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And the US Dollar in cash is the easiest way for drug dealers to get payment for the drugs they are pushing on the street. Yet, the answer to that is not to dem
by codetrotter 2y ago
And the US Dollar in cash is the easiest way for drug dealers to get payment for the drugs they are pushing on the street. Yet, the answer to that is not to demand that society goes cash-less. Money will always be used by people you disagree with. And you should not try to use the money itself as a way of limiting what people do. For if you do, one day it could be you that finds himself unable to spend his money the way he wants to because someone else, more powerful than you, disagrees with how you spend that money.
Using money that is yours should never be illegal. Prosecute the bad people for the bad thing they did in the first place to get the money / the bad thing that someone paid them money for.
- mathnmusic 2y ago> you should not try to use the money itself as a way of limiting what people do Are you saying that Anti money laundering rules should be scrapped?
- herbst 2y agoIf they don't work, are fully ineffective and generally only catch small fishes I guess we could scrap them.
- newaccount74 2y ago> Prosecute the bad people for the bad thing they did in the first place How do you expect to do that, without following the money? If someone shows up with a suitcase full of money, it's extremely unlikely that they earned this money in a legal way and paid taxes. Same thing with crypto. Theoretically it's possible that people use it for legal means, in practice 99% of people do not.
- throw101010 2y agoIt's much easier to follow someone using a public ledger than having to beg/subpoena banks for records with the broken/outdated AML/KYC/KYB system, with bank secrecy in many places, with banks participating in illicit activities too sometimes, etc. > Theoretically it's possible that people use it for legal means, in practice 99% of people do not. This is a completely made up statistic and it is showing your bias and/or ignorance about the topic. The lower estimates from industry sources like Chainalysis (0.15-0.62%) contrast sharply with higher academic estimates (23-46%) because the latter tend to include illicit activities that happen off chain but get "washed" on-chain which explains their own huge range of estimation... it is hard to quantify but nobody serious ever came close to 99%. Something for which there are estimates close to 90% is the volume of transactions happening on centralized exchanges, and since these are required pretty much everywhere to follow AML procedures, just like traditional banks (sometimes even more intrusive than banks), it means it is just as easy, if not easier, to prosecute criminals who would use these... with the added bonus of having a public ledger with records of their activity on-chain.
- GTP 2y agoI suggest to everyone interested to also hear what Brett Johnson, a former criminal, has to say about the topic in his podcast [1]. [1] https://anchor.fm/s/9a92cef4/podcast/play/84999897/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2024-3-6%2F373402827-44100-2-501b773a736ee.mp3 https://anchor.fm/s/9a92cef4/podcast/play/84999897/https%3A%...
- zorrn 2y agoIt's either a bad person or MrBeast.
- 9dev 2y ago> cash is the easiest way for drug dealers to get payment for the drugs they are pushing on the street. Yet, the answer to that is not to demand that society goes cash-less. That is exactly what many are proposing, or at least a core argument of many anti-cash proponents. Crypto is not money. Money is coupled to a value; crypto is as much a currency as paintings are: completely arbitrary.
- ImHereToVote 2y agoWhat value is money coupled to?
- BoorishBears 2y agoGovernment backing, our shared delusion, unicorn dust, take your pick: whatever it is, it's something stable enough that it doesn't experience quintuple digit deflation in a decade.
- exe34 2y agoyes, runaway inflation is much better!
- BoorishBears 2y agoYour tone implies you're unironically trying to compare 3% inflation to 20,000% deflation. That'd be embarrassing.
- logicchains 2y agoAnd you're comparing annualised inflation to the deflation over a decade, which is equally embarrassing. Regardless, all other things being equal anyone who has their own financial interests at heart would rather hold a currency that experienced 20,000% deflation since its creation than one that lost 99% of its value to inflation since its creation. Because the best predictor of future performance is past performance.