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On the other side KYC rules and enforcement can be anything from annoying to downright asinine (and not just for banks). I'd prefer if governments would take a
by mschuster91 2y ago
On the other side KYC rules and enforcement can be anything from annoying to downright asinine (and not just for banks).
I'd prefer if governments would take a step back and invest into enforcing actual crimes themselves and not just stick with money laundering charges because these are easier to prove. It was already bad under Al Capone (who got nabbed for taxes instead of murder), and it's way worse today.
- SoftTalker 2y agoRight, that was more my line of thinking. Possession of >$10,000 in cash should not be a crime or assumed to be evidence of one.
- mschuster91 2y agoCivil forfeiture is even worse, indeed. Legalized highway robbery.
- SoftTalker 2y agoYou should also be able to go into a bank and deposit $10k in cash without an anal exam or mandatory reporting to the federal government.
- buildbuildbuild 2y agoAt minimum all of these rules should be inflation-adjusted.
- const_cast 2y agoIt's not, it's just audited. If you go to the bank and give them 10,000 dollars they don't lock you up. They just have one of their people do some research and ask you for some paperwork. Now, the police seizing money is different, but the police are the police. They can do almost anything they want, and you have next to zero recourse. Of course, they're going to abuse this and steal your money.
- seanp2k2 2y agoAI Capone is a great name for a crypto trading bot, thanks for the idea.