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Indeed. The main reason why a given bitcoin transaction might be cheaper is because nobody's checking to make sure it's actually legal. It's the same reason wh
by frenchyatwork 7y ago
Indeed. The main reason why a given bitcoin transaction might be cheaper is because nobody's checking to make sure it's actually legal.
It's the same reason why AirBnB is often cheaper: hosts don't pay business fees and don't follow other regulatory requirements like safety inspections.
- carapace 7y agoYou just reminded me: A friend of a friend who worked at Autodesk told me once that their inter-office "mail" system was international and didn't go through customs.
- spir 7y agoYes, I'd agree that, today, typically nobody is checking to make sure that an Ethereum transaction is legal. But, it's important to understand that Ethereum is not a replacement for or opponent of KYC, AML, or checking if transactions are legal. Ethereum is a starting point, a base layer. It is necessary to rebuild all kinds of monetary controls into Ethereum's app layer. I support this development. Within 5-10 years all of the traditional controls will become available on various parts of Ethereum -- KYC, ability for government to freeze accounts, etc.