they know exactly who did it and why/how it happened...
what advantage is there to the coins themselves being completely untraceable, transactions completely irreversible?
suppose your net worth is largely a matter of the value of your startup at its last valuation. would you prefer to just have that many hundred thousand dollars in cash in your home? But with the added benefit that it can disappear at a distance without anyone visiting your home?
Bitcoin is great but isn't it about time to put a sane banking layer on top of it?
Note: like all sane people I believe in a mix of government oversight and personal freedom, maybe 90% the latter. But having an untraceable currency doesn't make me any more free. Unlike every tech luminary, Satoshi can't even identify himself.
Because legal oversight and traceability are often bugs, not features. The middlemen required to deal with those two things are often bloated, slow to react, corrupt, expensive, and in some cases, all of the above.
The idea that "I want to send some value to someone else" requires jumping through so many hoops, and having so many bites taken out of it, in 2015, is a bit silly.
How do chargebacks work with cash? Exactly. Yet we still use it.
This honestly smells like the government anti-encryption argument. "You have nothing to hide, so why do so?"
see this story of ours just from the past month -
https://news.ycombinator.com/item?id=9053621
they know exactly who did it and why/how it happened...
what advantage is there to the coins themselves being completely untraceable, transactions completely irreversible?
suppose your net worth is largely a matter of the value of your startup at its last valuation. would you prefer to just have that many hundred thousand dollars in cash in your home? But with the added benefit that it can disappear at a distance without anyone visiting your home?
Bitcoin is great but isn't it about time to put a sane banking layer on top of it?
Note: like all sane people I believe in a mix of government oversight and personal freedom, maybe 90% the latter. But having an untraceable currency doesn't make me any more free. Unlike every tech luminary, Satoshi can't even identify himself.