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> BTC for all its flaws already is well on its way to replace the Switzerland as a popular place for all sorts of shady characters to park their wealth; hence t

> BTC for all its flaws already is well on its way to replace the Switzerland as a popular place for all sorts of shady characters to park their wealth; hence the high prices. You saw what happened to banking in Switzerland for Americans, right? Not the best analogy on which to make your case. The law of the United States has a long arm, and it's questionable at best to believe that BTC is out of its reach.

EGreg 6y ago
How are they planning to shut down BTC if it doesn’t give up all their American customers? :-)
- arcticbull 6y ago
  In the same way the American government currently has a list of all of the assets that every American has in any bank overseas. FATCA requires that if a bank wants to do business with US persons (including citizens regardless of residence) they have to regularly comb their database of clients to look for flags that they may be Americans and report this directly to the Financial Crimes Enforcement Network (FinCEN). If this doesn't line up with your FBARs they may just take half your money. FATCA is the reason American citizens can't open bank accounts in many parts of the world -- local laws forbid the banks from transferring the data necessary to comply with FATCA; and if the banks chose to serve US persons anyways, the US government would cut the banks off from the entire US financial system. This is not only a solved problem, but there's strong precedent. You wanna play in the big market? You play by their rules. Even if you don't chances are your bank does. And even if they don't, chances are their correspondent or custodial banks do. All roads lead back to DC for American citizens - and anyone one America's shit list. ... and before you consider renunciation, there's an exit tax to be paid in the amount of the capital gains due on all of your assets as though you disposed of them on your last day as a US citizen. And you better believe they'll be checking for your tax compliance on your crypto accounts on the way out. Of course tax evasion is an extraditable offence, too, which really limits your choices. America has a big carrot and a whole lot of sticks, and it's willing to use both to get what it wants.
  - EGreg 6y ago
    The joke is that you can’t so the same to the Bitcoin network. It is much more decentralized than a bank. And doesn’t listen to you.
    - arcticbull 6y ago
      But fiat gateways all do.
    - asdfasgasdgasdg 6y ago
      I dunno, criminalize the incorporation of transactions from unidentified wallets in new blocks? Criminalize transacting with such wallets, or wallets containing funds sourced from such wallets? I'm confident that they can think of something, if they are sufficiently motivated.

EGreg 6y ago

How are they planning to shut down BTC if it doesn’t give up all their American customers? :-)

arcticbull 6y ago
In the same way the American government currently has a list of all of the assets that every American has in any bank overseas. FATCA requires that if a bank wants to do business with US persons (including citizens regardless of residence) they have to regularly comb their database of clients to look for flags that they may be Americans and report this directly to the Financial Crimes Enforcement Network (FinCEN). If this doesn't line up with your FBARs they may just take half your money. FATCA is the reason American citizens can't open bank accounts in many parts of the world -- local laws forbid the banks from transferring the data necessary to comply with FATCA; and if the banks chose to serve US persons anyways, the US government would cut the banks off from the entire US financial system. This is not only a solved problem, but there's strong precedent. You wanna play in the big market? You play by their rules. Even if you don't chances are your bank does. And even if they don't, chances are their correspondent or custodial banks do. All roads lead back to DC for American citizens - and anyone one America's shit list. ... and before you consider renunciation, there's an exit tax to be paid in the amount of the capital gains due on all of your assets as though you disposed of them on your last day as a US citizen. And you better believe they'll be checking for your tax compliance on your crypto accounts on the way out. Of course tax evasion is an extraditable offence, too, which really limits your choices. America has a big carrot and a whole lot of sticks, and it's willing to use both to get what it wants.
- EGreg 6y ago
  The joke is that you can’t so the same to the Bitcoin network. It is much more decentralized than a bank. And doesn’t listen to you.
  - arcticbull 6y ago
    But fiat gateways all do.
  - asdfasgasdgasdg 6y ago
    I dunno, criminalize the incorporation of transactions from unidentified wallets in new blocks? Criminalize transacting with such wallets, or wallets containing funds sourced from such wallets? I'm confident that they can think of something, if they are sufficiently motivated.