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Monday, July 27, 2015

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Cinder

In less biased news, cash is still king for criminals because cash transactions aren't recorded on a public ledger forever and can be laundered much more effectively that way.

Wagner James Au

... but as the article mentions, cash can be tracked in ransom situations, while Bitcoin advocates are resistant to giving it that ability:

"Some leaders in the Bitcoin community have suggested potential ways to fend off the ransom threats, digitally marking any coins used for ransom payments, similar to how dollar bills used in hostage situations are marked with invisible dye. But such solutions have been held up because of the value that many Bitcoin believers have put in the virtual currency’s unfettered free movement."

megabucks

Every bitcoin is 'watermarked', in that anyone can check their source and destination through analysis of bitcoin's open 'blockchain'. When someone spends bitcoin, anyone can check against a known list of 'flagged' coins, and inform law enforcement if they deem it necessary.

Your post reads very much like those "Why the Internet will fail" type essays written in the mid-90's. Fear of new technology often brings people to dismiss ideas before they even understand them. The New York Times article seemed quite factual, whereas the conclusions you make don't add up.

The New York Times article mentions that some big names in the financial world are investing in the technology, so clearly they see some positives. Please think about writing an article that explores the positive dimensions, because all your bitcoin "reporting" thus far comes off as badly researched and one-sided.

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Wagner James Au
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