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Right? The whole "I don't understand how people can possibly think that identity obfuscation at scale is a good thing for a financial system" can be answered b
by minsc__and__boo 5y ago
Right?
The whole "I don't understand how people can possibly think that identity obfuscation at scale is a good thing for a financial system" can be answered by, "Will you share your entire transaction history and account balances with the entire world? Why not?"
- colinmhayes 5y agoMost people agree that financial regulations regarding money laundering are a good thing. You're arguing a strawman, no one is saying everyone's banking transactions should be on a blockchain.
- logicchains 5y ago>Most people agree that financial regulations regarding money laundering are a good thing Not people who've done any research on the matter. Regulations on money laundering have been almost completely ineffective at reducing crime (the end goal); the drug market is bigger than ever. What they do achieve is imposing a significant burden on individual and small businesses, while large banks like HSBC can get away with money laundering by paying a nominal fine. Money laundering regulations are like the financial version of the war on drugs: completely ineffective at what they set out to do, succeeding only at giving the government more power and making life harder for the powerless.