271–280 of 294 posts
Once again the use-case for crypto turns out to be... large scale criminality and fraud. Shocker.
peak Reddit comment
Please don't post comments saying that HN is turning into Reddit. It's a semi-noob illusion, as old as the hills.
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> that it can somehow "escape" the legal frameworks of human beings And yet multibillion dollar companies whose entire business is illegally running hotels or taxis get nowhere near the vitriol? Airbnb clearly causes harm for locals in popular tourist cities.
Sure, but Airbnb isn't trying to replace a core societal institution and subvert hundreds of years of financial law. While also if you're American violating the constitution...
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I'm convinced if the internet was created today, most of HN would be faxing each other, decrying it as a scammers wasteland and useless technology..
Yes, if we had the previous Internet to go on. It's a sobering moment when you realize that a lot of tech is actually net negative to you - not the least because it outsourced to you the work that previously was done, much more efficiently, by specialized labor.
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There's no reason you would be a criminal, if they're comfortable taking so much cash (you didn't specify how much, dealers may vary in how willing they are to accept very large cash purchases) they will doubtless be comfortable filling out the mandatory reporting. The investigators are looking for patterns, and latchkey having one dead grandma and buying one car isn't a pattern. They can't see patterns if the data w…
> mandatory reporting Why should I have to even be reported on though? It is my money and I'm just buying a car. I'm already registering the car with the state in multiple ways (DMV and insurance). >investigators are looking for patterns Oh, so now I have to be wary of falling into 'a pattern'... but that's ok cause what I'm doing isn't a pattern (today?). This whole concept of absurd levels of tracking and being tre…
Ask your politicians to get rid of the portions of the Bank Secrecy Act of 1970, portions that deal with SAR, CTR.
https://www.fincen.gov/resources/statutes-and-regulations/ba...
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> mandatory reporting Why should I have to even be reported on though? It is my money and I'm just buying a car. I'm already registering the car with the state in multiple ways (DMV and insurance). >investigators are looking for patterns Oh, so now I have to be wary of falling into 'a pattern'... but that's ok cause what I'm doing isn't a pattern (today?). This whole concept of absurd levels of tracking and being tre…
> Why should I have to even be reported on though? Ask your politicians to get rid of the portions of the Bank Secrecy Act of 1970, portions that deal with SAR, CTR. https://www.fincen.gov/resources/statutes-and-regulations/ba...
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$35k cash makes the dealership to file a currency transaction report with FinCen. For that matter, any entry/exit of untraceable monetary instruments(cash, money orders) > $10k is filed as a CTR. This is not a big issue; people get panicked, then structure their transactions(multiple cash transactions each $10k in total over time), thereby leading to a SAR(suspicious activity report). Mandatory reporters(banks, deale…
I have some inheritance cash that I received when my grandma died. Right now, it is soaking up some nice 4.9% apy, but eventually I'd like to buy a car (waiting for the prices to crash a bit more). It is what she would have wanted (she bought me my first car). I can't wait to walk into a dealership, with cash, and find out what sort of criminal I am.
Not your keys, not your crypto.
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The trouble with describing PoW as "wasting energy" is that it's relative. There's only a sliver of the Sun's light that reaches the orbital plane, and the rest is wasted blasting off in other directions. Then there's all those trillions of stars in galaxies far far away wasting their hydrogen. Waste as a rationale depends on the assumption that the Earth's atmosphere heats up as a result of any excess power generati…
It's simpler than that. For a PoW blockchain based digital economy, the energy waste would scale much faster than the growth of said economy. There's lots of energy in space, but only so much of it is accessible at any given level - I would not like 99%+ of that to be dedicated to keeping the blockchain going. Today, this may be increasing fraction of energy generation on the planet. In 50 years, this may be dedicate…
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I don't see how you can call them scapegoats and that someone else is "saving face". That implies someone else did something wrong, and they're taking the blame for it, so someone else doesn't look bad. What is that and who is that someone? The management of SVB and FRB gambled and lost. They have no one to blame but themselves. Events that followed seemed like reasonable steps to take to clean up their mess.
When SVB failed, the deposits were guaranteed at 100%, for accounts that were far beyond the $250,000 limit. The money to guarantee those deposits came from the FDIC Insurance Fund. A special assessment -- a fee -- was charged to all other banks in the entire Federal Reserve system to refill the insurance fund. The Biden administration claims that this was not a bailout because taxpayers didn't pay to cover these dep…