Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by BurningFrog on Monday February 08, 2021 @11:13AM
(#26066404)
I think we agree on the facts. In the regular banking system, every transaction has to be approved by the authorities to happen.
With Bitcoin, just like cash, you can freely transfer it as you please.
The disagreement is if that is good or bad.
Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by BlueTemplar on Monday February 08, 2021 @04:21PM
(#26070319)
Since every bitcoin transaction is recorded, law enforcement is rather helped. There are "mixers" that supposedly allow to make it harder to figure out, but that didn't stop them from busting Silk Road !
Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by chrischen on Monday February 08, 2021 @08:24PM
(#26072713)
The grandparent's use case of laundering it through an ATM in fact circumvents this.
Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by BlueTemplar on Tuesday February 09, 2021 @04:06AM
(#26075354)
Good point. These are at a high risk of being outlawed then...
Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by aeternum on Monday February 08, 2021 @11:51AM
(#26066961)
Yes, the ability to control the currency and who people send money to is powerful and can be used for good, but often isn't. Just look at Venezuela, Zimbabwe, or all the other nations that inflated their currency out of existence or used it to fund genocides.
Perhaps nations would be less likely/able to do things like this if citizens were able to flee without leaving behind their life savings.
The whole reason that it is not allowed to send money to an anonymous person is... Well don't actually know where to start explaining it.
Anti money laundering? Counter-terrorism financing? Financial transaction reporting?