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> The point of crypto currency is to do the exact thing money laundering laws try to prevent No. That's not the point of cryptocurrency. > to transfer large s
by infamouscow 5y ago
> The point of crypto currency is to do the exact thing money laundering laws try to prevent
No. That's not the point of cryptocurrency.
> to transfer large sums of cash untraceably across the globe
Wrong again. You can trace all transactions across the globe with cryptocurrency.
> with no way for the government to do anything about it
Why is that a bad thing?
- ethbr0 5y ago> You can trace all transactions across the globe with cryptocurrency * Assuming KYC laws are enforced and account holders are listed
- gorgonzolachz 5y agoKYC only helps to an extent, right? My understanding of crypto is minimal, but if you run your own miner I assume you don't need to verify anything to anyone. You should be able to send out transactions to the network and have them be accepted anonymously, which is what most people who would be interested in money laundering would do.
- ethbr0 5y agoFor proof of work, I think that's true. When things start moving to proof of stake, less so.
- JumpCrisscross 5y ago> Why is that a bad thing? It inhibits tax collection, which funds common goods. It also thwarts law enforcement, which is counter to public benefit. We can debate whether taxes or laws or governments should exist. But they do, and most people seem to favor that. Debating a thing and actively subverting it are different. Just as subverting a thing and expecting such subversion to have no consequences or response are different.
- axx0 5y agoHow exactly does this inhibit tax collection?
- JumpCrisscross 5y ago> How exactly does this inhibit tax collection? If you have something that lets you "transfer large sums of cash untraceably across the globe, with no way for the government to do anything about it," it's going to make it easier to hide income and assets. That inhibits tax collection. (Same way cash does.)
- apercu 5y agoI bet if we took all the legal and illegal offshore shenanigans and the laws written by the wealthiest that create more loopholes, the amount of "inhibiting" of tax collection by cryptocurrency in comparison is a rounding error.
- mikewarot 5y agoCrypto doesn't let you transfer cash. Someone has to sell you the crypto for cash, and someone has to buy the crypto for cash... at both ends, taxes and law enforcement can act.
- da_big_ghey 5y ago"It also thwarts law enforcement, which is counter to public benefit." not in all case. but also is enabling purchase of goods and services outside of government allowence? people who want psychadelic to treat ptsd, sex work, repressive regime that bar purchase of certain material all circumvented. only a tool, can be good or bad.
- rmah 5y agoThat would be thwarting law enforcement.
- tomjen3 5y ago
- the-dude 5y ago> Why is that a bad thing? It was decided it was a bad thing when the US coerced the rest of the Western world into the war on terror. If you are not with us, you are against us etc.