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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.
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.
No. That's not the point of cryptocurrency.
> to transfer large sums of cash untraceably across the globe
Wrong again. You can trace all transactions across the globe with cryptocurrency.
> with no way for the government to do anything about it
Why is that a bad thing?
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?
How is that different from an asset in a bank account? What matters who controls the access to it.
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.
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.
> The point of crypto currency is to do the exact thing money laundering laws try to prevent No. That's not the point of cryptocurrency. > to transfer large sums of cash untraceably across the globe Wrong again. You can trace all transactions across the globe with cryptocurrency. > with no way for the government to do anything about it Why is that a bad thing?
* Assuming KYC laws are enforced and account holders are listed
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.
> The point of crypto currency is to do the exact thing money laundering laws try to prevent No. That's not the point of cryptocurrency. > to transfer large sums of cash untraceably across the globe Wrong again. You can trace all transactions across the globe with cryptocurrency. > with no way for the government to do anything about it Why is that a bad thing?
It inhibits tax collection, which funds common goods. It also thwarts law enforcement, which is counter to public benefit.
We can debate whether taxes or laws or governments should exist. But they do, and most people seem to favor that. Debating a thing and actively subverting it are different. Just as subverting a thing and expecting such subversion to have no consequences or response are different.
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.
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.
Not entirely. Capital controls and currency bans are distinct from AML.
South Africa's proximate problem is capital controls. Cryptocurrencies make those controls easier to circumvent. If you look at the countries that are responding forcefully to crypto, it's the ones who want a sovereign monetary policy and relatively fixed exchange rate [1].
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 "rig…
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.
You know ransomware encrypts data to make it inaccessible - we should ban encryption also.
Funny how it even shares the name with cryptocurrencies