The Slow Criminalization of Peer-To-Peer Transfers

Post by michaelmrose » Sat, Jun 03, 2017, 7:58 AM UTC

Kiro wrote: post #93

Jabanga wrote: post #28

Earlier quoted context omitted.

Peer-to-peer electronic cash has numerous uses beyond tax evasion and money laundering, just as physical cash does. But to your point, even these laws are part of a new trend. Money laundering is a relatively new crime, and widespread taxation of private transactions only came into force in the early 20th century, with governments around the world instituting income taxation. 50 years ago, almost all transactions wer…

> Peer-to-peer electronic cash has numerous uses beyond tax evasion and money laundering What are the biggest ones? I don't see any point of physical cash personally but I'm in a country where no-one uses it.

Post by michaelmrose » Sat, Jun 03, 2017, 8:04 AM UTC

Analemma_ wrote: post #15

Mendenhall wrote: post #9

Earlier quoted context omitted.

While I am sure those reasons play a part I think thats not even close to all of what makes it valuable. Ease of use is a huge one. I can set up a wallet in less than a minute and someone from across the world can send me bitcoin in the time it takes for it to clear the block, other cryptos even faster. One can post their wallet address and make jokes on social media and receive bitcoin just because people like the c…

> Ease of use is a huge one. Bitcoin is very complicated to use, doubly so to use securely. I've lost count of the number of stories I've read of someone losing everything, and then being chided by the community because "you deserved it, you weren't doing it the ~right way~", and of course there are a thousand mutually incompatible explanations as to what the right way is. This happens so often there's an entire subr…

Post by mirimir » Sat, Jun 03, 2017, 8:08 AM UTC

abritinthebay wrote: post #79

mirimir wrote: post #44

Earlier quoted context omitted.

Some of us see P2P cryptocurrencies as a way to opt out of government regulation. Governments can't regulate entities that maintain strong anonymity. Most vulnerable are asset movements to and from meatspace. But there are well-known methods for dealing with that.

It's... like you're repeating exactly the objection I mentioned and not addressing the core problem with it. Oh no, that is what you just did. Ok then, carry on.

Post by michaelmrose » Sat, Jun 03, 2017, 8:08 AM UTC

giobox wrote: post #6

ouid wrote: post #2

The value of bitcoin was always to evade taxes and launder money, both of which are criminal enterprises, the only thing that is changing is enforcement.

I agree with this to some extent. As much as I consider myself a 'small l' libertarian, is a society in which taxes could be evaded so freely on such a large scale really desirable? We already struggle with this problem enough with 'traditional' financial tools. It's certainly worth thinking about.

Post by mirimir » Sat, Jun 03, 2017, 8:14 AM UTC

joering2 wrote: post #104

mirimir wrote: post #66

Earlier quoted context omitted.

Or keeping it as cash. Or buying gold informally. I mean, why put it back into the system?

I should add his wife was an older date and back then people did not trust banks like they used to nowadays. So her husband respected her point of view. Once she passed away he simply didn't want to keep that kind of cash at home.