Bill Aims to Stop Cryptocurrency from Being Used to Evade Sanctions | Hacker News Reader

Bill Aims to Stop Cryptocurrency from Being Used to Evade Sanctions

bostonglobe.com

33 pointsboplicity11 comments

Humanity needs the separation of money and state. It's already been born, the question is how long it will take to pass the tipping point.

What are your reasons? Personally, I like the idea of checks and balances in a healthy political system, and allowing those checks to be applied to the monetary system.

Yeah I don’t. The authorities can not be trusted with the money supply. It must be algorithmic and well known, enforced by free and open source software. To quote Satoshi:

“The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

I'm not sure I understand your reasoning -- you seem to be saying that authorities can't be trusted, and leaving it at that. It's just not a compelling argument. Are there other reasons?

Rather than using a trusted third party to control the interest rates and money supply, Bitcoin and cryptocurrency in general provides an alternative market based approach — for energy and computational security that does not require a trusted third party, instead we have verifiable cryptography with hashing and digital signatures.

Solutions without ttp > solutions with ttp

If only cryptocurrency did any of that, instead of being an inefficient climate change accelerator primarily used to buy drugs and gamble on the internet.

Lol, 2013 called it wants it “Bitcoin is only used by criminals” FUD back

Why not go even further and say humanity needs the separation of money and day-to-day living?

Buying commodities with Ponzi-scheme money doesn't seem productive for society anyways.

We need decentralized, peer to peer, sanctions compliant digital currency.

Pick 2 from 3?

Sanctions compliance and anonymity are incompatible. Either accept that every purchase from a sex shop or a pharmacy is attributed to you on a public ledger, or accept that crypto-assets are real stores of value like cash or gold and you can not make them self-dictate who they are handed to.

Reply on news.ycombinator.com