R-slurs of /c/horsepasteenthusiasts explain why tumbling Bitcoin on a public ledger is completely untraceable

Not sure what your quotes are supposed to imply. Your bitcoin address is a hashed public key, and blacklisting addresses is exactly what OFAC is currently doing. It's definitely a thing.

You don't have one public address. You can have as many as you want.

You don't share your private key, you share a public address that people can send money to. You can have as many of those as you want. You can make a new one for each individual transaction, and these addresses are not tied to you in any way that someone would know unless you publicize it.

Don't you know you can just generate a new hash

Companies like Chainalysis exist for the sole purpose of tracking associated addresses and selling the data to governments and organizations.

Question, why would they need analysis if it was so transparent? Either you can just look at it and know exactly what is happening, or you can't and you have to try educated guesses.

what the frick do you mean that analysis requires processing power? You can just look a the 35gb worth of blockchain and see for yourself.

Nowadays governments LOVE bitcoin, once they know your wallet ID, it actually gives them an indestructible ledger of every transaction you've ever made. That's even worse for privacy than fiat.

This is ignorant imo. We have coin mixers already, and when the Lightning Network is up and running, even the traceability you imagine Bitcoin has won’t exist.

the government doesn't have the kind of processing power to crunch numbers. Nobody has ever hacked an exchange.

He has trillions of government money at his disposal, I'm sure he can hire a few crypto experts to advise him.

The "incompetent government" trope is getting out of hand. We are not dealing with incompetence, the "bumbling politician" facade is exactly what they want us to fall for.

No, what we are dealing with is malicious, not incompetent. Plan accordingly.

Probably the sanest take