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Russia says it's using bitcoin to evade sanctions (www.axios.com)

submitted 6 days ago by FundMECFSResearch@lemmy.blahaj.zone to c/world@lemmy.world

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[-] Mk23simp@lemmy.blahaj.zone 2 points 6 days ago

I'm sort of torn on whether it's a good thing that this is possible.

Like, I don't think it's good for Russia to be able to keep doing what they're doing, but US sanctions are also often used for evil (IMO) so in those cases the existence of methods to evade them could be good.

It'd be nice if the sanctions were only used in good ways in the first place, but that's not currently the reality.

[-] olafurp@lemmy.world 19 points 5 days ago

US embargo on Cuba is inhumane for anyone needing an example

[-] FundMECFSResearch@lemmy.blahaj.zone 11 points 6 days ago

Yeah. I’m glad there are ways to spend money that are untrackable. I’m not glad Russia has access to them.

[-] MentalEdge@sopuli.xyz 47 points 6 days ago* (last edited 6 days ago)

If you think crypto is utrackable, you haven't been paying attention.

The entire ledger of every transaction ever made, is 100% public.

The only reason it's kind of anonymous, is that the wallet ids are random strings of characters.

But the second you know whose a wallet is, you can go back and see every place their money has ever been, as well as transparently watch every place it will ever go.

HUGE numbers of wallets have already been deanonymized, and that's a process that can't be undone. Sure you can make a new wallet, but if you move your money into it from your old one, it'll be pretty obvius who you are.

If bank accounts were replaced by crypto wallets, everyones transaction history would effectively reveal who they are, since the ids of hospitals, shops, websites and services would have to be public.

Matching that transaction data with even a little bit of personal info about someone would be beyond easy.

No one could anonymously move money ever again.

[-] Pips@lemmy.sdf.org 16 points 6 days ago

Yeah hilariously, cash is actually more untraceable. Anything digital can eventually be tracked. It's not easy, but it's doable.

[-] grill@thelemmy.club 13 points 6 days ago

That is true for Bitcoin and most crypto tokens, but not for some that specialize in privacy, like Monero or even Ergo with ErgoMixer.

[-] prole@lemmy.blahaj.zone 1 points 5 days ago* (last edited 5 days ago)

Crypto ≠ Bitcoin

Monero is untraceable. At least until quantum computers break the encryption(s).

But yes, pretty much aside from that, the best you're gonna get is pseudo-anonymity.

[-] Dudewitbow@lemmy.zip 18 points 6 days ago

BTC is trackable, its just immune to sanctions due to not being tied to any body of government.

[-] pepperprepper@lemmy.world 17 points 6 days ago

BTC is very trackable, ZCash and Monero are coins that strive for privacy. Watch ZCash spike as BTC gets cashed out just before BTC retraces down 40%. Has happened for the last 2 or 3 all time highs. That's how they will mix their Ill gotten gains.

[-] scarabic@lemmy.world 2 points 5 days ago

The greatest demand for anything truly private/secure is from nefarious actors. That’s just the way it is. There are legitimate uses, including for private individuals who like the feeling of protecting their digital nuts. But we have to remember that there are enormous shadow empires with very deep pockets constantly thirsting for these technologies and prepared to use them at scale.

[-] FundMECFSResearch@lemmy.blahaj.zone 0 points 5 days ago

The situation becomes more complex when you admit those controlling the “official ways” are evil too.

[-] scarabic@lemmy.world 1 points 5 days ago

True. There is something to that phrase about “the devil you know,” though.

this post was submitted on 25 Dec 2024

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