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I understand your point. However, privacy cannot shield one from tax and legal obligations. It is not just the proceeds from criminal activities, but also tax evasion (from the rich or companies) and terrorism financing.
At least in Western countries our definition of "terrorism" usually serves to demonize BIPOC.
I may be biased since I am holding and mining crypto, but I find recent slew of articles talking up the evils of crypto amusing. From eco evils to national security. Crypto is the culprit and banning it will bring salvation. Just today my superior shared WSJ opinion piece saying it should be banned altogether. I genuinely chuckled. It was ignored for so long, but only now when it may be genuinely hard to just put dow…
We are fast approaching the "fight you" stage.
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You can use cryptocurrency which hides all of your transactions (like zcash) and pay your taxes as a law abiding citizen. There is no conflict here. Tax systems rely on citizens reporting anyway.
Tax systems follow a “trust but verify” model.
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You can use cryptocurrency which hides all of your transactions (like zcash) and pay your taxes as a law abiding citizen. There is no conflict here. Tax systems rely on citizens reporting anyway.
> You can use cryptocurrency which hides all of your transactions (like zcash) Nit: only if you use zcash shielded wallets(very rare & resource hungry) are your assets private. Most wallets use transparent addresses, which is kind of similar to normal ones. Given current landscape, only monero is defacto private.
I'm curious for the day when Monero overtakes Bitcoin as the primary cryptocurrency for illegal dealings. Then law enforcement will truly be hopeless. Some drug markets are already dealing in Monero only. It's just a matter of time before more people catch on.
Analytic techniques are getting better and the cutting edge research strongly suggests that to a sufficiently sophisticated attacker, Monero is fundamentally about as private as bitcoin. Zcash from a theoretical perspective is a lot stronger, but I believe from a practical perspective (due to things like weaknesses in the mempool privacy) is also not very private.
What weaknesses? Anything besides IP?
I get that money laundering is always linked to criminal activity, but how have we always just accepted the lack of personal privacy when it comes to finance? Privacy is a feature, not a bug; and whilst crypto may not be the way forward, I hope one day we can reach a solution that has both privacy and also safety. The language used by law enforcement is quite alarming, it suggests that they should be privy to ALL tra…
I don't think the public cares. And, of course, there are many news articles, like this but also about fiat, that show why 'privacy is bad, ok'; criminals will run rampant if we cannot track everything you do.
Someone saying "the privacy of someone moving $100M is bad" sounds reasonable to my public ears.
Why go through all that trouble when regular banks already launder cash for you.
Do explain, because I don't believe you actually know how banks work. Banks will flag up dubious transactions - uncommon large ones, frequent smaller ones, a sudden stop or start in transactions, etc. They've got big fraud (and money laundering) prevention teams on there, currently using machine learning to detect suspicious activity. I mean there's bound to be laundering going on via banks, but it's risky. Heard abo…
https://www.vice.com/en/article/g5bkyq/drug-cartels-used-aus...
I get that money laundering is always linked to criminal activity, but how have we always just accepted the lack of personal privacy when it comes to finance? Privacy is a feature, not a bug; and whilst crypto may not be the way forward, I hope one day we can reach a solution that has both privacy and also safety. The language used by law enforcement is quite alarming, it suggests that they should be privy to ALL tra…
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You think someone who is sophisticated enough to hide money in the international banking system isn't sophisticated enough to hide it in bitcoin? Congratulations, you tracked the transaction to a shell company and have no jurisdiction to unwind who the cash withdrawal went to? Ignoring the coin washing services referenced in the story.
Someone who is sophisticated enough to hide money in international banking system won't care about bitcoin. There is enough bad guys that are not sophisticated enough and are thinking that bitcoin will do all hard work of hiding it for them. Obviously they are wrong.