5 ms·

What about decentralised exchanges?

by squaredpants 9y ago

toomuchtodo 9y ago
Tax evasion rarely works out long term.
- tomschlick 9y ago
  Yup. Remember, it wasn't the police who got Capone, it was the IRS.
  - cinquemb 9y ago
    So the IRS is going to put the same amount of resources into each of the new mini - Capones as they did Capone?
    - pavlov 9y ago
      Capone's transactions were not recorded on a globally distributed immutable ledger.
      - cinquemb 9y ago
        Ahh yes, with a 100% provable 1-to-1 mapping to all US citizen illegal transactions.
    - saalweachter 9y ago
      That is literally the IRS's job. IRS funding at the margin directly increases or decreases tax revenues, because they have more or less resources to spend pursuing tax evasion.
      - cinquemb 9y ago
        Well if they contract out the chain analytics work to the most connected firms, I wouldn't be surprised if we found out that russian hackers are the ones behind helping americans launder their bitcoins/ether… Maybe Equifax has some engineers working on this right now for them!
      - jandrese 9y ago
        Luckily the IRS has been kneecapped by Congress because they started looking into the finances of some sketchy looking conservative nonprofits. http://www.cnn.com/2014/07/18/politics/irs-scandal-fast-facts/index.html http://www.cnn.com/2014/07/18/politics/irs-scandal-fast-fact...
- Rmilb 9y ago
  I think the people in the panama papers would disagree.
deleted 9y ago
[deleted]
tonfa 9y ago
The trend is towards KYC compliance and automatic sharing with tax authorities. I assume after a while very few countries will tolerate exchanges not complying.
- jMyles 9y ago
  ...and what exactly will they do about it? The question is about decentralized exchanges. Countries may choose not to "tolerate" whatever they wish, but the internet is under no compulsion to tolerate shortsighted countries.
  - tonfa 9y ago
    They can prosecute the operators of those sites, not like it didn't happen in the internet before. Usually some things survive, but at the cost of extra hurdles (e.g. only accessible via tor, but even there, some people got busted through bad opsec).
    - jMyles 9y ago
      You mean the operators of web front-ends which provide access to the exchange? I suppose that's possible. But I don't know how long that will even be the main way that people access them.
      - joshuakelly 9y ago
        Exactly — dapps are unstoppable, at least with any conventional approaches to internet censorship
      - nrhk 9y ago
        If China's firewall can't stop it, nothing will
  - uncletaco 9y ago
    Regulate that ISPs block the protocols.

What about decentralised exchanges?

toomuchtodo 9y ago

Tax evasion rarely works out long term.

tomschlick 9y ago
Yup. Remember, it wasn't the police who got Capone, it was the IRS.
- cinquemb 9y ago
  So the IRS is going to put the same amount of resources into each of the new mini - Capones as they did Capone?
  - pavlov 9y ago
    Capone's transactions were not recorded on a globally distributed immutable ledger.
    - cinquemb 9y ago
      Ahh yes, with a 100% provable 1-to-1 mapping to all US citizen illegal transactions.
  - saalweachter 9y ago
    That is literally the IRS's job. IRS funding at the margin directly increases or decreases tax revenues, because they have more or less resources to spend pursuing tax evasion.
    - cinquemb 9y ago
      Well if they contract out the chain analytics work to the most connected firms, I wouldn't be surprised if we found out that russian hackers are the ones behind helping americans launder their bitcoins/ether… Maybe Equifax has some engineers working on this right now for them!
    - jandrese 9y ago
      Luckily the IRS has been kneecapped by Congress because they started looking into the finances of some sketchy looking conservative nonprofits. http://www.cnn.com/2014/07/18/politics/irs-scandal-fast-facts/index.html http://www.cnn.com/2014/07/18/politics/irs-scandal-fast-fact...
Rmilb 9y ago
I think the people in the panama papers would disagree.

deleted 9y ago

[deleted]

tonfa 9y ago

The trend is towards KYC compliance and automatic sharing with tax authorities. I assume after a while very few countries will tolerate exchanges not complying.

jMyles 9y ago
...and what exactly will they do about it? The question is about decentralized exchanges. Countries may choose not to "tolerate" whatever they wish, but the internet is under no compulsion to tolerate shortsighted countries.
- tonfa 9y ago
  They can prosecute the operators of those sites, not like it didn't happen in the internet before. Usually some things survive, but at the cost of extra hurdles (e.g. only accessible via tor, but even there, some people got busted through bad opsec).
  - jMyles 9y ago
    You mean the operators of web front-ends which provide access to the exchange? I suppose that's possible. But I don't know how long that will even be the main way that people access them.
    - joshuakelly 9y ago
      Exactly — dapps are unstoppable, at least with any conventional approaches to internet censorship
    - nrhk 9y ago
      If China's firewall can't stop it, nothing will
- uncletaco 9y ago
  Regulate that ISPs block the protocols.