Re:Why Monero
by colinmhayes on Tuesday September 14, 2021 @12:10AM
(#28520109)
Most people agree that financial regulations regarding money laundering are a good thing. You're arguing a strawman, no one is saying everyone's banking transactions should be on a blockchain.
Re:Why Monero
by logicchains on Tuesday September 14, 2021 @01:14AM
(#28520509)
>Most people agree that financial regulations regarding money laundering are a good thing
Not people who've done any research on the matter. Regulations on money laundering have been almost completely ineffective at reducing crime (the end goal); the drug market is bigger than ever. What they do achieve is imposing a significant burden on individual and small businesses, while large banks like HSBC can get away with money laundering by paying a nominal fine.
Money laundering regulations are like the financial version of the war on drugs: completely ineffective at what they set out to do, succeeding only at giving the government more power and making life harder for the powerless.
The whole "I don't understand how people can possibly think that identity obfuscation at scale is a good thing for a financial system" can be answered by, "Will you share your entire transaction history and account balances with the entire world? Why not?"