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Comment by nbar1 | Hacker News Reader

> the whole point of crypto is that it's easy to hide.

This couldn't be further from the truth and shows how the majority of people do not understand the benefits that crypto offers.

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Compared to bank accounts, real estate, and offshore corporations, it is certainly easier to hide your crypto (or rather, hide the fact that it's your crypto) if you know what you're doing. Heck, even the word "crypto" means "hidden".

Do Kwon might not be any good at sneaking though airports, but he certainly knows his way around the crypto scene. He has had plenty of time to launder his coins. In fact, he's probably had more time to plan and execute an exit scheme than any of the other crooks who got busted lately. So I wouldn't underestimate how well he has hidden his embezzled billions.

Other than speculation the main use case of crypto is hiding money. Sure many people do it poorly, but it is possible and in fact the main use case.

You could say this exact same thing about cash and be just as correct.

No. The main use of cash is as a means for conducting transactions for goods and services.

And what’s the main use of cash from the perspective of the US government? And what makes cash have value? And what has been the history of money thus far that has led to this junction?

Transacting for goods and services. Cash has value because you get arrested if you don’t have enough to pay taxes.

I totally agree. Cash has value because it’s backed by violence.

Oh no the state has a monopoly on violence what a bad thing. I much prefer the natural way where your right to property ends at the tip of my spear.

Everything privately held that has value is backed by the threat of violence.

Except transferring cash requires physically moving it, and it is heavy and bulky in large amounts.

Hacker News is especially hostile toward crypto. Most likely, people here won’t even bother to engage in an honest conversation. “It’s a scam, it’s for crime” is the consensus. It’s frustrating when you’re surrounded by “confident idiots”, people who are uneducated about a topic that portray confidence. As I’ve gotten older, I just care less about educating people for free.

Bitcoin is going nowhere. Time itself will teach the naysayers. HN will be angry, in denial, etc as the trend of bitcoin adoption plays out. But they can’t be so ignorant as to stop it. In other words, their education is not required.

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