COINBASE for Crypto has come

[hmg]

amazing, you should start a youtue channel

Why would I do that?

 

[vimothy]

but the transactions are publicly visible?

 

[Clinamenic]

Then again, its also possible that a CBDC would operate more or less like the existing stablecoins, just with a central bank as the issuer.

 

[Clinamenic]

but the transactions are publicly visible?

Yes every transaction is publicly visible, just without any indication of the legal identities of the actors engaging in the transactions. There are exceptions, like those who rename their wallet address with a domain name that reveals their legal identity. Also, Monero may operate differently, but I'm not familiar with that.

 

[hmg]

They'll find there's no market for cbdcs
Meanwhile, Russia will accept bitcoin in return for oil and gas

 

[Clinamenic]

And the transactions, qua financial data, can be generalized to data most broadly, hence my claims about public databases. Here, a ledger would just be considered a financial database.

 

[Clinamenic]

They'll find there's no market for cbdcs
Meanwhile, Russia will accept bitcoin in return for oil and gas

I'd say it depends on what regulations are tacked onto it. If it ends up being like USDC but with the Federal Reserve backing it up, its possible it may actually foster crypto adoption.

 

[vimothy]

Why would I do that?

share the wealth

 

[Clinamenic]

But if theres a bunch of legal identity verification stuff at every step, then yeah I'd say that'll be met with much friction.

 

[Clinamenic]

Yes every transaction is publicly visible, just without any indication of the legal identities of the actors engaging in the transactions. There are exceptions, like those who rename their wallet address with a domain name that reveals their legal identity. Also, Monero may operate differently, but I'm not familiar with that.

Literally every Bitcoin transaction is publicly visible. This is the sort of thing that is so different and so novel that its difficult, even for people who focus on this stuff, to gauge the possibilities that would be entailed by such a new status quo.

 

[Clinamenic]

I've been slowly getting into on-chain analytics (i.e. the blockchain equivalent of forensic accounting) and I'm starting to see just the sheer quality of intelligence you could derive from public data.

 

[vimothy]

so it doesn't take you all the way but if you wanted to construct a financial panopticon, would this make things easier or more difficult?

 

[Clinamenic]

You can infer the identity of a wallet owner based on the alignment of that wallets activity with the activity of the person suspected of owning that wallet. Protos is a good example of how investigative journalism is entering the space of on-chain analytics.

Tether Papers: This is exactly who acquired 70% of all USDT ever issued

We catalogued every USDT distributed by Tether in the past seven years to present the most transparent research on the stablecoin to date.

protos.com

 

[Clinamenic]

so it doesn't take you all the way but if you wanted to construct a financial panopticon, would this make things easier or more difficult?

You'd need to manufacture some consent first, but in principle this technology seems to open doors that are closed in this pre-blockchain era.

 

[Clinamenic]

Really it would need to have a few tweaks, such as making the data mostly/entirely visible only to permissioned persons, rather than publicly visible. Then again, maybe a panopticon would still somehow function on a public database, not sure.

 

[vimothy]

interesting in that light to consider the relationship bw crypto and the publicly curated self of social media

 

[...]

Max Keiser from RT is a true Bitcoin believer which is partly why I associate the whole thing with unsavoury weirdos, nonces and villains from Hollywood action films.

 

[...]

Speaking of the asset:

Explosion in eastern Ukraine – reports

Unverified reports on social media say a loud “explosion” was heard in eastern Ukraine on Saturday

www.rt.com

 

[vimothy]

You'd need to manufacture some consent first, but in principle this technology seems to open doors that are closed in this pre-blockchain era.

its obviously a boon to centralisers of all sorts. the concept of a CBDC is only slightly more compelling than that of crypto in general however, as you note, it "opens doors" which otherwise would remain closed

 

[version]

Speaking of the asset:

Explosion in eastern Ukraine – reports

Unverified reports on social media say a loud “explosion” was heard in eastern Ukraine on Saturday

www.rt.com

Is this good?