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They already enable money laundering using csgo skins

jimbob45 5y ago
I was ready to come in and prove you wrong but I found this in the Steam Support FAQ: >Will you be asking me to provide tax information to you, and/or will you be providing 1099’s based on my transactions in the Community Market? No. Previously we required that U.S. citizens and residents provide us with certain information, including name, address and social security number, prior to exceeding 200 separate sales transactions in a calendar year. We have concluded that this information is not required and we will no longer be asking you for this information as part of Community Market participation. We will also not be providing IRS Form 1099’s with respect to sales activity in the Community Market. With that in mind, it seems like you can money launder fairly easily, right? I thought that the 1099s were the primary blocker to that.
- Randosaurus 5y ago
  Most places have stopped asking me to sign when I make a purchase less than $X with my debit card (Generally around $25). Their thought process is that it's much faster cycling people through and the risk of money loss isn't worth the loss in throughput. What you quoted is specifically for less than 200 transactions in a calendar year. The implication being that any account involving 200 or more transactions in a calendar year will need that information. Which brings about two points. 1. Exactly how much money can someone launder buying < 200 csgo skins in a calendar year (are we arguing that they're paying $50k per skin?), and 2. How exactly does the idea that they've decided to take on some risk to decrease friction incompatible with not wanting to deal with NFT's, which *COULD* conceivably go for $50k a pop.
anunnymouse 5y ago
Maybe i'm reading too much into this, but are you suggesting they stop trying to prevent it from happening in any channels, because it might be possible in one?
- knownjorbist 5y ago
  I think the issue at hand here is the double standard over the stated reason for banning games with NFTs.
  - Randosaurus 5y ago
    The person you're responding to already addressed that point, why are you reiterating it?
  - loeg 5y ago
    https://en.wikipedia.org/wiki/Tu_quoque https://en.wikipedia.org/wiki/Tu_quoque
- anonymoushn 5y ago
  I'm suggesting that they apply similar standards to channels they tax and channels they do not tax, or come out and say "we won't support this because we can't tax it" and not some bs about money laundering.
x86_64Ubuntu 5y ago
Skins seem to have more of an in-game use and is far less on the nose than mentioning NFTs and Blockchain which perks the ears of regulators.

I was ready to come in and prove you wrong but I found this in the Steam Support FAQ: >Will you be asking me to provide tax information to you, and/or will you be providing 1099’s based on my transactions in the Community Market? No. Previously we required that U.S. citizens and residents provide us with certain information, including name, address and social security number, prior to exceeding 200 separate sales transactions in a calendar year. We have concluded that this information is not required and we will no longer be asking you for this information as part of Community Market participation. We will also not be providing IRS Form 1099’s with respect to sales activity in the Community Market. With that in mind, it seems like you can money launder fairly easily, right? I thought that the 1099s were the primary blocker to that.

Randosaurus 5y ago
Most places have stopped asking me to sign when I make a purchase less than $X with my debit card (Generally around $25). Their thought process is that it's much faster cycling people through and the risk of money loss isn't worth the loss in throughput. What you quoted is specifically for less than 200 transactions in a calendar year. The implication being that any account involving 200 or more transactions in a calendar year will need that information. Which brings about two points. 1. Exactly how much money can someone launder buying < 200 csgo skins in a calendar year (are we arguing that they're paying $50k per skin?), and 2. How exactly does the idea that they've decided to take on some risk to decrease friction incompatible with not wanting to deal with NFT's, which *COULD* conceivably go for $50k a pop.

anunnymouse 5y ago

Maybe i'm reading too much into this, but are you suggesting they stop trying to prevent it from happening in any channels, because it might be possible in one?

knownjorbist 5y ago
I think the issue at hand here is the double standard over the stated reason for banning games with NFTs.
- Randosaurus 5y ago
  The person you're responding to already addressed that point, why are you reiterating it?
- loeg 5y ago
  https://en.wikipedia.org/wiki/Tu_quoque https://en.wikipedia.org/wiki/Tu_quoque
anonymoushn 5y ago
I'm suggesting that they apply similar standards to channels they tax and channels they do not tax, or come out and say "we won't support this because we can't tax it" and not some bs about money laundering.

x86_64Ubuntu 5y ago

Skins seem to have more of an in-game use and is far less on the nose than mentioning NFTs and Blockchain which perks the ears of regulators.