3 ms·

I wonder what benefit to society might having a shadow financial system bring? I can't think of any, except for financing entities operating outside lawful limi

by xyzal 1y ago

I wonder what benefit to society might having a shadow financial system bring? I can't think of any, except for financing entities operating outside lawful limits.

93po 1y ago
i think the whole point for many is freedom from tyranny. just because there are laws around how you're allowed to store and move around things that you own doesn't mean those laws are morally or ethically well-founded.
- kreetx 1y ago
  "Tyranny" has a negative connotation to it, but cultures vary, laws are not universal, and also people have different values - if you live somewhere where you can't otherwise transact, a private cryptocurrency may be a way out for you.
plsbenice34 1y ago
Hong Kong protestors were tracked by looking at their purchases of public transport tickets. Canada froze the bank accounts of those involved in protests also. Wikileaks had to rely on cryptocurrency for funding and donations could be tracked otherwise. From this I see a trend that shows it is critical for democracy, don't you?
- deleted 1y ago
  [deleted]
alexey-salmin 1y ago
> I can't think of any, except for financing entities operating outside lawful limits. The idea is that "lawful limits", even if you wholeheartedly support them now, can change at a whim if a new government is elected or a war starts or some other major crisis happens. These things come and go every few decades, one is not improbable to occur within the frame of your lifetime and place of residence.
splix 1y ago
Or anything that the government don't like. Like donation to an opposition, journalists, etc. That's why authoritarian governments are first to fight the financial privacy / independence.
Yizahi 1y ago
It's obvious - freedom from pesky taxes, declaring your assets and profits, buying banned goods, avoiding sanctions on the dozens of dictatorships and autocracies across the world, allow buying and selling resources and weapons to and from sanctioned countries. The whole package :) For example the fact that ruzzia ha such a stable budget for 3 years in row is not in a last part due to the token system, where they can trade with Iran, China, and others and launder tokens through UAE/SA/Qatar exchanges etc.
cykros 1y ago
When you use "society" as a synonym for "the establishment" there probably isn't one. Never did much care for Rousseau myself though, or the fascists and communists he spawned.

by xyzal 1y ago

I wonder what benefit to society might having a shadow financial system bring? I can't think of any, except for financing entities operating outside lawful limits.

93po 1y ago

i think the whole point for many is freedom from tyranny. just because there are laws around how you're allowed to store and move around things that you own doesn't mean those laws are morally or ethically well-founded.

kreetx 1y ago
"Tyranny" has a negative connotation to it, but cultures vary, laws are not universal, and also people have different values - if you live somewhere where you can't otherwise transact, a private cryptocurrency may be a way out for you.

plsbenice34 1y ago

Hong Kong protestors were tracked by looking at their purchases of public transport tickets. Canada froze the bank accounts of those involved in protests also. Wikileaks had to rely on cryptocurrency for funding and donations could be tracked otherwise. From this I see a trend that shows it is critical for democracy, don't you?

deleted 1y ago
[deleted]

alexey-salmin 1y ago

> I can't think of any, except for financing entities operating outside lawful limits. The idea is that "lawful limits", even if you wholeheartedly support them now, can change at a whim if a new government is elected or a war starts or some other major crisis happens. These things come and go every few decades, one is not improbable to occur within the frame of your lifetime and place of residence.

splix 1y ago

Or anything that the government don't like. Like donation to an opposition, journalists, etc. That's why authoritarian governments are first to fight the financial privacy / independence.

Yizahi 1y ago

It's obvious - freedom from pesky taxes, declaring your assets and profits, buying banned goods, avoiding sanctions on the dozens of dictatorships and autocracies across the world, allow buying and selling resources and weapons to and from sanctioned countries. The whole package :) For example the fact that ruzzia ha such a stable budget for 3 years in row is not in a last part due to the token system, where they can trade with Iran, China, and others and launder tokens through UAE/SA/Qatar exchanges etc.

cykros 1y ago

When you use "society" as a synonym for "the establishment" there probably isn't one. Never did much care for Rousseau myself though, or the fascists and communists he spawned.