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Good. AML/KYC laws are a huge abuse of state power.
by djrj477dhsnv 1y ago
Good. AML/KYC laws are a huge abuse of state power.
- arcticbull 1y agoGreat opinion.
- beeflet 1y agoGreat rebuttal! The government has existed for hundreds of years before these sophisticated mechanisms of surveilling the money system and the people were introduced. And it will continue to exist should they be removed.
- arcticbull 1y agoYou know everything was shit hundreds of years ago right, the wildcat banking system collapsed into miserable failure and the bearer instruments were eliminated because of the risk of train robberies.
- topranks 1y agoGood news! They’re back!
- throwaway2037 1y agoSerious question: What is the practical alternative? What do you think will happen if we reduce/remove AML/KYC requirements?
- djrj477dhsnv 1y agoThe alternative is the freedom to make any financial transaction without the government being involved. If your concern is effective taxation, there are plenty of methods that worked historically while preserving financial privacy like property taxes.
- topranks 1y agoPretty sure they didn’t that’s why we brought in anti money-laundering laws.
- mxschumacher 1y agoit's not about taxes, it's about fighting illegal activity. Terrorist financing, drug dealing, human trafficking etc - do you really think it's a good idea to let those actors exchange payments freely?
- losvedir 1y agoWhat's next, random searches at road checkpoints? Do you really want to let those actors use roads freely?
- topranks 1y agoDo you the police should have zero power to set up checkpoints, or search cars even with a warrant?
- djrj477dhsnv 1y agoCheckpoints, no. Searches with a warrant, yes.
- djrj477dhsnv 1y agoYes, I think everyone should be able to exchange payments freely. Drugs should be legal, so that's not a problem. Terrorism and human trafficking are more complicated topics, but basically I think they should be attacked more directly, not financially.
- mewpmewp2 1y agoThe biggest reason for KYC and regulations are anti money laundering and corruption. By making non KYC transactions easier, above becomes much easier and crime, fraud, scams and corruption significantly more profitable.