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Vinay Gupta, one of the main figures behind Ethereum, is having a meltdown. Someone he doesn't like (Gab.ai) was apparently considering using Ethereum for something. Gupta has posted some...interesting tweets. Key quotes:
"[Don't use] Ethereum. We are all communists"
"We will collude against you"
"We do infrastruture. You depend on us. We will find ways. Count on it".
Are these the kinds of things one wants to hear from the people behind a digital currency (and platform) that one is supposed to trust? They will "find ways" to "collude" against anyone they dislike?
Seriously, the more I learn about Ethereum, the less I like it. Full disclosure: I sold what few ETH I owned several months ago, for reasons related to "The DAO" mess.
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(Score: 2) by Shimitar on Thursday November 16 2017, @11:38AM (25 children)
So what's all this? Wait a few more years, not much will be left of crypto-currencies, unless some real application comes up. We are just not there yet, if things like this make news. Come on, can stuff like this really be considered currency?
Coding is an art. No, java is not coding. Yes, i am biased, i know, sorry if this bothers you.
(Score: 5, Funny) by takyon on Thursday November 16 2017, @11:52AM (23 children)
What, you don't like money laundering?
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(Score: 2) by Shimitar on Thursday November 16 2017, @12:38PM (22 children)
Pretty shitty way to launder money i would say... Risky, and too complicated. Set up a fake gas pump with over-inflated gas prices instead. And you get free gas for your illecit business too!
Coding is an art. No, java is not coding. Yes, i am biased, i know, sorry if this bothers you.
(Score: 5, Insightful) by takyon on Thursday November 16 2017, @12:52PM (13 children)
The Bitcoin market cap is over $125 billion currently. It didn't get to that level through drug deals and magic blockchain fairy dust alone. People have found a use for it: getting cash past borders.
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(Score: 0) by Anonymous Coward on Thursday November 16 2017, @01:43PM (2 children)
And buying Pizzas!!! Don't forget 14.000 BTC pizzas!
(Score: 1, Funny) by Anonymous Coward on Thursday November 16 2017, @02:18PM (1 child)
Do they come with a 5.000 BTC milkshake?
(Score: 3, Funny) by pendorbound on Thursday November 16 2017, @02:33PM
And they don't put bourbon in it or nothing?
(Score: 2) by FatPhil on Thursday November 16 2017, @02:15PM
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 1, Troll) by jmorris on Thursday November 16 2017, @04:06PM (8 children)
The phase you are looking for is "money laundering." Getting illicit money past the regulators, getting money through border controls, getting money anywhere it isn't supposed to be and/or removing the criminal taint from it.
And it is a lot harder than most people think. I have been looking into it, BitCoin leaves a permanent record, Proggies have been doxxing people who used it to donate to DailyStormer during their troubles so that is out. Eth is commie and we of the new right have known this for some time, @a was mostly trolling em into making that widely known. Something he succeeded in beyond his wildest dreams. Commies ain't smart. But that is the big reason I haven't went dark yet, not wanting to make a half assed effort at it means I need a way to fund an alt-identity and there isn't a foolproof way that isn't a hell of a lot of work.
(Score: 3, Interesting) by Arik on Thursday November 16 2017, @04:43PM (1 child)
A loaded term by and for the totalitarians, I'm shocked you've fallen for it.
Sure, criminals use currency - just as criminals use encryption. That doesn't mean encryption should be 'controlled' and it certainly doesn't mean currency should be 'controlled' either.
It's just one more way in which they'll squeeze every last bit of life and liberty out of the people, if permitted.
If laughter is the best medicine, who are the best doctors?
(Score: 2) by bob_super on Thursday November 16 2017, @06:18PM
> It's just one more way in which they'll squeeze every last bit of life
Statistically, non-democratic regimes have controlled well over 99.99% of all human lifespans, with a proven track record at population growth
> if permitted.
As if your opinion was requested.
(Score: 1) by khallow on Thursday November 16 2017, @05:06PM
(Score: 4, Insightful) by aristarchus on Thursday November 16 2017, @08:43PM (4 children)
That's our jmorris!
Complete lack of understanding of his imaginary enemies, not dark (as in (((white)))?) yet, and to lazy to not be who he is!
May I make a suggestion? There is a way, jmorris, for you to alter your identity without having to be all dark about it. It is called "education". Still takes quite a bit of effort, so if that is your foundational malfunction, well, good luck with that. But you could change who you are, and be able to stay public, and be proud and confident of yourself, instead of hiding in the bunker, or in the closet with Jeff Sessions. This would mean that we would lose our jmorris, but I think I speak for all Soylentils when I say that although we would mourn the loss, it would be worth the gain. Pax vobiscum, jmorris.
(Score: 1, Funny) by Anonymous Coward on Thursday November 16 2017, @10:33PM (1 child)
You do not speak for all, I would not mourn the loss of his current level of ignorance one bit. I suggest he take a hint from old marketing trends and eventually create e-jmorris. Like that will happen though, he seems like the type that will dig in his heels instead of learning.
(Score: 3, Funny) by aristarchus on Friday November 17 2017, @12:24AM
Shouldn't that be "i-Jmorris", or is that only if he really goes dark, like to the Dark Side: Apple.
(Score: 0) by Anonymous Coward on Friday November 17 2017, @10:36PM (1 child)
Psssst. Your sneer is showing.
(Score: 3, Informative) by aristarchus on Saturday November 18 2017, @12:33AM
At least that is better than my sheer snowing. Offer not valid where prolapsed. Pardon my steer snoring.
(Score: 1) by khallow on Thursday November 16 2017, @02:15PM (7 children)
Instead of: 1) buy bitcoins using local currency that the IRS doesn't know about, 2) sell bitcoins a few minutes later in convenient location and drop money into off-shore bank. Not seeing the alleged complexity.
(Score: 0) by Anonymous Coward on Thursday November 16 2017, @02:27PM (5 children)
I imagine the fact that the blockchain is not anonymous and records all transactions for all to see may introduce some complications.
I only have a few thousand Doge, though, so I've no practical experience.
(Score: 1) by khallow on Thursday November 16 2017, @03:19PM
What is being recorded here? It's not the weak link in this chain. If law enforcement or the tax collectors can't show that I had the money in the first place or the off-shore investment afterward, then it would be very hard to link to the bitcoin unless they were able to link the bitcoin transaction itself to me (and that will be pretty weak a claim). There are ways to conceal that further as well, such as by not using my own property for the transaction sequence.
(Score: 2) by tibman on Thursday November 16 2017, @03:57PM (3 children)
That matters when you use the same wallet (like a normal person). They can link all the transactions up and follow the money. But there is nothing stopping you from using one-time accounts. Other than laziness, hah : P
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(Score: 3, Informative) by jmorris on Thursday November 16 2017, @04:08PM (2 children)
And how does money get from your open accounts in trad banking into that one time wallet? Through a traceable transaction. If somebody expends some effort (say the government with its vast compute farms) they can follow every BC transaction from conversion from USD to illegal product bought at one of their TOR honeypots.
(Score: 1) by khallow on Thursday November 16 2017, @04:36PM (1 child)
That's not particular to bitcoin. As I said, bitcoin isn't the weakest link. Let us also keep in mind that one can buy bitcoins with cash which breaks the tracking, particularly if the cash weren't known to the government in the first place.
(Score: 0) by Anonymous Coward on Thursday November 16 2017, @08:54PM
Any examples of places I could buy/sell bitcoins for cash without showing ID? And, preferably, without running the risk of being robbed at gunpoint immediately (and completely coincidentally, heh) after I walk out of the location the transaction took place? Thanks!
(Score: 2, Interesting) by khallow on Thursday November 16 2017, @03:11PM
(Score: 3, Interesting) by FatPhil on Thursday November 16 2017, @02:10PM
However, its volatility does make it a great place for speculators to do what speculators do - namely increase volatility (no, no, no, there's no positive feedback in that system at all, of course not). Wanna buy a tulip?
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves