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They have the same ability to regulate it as they do cash transactions. Which is to say, people will still find workarounds if they really want to take a shot a
by Daishiman 5y ago
They have the same ability to regulate it as they do cash transactions. Which is to say, people will still find workarounds if they really want to take a shot at it, but forget about transacting with legit companies and institutions unless you want the spotlight shone on you.
- ashwagary 5y agoAdding 1 additional p2p hop to transactions is trivially easy with Bitcoin and readily automatable. With 1 additional hop, you facilitate somebody's purchase of bitcoin and they pay for the services you need in fiat (usually at a discount). Good luck regulating that.
- Daishiman 5y agoOh you sweet summer child, tax agencies and financial investigators know the ins and outs about financial triangulations since the dawn of tax fraud. You think they're not going to ask you about it once you're on the spotlight for an audit?
- ashwagary 5y agoHow would anyone know that you are in fact transacting BTC at all (especially if it's anonymized)? The risk seems almost nonexistent unless you are buying really expensive services on a regular basis.
- anm89 5y agoThe EU prints Euros. The EU does not in any direct way control production of bitcoin. Custody of the two assets has bordering on nothing in common. Exchange of the who assets has bordering on nothing in common. Conflating them is wildly innacurate.
- ethbr0 5y agoWho's going to exchange euro for crypto, if all European banks are prohibited from touching it?
- vimy 5y agoPeople can just buy what they want with crypto instead of exchanging it for euro or dollar.
- tluyben2 5y agoMaybe for virtual items but how would physical items work? The baker has the same issue as you and the flower costs Euros even though the baker might except crypto. I can figure some complex ways but somewhere, because there are not enough people using crypto, it will get exchanged and there you will be caught. In this scenario you are actually doing something illegal; spending money you did not declare to the gov for KYC/AML, so you can still be traced via the baker who exchanged your payment to euros. And if you used Monero or whatever, you are now an actual criminal trying to hide their tracks. There would need to be a very large crowd accepting crypto for the crypto sake, not for the USD value to get anywhere here. Which is the dream of all the fans but this is not even close where crypto is currently and most govs are taking steps to prevent it getting there.
- ashwagary 5y agoGift cards are anonymous bridges between the fiat and crypto world. Anyone can buy a $1000 Amazon gift card or 1000+ other gift cards instantly with no KYC. Currently, buying gift cards using the lightning network is faster than buying gift cards directly from merchants and there is no way Amazon or any other merchant can win the speed race using the traditional financial network.
- Daishiman 5y agoWhat reality are you living in? Gift card purchases are _extremely_ scrutinized for fraud and everyone and their mother is skeptical of large purchases for gift cards precisely because they're an extremely common vehicle for fraud.