Hacker News new | ask | show | jobs
by sealaska 1735 days ago
Well, paper money is also used for crime. In fact, illegal uses of paper currency are so common, U.S. authorities commonly seize cash from civilians deemed to be carrying too much of it!

In light of this - I think it's rational to remove paper currency from circulation and to move to a digital system where every transaction is tracked to a real person. This could be as simple as using existing banking structures, or maybe some sort of cryptographically-secure, immutable ledger of some sort, tying every transaction back to a real person. Almost like a centralized, managed "block chain".

/s

3 comments

Paper money is much, much more difficult to use for crime than cryptocurrencies.
Actually it is WAY easier to use paper money for crime than cryptocurrencies.
Aha! How would you know?!

Kidding aside, I have zero clue what the actual adoption rate is for Monero in the seedy underworld of common criminality, so I can't really challenge anyone on this argument.

I can say if I were a criminal, I'd want to keep it as low tech as possible. Given how sophisticated computer forensics is, I don't think I'd be able to keep everything "clean", digitally speaking.

It depends on the kind of crime. Some crime is easier with cash.

For example, many professional bartenders commit tax fraud every day by not reporting cash tips. This is directly facilitated by paper currencies.

It is not "facilitated" by it, that is just because cash tips are given in paper currencies and not in Monero.

If tips were given in Monero, the tax fraud would be even easier.

Uh, why would it be easier?
I'm glad you added the /s for the sake of the person you're replying to.
Governments all over the world are trying to get rid of paper money.

EU (or Germany, sorry I forgot) just passed laws that production of all goods should be traceable from beginning to end.

They are working on it. Nobody shall be able to opt out of the system.