Jack Recider

Sanctions? What? The privacy tool I use got sanctioned? Hold on, hold on. This does not feel right. Okay, I need some names. Who created Tornado Cash?

Sanctions? What? The privacy tool I use got sanctioned? Hold on, hold on. This does not feel right. Okay, I need some names. Who created Tornado Cash?

Oh, it was a DAO. Of course. DAOs are fascinating. What I'm saying is an acronym, D-A-O, DAO, and it stands for Decentralized Autonomous Organization. And this is a perfect example of one. The internet has changed everything about our lives. You know that already. Every day I get online and I chat with loads of people from all around the world and I visit websites from other countries.

Oh, it was a DAO. Of course. DAOs are fascinating. What I'm saying is an acronym, D-A-O, DAO, and it stands for Decentralized Autonomous Organization. And this is a perfect example of one. The internet has changed everything about our lives. You know that already. Every day I get online and I chat with loads of people from all around the world and I visit websites from other countries.

And it never feels like I'm traveling far away to another country to interact with them. It's just right here on the screen in my bedroom, just milliseconds away. The internet has connected us in a way where national borders just don't seem to exist anymore. So if you were to start an online business,

And it never feels like I'm traveling far away to another country to interact with them. It's just right here on the screen in my bedroom, just milliseconds away. The internet has connected us in a way where national borders just don't seem to exist anymore. So if you were to start an online business,

that exists only online, and there's like no physical product or reason to have a home base, and maybe you start it with two other people, like one person is from Europe, another is from Asia, and the third is from the US. What country do you establish your business in? Forget it. Why not just make it an online company, not part of any nation at all? Is that possible?

that exists only online, and there's like no physical product or reason to have a home base, and maybe you start it with two other people, like one person is from Europe, another is from Asia, and the third is from the US. What country do you establish your business in? Forget it. Why not just make it an online company, not part of any nation at all? Is that possible?

I mean, traditionally, you needed to make a company like an LLC or something in order to get a business bank account to do business with the world. But since this service is all cryptocurrency-based, you don't need a bank. And autonomous means the company can continue to operate without anyone controlling it. Tornado Cash was one of these DAOs. It was decentralized and autonomous.

I mean, traditionally, you needed to make a company like an LLC or something in order to get a business bank account to do business with the world. But since this service is all cryptocurrency-based, you don't need a bank. And autonomous means the company can continue to operate without anyone controlling it. Tornado Cash was one of these DAOs. It was decentralized and autonomous.

It existed only online and was capable of operating all by itself. This is another new thing in the world that didn't exist 10 years ago. These DAOs exist online only. It's a business that isn't seated in any specific country. Why should it be? If people are getting paid from a DAO, then those people can just report their income on their taxes and say they're contractors for that organization.

It existed only online and was capable of operating all by itself. This is another new thing in the world that didn't exist 10 years ago. These DAOs exist online only. It's a business that isn't seated in any specific country. Why should it be? If people are getting paid from a DAO, then those people can just report their income on their taxes and say they're contractors for that organization.

So the U.S. federal authorities were mad that hundreds of millions of dollars were stolen and then sent through Tornado Cash. They wanted to seize the funds and shut down the service. But like I said, Tornado Cash was built in a way that it was impossible to turn off, and they never had control of the funds ever. So the only tool the U.S. authorities had to try to stop it was to sanction it.

So the U.S. federal authorities were mad that hundreds of millions of dollars were stolen and then sent through Tornado Cash. They wanted to seize the funds and shut down the service. But like I said, Tornado Cash was built in a way that it was impossible to turn off, and they never had control of the funds ever. So the only tool the U.S. authorities had to try to stop it was to sanction it.

which I don't even think you can sanction an app, a piece of code. I mean, it's still there on GitHub for anyone to see right now. So if it's illegal, why is it on GitHub? And code is just words and symbols. So in essence here, they've sanctioned a bunch of words that in a certain combination has meaning. So can you even sanction a page with words on it?

which I don't even think you can sanction an app, a piece of code. I mean, it's still there on GitHub for anyone to see right now. So if it's illegal, why is it on GitHub? And code is just words and symbols. So in essence here, they've sanctioned a bunch of words that in a certain combination has meaning. So can you even sanction a page with words on it?

Isn't there like a free speech violation in here somewhere? But not only did they sanction the code, they decided to arrest the people who started it. But what was their intention for starting Tornado Cash? Because as I said earlier, in the world of cybercrime, intention matters. It really does.

Isn't there like a free speech violation in here somewhere? But not only did they sanction the code, they decided to arrest the people who started it. But what was their intention for starting Tornado Cash? Because as I said earlier, in the world of cybercrime, intention matters. It really does.

Mmm, the police are saying intention doesn't matter here. The act of creating open source code and putting it on the blockchain to help make your financial transactions private was illegal because someone misused their tool. And I want to point out here that the U.S. government isn't clear on whether cryptocurrency is even money or not.

Mmm, the police are saying intention doesn't matter here. The act of creating open source code and putting it on the blockchain to help make your financial transactions private was illegal because someone misused their tool. And I want to point out here that the U.S. government isn't clear on whether cryptocurrency is even money or not.