On: Wash trading gone wrong – how a $100M/day crypto e...

[stavros]

Your dollars might be digital, but they aren't permissionless.

[pjc50 → stavros]

Cryptocurrency isn't permissionless either, it's just enforcement-evading.

[stavros → pjc50]

Cryptocurrency isn't permissionless? Whom do I have to ask permission from to spend my bitcoin?

[pjc50 → stavros]

What I mean is that if a transaction is illegal, e.g. sanctions-evading, it remains illegal even if done with cryptocurrency and your likelihood of discovery or prosecution is low.

[stavros → pjc50]

What I mean is I don't need to ask the bank to spend my money.

[ben_w → stavros]

If you don't need to ask permission to spend your money, then neither does anyone else need permission to spend your money.

Fraud protection (and protection against the bank itself making mistakes) may not be perfect, and will vary by jurisdiction, but it's more than nothing.

[stavros → ben_w]

> If you don't need to ask permission to spend your money, then neither does anyone else need permission to spend your money.

I feel like this sentence doesn't know how cryptocurrency or cash works.

[ben_w → stavros]

Keys, like cash, can be stolen.

Hackers steal money from a bank account, if it's the bank's fault it was possible, the bank makes you whole.

[stavros → ben_w]

Yes, they can be stolen. I trust myself more to hold my keys than I trust the bank to always allow me to spend my money, though. I've never lost my keys, but I have had my bank not allow me to spend my money.

[HWR_14 → stavros]

And you think the digital currency put forward by the central banks will be as permissive as BTC?

[stavros → HWR_14]

No, that's my point.