4 ms·

Crypto is offshore finance for the little guy.

• LurkingPenguin 5y ago
  No it isn't. Once you want to convert to fiat (so you can spend it), you're back in the realm of the regulated financial world. If you're running a small business, chances are you can't a) use your crypto without converting to fiat or b) can't use your crypto without identifying yourself to a regulated financial institution. Since BTC, ETH, etc. are public ledgers, you're basically already giving every government agency in the world the ability to track your balances and transactions without any additional regulation or infrastructure required. Of course, if you're super careful, they might not know it's you yet, but if they really want to, they can find out and make sure you don't sleep very well at night while they wait.
  • pentae 5y ago
    .. Or you could pay in crypto. Or you could convert your crypto to cash in a Wendys parking lot.
    • LurkingPenguin 5y ago
      This might sound good if you're living in the jungles of Belize. But let's be realistic. The average individual and small business owner cannot meet their day-to-day financial obligations by dealing only with unregulated counterparties that transact in crypto. And the vast majority of people do not wish to live a life where they're exchanging USBs for cash using crypto "plugs" they meet in fast food parking lots. Furthermore, in the latter scenario, that cash is eventually going to get deposited back into a regulated institution (to pay credit card bills, etc.). If anything, a person depositing thousands of dollars in cash on a regular basis is going to draw more scrutiny, especially if they're not running a cash business. Which leads to the obvious solution: you're going to buy that Wendy's where you're exchanging your USBs for cash. Congratulations. You're now officially a money launderer!