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In EU, regulations are heavy and the result is I can send money instantly for free. That’s actually what the regulations are for. To protect free trade from bad
by rebolek 1y ago
In EU, regulations are heavy and the result is I can send money instantly for free. That’s actually what the regulations are for. To protect free trade from bad actors.
- logicchains 1y agoTry sending money to a supplier in Iran or Russia and tell me how helpful those EU regulations are.
- wpm 1y agoWhy would they need to send money to a supplier in a country that couldn't ship goods to them anyways?
- mrzool 1y agoDon’t get suppliers in Iran or Russia. Easy.
- lacy_tinpot 1y agoJust don't trade. Easy. We're actually supporting free trade by restricting free trade. Because when the government controls what you trade that's what free trade actually is. What an amazingly blatant example of Orwellianism.
- oblio 1y agoWhat happens when you get caught for trading using cryptocurrency, with countries that your home country has made trade illegal with?
- lacy_tinpot 1y agoI was just pointing out how funny the blatant doublespeak was in that comment. What if your home country has made trade illegal? Well guess what your home country does not support free trade. It supports limited trade, which is a perfectly fine position.
- 9dev 1y agoIt’s not a bug, it’s a feature.
- flumpcakes 1y ago"I want to avoid sanctions illegally"
- wiredpancake 1y agoI should be able to transact with anyone, anywhere in the world, near instantly with little or no fees. This isn't some radical, cyberpunk extremist, this is just pure trade. We have technology to facilitate this but we've been held back for decades by greed and legislation.
- thoroughburro 1y agoI would like to restrict you, yes you personally, from transacting with criminals… because that makes them more powerful and me less safe. I’m sorry that your fellow humans don’t want you shitting up the place, but don’t blame the bog standard norms of civilisation on some sort of government conspiracy.
- _zoltan_ 1y agono, this has nothing to do with anything illegal.
- spookie 1y agoI wonder why...
- _zoltan_ 1y agocheck out the revolut sub on Reddit and you'll see random people getting a ridiculous amount of KYC for even a couple hundred or low thousands of euro.
- deleted 1y ago[deleted]
- ponector 1y agoOr try to buy something from Hamas, or send money to a cocaine supplier from Colombia.
- lacy_tinpot 1y agoProtection and control are indistinguishable. And secondly what if the State is a bad actor? "Protecting" free trade from "bad actors" is just an extension of the state to control what "free trade" is from what it considers "bad actors". Bad behavior does exist, but current technology far exceeds the capacity of bureaucracy to implement free trade, protection from bad actors, and most importantly Trust. The state itself becoming a bad actor is an increasing risk, which technology helps to hedge against. I think it's important to remember that the Government IS PEOPLE. How are the people in Government any different from "normal" people. They're not. And so the people in government will be just as misguided, corrupt, fallible as any other organization of people. Technology helps us hedge against those failures.
- consp 1y ago> And secondly what if the State is a bad actor? That's ad hominem. You can make that argument for any player (stripe, any intermediary, the customer etc). Personally I trust the state (at least mine) more than any corporation. But that's just me.
- argiopetech 1y agoDepends. For the Founders of the US, it was a base assumption that the state was a bad actor. It's usually a good bet (i.e., it pays off more times than not), IMHO.
- pezezin 1y agoThe world is much bigger than the US, and those of us on the outside don't worship your founders.
- deleted 1y ago[deleted]
- argiopetech 1y agoAnd fair enough. Nevertheless, it's not an ad hominem to attribute to the state a characteristic which has been observed in every form of government. Barring the newest (though COVID response ["lockdown" and similar] provided an example for most), no state has ever avoided tyranny in the long-term. It must necessarily be so, if only because man is fallible and power corrupts. The founders of the USA believed the counter to tyranny was to keep government weak, so that when even the slightest hint of restriction on life, liberty, or property crept in it could be stomped out by the people. The Founding Fathers too were fallible and built a form of government which could not long guarantee those desirable characteristics. I argue the USA is a bad actor in many regards, and I trust it not. That said, it's the best of a bad lot, IMO.
- sunshine-o 1y ago> In EU, regulations are heavy and the result is I can send money instantly for free. I can assure the cost of those regulations is enormous for the banks. They were forced to make the SEPA transfers free but you ended up paying for it everywhere else.
- _zoltan_ 1y agoyou guys are talking about free SEPA transfers, but I just checked a couple of banks in Hungary, Austria and Germany, and I don't see this.
- sunshine-o 1y agoN26 has free SEPA transfers in Germany I believe.
- _zoltan_ 1y agothe original claim was that somehow the EU regulation enabled free, instant transfers. the claimant didn't specify but obviously talked about SEPA transfers, however, they aren't free or instant across Europe by a large margin.
- _zoltan_ 1y agoyeah, I checked a couple countries and I don't see this instant transfer for free. certainly not for every EU country. and then let's not even talk about the instantly part, that is just simply not true.