Comment on Itch.io is delisting NSFW games due to pressure from payment processors

• hisao@ani.social ⁨2⁩ ⁨days⁩ ago

  No, they don’t know who that wallet belongs to and even though they may hypothesize its yours they don’t have any way to prove it. Moreover, anyone, including sellers can use unlimited amount of wallets and register them at rate 1000x faster than even the advanced CIA group would be able to tie even a single address to a particular person/company. So if Steam operated in crypto, it would take days/weeks of some of the most advanced feds in the world to try to prove that you bought something from Steam using your crypto. And they might even fail at that if you or Steam’s wallet are handled carefully, and they wouldn’t even know what exactly you bought.

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  • ipitco@lemmybefree.net ⁨2⁩ ⁨days⁩ ago

    Following crypto trails is easy when there’s only one destination…

    You’re putting too much trust in the system. If there’s a doubt you will be asked to clear it, they won’t do it for you

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    • hisao@ani.social ⁨2⁩ ⁨days⁩ ago

      Also, do you realize that even if all exchanges are taken down, this doesn’t in any way harm crypto in general or any of your independent wallets? I mean, you should only look at exchanges as places to input and forex trade crypto, but you should always output it to your external wallets in the end for long-term storage. If some day some exchange suddenly asks any of its users to explain why it did send money to a certain address, that would be the death of this exchange. You don’t need to explain, it is not bank, there are no taxes to pay (you already paid all the taxes before you converted your money to crypto), there are no laws that could make this demand legal. Move to the next exchange.

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      • ipitco@lemmybefree.net ⁨2⁩ ⁨days⁩ ago

        If exchanges close, websites stop accepting them, and you can’t withdraw to fiat

        Regulation can easily kill most of the cryptocurrency market

        Trading on non CEX is a massive pain as well

        Storing for long time on cold wallets makes you vulnerable to volatility, which isn’t good for high amounts. It’s essentially investing on a high risk asset.

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    • hisao@ani.social ⁨2⁩ ⁨days⁩ ago

      Who is gonna ask? It is not your bank account, there are no rules where you send your crypto and you don’t have to explain to anyone. And there are no ways to enforce any of this. Also, a lot of crypto payment services and exchanges automatically generate unique intermediate wallets for every transaction. There is a technique to wallet management called “Hierarchical Deterministic Wallet (HD Wallet)” which seems to be golden standard nowadays, not only it makes it hard to compute your total balance, it also makes it easier to achieve “public address changes with every transaction”. So this is what most exchanges use for those intermediate addresses I assume.

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      • ipitco@lemmybefree.net ⁨2⁩ ⁨days⁩ ago

        Who is gonna ask?

        The exchange, the website… It happens frequently

        there are no rules where you send your crypto and you don’t have to explain to anyone

        AML and KYC procedures are a thing in crypto, just make a few searches

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