We’re all criminals now

We have heard a lot of similar news out of other jurisdictions. And seeing how slow many lawmaking bodies respond to any stimuli at all, we will for the foreseeable future...

Re: We’re all criminals now

#5

Post by jeroenhd » Thu, Jul 08, 2021, 3:44 PM UTC

The point of crypto currency is to do the exact thing money laundering laws try to prevent: to transfer large sums of cash untraceably across the globe, with no way for the government to do anything about it.

Recently it's become a game of baseless investment, but anyone actually wanting to use crypto currencies as payment should've seen this coming from miles away.

Re: We’re all criminals now

#6

Post by mrverify » Thu, Jul 08, 2021, 3:46 PM UTC

Your honor, can the prosecution please be compelled to demonstrate where the bitcoin physically exists? Oh on this computer? Well, the key is memorized and there are several copies saved all over the world in cloud computers. Can the prosecution show the court, physically, where in the computer the asset exists?

Re: We’re all criminals now

#7

Post by ElViajero » Thu, Jul 08, 2021, 3:47 PM UTC

> And by the way, this exact rule is the reason many South African startup founders incorporate in Delaware instead of locally, because it is extremely difficult to attract foreign investment if the investors know they will not be able to get the return on their investment (or share of the IP) out of the country again.

Except that in the USA you also need to declare transfers over $10,000 to the Internal Revenue Service (IRS). And this is done to find people trying to avoid paying taxes. It is the same for the European Union. And it is the same for any other country.

Quite often the answer to all this articles is "the world does not work as you think it works", crypto-currencies are not special, it is just that the bureaucracy of countries need to catch up.

Re: We’re all criminals now

#8

Post by [deleted] » Thu, Jul 08, 2021, 3:48 PM UTC

mrverify wrote: post #6

Your honor, can the prosecution please be compelled to demonstrate where the bitcoin physically exists? Oh on this computer? Well, the key is memorized and there are several copies saved all over the world in cloud computers. Can the prosecution show the court, physically, where in the computer the asset exists?

[deleted]

Re: We’re all criminals now

#9

Post by mrverify » Thu, Jul 08, 2021, 3:52 PM UTC

mrverify wrote: post #6

Your honor, can the prosecution please be compelled to demonstrate where the bitcoin physically exists? Oh on this computer? Well, the key is memorized and there are several copies saved all over the world in cloud computers. Can the prosecution show the court, physically, where in the computer the asset exists?

"This is a fairly recent “announcement” and many people are upset about the Reserve Bank making up seemingly hostile and uninformed rules regarding something that has no notion of borders and is practically impossible for the regulators to control in terms of owning and transferring. Something that arguably does not even exist in any one location..." So now, a memorized key or password means you are transferring "right to capital" and therefore cannot leave South Africa? I'm fairly certain that Apartheid was thoroughly shot down back in the 80s.

Re: We’re all criminals now

#10

Post by jahewson » Thu, Jul 08, 2021, 3:54 PM UTC

mrverify wrote: post #6

Your honor, can the prosecution please be compelled to demonstrate where the bitcoin physically exists? Oh on this computer? Well, the key is memorized and there are several copies saved all over the world in cloud computers. Can the prosecution show the court, physically, where in the computer the asset exists?

Where does a dollar exist?