when projects like Monero exist.
throw101010|3 years ago
Because it simply can't be audited. What is the purpose of a public ledger if it is not auditable.
Don't get me wrong I love Monero, but the transparency of Bitcoin is desirable if you intend to enforce a fixed supply.
Also things like Taproot could give some privacy if they widely get used by wallets (by default for example).
A4ET8a8uTh0|3 years ago
batch12|3 years ago
netheril96|3 years ago