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by yieldcrv 388 days ago
> Might as well call it money-laundering coin

The state's concept of money is private and it has just enjoyed help in getting data about electronic ledgers for the last 55 years, by deputizing banks. And for the last 18 it has also enjoyed public ledgers of crypto currencies.

But the successful stigma of financial privacy doesn't invent its right to having data. This is just a privilege, and private money is a reversion to the mean.
1 comments
im3w1l 388 days ago
I long used to think that private money was a good thing for freedom helping the little guy living under state repression, but I'm recently starting to worry that it will do the opposite, by helping the ultra-rich engage in corrupt schemes.

The rumors that people bought Trump-coin for the sole purpose of currying favor got to me.

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yieldcrv 388 days ago
None of the transactions systems are aiming to solve for that. The legacy financial system enables this too. Trump coin just happens to be more liquid than expensive dinner seats, campaign donations, and less cumbersome than a Trust. It is not private.

So its fine to feel disillusioned from that goal because it was a misplaced goal.

Monero on the other hand is private by default, and you can disclose transactions. It has optional auditability. This is a power dynamic I can appreciate.

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8note 387 days ago
a bigger better thing it does is fund the north korean nuclear program.

easy to steal, liquid to sell, cant be confiscated.

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yieldcrv 387 days ago
North Koreans are getting employed by US tech companies and just getting payroll over clearnet to normal banking, and wiring that to the state. They’re not even hacking

Yeah their expropriations in Monero are occurring too, but I can’t levy a separate higher standard when this other thing is happening

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hiatus 387 days ago
> but I'm recently starting to worry that it will do the opposite, by helping the ultra-rich engage in corrupt schemes. The rumors that people bought Trump-coin for the sole purpose of currying favor got to me.

How would government knowing exactly who spends what where help in that scenario?

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