The fucking stock art on this article lol
We’re all criminals now
11–20 of 110 posts
Re: We’re all criminals now
#12Your 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?
How is that different from an asset in a bank account? What matters who controls the access to it.
Re: We’re all criminals now
#13Your 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?
> can the prosecution please be compelled to demonstrate where the bitcoin physically exists?
Is the claim that courts the world over would be stymied by the supposedly novel concept of an intangible asset?
Re: We’re all criminals now
#14> 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 Serv…
Yes, but "declare to the IRS" is not as bad as "anything over $40 is banned".
Re: We’re all criminals now
#15> 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 Serv…
> 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.
Re-read the article. Foreign investors literally cannot move their money* from South Africa to another country, period, if the law is followed strictly. It's not money laundering or tax issues, it's literally wealth portability.
* Technically, minus ~US$69,000.
Re: We’re all criminals now
#16The 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.
It's not just money-laundering laws. It's also more general "financial repression", i.e. being forced to hold local currencies while the government inflates them and/or holds the interest rate down. The two tend to blur into each other, I guess.
Re: We’re all criminals now
#17Just remembering what someone from the trade directorate of the EU told me a some years ago about Bitcoin: "If it starts to have a real impact on the ability to collect taxes and control money transfers we are simply going to make it illegal".
Re: We’re all criminals now
#18Thank god for monero
If Monero is made illegal, how do you buy basic necessities with it? (i.e. why do you think there is something inherently different about monero)
Re: We’re all criminals now
#19The 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.
All cryptocurrencies (sans the ones that are privacy-preserving) are more traceable than fiat money.
As for "baseless investment", you might want to read up on hard money properties.
Re: We’re all criminals now
#20Just remembering what someone from the trade directorate of the EU told me a some years ago about Bitcoin: "If it starts to have a real impact on the ability to collect taxes and control money transfers we are simply going to make it illegal".
Except by then the cat is out of the bag and significant % of the population/institutions holds it and you can't hurt your own population without swift opposition. It's pretty clever if it works out.