Cryptodude

bitcoin

Hello friends,

What do you guys think about the following insight I had today:

Bitcoiners prioritize privacy and freedom, investing considerable effort into obfuscating connections between their ownership and identity. However, this emphasis on privacy has also attracted scammers who exploit Bitcoin's permissionless nature without hindrance. Consequently, legitimate participants in peer-to-peer transactions are burdened with anti-fraud measures to combat scams. Complicating matters further, Bitcoiners find little recourse through state institutions, as compliance requires disclosing ownership and facing tax obligations, thereby undermining the decentralized ethos. Unfortunately, the lack of support from states is unsurprising, considering their desire to maintain absolute economic control, which Bitcoin's disruptive potential threatens. Treating Bitcoin as a valuable asset subjected to taxation and regulation, akin to commodities such as gold, further diminishes its potential as a medium of exchange. Scammers, often unfamiliar with the underlying principles of Bitcoin, quickly convert ill-gotten gains into fiat currency, disregarding its true potential. These scammers strategically retain only the minimum amount of Bitcoin necessary to sustain their fraudulent activities. Curiously, the state appears to foster a symbiotic relationship with scammers, utilizing their burden on genuine traders to reinforce their grip on the economy through fiat currencies.

Why scammers are friends with the state

Cryptodude is cryptocurrency enthusiast who explores the intersection of technology, economics, and personal freedoms. With a background in engineering and a passion for privacy, Cryptodude's writings delve into the disruptive potential of decentralized systems like Bitcoin. They advocate for individual liberties, challenge established power structures, and empower readers to question the status quo. Through thought-provoking writings, they shape the discourse on the future of society and the transformative power of decentralized technologies.
