So, people have no problem - say - redeeming tokens that have been through Tornado? Or trouble redeeming bitcoins that have been through known, sanctioned wallets?
How is “Everyone can see every transaction you have ever done” censorship-resistant, doesn’t that mean you have to be extra careful about every single person or service you have ever transacted with?
And, excluding the $5 wrench seems a really, really large oversight when it results in every single asset or piece of ”money” you own being irretrievably, instantly stolen.
> So, people have no problem - say - redeeming tokens that have been through Tornado? Or trouble redeeming bitcoins that have been through known, sanctioned wallets?
Nothing prevents us agreeing to trade those bitcoins for cash or anything else.
You are correct that some Bitcoins are "tainted", which is why it's not the absolute, most perfect cryptocurrency. But they are still censorship resistant. That was my point. They still can't be confiscated.
And to further your argument, if you want to find the best crypto that is actually fungible - that would be Monero (all Moneros are the same, there are no "tainted" or "blacklisted" Moneros). However, because of that very fact it is banned on exchanges and blacklisted everywhere. It's just too good.
Bitcoin is good enough to get popular yet at the same time shitty enough (traceable) not to get outright banned, that's why BTC is here to stay while better coins like Monero will perish.
> How is “Everyone can see every transaction you have ever done” censorship-resistant, doesn’t that mean you have to be extra careful about every single person or service you have ever transacted with?
Just to reiterate. It's because not even the government can confiscate your Bitcoin (them beating you into telling your seed phrase means you still giving it up and let's not pretend there aren't 21st seeds and duress phrases just for this very reason).
> And, excluding the $5 wrench seems a really, really large oversight when it results in every single asset or piece of ”money” you own being irretrievably, instantly stolen.
Again. Anyone with significant amount of crypto will not be public about it, will keep duress phrases, 21st seed words and extra wallets while giving up the minimum. In theory, with $5 wrench you could keep beating a totally innocent person hoping they give you a crypto wallet that doesn't even exist and if they gave you one, you could keep beating them until they give you the "other one" and the "third one", it just isn't a solid argument.
> It's because not even the government can confiscate your Bitcoin.
They can really easily do that though. A court can say "give us your keys or you are going to sit in jail until you do and we will record your conversations so if you tell the keys to someone else, we'll sell them"
> They can really easily do that though. A court can say "give us your keys or you are going to sit in jail until you do and we will record your conversations so if you tell the keys to someone else, we'll sell them"
So? If sums is high enough they STILL can't confiscate it. In some cases it is preferable to spend some time in jail versus giving up outrageous fortune. They still can't take it by force. Also, only a few countries with backward laws (like the United States of America) have laws that allow that. Something insane like what you propose would never be possible in a developed country with a solid judicial branch like Estonia, for example.
You can't travel overseas with billions of gold in your pocket. You can literally travel everywhere with billions in crypto saved inside your neural pathways. Crypto is better gold.
I feel like surely yours isn't a point made in good faith, because the point I'm trying to make is so simple.
If I've got $20 bill or a gold bar in my pocket, I can use it at the store if I can get to the store, but someone could easily confiscate it from me. If I have a $20 bill or gold bar buried in the woods behind my house, it can't be easily confiscated from me, but I can't use that at the store, even aside from whether I can access a store. If I have a cryptocurrency wallet, I can use it in the hypothetical cryptocurrency store if I can access it, and it also cannot be easily confiscated from me (assuming reasonable security measures).
The real criticism is "what cryptocurrency store?" and that's the real reason cryptocurrency isn't very useful. I'm not arguing that cryptocurrency is good or useful, I'm arguing very narrowly for one specific point: "owning cryptocurrency" is more like knowing something than it is like possessing something.
How is “Everyone can see every transaction you have ever done” censorship-resistant, doesn’t that mean you have to be extra careful about every single person or service you have ever transacted with?
And, excluding the $5 wrench seems a really, really large oversight when it results in every single asset or piece of ”money” you own being irretrievably, instantly stolen.