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RE: Can cryptocurrency stop corruption?
I personally dont think it can help solving corruption, in fact I feel like it will worsen the problem. As crytocurrency is a kind of cash flow that goes through in a split second, it will solve the problem of transferring the corrupted money and kind of helped the corrupted officials. We all know how crytocurrency can be transferred quickly haha
While that is true you can also track it.
On the blockchain you can always see all transaction ever made so if you just take part of the money for yourself people will notice.
On steemit it's super easy, just go to my profile and you'll see all transaction I ever made: https://steemit.com/@codingpanda/transfers
But sometimes it's not only about tracking the transactions, we should always try to stop the transaction from going through, but this would be hard if they are using online exchange platforms. There are numerous exchange platforms available which would make transferring corruption money even easier
That is true but I don't think it mattes much as you can hold the people accountable anyway. It's not necessarily about enforcing it on the blockchain.
If somebody takes a cut for themselves that might very well go through but on the other hand they'll go to trial soon after
If the corrupted official initiate private transaction to erase/confuse his tracks, might be then it becomes harder to track on blockchain. (Like Monero,...)
Very possible, it's not too hard to confuse humans but I think combined with machine learning it's gonna be close to impossible to erase tracks on a blockchain as every thing can be followed. But of course there is still some work to be done for sure...
That means, crypto can do both...
Right ?
Well, technology can always be used for bad or good but I don't really see any way how it would make corruption easier compared to cash or traditional banking as you can employ the same tactics just as well...
Yup!! I agree with you.
Totally agree with you. As the transaction is untraceable it can cause much problem . But if the transaction traceable problem can be resolved then indeed it can be useful.
what will more then likely happen is the blockchain will be used to show that they are following the rules. then it will be transferred somewhere where the rules can be broken