If the US debt problem leads to capital controls, using Monero will become a federal offence overnight. Might as well call it money-laundering coin.
If the US debt problem leads to capital controls, using Monero will become a federal offence overnight. Might as well call it money-laundering coin.
> Might as well call it money-laundering coin
The state's concept of money is private and it has just enjoyed help in getting data about electronic ledgers for the last 55 years, by deputizing banks. And for the last 18 it has also enjoyed public ledgers of crypto currencies.
But the successful stigma of financial privacy doesn't invent its right to having data. This is just a privilege, and private money is a reversion to the mean.
I long used to think that private money was a good thing for freedom helping the little guy living under state repression, but I'm recently starting to worry that it will do the opposite, by helping the ultra-rich engage in corrupt schemes.
The rumors that people bought Trump-coin for the sole purpose of currying favor got to me.
None of the transactions systems are aiming to solve for that. The legacy financial system enables this too. Trump coin just happens to be more liquid than expensive dinner seats, campaign donations, and less cumbersome than a Trust. It is not private.
So its fine to feel disillusioned from that goal because it was a misplaced goal.
Monero on the other hand is private by default, and you can disclose transactions. It has optional auditability. This is a power dynamic I can appreciate.
a bigger better thing it does is fund the north korean nuclear program.
easy to steal, liquid to sell, cant be confiscated.
North Koreans are getting employed by US tech companies and just getting payroll over clearnet to normal banking, and wiring that to the state. They’re not even hacking
Yeah their expropriations in Monero are occurring too, but I can’t levy a separate higher standard when this other thing is happening
> but I'm recently starting to worry that it will do the opposite, by helping the ultra-rich engage in corrupt schemes. The rumors that people bought Trump-coin for the sole purpose of currying favor got to me.
How would government knowing exactly who spends what where help in that scenario?
Do you think that is a likely scenario under this government?
IDK about this particular administration, but the government did place Tornado cash on the sanctions list (now removed). Which does operate differently than monero, but from the view of a bureaucrat I think similar effect.
Yes. I would bet on it. Certain Democrats don't like Monero because of the criminal activity around it. If the king told Republicans to ban it, they would be able to get enough Dems on board to avoid any filibuster problems.
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The second capital controls drop, the feds will rebrand privacy as "terrorism" faster than you can say "civil forfeiture."
Lol they already have. Hawaladars are basically synonymous with terrorists now.
No I think money laundering is when you knowingly mix proceeds of crime, obscuring it.
Like if I make drug dealing illegal, then require drug dealer to pay taxes. And then take the tax money, and conceal and intermix it into the form of the value of the 8th street bridge to cross the creek.
>No I think money laundering is when you knowingly mix proceeds of crime, obscuring it.
I can exempt myself from the $10k deposit/withdrawal/structuring rules at the bank by affirming to them that it's not the proceeds of a crime? If a cop decides to take the $300 out of my wallet, I just state "that's not drug money" and he has to give it back then and there?
Keep in mind that I can lose the money without a conviction, trial, or even being charged, so I don't think this has anything to do with it being the proceeds of a crime.
properly, money laundering is:
1. a predicate crime - the illegal thing you did to make money 2. placement - getting that money into the financial system 2. layering - hiding the money in legitimate transactions 3. integration - getting the money out
it sounds like you do have the predicate crime though, in some form of illegal drug dealing, since you mention trying to interfere with the government. if you actually think its unconstitutional, you might consider getting caught, and bringing your case up to the supreme court so that it can be struck for being unconstitutional.