4 ms·

hmm. so if we swap out bitcoin with lumber. and I accumulate a lot of lumber and after that sell it do I need to register with FinCEN? or do lumber KYC? this i

hmm. so if we swap out bitcoin with lumber. and I accumulate a lot of lumber and after that sell it do I need to register with FinCEN? or do lumber KYC? this is part of the FUD campaign against Bitcoin. If they committed other crimes, etc, sure charge them if you have proof. If not this is literally a waste of taxpayers money.

quickthrower2 5y ago
It is going to depend inagine. Very expensive and easy to transport lumber, purchased for cash with the same people buying a million a week. Maybe should raise some flags.
bb88 5y ago
Money laundering is all about turning money from illegal operations into money that looks like it came from legal sources. Yes you can buy lumber (e.g.) but for it be really useful, you're going to need to convert that back to cash, and the only real way to store large amounts of money safely is in the banking system. Some people may speak bitcoin, but everyone speaks US greenbacks. KYC is about companies depositing large sums of money from questionable sources. You start depositing 10M a week without any reported business income, and you're going to set off red flags.
- CodeWriter23 5y ago
  > the only real way to store large amounts of money safely is in the banking system Pretty sure everyone in the Cannabis Space would disagree with that.
  - jdavis703 5y ago
    Folks in the cannabis space have been complaining about the lack of banking options for years. This suggests that there are many who don’t feel safe under the current system. Further, the dispensaries near me have more security than the banks and drug store chains… Again, probably because they’re cash-only businesses.
    - CodeWriter23 5y ago
      Yeah all I’m saying is a basically DIY industry at scale has figured out how to keep money safe without a bank; i.e. bank is not the “only” safe method of money storage. Never claimed it to be convenient nor economical.
  - bb88 5y ago
    Technically that money is illegal profits under US federal law. I'd pretty much guarantee if they could, they'd rather have their money in a bank somewhere, rather than holding onto it in cash or
kordlessagain 5y ago
Bitcoin isn’t lumber.

quickthrower2 5y ago

It is going to depend inagine. Very expensive and easy to transport lumber, purchased for cash with the same people buying a million a week. Maybe should raise some flags.

bb88 5y ago

Money laundering is all about turning money from illegal operations into money that looks like it came from legal sources. Yes you can buy lumber (e.g.) but for it be really useful, you're going to need to convert that back to cash, and the only real way to store large amounts of money safely is in the banking system. Some people may speak bitcoin, but everyone speaks US greenbacks. KYC is about companies depositing large sums of money from questionable sources. You start depositing 10M a week without any reported business income, and you're going to set off red flags.

CodeWriter23 5y ago
> the only real way to store large amounts of money safely is in the banking system Pretty sure everyone in the Cannabis Space would disagree with that.
- jdavis703 5y ago
  Folks in the cannabis space have been complaining about the lack of banking options for years. This suggests that there are many who don’t feel safe under the current system. Further, the dispensaries near me have more security than the banks and drug store chains… Again, probably because they’re cash-only businesses.
  - CodeWriter23 5y ago
    Yeah all I’m saying is a basically DIY industry at scale has figured out how to keep money safe without a bank; i.e. bank is not the “only” safe method of money storage. Never claimed it to be convenient nor economical.
- bb88 5y ago
  Technically that money is illegal profits under US federal law. I'd pretty much guarantee if they could, they'd rather have their money in a bank somewhere, rather than holding onto it in cash or

kordlessagain 5y ago

Bitcoin isn’t lumber.