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maybe a more pragmatic question: what's stopping people from ignoring the governments restrictions on digital resource blocks? The government doesn't have the m
by toolz 4y ago
maybe a more pragmatic question: what's stopping people from ignoring the governments restrictions on digital resource blocks? The government doesn't have the means to enforce blocking firearm designs or decentralized cryptocurrencies.
In my opinion an unenforceable law is detrimental and erodes the credibility of the authorities that impose such restrictions.
- A4ET8a8uTh0 4y agoThis is where it gets fun. OFAC is very much enforceable and, more importantly, it is entrenched and practiced in many parts of US institutions including various gatekeepers like banks. Now whether it is an overreach is an interesting discussion, but do not for one second think that it cannot be enforced. Right now it is just a choice that just this particular service was targeted. And note how most reasonable people would hesitate to just click a link to that code.. when it is not even the sanctioned TC. The chilling effect alone makes it enforceable.
- toolz 4y agoYou can't enforce a crime when you don't know the criminal. It's trivial to keep your identity separated from various digital assets.
- A4ET8a8uTh0 4y agoIs it? I do not want to sound condescending, but extraordinary claims like these require extraordinary proof. Actual security is hard and even that only needs one slip. That said, I am always eager to learn. Would you be willing to share trivial steps that keep your identity separated?
- simple-thoughts 4y agoNever send assets from your wallet to a wallet with KYC data attached to it. That is all.
- alasdair_ 4y agoWhat's the plan for predicting the future? KYC information can be added long after you've made the transaction.
- JumpCrisscross 4y ago> trivial to keep your identity separated from various digital assets It’s similarly trivial to hide cash income. I assume keeping this identity separate would also extend to tax fraud, so I guess we’re there in the conversation.
- toolz 4y agoWhat does tax fraud have anything to do with this? I can't help but wonder if you're just trying to imply that anyone who wants to stay private must be a criminal. There is quite literally zero reason to suspect tax evasion from somebody just because they want their identity to remain detached from the products they purchase.
- kube-system 4y agoThat’s a very myopic view. Cryptocurrencies only have any amount of privacy on chain. Once you use cryptocurrencies on other platforms, or to transact with real world assets or people, you have a huge amount of other identifying metadata now linked to your pseudoanonymous wallet. Criminals who use cryptocurrencies are identified all the time.
- toolz 4y agoIt's interesting that you claim my point of view is myopic while somehow being unaware of the billions (at minimum) of dollars a year exchanged for goods that do not attach an identity to a crypto address.
- kube-system 4y agoBecause they are legal and therefore nobody with the means to do so is interested in taking the time to investigate.
- toolz 4y agoThere are numerous ways to obtain crypto where it would be impossible to identify the owner of a wallet. e.g. mining crypto isn't KYC, or buying KYC crypto and trading it for a private ledger like monero on a non-KYC platform (and many exist, legally) just to name a couple of ways you can obtain crypto with absolute guarantees your wallet can't be attached to your identity. (provided you don't leak metadata thru other means such as simply telling someone your wallet address)
- kube-system 4y agoI agree... if you don't do anything in the real world with crypto, it is difficult to link it to the real world. But that's missing the point. But criminals do more things than just holding crypto in a wallet. And it's those other things that burn them: Interactions with other people, being subject to search and seizure, transacting for other assets, or committing crimes. At the end of the day, what point is there in being a criminal if you never spend your money?
- probably_wrong 4y ago> what's stopping people from ignoring the governments restrictions on digital resource blocks? In my opinion? Greed. Cryptocurrencies were supposed to be all about creating a type of money that doesn't depend on a central authority. And then the last 10 years were spent trying to exchange them for dollars, which of course depend on a central authority. "We will be finally free from banks" turned into "banks are being mean and they won't work with us".
- toolz 4y agolikewise greed is why banks will always want to be able to sell their services of being able to exchange various currencies and greed is why there will be countries that allow their banks to do so.