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Disclosure: same here. You can hide your money, but you can't hide your spending. If someone is living beyond their means, it's a signal to IRS or (place name
by exo762 12y ago
Disclosure: same here.
You can hide your money, but you can't hide your spending. If someone is living beyond their means, it's a signal to IRS or (place name of agency that taxes you) that you are worth their effort.
Also, government is not the only one who is abusing power. Rich and powerful also do that. Bitcoin can at least prevent some of that abuse by being censorship resistant.
- sanoli 12y agoYou can hide your money, and then you can launder your money. I don't know much about bitcoin and about money laundering to know if it would make it any easier, or even harder. I do know, however, that if it makes it any easier, the big fat cats will make good use of it. But maybe there's no difference, I don't know. Maybe somebody chimes in? This book's author claims it is the third largest business(money laundering): http://www.amazon.com/The-Laundrymen-Laundering-Largest-Business-ebook/dp/B001OI1YIY http://www.amazon.com/The-Laundrymen-Laundering-Largest-Busi...
- exo762 12y agoFat cats and drug cartels are currently doing great job of laundering money using banks. So the question is: was anything of value lost? Also - does this mean that Bitcoin will democratize tax evasion / money laundering? There is also a matter of complex tax codes. Today they predominantly used by large businesses and wealthy people. With Bitcoin as a very democratic tax evasion / money laundering mechanism, is there any chance that we will see clear and simple tax codes in Bitcoin future?