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RE: According to a recent report, less than 1% of all bitcoin transactions involve money laundering

in #bitcoin7 years ago (edited)

The argument about the use of cryptocurrencies in money laundering and other illegal activities is partially true, but is a red herring. There is also a serious effort on the part of the financial elites in government and academia to ban cash as well, who make the same argument that cash is used for criminal activity. Bannng cash and cryptocurrencies would be a way for governments to gain more control over their citizens and monitor their every activity. It would also allow governments to do things like impose negative interest rates to coerce their people into spending if that's what the government wants them to do. Negative interest rates have been imposed in various countries but have been totally ineffective, in part because people and corporations can hold cash and other assets like gold to avoid losing money via negative interest rates.

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Yeah, it's a losing battle. You cannot prevent what happens in shadows and secrecy without bearing enormous expense, restricting the rights of your citizens, or both. It is a losing battle, and one that we would all likely be best served by allowing it to happen. Spend resources to protect honest citizens from being affected by that activity. Use resources to dictate where and when it happens. Limit its effect on those who don't participate, don't spend money trying to prevent it from happening.

"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."

Benjamin Franklin

Amazing how easily people dismiss that phrase as "outdated". rolls eyes.

And fuck KYC/AML. It just makes my life more difficult and stops maybe 0.5 criminals.

again this is only talking about bitcoin which applicability and scalibility is questionable