@split

So unlike a real #bank #account or #parcel service, if someone sends a user i.e. drug money or a gun there isn't some investigation or reporting option where the recipient could prove their innocence and in return press charges for false suspicion...

In fact, if someone were to try to send a million dollars of "drug money" to my bank account, that would get instantly blocked and flagged and I'm convinced @BaFin were to supervise an entire investigation and not even question me or suspect me unless I'd were to complain at the bank that I've not gotten said money...

Whereas with public #wallets and #ledgers, as soon as someones' wallet address is known, they can get it "#dusted" and get #dusting attacks with " * #TaintedCoins * " aka. illicit funds with no means to reject these, to the point that they'd at best be forced to hand over aka. transfer said illicit coins to the authorities at their own expense...

https://www.youtube.com/watch?v=x7gaqhF-wrQ&t=289s

This is so rampant that the #OFAC had to write an #FAQ about it:
https://ofac.treasury.gov/faqs/1078

IOW: " Revolutionary new Vectors of Harrassment! "
https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=5289s

US Sanctions Tornado Cash, But the Blockchain is Ungovernable

YouTube

The Future of Money: A History

https://www.coindesk.com/business/2021/11/29/the-future-of-money-a-history/

"Bitcoin was the world’s first working example of triple-entry accounting."

"Ian Grigg, in 2005, proposed a triple-entry system that uses the third entry to track state. Grigg’s system fits more closely with how #cryptographic #ledgers work today, and it’s likely #Satoshi read that proposal when working on the original #Bitcoin  code."

#IanGrigg #iang_fc #TripleEntryAccounting #DanJeffries #CoinDesk

The Future of Money: A History

Accounting has defined civilization for centuries. And, now thanks to crypto, we’re going to see accounting 3.0. This essay is part of CoinDesk’s Future of Money Week.

“The whole point of #distributed #ledgers is to have a group of computers coming to consensus in such a way that we don’t have to #trust any one person,” Dr. Baird [#holochain creator] says, but such “#consensus #algorithms” can be built a number of other ways than with #blockchain, a technology, he argues, still lacks in #fairness.

"Beneath bitcoin: the quest for a new layer of Internet technology"

https://www.theworldweekly.com/reader/view/magazine/2017-12-14/beneath-bitcoin-the-quest-for-a-new-layer-of-internet-technology/10418/

Beneath bitcoin: the quest for a new layer of Internet technology | The World Weekly

The wild excesses of bitcoin are only the tip of the iceberg. The World Weekly speaks to Hashgraph creator Leemon Baird, to find out more about the burgeoning industry of ‘distributed technology’.