Quote:
Originally Posted by klinton
sure, the idea of decentralized blockchain is a good idea.
in the form of btc - its not perfect.
Now, if it could also add total privacy (like cash and gold), that would be much better.
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How do you define privacy? Unless you trade gold in it's original form with someone, you have no privacy. You must also hold it privately and have purchased it privately.
Governments can change the currency by redesigning the money and making you redeem for the new. Nixon eliminated $1,000 bills and larger denominations because he thought it made it easier for criminals to launder money. If you held those bills, you had to turn them in to keep your money, then your privacy was shot.
With BTC, you can run circles around whoever is trying to find you. No one is going to bother with tracing small BTC, and they still haven't found who has Mt Gox and other stolen BTC. They see it and they watch it, but they don't know who controls it.