3 ms·

It's a ridiculous comparison, though. E.g. try to regularly move billions in cash and see how long it'll take before you're busted for not reporting that you'r

It's a ridiculous comparison, though. E.g. try to regularly move billions in cash and see how long it'll take before you're busted for not reporting that you're doing that. A billion bucks weighs a fucktonne. I'm pro cash, anti cryptocurrency, because the comparison is absolutely ridiculous there's no contradiction.

nightski 6y ago
The commissioner of the SEC doesn't find it all that ridiculous. She just commented on it yesterday actually. [1] https://youtu.be/KfvMX8sJEy4?t=525 https://youtu.be/KfvMX8sJEy4?t=525
- knorker 6y ago
  I don't see her disagreeing with what I said.
  - nightski 6y ago
    She noted that in general you target the criminal activity itself, not the currency used to fund it. But then she further noted that cash was just as big of a problem for them and harder for them to deal with. She said that crypto had the advantage that it at least left a trail, unlike cash. No one said criminal activity is easy. But it's not fair for you to conclude that therefore it's ridiculous because using cash is hard.
    - knorker 6y ago
      So she says cash is different, and agrees with me?
talaketu 6y ago
Cash payment limit of $10000AUD is proposed in Australia. $10000AUD weighs fuckall. https://treasury.gov.au/policy-topics/economy/black-economy/cash-rules-2019 https://treasury.gov.au/policy-topics/economy/black-economy/...
- knorker 6y ago
  I could also easily carry more than $10k across a border. It's illegal without reporting it (exact number varies). But that's one type of payment. I've carried $2k USD in just $20s in my pocket across international borders, and had it been in $100s that would be the limit. But if I want to transfer even one million dollars that 100 trips. Or 100 pockets if I ignore the law. I own cargo pants, but even they don't have 100 pockets. And a billion? That's a thousand people each with a hundred pockets full of cash. What I was saying is that mere logistics makes it hard to move a billion in cash. So there's a natural prevention of moving large amounts of cash. It's not impossible, but "making it hard" was done on purpose. So cryptocurrencies are not "clever" for "fixing a problem". They're actually removing the amelioration to the problem.

nightski 6y ago

The commissioner of the SEC doesn't find it all that ridiculous. She just commented on it yesterday actually. [1] https://youtu.be/KfvMX8sJEy4?t=525 https://youtu.be/KfvMX8sJEy4?t=525

knorker 6y ago
I don't see her disagreeing with what I said.
- nightski 6y ago
  She noted that in general you target the criminal activity itself, not the currency used to fund it. But then she further noted that cash was just as big of a problem for them and harder for them to deal with. She said that crypto had the advantage that it at least left a trail, unlike cash. No one said criminal activity is easy. But it's not fair for you to conclude that therefore it's ridiculous because using cash is hard.
  - knorker 6y ago
    So she says cash is different, and agrees with me?

talaketu 6y ago

Cash payment limit of $10000AUD is proposed in Australia. $10000AUD weighs fuckall. https://treasury.gov.au/policy-topics/economy/black-economy/cash-rules-2019 https://treasury.gov.au/policy-topics/economy/black-economy/...

knorker 6y ago
I could also easily carry more than $10k across a border. It's illegal without reporting it (exact number varies). But that's one type of payment. I've carried $2k USD in just $20s in my pocket across international borders, and had it been in $100s that would be the limit. But if I want to transfer even one million dollars that 100 trips. Or 100 pockets if I ignore the law. I own cargo pants, but even they don't have 100 pockets. And a billion? That's a thousand people each with a hundred pockets full of cash. What I was saying is that mere logistics makes it hard to move a billion in cash. So there's a natural prevention of moving large amounts of cash. It's not impossible, but "making it hard" was done on purpose. So cryptocurrencies are not "clever" for "fixing a problem". They're actually removing the amelioration to the problem.