Cryptocurrency Attempt to Self-Regulate

FrgMstr

FrgMstr

Just Plain Mean
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It should not come as a surprise to you "anonymous" cryptocurrency is being used to buy and sell illegal goods and services, sometimes rather openly, like at BitcoinPharmacy. And surely, this is one of the cornerstones for those governments looking to regulate it, beyond wanting its cut as well. However, the Canadian crypto exchange Einstein is looking to make some inroads on self-regulation by blacklisting certain wallets associated with the illegal trade of Fentanyl that is now commonly used to make heroin "better." Einstein has proposed blacklisting crypto wallets that have been associated with arrests and indictments associated with the Fentanyl trade. This would all of course require government agency cooperation.


Einstein already has a blacklist of addresses associated with ransomware, but it was able to put that one together on its own. That's because ransomware victims who were Einstein customers came to the company with the information, Duhaime said. The fentanyl effort, by contrast, will require law enforcement's help. While acknowledging that criminals have ways to hide their tracks on the blockchain, she told CoinDesk that fentanyl users are likely "not as sophisticated" as other bad actors and less apt to change wallets or tumble their coins.
 
If Fentanyl makes heroin better then why are they trying to stop it, don't we all want better heroin? Better heroin means healthier hookers and a healthier food chain. Gosh, Canadians ruin everything.
 
Maybe we should be focusing on decriminalizing victimless crimes instead of thinking a new type of payment method is evil? BTW, cash FAR more outweighs cryptocurrency as payment for illicit purposes. The key reason for media to broadcast this claptrap stuff about cryptocurrency is from authoritarian influence to stop another move towards privacy.
 
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Shouldn't the topic include what it implies, and is trying to associate cryptocurrency with?
 
I like them attempting to limit bad actors. Whether it will deter or not, at least they will keep the dumb people from easily using ill gotten gains. I'm sure it's a cat and mouse game that won't ever end. Sometimes a smoke screen is better than nothing, so let the fumes fly.
 
Off topic a bit, but an interesting read on how block-chain may be changing the on-line art world...I'm sure this will backfire in odd ways and of course fraud has been rampant in the art world for a long time. Now that I think of it, if you steal an expensive art work, crypto currency sure makes it easier to sell/buy :).
 
This seems really silly. You can generate a wallet for every unique transaction.
 
The article says that wire transfers are more common than cryptocurrency wallets for the stuff.

I find that hilarious.

I think it also points to an intention to remove fungibility from coins. I think there will be a hopelessly naive move of trying to make all addresses accept those anointed by government illegitimate.
It will fall into the usual trappings of well heeled groups using byzantine regulation to hamper competition and growth. It's a stupid thing to do with cryptocurrency. Kind of like buying a laptop to use as a paper weight.
 
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