3 ms·

How would a technical implementation detail block legislation?

rglullis 4y ago
The point is not the legislation. The point is enforcement. You can write and pass whatever law you want. If it can not be enforced, it does not exist.
- jquery 4y ago
  If our government can catch money launderers because they’re running empty washing machines or selling unused tickets to shows, it’s hard to think of anything useful crypto can do that couldn’t be meaningfully regulated away.
  - ETH_start 4y ago
    The government takes billions of dollars from people every year without due process, using civil forfeiture laws: https://ij.org/press-release/new-report-finds-civil-forfeiture-rakes-in-billions-each-year-does-not-fight-crime-2/ https://ij.org/press-release/new-report-finds-civil-forfeitu... But there's no evidence it stops much real money laundering: https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1725366 https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1... If money laundering were effectively dealt with, that would stop almost all theft and organized crime, as laundering the proceeds of these crimes to spend them would be nearly impossible. Obviously that will never happen.
    - jquery 4y ago
      I’m against civil forfeiture laws, I don’t think they are important in the fight against money laundering. Anyway I’m not saying money laundering doesn’t happen, it does… and that’s probably the best case use case for crypto and one of the pillars of its value-add. People who don’t care about legality won’t care if crypto is regulated away either. I’m just demonstrating it’s not free to get away with these crimes. Plenty of people get nailed for money laundering every year.
JumpCrisscross 4y ago
There is a crypto subculture that thinks crypto is unbannable for a variety of reasons that fail the hit-them-with-a-wrench test.
- cowtools 4y ago
  With some level of plausible deniability, you pass the hit-them-with-a-wrench test because you can't just hit everyone with a wrench.
  - EdwardDiego 4y ago
    Not with that attitude you can't.

The point is not the legislation. The point is enforcement. You can write and pass whatever law you want. If it can not be enforced, it does not exist.

jquery 4y ago
If our government can catch money launderers because they’re running empty washing machines or selling unused tickets to shows, it’s hard to think of anything useful crypto can do that couldn’t be meaningfully regulated away.
- ETH_start 4y ago
  The government takes billions of dollars from people every year without due process, using civil forfeiture laws: https://ij.org/press-release/new-report-finds-civil-forfeiture-rakes-in-billions-each-year-does-not-fight-crime-2/ https://ij.org/press-release/new-report-finds-civil-forfeitu... But there's no evidence it stops much real money laundering: https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1725366 https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1... If money laundering were effectively dealt with, that would stop almost all theft and organized crime, as laundering the proceeds of these crimes to spend them would be nearly impossible. Obviously that will never happen.
  - jquery 4y ago
    I’m against civil forfeiture laws, I don’t think they are important in the fight against money laundering. Anyway I’m not saying money laundering doesn’t happen, it does… and that’s probably the best case use case for crypto and one of the pillars of its value-add. People who don’t care about legality won’t care if crypto is regulated away either. I’m just demonstrating it’s not free to get away with these crimes. Plenty of people get nailed for money laundering every year.

JumpCrisscross 4y ago

There is a crypto subculture that thinks crypto is unbannable for a variety of reasons that fail the hit-them-with-a-wrench test.

cowtools 4y ago
With some level of plausible deniability, you pass the hit-them-with-a-wrench test because you can't just hit everyone with a wrench.
- EdwardDiego 4y ago
  Not with that attitude you can't.