A new service allows individuals purchase directly bitcoin bitcoin mining for the first time. The obvious advantage of doing so is the accompanying gains in private life: freshly extracted piece no history, and therefore, can not be traced. The downside is that the usual technological Luddites will throw a fit and call it "money laundering".
As we have written previously, Bitcoin is highly traceable in that it is only anonymous until your first transaction is identified. After that, it is much more traceable than any currency before it - any transaction that you make after that with the same address can be assigned to you as an individual in the world. To counter this, a new service focused on private life appeared that allow you to buy direct bitcoin mining for a margin of 10% - to exchange your Bitcoin, which has a history and are theoretically traceable to bitcoin costs n has no history at all.
This means that you exchange your money with a history - a public, well-known, traceable history - for freshly minted (freshly extracted) money that has no history at all. Not one different story , but not history. In some aspects, it is similar to obtain freshly printed net central bank bills.
It sounds like money laundering, that's because the classic definition of money laundering is that hand like a glove. But it is because the ordinary money did not come with full traceability history - just select the cash was traceable, and the only reason for such traceability was because it had been used in a crime. This means that the only reason to get rid of traceability, until 08, was to rid your money traceability to a crime. With Bitcoin, for the first time, someone can have perfectly legitimate reasons and in good faith to erase the history of their handbag, for no other reason than just wanting privacy - which is a right guaranteed and constititionally which replaces any kind of assumption of bad- faith coverage.
It is that perfectly good privacy reasons to erase the history of money, and it does not have to be any kind of bad faith involved, just a mere desire for privacy. Seeing how privacy is a constitutional right, it means that previously cut and dried concept of "money laundering" is not so black and white anymore.
Bitcoin will challenge many assumptions, which is just one of them. But the best thing about it is that can not be paid, irrespective of what the bureaucrats would as to do so. It can not be adjusted any more than gravity. That will not stop bureaucrats trying and trying hard.
Privacy remains your own responsibility.
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