Forum

[Co CompleteDegen WANTED $1 Outlaw]

Tornado cash isn’t a problem at all, when people don’t understand it they just shout waaa money laundering.

Tornado cash has a feature that trustlessly, via the sender or receiver of the funds, spits out proof of where the funds came from or went. It’s hardcoded and can’t be falsified. It’s open source code, this is a fact.

The real problem is governments complete incompetence.

What is money laundering? An attempt to take dirty funds and make them clean. Sending dirty funds to a big mixing pot of funds and then requesting funds out the otherside doesn’t create clean funds if you simply request that proof. You got that money from tornado cash, can you create the proof it’s legitimate please? Oh you won’t? No you can’t buy the house then. It’s very simple.

 

Why is tornado cash good? Because blockchains are public. If I send you a payment on the blockchain, you can go back and see everything I have ever done. I understand the government needing that access, they already have it, a random person I once paid to do a job? Nope.

 

Privacy from the public is important, tornado cash assists with that. Privacy from the government it doesn’t assist with, they are just too brain dead to consider even looking at how it works. A random wassie with etherscan was able to track North Korean funds, probably better than 3 letter agencies a few decades ago, and that’s a possibility for anyone. Anyone could track the North Koreans yet people think it would be used for money laundering…

[Co CompleteDegen WANTED $1 Outlaw]

Steve, if you have managed to go 20 hours without blowing your Stake balance, withdraw it to… I think you use Crypto DC? Then that is cash you can use. I am guessing you don’t have a CDC (cryptodotcom) card as you would have mentioned it, which is effectively just a bank card you can fill up with USDC/T/CRO. But that cash can be sent to people who then give you cash for the moment. I fully expect you can borrow the cash from friends and fam to tide you over, but if not I can arrange for someone to come and give you ££ for that USDC/T (if you have managed to stop yourself blowing it all!)

[Co CompleteDegen WANTED $1 Outlaw]

Hi all, using Stake finally got me to come to backinamo to see what all the fuss was about, see what people could possibly be complaining about.

Just to correct some inaccuracies in here, if you make money gambling in crypto, it is not taxed as crypto gains, it is gambling gains. Of course, if it is gambling such as on Stake and not just calling it gambling on some memecoin. If you get to the point where you have made enough and need to report, get yourself over to something like Koinly and an accountant, a bit annoying, but you have won enough for it to matter, so that is good news.

Also don’t use that bitpanda referral link flying around. They are an awful exchange, documented, I signed up back when they were coinimal, avoid at all costs. You are best off sticking with Coinbase/Kraken or at a push crypto.com like Steve (I would still avoid CDC if possible and this is someone who has an Obsidian CDC card in their wallet). You can use the best methods to keep fees down, but crypto really isn’t the place to be risking everything just for a few percentage points less in fees.

[Author]

Posts