6 ms·

>Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking them where it came from, where it i

by rnd0 4y ago

>Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking them where it came from, where it is going and taking a cut. A.K.A. Money laundering. Got it.

glerk 4y ago
Or sometimes, your government just decides your money doesn't actually belong to you [1]. But sure, we can call it "money laundering", if it makes that boot taste better. [1] https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-02/card/russia-clamps-down-on-foreigners-moving-money-out-of-country-iBqU5H1QrjPozmSCDaje https://www.wsj.com/livecoverage/russia-ukraine-latest-news-...
- rnd0 4y ago
  >we can call it "money laundering" Walks like a duck, quacks like a duck...
  - sgt101 4y ago
    With a permanent publicly readable record as well!
  - md2020 4y ago
    Government seizing your money because they don’t like the political purpose you used it for is stealing and authoritarianism. Walks like a duck, quacks like a duck…
null0pointer 4y ago
That is not money laundering.
- 8organicbits 4y ago
  Sure sounds like it qualifies in the US. https://www.irs.gov/irm/part9/irm_09-005-005#idm139929132514784 https://www.irs.gov/irm/part9/irm_09-005-005#idm139929132514... """ transfers [...] a monetary instrument or funds from a place in the United States to or through a place outside the United States [...] to avoid a Federal or state transaction reporting requirement. """
eldenwrong 4y ago
I guess if you lived in Russia, Iran, Lebanon, Venezuela or Argentina you'd be licking gov boots all day right?
fragmede 4y ago
Unfortunately in order for it to be accessible for a person to actually use it, the exchange takes a cut anyway, unless they're running the exchange solely from the goodness of their heart. Which as a business, it isn't. So instead of paying the established middle man who supports eg Western Union, the cut goes to the Bitcoin exchange middleman instead. Eg, the easiest way for a US person to buy Bitcoin is through Coinbase who will gladly charge you a fee, which is entirely justifiable because they're facilitating the transaction. Without them there's no transaction. So Coinbase takes their cut, same as everybody else in the system.

by rnd0 4y ago

glerk 4y ago

Or sometimes, your government just decides your money doesn't actually belong to you [1]. But sure, we can call it "money laundering", if it makes that boot taste better. [1] https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-02/card/russia-clamps-down-on-foreigners-moving-money-out-of-country-iBqU5H1QrjPozmSCDaje https://www.wsj.com/livecoverage/russia-ukraine-latest-news-...

rnd0 4y ago
>we can call it "money laundering" Walks like a duck, quacks like a duck...
- sgt101 4y ago
  With a permanent publicly readable record as well!
- md2020 4y ago
  Government seizing your money because they don’t like the political purpose you used it for is stealing and authoritarianism. Walks like a duck, quacks like a duck…

null0pointer 4y ago

That is not money laundering.

8organicbits 4y ago
Sure sounds like it qualifies in the US. https://www.irs.gov/irm/part9/irm_09-005-005#idm139929132514784 https://www.irs.gov/irm/part9/irm_09-005-005#idm139929132514... """ transfers [...] a monetary instrument or funds from a place in the United States to or through a place outside the United States [...] to avoid a Federal or state transaction reporting requirement. """

eldenwrong 4y ago

I guess if you lived in Russia, Iran, Lebanon, Venezuela or Argentina you'd be licking gov boots all day right?

fragmede 4y ago

Unfortunately in order for it to be accessible for a person to actually use it, the exchange takes a cut anyway, unless they're running the exchange solely from the goodness of their heart. Which as a business, it isn't. So instead of paying the established middle man who supports eg Western Union, the cut goes to the Bitcoin exchange middleman instead. Eg, the easiest way for a US person to buy Bitcoin is through Coinbase who will gladly charge you a fee, which is entirely justifiable because they're facilitating the transaction. Without them there's no transaction. So Coinbase takes their cut, same as everybody else in the system.