EU plans to make Bitcoin transfers more traceable

Post by vishnugupta » Wed, Jul 21, 2021, 7:36 AM UTC

Bancakes wrote: post #197

d--b wrote: post #141

I’m amazed by how short sighted most of the comments here are. When it comes to large financial operations, society has clearly chosen transparency over privacy. Cause guess what, tax evasion, money laundering, political fixing, terrorism financing are things that exist and really are hurtful to our economies. Stop fantasizing that the government cares about the shit you buy. This is not about you. And Bitcoin’s anon…

Funding terrorism and tax evasion are incredibly rare. I mean it, not-credibly rare. The main difficulty in discerning that is legality. Is this person/company evading taxes according to the law . Is this person allowed to purchase $5,000 of Syrian saffron on wish.com? No, I'm afraid governments already track all data necessary to pursue and convict tax evasion and terrorists. We don't need to sacrifice this new, exc…

Post by erk__ » Wed, Jul 21, 2021, 7:38 AM UTC

pennaMan wrote: post #183

Barrin92 wrote: post #116

Earlier quoted context omitted.

credit and debit cards are rate regulated in the EU to a 0.2% maximum fee and moving money between users these days is usually free completely with almost any payment service or bank account. Cryptocurrency fees are significantly more expensive, and process a fraction of the transactions. The ability to have a monetary policy is a bonus and it's the reason centralized money is price stable. If you were paid your sala…

>Cryptocurrency fees are significantly more expensive That statement makes no sense. Crypto transfer fees are not a percentage of the transferred amount.

Post by tobltobs » Wed, Jul 21, 2021, 7:46 AM UTC

ur-whale wrote: post #196

lottin wrote: post #167

Earlier quoted context omitted.

Do you mean not long ago when the government budget was 1% of GDP? Nowadays it's 40-60%, in developed countries. Large levels of public spending are a choice that we have made as a society, and the spending needs to be funded somehow.

> Large levels of public spending are a choice that we have made as a society It most certainly isn't a choice we've made democratically. Rather, it's a case of boiling the frog: a thousand tiny cuts inflicted by elected politicians over the very long term which has slowly led to the monster size leech our government has become.

Post by mjevans » Wed, Jul 21, 2021, 7:46 AM UTC

qwertox wrote: post #222

I'm ok with this. Ideally private persons should have an allowance of around 5.000€ (or so) per month in privacy coin usage, where an invoice is the only traceable thing, and everything above that amount should be fully transparent to the authorities (IRS), and pseudoanonymously visible to the public, for journalists to be detectable. Buy a car? -> IRS can see it. Buy a home? -> IRS can see it. Buy a Smartphone? -> N…

Post by betwixthewires » Wed, Jul 21, 2021, 7:47 AM UTC

qwertox wrote: post #222

I'm ok with this. Ideally private persons should have an allowance of around 5.000€ (or so) per month in privacy coin usage, where an invoice is the only traceable thing, and everything above that amount should be fully transparent to the authorities (IRS), and pseudoanonymously visible to the public, for journalists to be detectable. Buy a car? -> IRS can see it. Buy a home? -> IRS can see it. Buy a Smartphone? -> N…