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In another part of this thread, somebody quoted a section where it listed cash, crypto, gold, platinum, and precious stones as all being part of the legislation

• sph 3y ago
  Crypto can only be controlled at the legal conversion point to/from fiat. Because otherwise it's just a packet over the Internet. Mind you, I said legal. Because black markets have always existed to fill the niche prohibited by the government. These days the black market also lets you bypass KYC laws for crypto. Legislators up in their ivory tower have always held the misguided belief that laws can direct human behaviour. If one wants to make a "cash" (i.e. untraceable) transaction over €3000, it's not laws that are gonna stop them. The viability of Bitcoin is correlated by how tight they pull the noose around cash. As an obnoxious crypto-anarchist, I welcome these laws, this is how the state will destroy its own currency in favour of the one that doesn't respect borders, limits and embargoes. People will always favour the currency with the least amount of hoops to jump through.
  • criddell 3y ago
    > Crypto can only be controlled Cash isn’t really controlled either. If my neighbor wants to sell me his guitar for $10,000 I can take a bundle of cash to him and get the guitar. > the misguided belief that laws can direct human behaviour Laws can direct human behavior. > People will always favour the currency with the least amount of hoops to jump through I mostly agree with this. It’s a lot easier for me to use US dollars (directly or indirectly through a debit or credit card) than pesos or rubles or yen. So I spend US dollars mostly through a credit card because it’s easy, fast, has generous rewards, and protects me from shitty sellers.