4 ms·

> Even if your sending end is regulated, at the other end, there has to be a regulated bank. Are you referring to some specific regulation here?

lern_too_spel 3y ago
The same regulations that mean you can't cheaply Venmo the person on the other end instead. If Venmo has to follow the law, cryptocurrencies have to follow the law as well. Being your own bank makes you liable to the same regulatory penalties that Venmo has to worry about.
- no_yoo 3y ago
  Venmo moves dollars and crypto does not Country A: person uses government regulated exchange/on-ramp to acquire crypto or mines it. Country B: person receives crypto and trades it for local currency using a government regulated exchange Which specific laws or regulations are being broken from which specific countries?
  - maxerickson 3y ago
    The fantasy is that country A (or B) isn't going to regulate the currency. It doesn't work to tell the government that it isn't currency, they will just patiently explain to you that they decide that.
    - no_yoo 3y ago
      If the US wants to classify it as currency I would be happy to not have to pay the capital gains taxes
      - lern_too_spel 3y ago
        You also cannot transfer nonmonetary assets cross border without following regulations. Why do you think you have to declare at customs? https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5 https://www.congress.gov/bill/115th-congress/senate-bill/124... Did you really think that getting around money laundering laws is as easy as converting to nonmonetary assets before transfer?
      - ryan_lane 3y ago
        You have to pay capital gains when buying and selling between real currencies, you know, right?
        X6S1x6Okd1st 3y ago
        What jurisdiction are you talking about?
- no_yoo 3y ago
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  - lern_too_spel 3y ago
    Yes. You'd be a fool to invest. You'd be a fool to think cryptocurrency is useful too, but cryptoscammers and cryptofools haven't hit saturation of the greater fool market yet. Edit: It appears Strike is attempting to comply with regulations, allowing transfers only to regulated partner banks in a few countries. They bake fees into the exchange rate to account for local exchange rate volatility on both ends and try to lower fees by investing customer deposits in the usual crypto ponzis. If that doesn't sink the company, penalties for facilitating scams will. https://strike.me/faq/which-countries-are-available-for-send-globally/ https://strike.me/faq/which-countries-are-available-for-send... https://strike.me/faq/what-are-the-send-globally-fees-and-exchange-rates/ https://strike.me/faq/what-are-the-send-globally-fees-and-ex... https://www.ftc.gov/news-events/news/press-releases/2023/02/more-115-million-refunds-sent-consumers-result-ftc-doj-charges-moneygram-failed-crack-down-scams https://www.ftc.gov/news-events/news/press-releases/2023/02/...

lern_too_spel 3y ago

The same regulations that mean you can't cheaply Venmo the person on the other end instead. If Venmo has to follow the law, cryptocurrencies have to follow the law as well. Being your own bank makes you liable to the same regulatory penalties that Venmo has to worry about.

no_yoo 3y ago
Venmo moves dollars and crypto does not Country A: person uses government regulated exchange/on-ramp to acquire crypto or mines it. Country B: person receives crypto and trades it for local currency using a government regulated exchange Which specific laws or regulations are being broken from which specific countries?
- maxerickson 3y ago
  The fantasy is that country A (or B) isn't going to regulate the currency. It doesn't work to tell the government that it isn't currency, they will just patiently explain to you that they decide that.
  - no_yoo 3y ago
    If the US wants to classify it as currency I would be happy to not have to pay the capital gains taxes
    - lern_too_spel 3y ago
      You also cannot transfer nonmonetary assets cross border without following regulations. Why do you think you have to declare at customs? https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5 https://www.congress.gov/bill/115th-congress/senate-bill/124... Did you really think that getting around money laundering laws is as easy as converting to nonmonetary assets before transfer?
    - ryan_lane 3y ago
      You have to pay capital gains when buying and selling between real currencies, you know, right?
      - X6S1x6Okd1st 3y ago
        What jurisdiction are you talking about?
no_yoo 3y ago
[dead]
- lern_too_spel 3y ago
  Yes. You'd be a fool to invest. You'd be a fool to think cryptocurrency is useful too, but cryptoscammers and cryptofools haven't hit saturation of the greater fool market yet. Edit: It appears Strike is attempting to comply with regulations, allowing transfers only to regulated partner banks in a few countries. They bake fees into the exchange rate to account for local exchange rate volatility on both ends and try to lower fees by investing customer deposits in the usual crypto ponzis. If that doesn't sink the company, penalties for facilitating scams will. https://strike.me/faq/which-countries-are-available-for-send-globally/ https://strike.me/faq/which-countries-are-available-for-send... https://strike.me/faq/what-are-the-send-globally-fees-and-exchange-rates/ https://strike.me/faq/what-are-the-send-globally-fees-and-ex... https://www.ftc.gov/news-events/news/press-releases/2023/02/more-115-million-refunds-sent-consumers-result-ftc-doj-charges-moneygram-failed-crack-down-scams https://www.ftc.gov/news-events/news/press-releases/2023/02/...