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Okay, but crypto already existed when all this transpired. If crypto is such a good idea and would prevent these problems, why didn't they just use it?
by Imnimo 5y ago
Okay, but crypto already existed when all this transpired. If crypto is such a good idea and would prevent these problems, why didn't they just use it?
- latchkey 5y agohttps://finbold.com/canadas-truckers-turn-to-bitcoin-as-gofundme-ceases-9-million-in-donations/ https://finbold.com/canadas-truckers-turn-to-bitcoin-as-gofu...
- woodruffw 5y agoExcellent question. The post also begs the question: does DHH really think that people in Canada are performing everyday transactions in cryptocurrencies? Donations in those forms would almost certainly be liquidated immediately, into ordinary banking accounts.
- latchkey 5y ago> Donations in those forms would almost certainly be liquidated immediately, into ordinary banking accounts. Not necessarily, p2p and cash.
- woodruffw 5y agoConverting cryptocurrency into fiat outside of the financial system falls under the "don't do two crimes at once" maxim, in this situation.
- latchkey 5y agoThere is nothing illegal about converting crypto to cash in a p2p transaction. You're also US biased with your opinion.
- woodruffw 5y agoMy opinion is “US and Canadian financial law” biased, yes, since that’s the rough domain of interest in this thread. There’s nothing illegal about P2P crypto transfers, assuming that you’re not (1) circumventing currency transaction laws, and (2) paying the appropriate taxes. Since the people who might do P2P transfers in this scenario want to avoid the scrutiny of the law entirely, I think it’s safe to say that this does indeed fall under “doing two crimes at once.”
- MattRix 5y agoThey did use crypto and the government blocked those crypto accounts too (at least to the point they can), which I fully support.
- koonsolo 5y agoBecause most people need to bump their head against the wall before they learn.