Post
Topic
Board Development & Technical Discussion
Merits 1 from 1 user
Re: Could Bitcoin's transparency be its downfall?
by
witcher_sense
on 30/05/2022, 09:02:49 UTC
⭐ Merited by n0nce (1)
3. Eventually most Bitcoin will be tainted to a degree.

"What statist cucks call "tainted" are actually clean coins: with no dangerous link to your fiat identity. What they call "clean" are actually dirty coins, tainted with dangerous links that will be used against you by kidnappers, taxmen, haters, blackmailers, business competitors."

- Giacomo Zucco

Bitcoin is further limited by its cap of 21 million which means that if Bitcoin becomes the mainstream currency used by everyone the share of tainted money would be higher because of the cap with fiat more money is printed in the fiat currency which reduces this amount.

If bitcoin becomes the mainstream currency used by everyone, including criminals, there will be a huge increase in the number of bitcoin transactions. Also, with the increased number of people wanting their transactions to be included in a block, there will be an increase in the fee value because people have to pay miners to incentivize them to pick a particular transaction. Miners will take the fee and convert it back to a "virgin" state by including it in the coinbase transaction, which means a small part of each "dirty" transaction will automatically become "clean" once again due to the nature of the mining process. The more transactions we have, the faster they get laundered in the miners' laundry. If governments all over the world really want to get rid of dirty coins, they should make all miners refuse to accept profitable transactions or ban mining completely, convincing everyone to switch to a different consensus algorithm that is more susceptible to government regulation, proof-of-stake, for instance.