This week on “Unexpected Downsides To #Cryptocurrency”:
Did you realize that you can’t reject #blockchain transactions and therefore anyone who wants to harass you can more or less freeze your “bank account” at an exchange like #Coinbase instantly just by either:
a) sending a euro through a sanctioned mixer service like #TornadoCash before sending it to you or
b) sending a few cents to a sanctioned terrorist wallet before sending you a single cent
The automated systems used by Coinbase will immediately notice that you have interacted with suspicious or sanctioned wallets and Coinbase, which, like all crypto companies, spends as little as possible on customer support, will lock your account until you produce a passport for the person who sent you that tiny amount of money (often for months).
These so called “dust attacks” constitute revolutionary new vectors in harassment.
While that’s true, I think that group of users are mainly speculators, not people interested in using it as a currency. And most criticism I’ve seen about crypto (at least when comparing it to fiat) is that it’s too volatile to be a useful currency, and the volatility is driven by speculation. So I don’t think they’re as innocent as you said, even if they are uninformed.
Not at all innocent, no. But I’d rather see the exchanges suffer than the small fry retail speculators (though I can still laugh at them).