4 ms·

No it’s a pain in the ass because the technology is antiquated.

Jensson 5y ago
No, it is exactly as that guy said. Those transactions are illegal, you can't transfer money across borders without notifying authorities in most countries, and I am pretty sure you aren't notifying them when you do. If bitcoin ever becomes popular as a currency rather than just investment scheme then governments will come down hard on this and all transactions will get banned or made as inconvenient as bank transfers.
- trixie_ 5y ago
  Have you been asleep because people are absolutely using crypto to move money internationally and legitimately. Governments, exchanges and banks have been working together to update the rules so that reporting is done correctly, that’s why we have things like KYC. Unless there’s a law that says ‘money must be transferred through banks’, please let me know
  - Jensson 5y ago
    So do you tell your exchange the identity of everyone you send bitcoins to and receive bitcoins from? If not you are committing a crime and can face huge fines and jail time, since your exchange don't know who the user is of every bitcoin wallet. And if you do tell them that then I don't see the point of bitcoins, as then it becomes even more centralized and controlled than bank transactions, and you can still face fines and jail time if they think you gave them the wrong information about the person you sent stuff to.
    - trixie_ 5y ago
      You should probably learn the rules yourself before trying to scare people with 'fines and jail time'. This isn't complicated. Reporting requirements are easy to follow and are pretty much the same as they've always been - https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions https://www.irs.gov/individuals/international-taxpayers/freq...
- dcolkitt 5y ago
  The government can't even raise the debt ceiling or collect taxes from people who are flagrantly not declaring income. Crypto skeptics always have this image in their mind where the government finally steps up and stops the country from going full Snow Crash. Let's say Biden tomorrow actually came out and said "enough malarkey, we're banning crypto". What do you think are the actual chances of Congress passing that legislation of the GOP-dominated SCOTUS from upholding those laws. At least half the politicians in this country actively want to see the federal government go through a financial crisis (particularly when the opposite team holds the White House.) Crypto skeptics point to Executive Order 6102 but ignore the fact that Biden is no FDR. If we actually had a strong executive, like LBJ, Nixon or even GWB post-9/11 I'd agree. Crypto's playing loose with the rules and basically taunting the US Treasury to play whack-a-mole. But this country's so polarized and dysfunctional that we'll never have a strong executive again in our lifetime.

No, it is exactly as that guy said. Those transactions are illegal, you can't transfer money across borders without notifying authorities in most countries, and I am pretty sure you aren't notifying them when you do. If bitcoin ever becomes popular as a currency rather than just investment scheme then governments will come down hard on this and all transactions will get banned or made as inconvenient as bank transfers.

trixie_ 5y ago
Have you been asleep because people are absolutely using crypto to move money internationally and legitimately. Governments, exchanges and banks have been working together to update the rules so that reporting is done correctly, that’s why we have things like KYC. Unless there’s a law that says ‘money must be transferred through banks’, please let me know
- Jensson 5y ago
  So do you tell your exchange the identity of everyone you send bitcoins to and receive bitcoins from? If not you are committing a crime and can face huge fines and jail time, since your exchange don't know who the user is of every bitcoin wallet. And if you do tell them that then I don't see the point of bitcoins, as then it becomes even more centralized and controlled than bank transactions, and you can still face fines and jail time if they think you gave them the wrong information about the person you sent stuff to.
  - trixie_ 5y ago
    You should probably learn the rules yourself before trying to scare people with 'fines and jail time'. This isn't complicated. Reporting requirements are easy to follow and are pretty much the same as they've always been - https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions https://www.irs.gov/individuals/international-taxpayers/freq...
dcolkitt 5y ago
The government can't even raise the debt ceiling or collect taxes from people who are flagrantly not declaring income. Crypto skeptics always have this image in their mind where the government finally steps up and stops the country from going full Snow Crash. Let's say Biden tomorrow actually came out and said "enough malarkey, we're banning crypto". What do you think are the actual chances of Congress passing that legislation of the GOP-dominated SCOTUS from upholding those laws. At least half the politicians in this country actively want to see the federal government go through a financial crisis (particularly when the opposite team holds the White House.) Crypto skeptics point to Executive Order 6102 but ignore the fact that Biden is no FDR. If we actually had a strong executive, like LBJ, Nixon or even GWB post-9/11 I'd agree. Crypto's playing loose with the rules and basically taunting the US Treasury to play whack-a-mole. But this country's so polarized and dysfunctional that we'll never have a strong executive again in our lifetime.