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A comment on 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years. Parent comment

Re:'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Y... by mysterypie on Saturday May 07, 2016 @05:53PM (#11651505)
> You could open an account with an email address, and no other documentation, deposit bitcoins, and then pull out your holdings in the form of cash or gold.

That alone is not a bad thing. Why shouldn't you have freedom and privacy with your money?

I know very well that draconian banking control is how some crimes are solved or some crimes avoided. That's how it works currently, but it doesn't have to be that way. Was the world really awash in crime before Know Your Customer, Currency Transaction Reporting, and all the other controls came into existence in the last 30 years?

[ Parent | on HN ]
Re:'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Y... by dmix on Saturday May 07, 2016 @06:39PM (#11651666)
Bureaucratic control grows exponentially.

I don't believe it has to be tied to specific trends in crime. Only a few random but well covered stories of crime is enough to persuade the public into handing over more power and calling for new stronger laws.

https://en.wikipedia.org/wiki/Moral_panic

[ Parent | on HN ]