‘The Cashless Society is Almost Here’

cryptogon.com

Excellent point about the drug trade. It's not just the dealer on the street corner who profits. HSBC, Wachovia, Citibank and others have all been caught profiting from drug money laundering. (So do, albeit on smaller scales, the corrupt cop and judge.) As cryptogon points out, hard to do all this if all transactions are digital and logged.

can we create a currency `anti-bitcoin` until we have a name where no transaction, small or large, is private. Where there is no privacy but also complete ownership. A single dollar cannot exist just on the floor. It always belongs to somebody.

It is not possible to lose money or find money in your old clothes. There is no physical money, in fact. All you have is your identity. All transactions are logged.

Did I just create a bank account?

Reply on news.ycombinator.com