Privacy coins are far more suited for skirting regulations. If that's the killer app, you would see mass adoption of Monero, not BTC
If BTCs killer app is criminal transactions, then regulation is guaranteed.
> Vendors of firearms, pornography, legal funds for unpopular causes, dissident content creators
Neither pornography, nor legal funds for unpopular cause (think WikiLeaks), or dissident creators are criminal. At least not in the US or Europe. But they are still blocked by the main payment processing companies.
The theory and reality don’t match.
Drugs are likely the number one things bought using crypto as currency.
Firearms and pornography can be bought with dollars if you’re using crypto to buy them or other unpopular goods or services, you are veering dangerously close to black markets, which invite regulation.
Right, but I'm specifically referring to legal, but repressed transactions.
Is it illegal to transfer value from person A to person B without the middleman?
Re:Tether price manipulation
by alisonkisk on Friday January 08, 2021 @09:15AM
(#25684905)
In many cases, yes. It's not the "middleman" that is required, but reporting the transaction to the government is.
Re:Tether price manipulation
by mmcwilliams on Friday January 08, 2021 @10:59AM
(#25685952)
If avoiding reporting a transaction is the goal does committing the transaction to a public blockchain really bypass this? All activity is pseudonymous and in the clear.
Consider these cash examples:
A parent gives his child 5 USD to buy some sweets in the local shop.
A couple gives another couple 150 USD as a wedding gift.
A painter gets 200 USD for painting a house.
Re:Tether price manipulation
by TearsInTheRain on Friday January 08, 2021 @10:14AM
(#25685443)
And we seem to be creating more and more dissidents everyday
Re:Tether price manipulation
by digianarchist on Saturday January 09, 2021 @12:38PM
(#25702408)
Regulation just shifts to exchanges. Bitstamp already ask for a ridiculous amount of information regarding source of funds.
As Stripe, PayPal, Visa, Gofundme, Patreon, et. al. shut down avenues of payments for legal, but unpopular purchases, BTC is the obvious workaround.
Vendors of firearms, pornography, legal funds for unpopular causes, dissident content creators, etc have become increasingly estranged from the "normal" payments market in the last few years. BTC is the killer app for this.