I was discussing the teleporting with someone and their point was that for a large corporation, doing payments through an off-blockchain intermediary like coinbase or bitpay essentially performs the same obfuscating function as teleporting. To what extent is this argument flawed?
Don't those companies just do btc -> fiat though?
what if you want btcd->btcd? (or crypto->crypto in general)
well, i would guess the question applies to any off blockchain intermediary. wiley coyote biodev ltd wants to use 50000 btc on a nanotech push lasting 3 months and doesn't want elmer fudd labs to see the r&d expenditures, plankton wafer purchases, etc. If it all moves through a couple coinbase wallets, how do outside eyes see it?
does coinbase use the bitcoin blockchain?
if so, over time a statistical correlation between wiley ltd's big expenditures and big payments on the blockchain will be correlated. Remember the bitcoin address space is actively being deanonymized and so it is just a matter of time before it is all like having your name attached to a bitcoin address.
Also, how much do you estimate it would cost to bribe a coinbase employee to divulge acct info? If not money, other means can be used to get this data. It is a centralization point that wiley ltd does not control at all.
Any company like coinbase is also subject to arbitrary govt search and seizure, but if all this is acceptable to wiley coyote ltd, then he doesnt have to use teleporting, which will cost him a whopping, nothing for the first year.
James