europe will also ban the practicing of arithmetic and mathematics
EU to make Bitcoin traceable, ban anonymous crypto wallets
151–160 of 267 posts
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#152I've experienced HN to be highly anti-Bitcoin for some reason -- got instantly downvoted for commenting neutrally on it [0]. However, I sort of expected more people on here would sympathize with the Cypherpunk Manifesto [1] and band together against pressures to minimize our privacy. [0]: https://news.ycombinator.com/item?id=28114156 [1]: https://www.activism.net/cypherpunk/manifesto.html
The governement should know who you are and the bank you are associated too, if that's required to do business with them. Eg. VISA should be able to return my money to my bank account if someone has a chance to abuse the system and target me. I don't want companies to share my information to third parties, this includes the banks about my purchases. And eg. Facebook shouldn't be able to target me because a site added…
The government shouldn't know about any of that.
Not their business.
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#153Earlier quoted context omitted.
The governement should know who you are and the bank you are associated too, if that's required to do business with them. Eg. VISA should be able to return my money to my bank account if someone has a chance to abuse the system and target me. I don't want companies to share my information to third parties, this includes the banks about my purchases. And eg. Facebook shouldn't be able to target me because a site added…
The government shouldn't know about any of that. Not their business.
That's exactly their business.
What about a simple letter as invitation on how to register for a COVID vaccination center.
Or a sms-alert for a incoming storm.
Or if someone hits you with their car and runs away. Based on the license plate that they can track them down.
Or if you call 911 for an emergency and you can't finish your sentence with the address.
Or if you die, that you children are taken care of and can receive your inheritance. They need to be a neutral party.
Even a simple birth certificate is done by the government.
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#154The crypto world is running out of safe havens. China cracked down, and cut the power to large Bitcoin farms. In the US, the SEC and CFTC have been tightening up on crypto-related things that look like securities and things that look like exchanges. Israel kicked out the binary option crowd, which overlapped with the crypto crowd; they seem to have moved to Bulgaria. Now the EU. The bigger countries are in general ti…
Binary options shouldn't be compared to Bitcoin. Bitcoin is a cryptocurrency and largely looks like a currency. You can buy it, own it, sell it and exchange it freely for other things. The same is mostly true for proper regulated options.
Binary options are more like a game on a slot machine. You put money in, wait a bit and see if you get money out. You can't own them or transfer them to anybody else. There isn't an open market for them, the counterparty is the broker (i.e. casino). The broker is usually barely regulated if at all, so they can (and do) freely scam people as they please.
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#155Earlier quoted context omitted.
There's no need to put scare quotes around security. Cryptocurrencies are mostly used for one of three things. 1. Paying ransomware. 2. Buying drugs. 3. Day-trading. That's it. There's no meaningful slice of the pie that goes to #4. Almost all of us can agree that #1 is illegal, many people and countries currently believe that #2 is illegal, and almost all of us can agree that people participating in #3 should probab…
#4 is, or has been, evading laws in China and other countries with tight currency controls. A wealthy Chinese citizen can't necessarily just transfer money to a foreign bank account. But he can purchase crypto mining hardware and electricity for local currency, then sell the resulting coins for convertible hard currency on foreign exchanges.
That's a fair point, that I forgot about.
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#156Earlier quoted context omitted.
The EU prints Euros. The EU does not in any direct way control production of bitcoin. Custody of the two assets has bordering on nothing in common. Exchange of the who assets has bordering on nothing in common. Conflating them is wildly innacurate.
Who's going to exchange euro for crypto, if all European banks are prohibited from touching it?
The rest of the world
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#157Earlier quoted context omitted.
The governement should know who you are and the bank you are associated too, if that's required to do business with them. Eg. VISA should be able to return my money to my bank account if someone has a chance to abuse the system and target me. I don't want companies to share my information to third parties, this includes the banks about my purchases. And eg. Facebook shouldn't be able to target me because a site added…
The government shouldn't know about any of that. Not their business.
And that’s the two sides of the coin.
Where does this ‘government doesn’t know any of that’ actually work in practice? America has become a joke, the rich do not pay their share of taxes and face no punishment.
They do not declare what they should be paying taxes on (spirit of the law, not what they can get away with, remember you wanted that honesty policy).
It’s unfortunate that crypto has become a worse state of affairs in terms of greed and inequality, but I think long term it offers the capacity for transparent finance.
I’m pro privacy on a individual basis, but I don’t think financial or corporate privacy has served the world well.
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#158Earlier quoted context omitted.
The EU prints Euros. The EU does not in any direct way control production of bitcoin. Custody of the two assets has bordering on nothing in common. Exchange of the who assets has bordering on nothing in common. Conflating them is wildly innacurate.
Who's going to exchange euro for crypto, if all European banks are prohibited from touching it?
He did it boys, solved money laundering.
They'll go somewhere else, and convert that to Euro. Same as they do now.
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#159Earlier quoted context omitted.
To add to what xtracto said, I live in Argentina and our currency has an annual inflation rate of 50% (it's actually higher, but I'll stick to official numbers). Banks here have a bad history of keeping your foreign currency deposits when things go south and then converting your balance at a government mandated exchange rate, which was a fraction of the real value (think 1/10 of the real value). Now, the government c…
Why can't you just invest in an index fund or a money market fund?
it's literally easier to move your money overseas to an international broker than to try to operate here, which is what people with enough money do.
we tried to invest some backup cash we had in a company here a couple a years ago and it was a nightmare. the only way to operate was through phone calls.
EDIT: I read a bit to the check the current state of affairs and it's still complicated, and apparently there is a currency conversion process that is hit by a very heavy fee. Something similar happens with credit cards, when we pay for a service or product in a foreign currency we get charged a 65% tax that puts the official USD exchange rate in line with the real one.
Re: EU to make Bitcoin traceable, ban anonymous crypto wallets
#160The crypto world is running out of safe havens. China cracked down, and cut the power to large Bitcoin farms. In the US, the SEC and CFTC have been tightening up on crypto-related things that look like securities and things that look like exchanges. Israel kicked out the binary option crowd, which overlapped with the crypto crowd; they seem to have moved to Bulgaria. Now the EU. The bigger countries are in general ti…
I've come to realize that the current fiat scheme and the crypto scheme are both unethical in their own way. But it makes me sick to hear people talk about banning crypto without at least suggesting to dramatically reform the fiat system. Crypto would not have existed in the first place if most people felt that the fiat system was fair. People who don't acknowledge this at this stage are either totally blind or total…
I was just thinking this. The more control that governments try to exert over their populations the more of a reaction there will be to avoid these controls. One might assume the more they regulate bitcoin that more difficult to regulate alternatives will become more popular.