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I don't understand people who insist on using a cryptocurrency that they have to jump through hoops to mix and hope they do it properly, spending lots of time a
by RandomBacon 6y ago
I don't understand people who insist on using a cryptocurrency that they have to jump through hoops to mix and hope they do it properly, spending lots of time and money on fees, rather than just using a cryptocurrency that is private by default.
- Nokinside 6y agoCryptocurrency that is anonymous by default has the same problem. You can use it only on the net for small purchases. Every time you try take larger sum of cryptocurrency into the financial system, anonymity becomes a legal burden.
- RandomBacon 6y ago> Every time you try take larger sum of cryptocurrency into the financial system, anonymity becomes a legal burden. Not every time. Maybe for some countries or some people. I am a US Citizen and use the US-based exchanges Kraken and Coinbase and have not had a problem with depositing significant amounts of cryptocurrency. (Of course I verified and requested higher limits and reported the capital gains to the IRS).
- Nokinside 6y ago>depositing The problem rarely happens during depositing as the source of money is known. It's the withdraw you must worry about, especially if you have deposited significantly less than what you withdraw. In the US FinCEN is extra strict and US money laundering regulations are tough.
- RandomBacon 6y agoThat makes even less sense. Further anecdata: I bought those coins and withdrew those same coins from those exchanges first. Even at banks when I've withdrawn more than $10,000 cash, and have made $10,000+ wire transfers, no one cares. Where are you getting these ideas from?