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The OP is being naive. He's probably never been sent a warning notice from Comcast/Time Warner Cable to stop using Torrent to illegally download movies, or othe
by cocktailpeanuts 6y ago
The OP is being naive. He's probably never been sent a warning notice from Comcast/Time Warner Cable to stop using Torrent to illegally download movies, or otherwise you may need to pay penalty or get sued.
Sure, it IS possible to go through all kinds of convoluted ways to bypass the law, the same way you can go through all kinds of convoluted ways to illegally download movies (using Tor/VPN/etc.)
This means something like Bitcoin will end up being as mainstream as Tor. It will be enough to cripple the entire industry so it never grows to a meaningful size.
- asdfasgasdgasdg 6y agoNo matter how easy it is to do, passing a law like this has one important effect: it narrows down the set of those using non-custodial wallets to just people willing to break the law to do it. That's a valuable selection effect for the government, because it means if you can find out that someone is using a non-custodial wallet, it means ~waggles eyebrows~ they probably do have something to hide. You can get a warrant to seize their stuff and figure out what's going on. Which solves the main problem the government has with cryptocurrencies -- that they can be used to easily hide illegal activity.
- TearsInTheRain 6y agoYeah this law is easily enforced because on/off ramps to the crypto ecosystem are regulated. If Coinbase and et al stops accepting transfers from private wallets youre coins are fucked
- spurdoman77 6y agoThere will be always ways to cash out your crypto if exchanges are not willing to serve you. In extreme case using marketplaces on darknet. Of course that is not desirable. Also how "fucked" you are depends on what kind of amounts you are dealing with. If it is small amount you can just use it for online shopping or something.