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OK say I have a few monero wallets. You have no idea how much is in any account or what I've spent on anything, where it's going. How would you know which wal

OK say I have a few monero wallets. You have no idea how much is in any account or what I've spent on anything, where it's going. How would you know which wallets I gave up? Sure I'll probably hand over $100, maybe even $1000 to some dude with a wrench but I'll die before I give up much more, not to mention you won't even know it was the wrong wallet. And I know this, because I've had a gun pulled to my head before and I decided I'd rather die fighting back than give up my cash -- and good fucking luck getting the key then. Sooner or later wrenching people you'll get a few "sucidal" cases that get lucky and it's game over. Not a great business model.

scoofy 4y ago
Again... you can do the same thing with offshore bank accounts. If your plan is a novel way to hide money, that's been a solved problem for over a hundred years. If you want to use your hidden money on a day-to-day basis, I think most nations are going to ban this practice simply because it's not a sustainable way to operate a state with a tax basis.
- notch898a 4y ago
  Serious question, what's the best legal option for an American to get a 5 figure offshore bank account? FATCA seems to have made Americans pariahs to the point you can't really get the offshore account (legally or not) unless you're rich. For pragmatic reasons you're kind of left with crypto for sub-$100k sums, although I'm definitely interested in your recommendations.
  - scoofy 4y ago
    There obviously wouldn't a legal option in this particular scenario. Though it would obviously be doable. The entire point of this is that the prescriptions are all presumed to be illegal, as the ultimate goal is preventing the state from legally seizing assets. The idea that a monero wallet would be perpetually legal is laughable under a scenario where the state starts seizing assets.
    - notch898a 4y ago
      Buying crypto now while it is legal seems a lot lower risk to me than getting an illegal offshore account. Even if they make crypto illegal later they wouldn't be able to prove I acquired it illegally, and once I acquire it it's nigh impossible to determine whether it's been lost or not.
      - scoofy 4y ago
        Again, my point isn't "what do now" it's a conceptual argument as to societies on a forward going basis. Now we likely have no reason to think that our societies are descending into a sectarian and totalitarian nightmare. Thus the vast majority of users of said currencies are likely attempting to freeload of society. It's a double edged sword, where the only justification for something like monero is a fictional totalitarian state, coming... someday. Whereas, in the areas where totalitarianism exists, all of theses things are already trivially illegal... almost exactly at the rates you would suspect. https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_... It's prepper mentality, and unfortunately, it's being exploited by tons of folks entirely happy to cheat on their taxes.

scoofy 4y ago

Again... you can do the same thing with offshore bank accounts. If your plan is a novel way to hide money, that's been a solved problem for over a hundred years. If you want to use your hidden money on a day-to-day basis, I think most nations are going to ban this practice simply because it's not a sustainable way to operate a state with a tax basis.

notch898a 4y ago
Serious question, what's the best legal option for an American to get a 5 figure offshore bank account? FATCA seems to have made Americans pariahs to the point you can't really get the offshore account (legally or not) unless you're rich. For pragmatic reasons you're kind of left with crypto for sub-$100k sums, although I'm definitely interested in your recommendations.
- scoofy 4y ago
  There obviously wouldn't a legal option in this particular scenario. Though it would obviously be doable. The entire point of this is that the prescriptions are all presumed to be illegal, as the ultimate goal is preventing the state from legally seizing assets. The idea that a monero wallet would be perpetually legal is laughable under a scenario where the state starts seizing assets.
  - notch898a 4y ago
    Buying crypto now while it is legal seems a lot lower risk to me than getting an illegal offshore account. Even if they make crypto illegal later they wouldn't be able to prove I acquired it illegally, and once I acquire it it's nigh impossible to determine whether it's been lost or not.
    - scoofy 4y ago
      Again, my point isn't "what do now" it's a conceptual argument as to societies on a forward going basis. Now we likely have no reason to think that our societies are descending into a sectarian and totalitarian nightmare. Thus the vast majority of users of said currencies are likely attempting to freeload of society. It's a double edged sword, where the only justification for something like monero is a fictional totalitarian state, coming... someday. Whereas, in the areas where totalitarianism exists, all of theses things are already trivially illegal... almost exactly at the rates you would suspect. https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_... It's prepper mentality, and unfortunately, it's being exploited by tons of folks entirely happy to cheat on their taxes.