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0 pointsnewsclues5y ago0 comments

If BTCs killer app is criminal transactions, then regulation is guaranteed.

0 comments

> 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.

newscluesOP5y ago

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.

caeril5y ago

Right, but I'm specifically referring to legal, but repressed transactions.

eecks5y ago

Is it illegal to transfer value from person A to person B without the middleman?

alisonkisk5y ago

In many cases, yes. It's not the "middleman" that is required, but reporting the transaction to the government is.

mmcwilliams5y ago

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.

eecks5y ago

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.

j / k navigate · click thread line to collapse

0 comments

dgellow5y ago

> Vendors of firearms, pornography, legal funds for unpopular causes, dissident content creators

newscluesOP5y ago

The theory and reality don’t match.

Drugs are likely the number one things bought using crypto as currency.

caeril5y ago

Right, but I'm specifically referring to legal, but repressed transactions.

eecks5y ago

Is it illegal to transfer value from person A to person B without the middleman?

alisonkisk5y ago

In many cases, yes. It's not the "middleman" that is required, but reporting the transaction to the government is.

mmcwilliams5y ago

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.

eecks5y ago

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.

j / k navigate · click thread line to collapse