[scoofy]

Bank transactions are trivially traceable and reversible by the state. I've been actively against bitcoin and monero exactly because they facilitate kidnapping and other forms of effectively irreversible digital theft.

The best part about living in a society with institutions based on trust instead of non-trust, is that it's trivially easy to eject bad actors from the system.

[frfsfgxffd]

> Bank transactions are trivially traceable and reversible by the state

instant, cashless, transactions are not reversible, and can be withdrawal instantly on the other end. sum that with the usual practice of employing disposables young criminals to quickly withdrawal the funds and you have even less risk than btc or cash based crime.

sheltered engineers in silicon valley or theoretical economist in boston... will never get how easy it is for criminals to sidestep rules.

[tphyahoo2]

Without bitcoin, you collect the ransom in gold with a dead drop.

https://en.wikipedia.org/wiki/Dead_drop

"But the police can watch the dead drop."

True.

"No police or the victim dies."

Also true.

Bitcoin does make kidnapping a bit easier though. It is true.

It also makes hyperinflation by the state impossible. Hyperinflation does a lot more damage than kidnapping.

[scoofy]

> Without bitcoin, you collect the ransom in gold with a dead drop.

Where the perpetrator needs to:

1. Be in the general area.

2. Only ask for enough currency that's easy to physically move (an actual real limitation in many countries)

3. Be sure the bills aren't marked (practically impossible). Because of this:

3(1). Be sure to not deposit the currency, ever.

3(2). Be sure not to use the currency with anyone who knows you who will every deposit the currency ever.

3(3). Allow the victim only enough time to procure a large amount of currency (likely days), but not enough time to procure a large amount of marked currency (this is an inherent conflict).

Obviously kidnapping is possibly via use of physical currency, but the practical limitations of cash over anonymous digital currency with regards to kidnapping are massive.

Your concerns with hyperinflation are alleviated by investing in any commodity, and trading on a black market. The fact that the commodity is a blockchain asset is effectively moot. The days of states not forcing individuals to be up front with capital gains on blockchain assets are over.

[tphyahoo2]

"Without bitcoin, you collect the ransom in gold with a dead drop."

maybe you missed the bit about gold.

[scoofy]

I wouldn’t have much idea how to purchase that much physical gold in a short time, and if I did, I’d surely get a call from my bank.

[tphyahoo2]

I'm sure the kidnapper could help you with that.

Curent ransomware helpfully tells you where to buy bitcoin.

Btw as a bitcoin maxi, this doesn't make me happy.