the Blockchain is a bad place to hide really big money

Russia Post by @shortsegments

I enjoyed reading this post regarding Russia, it was well written, well referenced and made solid points.

I wish to take it one step further and declare for all to hear:
The Blockchain is a bad place to launder money!

In fact I think the best way to launder money is cash, always has been and always will be.

Its everything cryptocurrency isn't:

The Good
untraceable
fungible
easy to hide ill gotten gains
The Bad
All paychecks go to your bank account, which has a mutable, non-transparent ledger, subject to falsification, with prolonged transaction times and arbitrary high fees and penalties designed only to extract more money from helpless captive bank customers.
It is the opposite of what a free society should have...but it's whats seemingly always has been, so we let it continue.
But is that okay?

where the technological focus is making the ledger accurate and unfalsifiable...
not on hiding the entries and corrections of the entries.

Because it is designed to be used as a unit of exchange, and store of value, so it could be used quite easily, but due to the size of the usual Bitcoin transactions, a Russian government owned company wallet would be hard to hide.
You see that is the core concept of Bitcoin, the focus is on security of the ledger, not on obscuring transactions. The open, public nature of the Bitcoin ledger is a feature, not a bug.
Blockchain explorers can be used to track transactions and wallets very easily. All you need is the TO wallet, or the FROM wallet, or the TRANSACTION NUMBER and you know who sent what to whom and when. WHich is not exactly conducive to criminal or outlawed activity.

Blockchain is complicated by new terminology
But blockchain concepts are simple to understand
You just need to get past the words you have never seen and don't understand
The problem with blockchain is it's hard to find non-blockchain words to describe blockchain stuff.
Okay I take that back, some people find ways to explain blockchain stuff in non-blockchain words, but they are the exception, not the rule (@shortsegments)

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