What is meant by that is that every ounce of gold can be melted and become an indistinguishable coin or bar or whatever. Yes, some coins and bars have logos stamped on them, but they are not part of the gold as they can be taken away. You cannot take away the transaction history of a Bitcoin. You can run it through a mixer, but then its transaction history shows that it has been run through a mixer.
Discussion
Ok, if every ounce of gold can be melted than every Bitcoin can be joined and mixed.
Thank you for reinforcing my point.
I could see a future where institutions won’t accept certain transaction histories. That is a problem that needs to be addressed if Bitcoin is to become a universal medium of exchange. Bitcoin isn’t fungible enough atm imho.
I disagree.
There’s only 21 million of these things - even if the State tries to impose rules on such things, they’re so rare that institutions will find ways to enable access to mixed coins.
Epstein started primarily as a money launderer and progressed to Mossad blackmail schemes.
The market for “money laundering” ain’t going anywhere and if TradFi can benefit, they’ll do it.
Bitcoiners I think won’t get caught fucking kids on an island - but “money laundering” is a fake crime, I don’t see them having moral quandaries over hiding their coins from the State and finding backdoors to fiat rails where needed.
You don’t think if you go to buy a house with Bitcoin they will run chain analysis on the utxo’s and reject coins that have been mixed? I think they would in the UK at least ;-)
I think if you (UK) or I (AUS) went to a bank today and told them we have Bitcoin and want a mortgage we’d get laughed out of the room.
There are products emerging, albeit they use private capital and they DGAF about mixed coins. You’ll be paying 10-12% interest, but they’re not going to analyse source.
Those companies will be the beachhead. The banks will come and when they do they won’t get to be picky due to distribution constraints. If they’re forced to, expect them to have a loopholes division..
One other thing to note. You and I are very familiar with the constrained tradfi systems of our countries - it’s not necessarily like that in all 200+ countries around the world..
That's hardly reinforcing your point. In fact, that breaks your point because people will see that the Bitcoin has been mixed in the past and mixing in and of itself is considered taint. If I melt down a gold coin that had a picture on it and make it into a new gold coin without a picture, there's no history of that coin ever having had a picture. And there's also no way of telling that it was melted down.
You want the physical asset to be melted down to validate it.
No merchant alive today knows what gold really looks like. You’re about to find out the hard way..