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(CNBC)   Voyager Digital, come on down. You're the next contestant on Failed Cryptocurrency Firms   (cnbc.com) divider line
    More: Fail, Revolving credit, Digital asset brokerage Voyager Digital, Credit, Debt, difficult decision, Voyager's announcement, credit line, current market conditions  
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610 clicks; posted to Business » on 01 Jul 2022 at 8:46 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



158 Comments     (+0 »)
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2022-07-01 8:53:01 PM  
I'm going to have to go back and read up on my Ponzi scheme history.  Did he have the dozens of intermediaries that exist here?
 
2022-07-01 9:08:11 PM  
Lots of people apparently need to piss on the electric fence for themselves to learn why banking regulations exist.
 
2022-07-01 9:23:02 PM  
Did they at least take out the transwarp hub?
 
2022-07-01 9:38:24 PM  
Gotta admit, it was quite a ride to watch. Didn't realize the significance of where it has been hovering lately until I was looking at the 5 year chart.

Fark user imageView Full Size
 
2022-07-01 10:14:20 PM  
I told Capt. Janeway to reroute the EPS taps to the Crypto Core, but nooooo. She had to have her coffee.
 
2022-07-01 11:37:50 PM  
The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.
 
2022-07-01 11:42:00 PM  

Bannanaslug: Gotta admit, it was quite a ride to watch. Didn't realize the significance of where it has been hovering lately until I was looking at the 5 year chart.

[Fark user image 346x750]


Fark user imageView Full Size
 
2022-07-01 11:58:29 PM  
It only failed if the people who ran it didn't grab a shiat ton of cash before it went under.
 
2022-07-01 11:59:37 PM  
I've never gambled a penny on this crap, but even I have to acknowledge that at some point, we're going to be left with a few coins that dominate the market. The question then becomes: do they become the Microsoft and Apple of their industries? Or does everybody wake up one day to realize their money's gone, and the industry value goes to near zero.
 
2022-07-02 12:07:59 AM  

slantsix: I've never gambled a penny on this crap, but even I have to acknowledge that at some point, we're going to be left with a few coins that dominate the market. The question then becomes: do they become the Microsoft and Apple of their industries? Or does everybody wake up one day to realize their money's gone, and the industry value goes to near zero.


It's a scam all the way through.
 
2022-07-02 12:54:04 AM  

Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.


It doesn't instill a lot of confidence in crypto and DeFi when you have to resort to the digital equivalent of stuffing cash in your mattress.
 
2022-07-02 1:14:59 AM  

slantsix: I've never gambled a penny on this crap, but even I have to acknowledge that at some point, we're going to be left with a few coins that dominate the market. The question then becomes: do they become the Microsoft and Apple of their industries? Or does everybody wake up one day to realize their money's gone, and the industry value goes to near zero.


Non-fiat money isn't backed by anything but the trust of the participants and relies on the greater fool theory.  Once enough power players realize they're like Wile E. Coyote and look down after running off the cliff, there's nothing to support them.  Not now, not ever.
 
2022-07-02 1:24:42 AM  
I feel happy for all the people who got out. They made their money or they took their losses, and they walked away. They will feel satisfied for quite a  long time because they turned their back on greed and stupidity and they did the right thing. They listened to reason. Maybe they encouraged others to be cautious and reasonable.

They won't have to worry about this slow avalanche and wealth destruction. All the worry and anguish and feelings of powerlessness as things spin out of control.... that will have been avoided. They escaped.

I am happy for those people and I hope I was able to offer a word to the wise among them.

And for the others, I feel odd detachment. This is playing out just as anyone could have foreseen. It will continue.

Of course the exchanges were flimsily capitalized or entirely uncapitalized. Of course transactions costs in terms of time and money have spiked as trade volumes have soared and bid/ask mismatches can't be squared and resolved. Of course criminals and rumors of criminals will rise up amid the chaos. Of course regulators will do nothing. Of course there are too few buyers coming in to prop up prices.

Two milestones to look for:  When will the value of a coin be LESS than the cost of mining new coins? Well, at or about that level, there might be some price support as people start taking their mining operations apart, and the supply of new coins will fall. And when will the value of a coin be LESS than the cost of processing a transaction? It might be that only large denominations can be processed efficiently, or somesuch.

That second price level is interesting because it has been said many times that BTC will never be worth ZERO. Well. That might be true, but BTC might certainly be worth less than the necessary expense to mine and manage new coins, or to process and use old coins. There might even be legal costs and claims on derivative coins managed by consortia, etc.

What then?

Wouldn't people be better off just finding a new currency that entails less cost and hassles?

People will abandon bitcoin for... say... wampum, or dollars? Shouldn't all those people holding bitcoin consider that eventually people will just ... abandon the blockchains? Just like they throw away their old receipts? Nobody has to use bitcoins for anything, so why should they? Up until now, their main attraction has been their appreciation. Take that away and add the now-obvious risk, high transaction costs, and exchange failures, and who really still wants coins?

People who want to "make their money back." And that is about it.
 
2022-07-02 1:56:10 AM  
Hang on. Are there successful cryptocurrency firms?
 
2022-07-02 4:50:15 AM  

Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.


"The problem isn't the money, it's trusting a sketchy, third-party bank with your deposits."

Yes. They solved this problem back in 1913. Feel free to look up how they did it.
 
2022-07-02 6:28:08 AM  

Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.


Being able to trust any bank completely  with my money is a huge part of what makes it useful. I'm not giving that up for this pig in a poke.
 
2022-07-02 7:30:57 AM  
WSJ: Domino effect taking hold in crypto.

Who could have ever predicted this?

Ah, everyone, right.
 
2022-07-02 8:48:58 AM  

Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.


"Crypto is perfectly safe as long as you don't try to do anything useful with it"
 
2022-07-02 8:54:58 AM  

Target Builder: Lots of people apparently need to piss on the electric fence for themselves to learn why banking regulations exist.


Are these the same banking regulations that have been systemmatically removed by a lobbied congress beginning in the 70s resulting in bank bailouts every 10 years or so and also giving us the Great Recession back in 08/09??

Jesus you arent even trying to hide your propaganda ....

Oh and crypto coins come and go, blockchain is here to stay.

Try harder next time
 
2022-07-02 8:56:22 AM  

Target Builder: Lots of people apparently need to piss on the electric fence for themselves to learn why banking regulations exist.


Btw
Banks didnt need public bailouts until the 70s.......

Wanna know why.......
 
2022-07-02 8:57:42 AM  

Omnivorous: I'm going to have to go back and read up on my Ponzi scheme history.  Did he have the dozens of intermediaries that exist here?


Fark user imageView Full Size
 
2022-07-02 8:59:01 AM  

Bannanaslug: Gotta admit, it was quite a ride to watch. Didn't realize the significance of where it has been hovering lately until I was looking at the 5 year chart.

[Fark user image image 346x750]


Hows those tech stocks lookin for ya??
 
2022-07-02 9:04:44 AM  

Linux_Yes: Target Builder: Lots of people apparently need to piss on the electric fence for themselves to learn why banking regulations exist.

Btw
Banks didnt need public bailouts until the 70s.......

Wanna know why.......


The 1770s?  The Credit Crisis of 1773 was resolved by the Bank of England bailing out the East India Trading Company.

https://en.m.wikipedia.org/wiki/British_credit_crisis_of_1772-1773
 
2022-07-02 9:04:58 AM  

Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.


Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.
 
2022-07-02 9:08:04 AM  

Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.


Well that certainly sounds as convenient as a debit card.
 
2022-07-02 9:14:57 AM  

centrifugal bumblepuppy: Bannanaslug: Gotta admit, it was quite a ride to watch. Didn't realize the significance of where it has been hovering lately until I was looking at the 5 year chart.

[Fark user image 346x750]

[Fark user image image 600x462]


frinkiac.comView Full Size
 
2022-07-02 9:15:24 AM  

OptionC: Linux_Yes: Target Builder: Lots of people apparently need to piss on the electric fence for themselves to learn why banking regulations exist.

Btw
Banks didnt need public bailouts until the 70s.......

Wanna know why.......

The 1770s?  The Credit Crisis of 1773 was resolved by the Bank of England bailing out the East India Trading Company.

https://en.m.wikipedia.org/wiki/British_credit_crisis_of_1772-1773


Wow

Ever heard of the savings and loan crises of the 1970s??

You have to be republican.
 
2022-07-02 9:18:43 AM  

OptionC: Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.

Well that certainly sounds as convenient as a debit card.


Except w a debit card u have to go thru a bank.  The bank gets a swipe fee every time u swipe.  The vendor adds that fee to the cost of the item u r buying.

The bank knows what you bought and where and when.  The lazy bank stock owners get paid

And u r the gimp.
 
2022-07-02 9:20:20 AM  

Linux_Yes: OptionC: Linux_Yes: Target Builder: Lots of people apparently need to piss on the electric fence for themselves to learn why banking regulations exist.

Btw
Banks didnt need public bailouts until the 70s.......

Wanna know why.......

The 1770s?  The Credit Crisis of 1773 was resolved by the Bank of England bailing out the East India Trading Company.

https://en.m.wikipedia.org/wiki/British_credit_crisis_of_1772-1773

Wow

Ever heard of the savings and loan crises of the 1970s??

You have to be republican.


Last I checked, 1986 was not "the 70s".

https://en.m.wikipedia.org/wiki/Savings_and_loan_crisis

And, as I have pointed out, public banking bailouts have been happening for hundreds of years.  They are not some recent invention.
 
2022-07-02 9:22:17 AM  

OptionC: Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.

Well that certainly sounds as convenient as a debit card.


The swipe fee is a percentage of the cost of the item before the fee is added.  Ranges from 1 to 4% of the cost of the item
 
2022-07-02 9:23:56 AM  

Linux_Yes: OptionC: Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.

Well that certainly sounds as convenient as a debit card.

Except w a debit card u have to go thru a bank.  The bank gets a swipe fee every time u swipe.  The vendor adds that fee to the cost of the item u r buying.

The bank knows what you bought and where and when.  The lazy bank stock owners get paid

And u r the gimp.


You don't get a discount by paying with cash or Bitcoin.  And even for the few things that can be purchased with ETH, the gas fees are much higher than swipe fees.
 
2022-07-02 9:28:07 AM  

OptionC: Linux_Yes: OptionC: Linux_Yes: Target Builder: Lots of people apparently need to piss on the electric fence for themselves to learn why banking regulations exist.

Btw
Banks didnt need public bailouts until the 70s.......

Wanna know why.......

The 1770s?  The Credit Crisis of 1773 was resolved by the Bank of England bailing out the East India Trading Company.

https://en.m.wikipedia.org/wiki/British_credit_crisis_of_1772-1773

Wow

Ever heard of the savings and loan crises of the 1970s??

You have to be republican.

Last I checked, 1986 was not "the 70s".

https://en.m.wikipedia.org/wiki/Savings_and_loan_crisis

And, as I have pointed out, public banking bailouts have been happening for hundreds of years.  They are not some recent invention.


The bailouts began in the 1970s.

Up until then the regulations put in place by the government did their job.

The banksters didnt like being regulated bec then its harder to be a crook so the banking industry sent deep pocket lobbyists to capital hill to fix their problem.

This happened over time, not a year or two.

And yes the savings and loan crises continued thru the 1980s.

Try harder
 
2022-07-02 9:31:39 AM  

OptionC: Linux_Yes: OptionC: Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.

Well that certainly sounds as convenient as a debit card.

Except w a debit card u have to go thru a bank.  The bank gets a swipe fee every time u swipe.  The vendor adds that fee to the cost of the item u r buying.

The bank knows what you bought and where and when.  The lazy bank stock owners get paid

And u r the gimp.

You don't get a discount by paying with cash or Bitcoin.  And even for the few things that can be purchased with ETH, the gas fees are much higher than swipe fees.


True u dont get a discount paying w cash or coin.  Sometimes u do but rare, depends on the vendor

Bec the fees are built into the system.

Welcome to The System.

The system is rigged
--bernie sanders.
 
2022-07-02 9:33:43 AM  

Linux_Yes: OptionC: Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.

Well that certainly sounds as convenient as a debit card.

The swipe fee is a percentage of the cost of the item before the fee is added.  Ranges from 1 to 4% of the cost of the item


And ETH gas fees are how much?
 
2022-07-02 9:34:12 AM  

OptionC: Linux_Yes: OptionC: Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.

Well that certainly sounds as convenient as a debit card.

Except w a debit card u have to go thru a bank.  The bank gets a swipe fee every time u swipe.  The vendor adds that fee to the cost of the item u r buying.

The bank knows what you bought and where and when.  The lazy bank stock owners get paid

And u r the gimp.

You don't get a discount by paying with cash or Bitcoin.  And even for the few things that can be purchased with ETH, the gas fees are much higher than swipe fees.


When ethereum moves over to PoS from PoW fees will come down. Also Eth is being burned to reduce the supply.

That process is well under way
 
2022-07-02 9:36:07 AM  

Linux_Yes: The bank knows what you bought and where and when. The lazy bank stock owners get paid


I'd rather the bank know what I bought and where and when then everyone knowing where and when I bought something.
 
2022-07-02 9:37:46 AM  

Linux_Yes: Ever heard of the savings and loan crises of the 1970s??


Apparently YOU haven't.

The S&L scandal was in the 80s.
 
2022-07-02 9:39:13 AM  

Linux_Yes: The bailouts began in the 1970s.


What bailouts?

Name them.
 
2022-07-02 9:41:17 AM  

OptionC: Linux_Yes: OptionC: Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.

Well that certainly sounds as convenient as a debit card.

The swipe fee is a percentage of the cost of the item before the fee is added.  Ranges from 1 to 4% of the cost of the item

And ETH gas fees are how much?


Im a hodler so its been awhile.  Look it up as it changes over time.  Vitalik buterin said they will be coming down.

Other chains like cardano have lower fees but institutions use the ethereum chain because its the leader in smart contracts, NFTs, etc.
Also ethereum has more developers working on its chain than any other chain
 
2022-07-02 9:42:09 AM  

OptionC: Linux_Yes: OptionC: Linux_Yes: Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.

Farkers still cant figure that out.

Its beyond their comprehension i guess.

On a hardware wallet, for the umteenth time, you private keys never see the internet.  And vice versa.  They exist only on ur hardware wallet and in your 12 or 24 word seed phrase.

Ive gone the next step.  A hidden wallet on my Trezor protected by a passphrase that exists only in my head.  It becomes the last word of the seed phrase.

I could give u my Trezor, its PIN, and my seed phrase and u still would not have access to my coins.

You dont have the passphrase.

Well that certainly sounds as convenient as a debit card.

The swipe fee is a percentage of the cost of the item before the fee is added.  Ranges from 1 to 4% of the cost of the item

And ETH gas fees are how much?


Bitcoin is only 5th place in the number of developers working on its chain.
 
2022-07-02 9:45:07 AM  

trialpha: Linux_Yes: The bank knows what you bought and where and when. The lazy bank stock owners get paid

I'd rather the bank know what I bought and where and when then everyone knowing where and when I bought something.


No one knows which transaction belongs to who unless they go thru an exchange.

If i send eth directly from my hardware wallet to ur hardware wallet no one knows.

The gov only finds out bec someone used an exchange
 
2022-07-02 9:46:09 AM  

Ishkur: Linux_Yes: Ever heard of the savings and loan crises of the 1970s??

Apparently YOU haven't.

The S&L scandal was in the 80s.


The scandles began in the1970s

The bailouts began in the 1980s.

Try harder
 
2022-07-02 9:47:28 AM  

Ishkur: Linux_Yes: The bailouts began in the 1970s.

What bailouts?

Name them.


The scandles began in the 70s

The bailouts began in the 80s.

Should have cleared that up
 
2022-07-02 9:48:28 AM  

Linux_Yes: Ishkur: Linux_Yes: Ever heard of the savings and loan crises of the 1970s??

Apparently YOU haven't.

The S&L scandal was in the 80s.

The scandles began in the1970s

The bailouts began in the 1980s.

Try harder


Name a bank that was "bailed out" in the 70s.
 
2022-07-02 9:50:59 AM  

OptionC: Linux_Yes: Ishkur: Linux_Yes: Ever heard of the savings and loan crises of the 1970s??

Apparently YOU haven't.

The S&L scandal was in the 80s.

The scandles began in the1970s

The bailouts began in the 1980s.

Try harder

Name a bank that was "bailed out" in the 70s.


Are u trying to be a liar???

https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/2017-economic-commentaries/ec-201717-origins-of-too-big-to-fail.aspx
 
2022-07-02 9:54:18 AM  

OptionC: Linux_Yes: Ishkur: Linux_Yes: Ever heard of the savings and loan crises of the 1970s??

Apparently YOU haven't.

The S&L scandal was in the 80s.

The scandles began in the1970s

The bailouts began in the 1980s.

Try harder

Name a bank that was "bailed out" in the 70s.


Farkers get thicker every day.

Or too lazy to read.

Or republicans
 
2022-07-02 9:58:32 AM  

OptionC: Linux_Yes: Target Builder: Lots of people apparently need to piss on the electric fence for themselves to learn why banking regulations exist.

Btw
Banks didnt need public bailouts until the 70s.......

Wanna know why.......

The 1770s?  The Credit Crisis of 1773 was resolved by the Bank of England bailing out the East India Trading Company.

https://en.m.wikipedia.org/wiki/British_credit_crisis_of_1772-1773


https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/2017-economic-commentaries/ec-201717-origins-of-too-big-to-fail.aspx
 
2022-07-02 9:58:53 AM  

Linux_Yes: OptionC: Linux_Yes: Ishkur: Linux_Yes: Ever heard of the savings and loan crises of the 1970s??

Apparently YOU haven't.

The S&L scandal was in the 80s.

The scandles began in the1970s

The bailouts began in the 1980s.

Try harder

Name a bank that was "bailed out" in the 70s.

Are u trying to be a liar???

https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/2017-economic-commentaries/ec-201717-origins-of-too-big-to-fail.aspx


2 mid sized banks in the 70s in your link, neither of which was a Savings and Loan, and in both cases there were fairly good reasons for not liquidating them.
 
2022-07-02 10:02:16 AM  

Linux_Yes: trialpha: Linux_Yes: The bank knows what you bought and where and when. The lazy bank stock owners get paid

I'd rather the bank know what I bought and where and when then everyone knowing where and when I bought something.

No one knows which transaction belongs to who unless they go thru an exchange.

If i send eth directly from my hardware wallet to ur hardware wallet no one knows.

The gov only finds out bec someone used an exchange


It is not overly difficult to piece together who owns what wallet. Send some money to someone - they now know your wallet ID, and thus all transactions you've ever made. Same with sending money to a store, or an insurance company, etc. Even better - get paid by your employer? They know everything you've ever done, and can thus judge you on that. If crypto actually took off then you'd be paying taxes to the government, and they'd instantly know your ID without even trying.

Multiple IDs per person? That just slow things down a little. The only thing that actually obfuscates things is those coin washing services, and those would assuredly be made illegal before widespread adoption of cryptocurrency occurred.
 
2022-07-02 10:02:22 AM  

Shaggy_C: The problem isn't the currency, it's trusting a sketchy, third-party exchange with your details.

Not your keys, not your coins.


More accurately the passphrase becomes the 13th or 25th word of the seed phrase depending on how many words are in the original seed phrase. It exists only in my head and is not saved anywhere else.

Unbreakable in a nutshell
 
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