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What exactly is this scary crime that is supposively happening with money? They didn't need much money to do 9/11 besides some airline tickets and box cutters,

What exactly is this scary crime that is supposively happening with money? They didn't need much money to do 9/11 besides some airline tickets and box cutters, I'm sure it wouldn't trip any bank report flag that would have allowed them to stop it from happening. Organized crime, is that even a thing? If no one is even going after obvious ico scams that have defrauded investors out of hundreds of millions of dollars and other similar things operating out in the open then what exactly are they so scared of that they want to track every transaction? It's just money, what's wrong with someone buying something?

vmception 6y ago
To put it more succinctly, no part of the Patriot Act would have flagged the 9/11 terrorists. The Bank Secrecy Act and every expansion of it (like the Patriot Act) is just some data broker's pet project to fill some lucrative government contract.
- AnthonyMouse 6y ago
  So much of this feels like someone invented a teleporter and now reactionaries are condemning teleporters because they can be used by smugglers to evade customs enforcement. But the cat is out of the bag. The smugglers are going to keep using it regardless of what rules you impose on law biding citizens.
  - vmception 6y ago
    and otherwise law abiding citizens are the only ones ensnared by this. most of the time its because they are paranoid about triggering government reporting requirements that they don't understand, and avoiding that is a crime too! its always the people without money trying to act sketchy about $10,000 so they can avoid being seen as sketchy they really do get thrown in prison for this
x87678r 6y ago
Terrorist acts are only part of it though. Sure 9/11 was cheap but implementing punitive sanctions across countries hundreds officials requires an awful lot of tracking and monitoring. As regulators catch up you can expect same forms and reporting for any crypto account as a regular account. If you ignore the rules expect big penalties until you comply- just like how banks have been paying billions in fines and are now tarpits of paperwork.

vmception 6y ago

To put it more succinctly, no part of the Patriot Act would have flagged the 9/11 terrorists. The Bank Secrecy Act and every expansion of it (like the Patriot Act) is just some data broker's pet project to fill some lucrative government contract.

AnthonyMouse 6y ago
So much of this feels like someone invented a teleporter and now reactionaries are condemning teleporters because they can be used by smugglers to evade customs enforcement. But the cat is out of the bag. The smugglers are going to keep using it regardless of what rules you impose on law biding citizens.
- vmception 6y ago
  and otherwise law abiding citizens are the only ones ensnared by this. most of the time its because they are paranoid about triggering government reporting requirements that they don't understand, and avoiding that is a crime too! its always the people without money trying to act sketchy about $10,000 so they can avoid being seen as sketchy they really do get thrown in prison for this

x87678r 6y ago

Terrorist acts are only part of it though. Sure 9/11 was cheap but implementing punitive sanctions across countries hundreds officials requires an awful lot of tracking and monitoring. As regulators catch up you can expect same forms and reporting for any crypto account as a regular account. If you ignore the rules expect big penalties until you comply- just like how banks have been paying billions in fines and are now tarpits of paperwork.