Re:Switzerland embraces digital currencies and crypto-entrep...
by castle-bravo on Friday February 23, 2018 @12:55AM
(#16444541)
Is it really fair to blame the Swiss for the behaviour of your politicians? I'm not convinced.
Re:Switzerland embraces digital currencies and crypto-entrep...
by Chriky on Friday February 23, 2018 @03:02AM
(#16444905)
He's blaming the Swiss for their own actions
Re:Switzerland embraces digital currencies and crypto-entrep...
by jacobush on Friday February 23, 2018 @02:33AM
(#16444824)
Presumably they ("the Swiss") enabled, through privacy focused banking, the politicians to safely funnel away (big) money.
Re:Switzerland embraces digital currencies and crypto-entrep...
by m_mueller on Friday February 23, 2018 @08:17AM
(#16446104)
You don’t seem to be interpreting what I write favorably. My main point is that there is a balance to strike between privacy and control. One of the main issues in developing nations is that opening a small business legally is overly complicated (in some cases literally years of administrative work for the applicant), so people are forced to keep everything out of the books, which prevents them from ever gaining wealth needed to reinvest. An ideal system IMO would achieve full transparency for the money of larger organisations (including governments) while giving privacy to private people and small businesses. The Swiss system is very good at achieving the latter but rather poor at at former (for which instead direct democratic processes are intended to achieve the necessary checks). I don’t have a perfect solution for this problem, but IMO it’s worth thinking about - and crypto seems to be promising. Maybe a combination of Monero and Ethereum where privacy is optional, with regulations for what kind of transactions transparence is required?
I don't expect people who have not lived or experienced what people like me in the developing countries have to go through because of the Swiss privacy bs. Though I do expect them to hem and haw when stuff like Panama papers are revealed.
Additionally, it seems you don't really understand how cryptocurrency work. Bitcoin is pseudo-anonymous and hence, it allows stuff like this:
> I see cryptocurrency as a nice opportunity to introduce a much more stringent monetary system where it's trivial to trace back the origin of money and track whether it has been earned in a legitimate way, including the deduction of taxes.
True anonymity which you want from the 4th Amendment, happens in cryptocurrencies like Monero. Those are resistant to blockchain analysis and you can't trace it back to origin.