4 ms·

Unlicensed? I'm confused. I didn't know any of them were 'licensed'. Oh. It was actually for money transmitting and money laundering. Nothing to do with bitcoi

Unlicensed? I'm confused. I didn't know any of them were 'licensed'. Oh. It was actually for money transmitting and money laundering. Nothing to do with bitcoin. Clickbait.

salawat 3y ago
Most people in the United States are not widely aware that their government has essentially made the practice of maintaining their own chart of accounts and integrating with the financial system at large a strict liability carrying endeavor. Nor that the implementation details thereof basically demands becoming an extension of law enforcement & State power in a material fashion. So I never see anything that rams this point into the consciousness of more people a waste of attention. I really, really want more active discussion with people whether the degree to which we've developed the State of the Art in that arena is really okay. Even if the answer isn't one I'll like, it just makes me feel better when we explicitly address the topic.
alex_lav 3y ago
> money transmitting and money laundering seems to be kind of synonymous with bitcoin, no?
- infamouscow 3y ago
  Because the only way money can be laundered, and has historically been laundered for the last 100 years is via Bitcoin? We should also ban MP3s so the children can't listen to too many Satan worshiping rock songs.
  - alex_lav 3y ago
    Well this is an amount of hyperbole I simply won’t interact with.
    - infamouscow 3y ago
      Asserting that Bitcoin is equivalent to money laundering is an exaggerated claim bordering absurd. Such unfounded statements are best addressed with dismissive ridicule. An entire industry exists that specializes in scrutinizing transactions, with both the IRS and FBI utilizing blockchain forensics for many years to trace financials of crypto bros and criminals alike. Bitcoin serves as a global financial safeguard, protecting vulnerable individuals from issues like rampant inflation, exorbitant remittance fees, and oppressive governments.
      - alex_lav 3y ago
        Yeah I just...don't agree with any of this post. Cryptocurrency has done more harm than good by a really wide amount. Even ignoring the environmental cost, it's pitched as "a global financial safeguard, protecting vulnerable individuals from issues like rampant inflation, exorbitant remittance fees, and oppressive governments." but it really really seems just like made up funnymoney to aid in obviously illegal money laundering schemes and/or obvious scams. If you like to play with tech for tech's sake, have at it. But the whole thing just screams fraud. https://imgur.com/a/GrdMgVH https://imgur.com/a/GrdMgVH Definitely protected from evil boogeymen, right? Definitely not just another baseball card. Curious if you'd be willing to share what percentage of your net worth is tied up specifically in BTC?
        infamouscow 3y ago
        Not everyone lives the life you live. Consider Bitcoin use among Russian dissidents, Belarussian protestors, Venezuelan professors, Afghan women entrepreneurs, Nigerian feminists, and North Korean revolutionaries. At present, Bitcoin may have no utility for you, but you are not the only use case. https://www.coindesk.com/policy/2020/07/15/russian-activists-use-bitcoin-and-the-kremlin-doesnt-like-it/ https://www.coindesk.com/policy/2020/07/15/russian-activists... https://www.whatbitcoindid.com/podcast/how-bitcoin-is-helping-protesters-in-belarus https://www.whatbitcoindid.com/podcast/how-bitcoin-is-helpin... https://www.nytimes.com/2019/02/23/opinion/sunday/venezuela-bitcoin-inflation-cryptocurrencies.html https://www.nytimes.com/2019/02/23/opinion/sunday/venezuela-... https://bitcoinmagazine.com/culture/bitcoin-financial-freedom-in-afghanistan https://bitcoinmagazine.com/culture/bitcoin-financial-freedo... https://qz.com/africa/1922466/how-bitcoin-powered-nigerias-endsars-protests/ https://qz.com/africa/1922466/how-bitcoin-powered-nigerias-e... https://www.koreatimes.co.kr/www/nation/2021/05/356_265701.html?fa https://www.koreatimes.co.kr/www/nation/2021/05/356_265701.h...

Unlicensed? I'm confused. I didn't know any of them were 'licensed'. Oh. It was actually for money transmitting and money laundering. Nothing to do with bitcoin. Clickbait.

salawat 3y ago

Most people in the United States are not widely aware that their government has essentially made the practice of maintaining their own chart of accounts and integrating with the financial system at large a strict liability carrying endeavor. Nor that the implementation details thereof basically demands becoming an extension of law enforcement & State power in a material fashion. So I never see anything that rams this point into the consciousness of more people a waste of attention. I really, really want more active discussion with people whether the degree to which we've developed the State of the Art in that arena is really okay. Even if the answer isn't one I'll like, it just makes me feel better when we explicitly address the topic.

alex_lav 3y ago

> money transmitting and money laundering seems to be kind of synonymous with bitcoin, no?

infamouscow 3y ago
Because the only way money can be laundered, and has historically been laundered for the last 100 years is via Bitcoin? We should also ban MP3s so the children can't listen to too many Satan worshiping rock songs.
- alex_lav 3y ago
  Well this is an amount of hyperbole I simply won’t interact with.
  - infamouscow 3y ago
    Asserting that Bitcoin is equivalent to money laundering is an exaggerated claim bordering absurd. Such unfounded statements are best addressed with dismissive ridicule. An entire industry exists that specializes in scrutinizing transactions, with both the IRS and FBI utilizing blockchain forensics for many years to trace financials of crypto bros and criminals alike. Bitcoin serves as a global financial safeguard, protecting vulnerable individuals from issues like rampant inflation, exorbitant remittance fees, and oppressive governments.
    - alex_lav 3y ago
      Yeah I just...don't agree with any of this post. Cryptocurrency has done more harm than good by a really wide amount. Even ignoring the environmental cost, it's pitched as "a global financial safeguard, protecting vulnerable individuals from issues like rampant inflation, exorbitant remittance fees, and oppressive governments." but it really really seems just like made up funnymoney to aid in obviously illegal money laundering schemes and/or obvious scams. If you like to play with tech for tech's sake, have at it. But the whole thing just screams fraud. https://imgur.com/a/GrdMgVH https://imgur.com/a/GrdMgVH Definitely protected from evil boogeymen, right? Definitely not just another baseball card. Curious if you'd be willing to share what percentage of your net worth is tied up specifically in BTC?
      - infamouscow 3y ago
        Not everyone lives the life you live. Consider Bitcoin use among Russian dissidents, Belarussian protestors, Venezuelan professors, Afghan women entrepreneurs, Nigerian feminists, and North Korean revolutionaries. At present, Bitcoin may have no utility for you, but you are not the only use case. https://www.coindesk.com/policy/2020/07/15/russian-activists-use-bitcoin-and-the-kremlin-doesnt-like-it/ https://www.coindesk.com/policy/2020/07/15/russian-activists... https://www.whatbitcoindid.com/podcast/how-bitcoin-is-helping-protesters-in-belarus https://www.whatbitcoindid.com/podcast/how-bitcoin-is-helpin... https://www.nytimes.com/2019/02/23/opinion/sunday/venezuela-bitcoin-inflation-cryptocurrencies.html https://www.nytimes.com/2019/02/23/opinion/sunday/venezuela-... https://bitcoinmagazine.com/culture/bitcoin-financial-freedom-in-afghanistan https://bitcoinmagazine.com/culture/bitcoin-financial-freedo... https://qz.com/africa/1922466/how-bitcoin-powered-nigerias-endsars-protests/ https://qz.com/africa/1922466/how-bitcoin-powered-nigerias-e... https://www.koreatimes.co.kr/www/nation/2021/05/356_265701.html?fa https://www.koreatimes.co.kr/www/nation/2021/05/356_265701.h...