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I really hope somebody sues and I am really curious how this plays out in court. To me Crypto can be abstracted, to anything that has a value and can be exchang

by _ink_ 3y ago

I really hope somebody sues and I am really curious how this plays out in court. To me Crypto can be abstracted, to anything that has a value and can be exchanged. Gold comes to mind, also art, anything really. Where is the difference in holding Bitcoin in a self hosted wallet vs storing gold under the bed?

ur-whale 3y ago
> I really hope somebody sues The EU is unfortunately not the US. Suing governments there, much less the EU govt itself is not really something that is "done".
- hexfish 3y ago
  Thats not entirely true. For example: https://www.theguardian.com/environment/2024/jan/11/dutch-caribbean-islanders-sue-netherlands-over-climate-change https://www.theguardian.com/environment/2024/jan/11/dutch-ca...
- ranguna 3y ago
  It's definitely possible, but it takes years to resolve.
Cryptoshits 3y ago
Doesn't matter. There is no law preventing laws which are not 'fair'. And the answer is simple: Gold can be controlled less and above 10k the law says you have to declare it.
newaccount74 3y ago
It doesn't matter whether in some abstract way crypto is similar to gold. In a practical way, crypto is super useful for extortion schemes, blackmail, money laundering, tax evasion, etc. It is way easier to use than gold. At the same time, there are very few use cases where crypto is useful for law-abiding citizens. Using a commercial service like wise.com is way safer than using crypto for almost anybody. So the authorities don't really have an incentive to allow crypto, and I've been wondering for years why nobody has forbidden it yet.
- _ink_ 3y ago
  > In a practical way, crypto is super useful for extortion schemes, blackmail, money laundering, tax evasion, etc. It is way easier to use than gold. All of this existed before crypto and will not disappear when crypto is banned. > At the same time, there are very few use cases where crypto is useful for law-abiding citizens. Using a commercial service like wise.com is way safer than using crypto for almost anybody. It's funny that you mentioned wise. They just kicked me out for no reason. I know they kick you out if you buy crypto through them, but I didn't do that. So there is absolutely an usecase for a cash like currency for the internet. It's my money and I should be able to spent it however I want, without a private payment processor enforcing their beliefs on me. If I want to donate to WikiLeaks or buy crypto I should be able to do so since it is not illegal.
  - newaccount74 3y ago
    I don't disagree with you -- there are definitely nice things about cryptocurrency. I just think that on a practical level, the "bad" use cases are 100x more common than the "good" use cases. I even experimented with selling software licenses via crypto, it seemed like the perfect use case. It just turns out that nobody cared about using crypto for legal purposes. Almost everyone who uses crypto seems to use it for tax fraud, speculation, fraud, get-rich-quick schemes or similar. If you actually use crypto to transfer money to a friend or purchase legal things, you are part of a miniscule minority. That's why I think it's a question of when, not if, it will get banned everywhere.
    - alexvancap 3y ago
      Do you even know what you are talking about? You can’t even buy crypto without verifying your id first it is not used for tax evasion at all. People don’t pay taxes on their crypto holdings because it is still a grey area. Every transaction is also traceable which makes it extremely uninteresting for criminals. You can not convert your crypto into cash without the government knowing. Cash is literally the best option for tax evasion and for criminals, crypto has nothing to do with criminals. Should we ban cash too?

by _ink_ 3y ago

ur-whale 3y ago

> I really hope somebody sues The EU is unfortunately not the US. Suing governments there, much less the EU govt itself is not really something that is "done".

hexfish 3y ago
Thats not entirely true. For example: https://www.theguardian.com/environment/2024/jan/11/dutch-caribbean-islanders-sue-netherlands-over-climate-change https://www.theguardian.com/environment/2024/jan/11/dutch-ca...
ranguna 3y ago
It's definitely possible, but it takes years to resolve.

Cryptoshits 3y ago

Doesn't matter. There is no law preventing laws which are not 'fair'. And the answer is simple: Gold can be controlled less and above 10k the law says you have to declare it.

newaccount74 3y ago

It doesn't matter whether in some abstract way crypto is similar to gold. In a practical way, crypto is super useful for extortion schemes, blackmail, money laundering, tax evasion, etc. It is way easier to use than gold. At the same time, there are very few use cases where crypto is useful for law-abiding citizens. Using a commercial service like wise.com is way safer than using crypto for almost anybody. So the authorities don't really have an incentive to allow crypto, and I've been wondering for years why nobody has forbidden it yet.

_ink_ 3y ago
> In a practical way, crypto is super useful for extortion schemes, blackmail, money laundering, tax evasion, etc. It is way easier to use than gold. All of this existed before crypto and will not disappear when crypto is banned. > At the same time, there are very few use cases where crypto is useful for law-abiding citizens. Using a commercial service like wise.com is way safer than using crypto for almost anybody. It's funny that you mentioned wise. They just kicked me out for no reason. I know they kick you out if you buy crypto through them, but I didn't do that. So there is absolutely an usecase for a cash like currency for the internet. It's my money and I should be able to spent it however I want, without a private payment processor enforcing their beliefs on me. If I want to donate to WikiLeaks or buy crypto I should be able to do so since it is not illegal.
- newaccount74 3y ago
  I don't disagree with you -- there are definitely nice things about cryptocurrency. I just think that on a practical level, the "bad" use cases are 100x more common than the "good" use cases. I even experimented with selling software licenses via crypto, it seemed like the perfect use case. It just turns out that nobody cared about using crypto for legal purposes. Almost everyone who uses crypto seems to use it for tax fraud, speculation, fraud, get-rich-quick schemes or similar. If you actually use crypto to transfer money to a friend or purchase legal things, you are part of a miniscule minority. That's why I think it's a question of when, not if, it will get banned everywhere.
  - alexvancap 3y ago
    Do you even know what you are talking about? You can’t even buy crypto without verifying your id first it is not used for tax evasion at all. People don’t pay taxes on their crypto holdings because it is still a grey area. Every transaction is also traceable which makes it extremely uninteresting for criminals. You can not convert your crypto into cash without the government knowing. Cash is literally the best option for tax evasion and for criminals, crypto has nothing to do with criminals. Should we ban cash too?