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I have indeed described cash. If you are in a set of businesses that includes banks, credit unions, currency exchangers, pawnbrokers, insurance companies, car d

I have indeed described cash. If you are in a set of businesses that includes banks, credit unions, currency exchangers, pawnbrokers, insurance companies, car dealerships, or any other business designated by the Secretary of the Treasury that has cash transactions with a high degree of usefulness in criminal matters, your use of cash is highly regulated. You are legally required to file reports with the Secretary of the Treasury (or their designee) whenever you make certain transactions. Failure to do so is a crime with a $250,000 fine and a five-year jail term. This is doubled if it is part of a pattern of illegal activity involving $100k or more.

bouncycastle 8y ago
Sure, businesses that use stable-coins with "high degree of usefulness in criminal matters" can register and file reports who whoever they need to, just like their cash counterparts - I don't see a problem with that. My main gripe with today's electronic transactions is that they are not private and too much information is shared between people who I don't know and don't need to know (banks, marketers, hackers). The government doesn't need to know that I bought a car brand y for x, they just need to know that the funds were clean, the bank doesn't need to know any of this info, just that the funds are clean, how much, the 'to' and 'from', that's all. So there's a lot of room for improvement in the existing system. In the future, crypto-currency stable-coins will offer both privacy and also the ability to prove that the funds are clean, without exposing private details, maybe using things like zero-knowledge proofs.
- ThrustVectoring 8y ago
  >The government doesn't need to know that I bought a car brand y for x What, you're making no sense, the government absolutely needs to know the make, model, and purchase price of any vehicle you buy. This is a standard part of various title and registration forms. >Sure, businesses that use stable-coins with "high degree of usefulness in criminal matters" can register and file reports who whoever they need to, just like their cash counterparts - I don't see a problem with that. One of these reports is a written plan that documents the efforts you're going through to prevent money laundering. If this plan isn't good enough, surprise, you get shut down.
  - bouncycastle 8y ago
    You didn't understand me. Yes, the info is demanded by the government (or whatever authority), the purpose is to ensure that the funds were clean & that the car complies with whatever regulation. What I'm saying is that there is technology available to both prove that the funds are clean and regulations are met without revealing the details that should only be between the buyer and seller.

bouncycastle 8y ago

Sure, businesses that use stable-coins with "high degree of usefulness in criminal matters" can register and file reports who whoever they need to, just like their cash counterparts - I don't see a problem with that. My main gripe with today's electronic transactions is that they are not private and too much information is shared between people who I don't know and don't need to know (banks, marketers, hackers). The government doesn't need to know that I bought a car brand y for x, they just need to know that the funds were clean, the bank doesn't need to know any of this info, just that the funds are clean, how much, the 'to' and 'from', that's all. So there's a lot of room for improvement in the existing system. In the future, crypto-currency stable-coins will offer both privacy and also the ability to prove that the funds are clean, without exposing private details, maybe using things like zero-knowledge proofs.

ThrustVectoring 8y ago
>The government doesn't need to know that I bought a car brand y for x What, you're making no sense, the government absolutely needs to know the make, model, and purchase price of any vehicle you buy. This is a standard part of various title and registration forms. >Sure, businesses that use stable-coins with "high degree of usefulness in criminal matters" can register and file reports who whoever they need to, just like their cash counterparts - I don't see a problem with that. One of these reports is a written plan that documents the efforts you're going through to prevent money laundering. If this plan isn't good enough, surprise, you get shut down.
- bouncycastle 8y ago
  You didn't understand me. Yes, the info is demanded by the government (or whatever authority), the purpose is to ensure that the funds were clean & that the car complies with whatever regulation. What I'm saying is that there is technology available to both prove that the funds are clean and regulations are met without revealing the details that should only be between the buyer and seller.