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In reply to the discussion: Bitcoin tumbles more than 50% below its all-time high as crypto plunges again [View all]hueymahl
(2,497 posts)It is called a public block chain for a reason. Every transaction ever made can be traced. It is terrible for hiding money or criminal transactions.
Maybe early on before authorities (or the criminals) understood about blockchain technology it was partially used for criminal purposes. Now you would have to be a fool to do so. Remember Silk Road? It got brought down in large part because the authorities could trace all of the payments.
Visa, mastercard, cash, wire transfers, diamonds, foriegn banks. They have 99.9% of the criminal transactions flowing over them. Tax evasion is handled by lawyers and accountants and foreign banks.
Those arguments are almost a decade out of date and has been disproven again and again.
I urge you to educate yourself about blockchain technology. It aligns with progressive ideals of removing corruption and flattening the financial system to make it more fair for average people, among dozens of other benefits.