Bitcoin Forum

I find it strange that so many people just accept money laundering laws and KYC as just something that needs to be done to stop the bad guys. No big deal because you're not a bad guy so the government should know every transaction you make because...terrorists and drug dealers.

Just like gun control laws its not to stop the bad guys. Its about controlling the people and being able to stop whomever they want so the government can gain more and more power.

Now every time a terrorist attacks they use it as an excuse to pass more laws to control the flow of money just like how every time there is a shooting somewhere they use it as an excuse to pass more gun laws.

Their ideal is a world where they only allow you to spend money on whatever they allow along with having no way to fight back if you want control over your own life.

Good old trick. This law is against terrorists and drug dealers. You cannot be against it unless you are terrorist or a drug dealer!

Money is power. If you don't have money and you live on paycheck - you are a slave. You cannot leave to other country with better law. You cannot rebel against your government.

If your money is in a bank, it's like bitcoin on exchange - you don't have private keys. It can be frozen, it can be traced, it can be watched very carefully.

If you have cash, you can do whatever you want. Nobody can invalidate it. Nobody can track it. Except police that can take it from you.

Bitcoins are better. Nobody knows you have it (unless you use KYC exchange), you can exchange it for cash wherever you want.

People who accept requests of KYC exchanges (show us your id, proof of address, source of funds) to sell their Bitcoins don't understand neither privacy nor what Bitcoin really is. What they do is begging "please, take my worthless, illegal, unlawful, bad, horrible coins and give me those shiny beads and let me join you fiat cult". And KYC exchange owners did the same before them. They went to bankers and begged "let us serve you and your fiat god. Allow us to use your golden credit cards."

I'm not even surprised if the government specifically to fight terrorism in full force to create chaos under the pretext of fighting terrorism to strengthen the control over all citizens. This cannot be allowed. I feel sorry for people who are willing to sacrifice their freedom for the sake of imaginary security.

Elwar, are you a terrorist or drug dealer?  :o

I don't see any fault in government actions simply because they only see the situation and choose to exploit it to the maximum and push forward their own selfish agenda. The people to be blame are those individuals that either not informed enough that you cannot fight for "God" or those that thinks killing people is a way to derive joy.

Money control like this doesn't work anyway.

It can stop the small criminals from buying Bitcoin, because they don't want to go through all the hassle just to get it.  Governments could even start banning sites like LocalBitcoins and ways for sellers to meet buyers for all we know.

But as long as Bitcoin or other cryptocurrencies exist, there will be people buying them anonymously. 

Any criminal looking to launder >$1,000,000 worth of fiat money through Bitcoin - they'll do it.  It doesn't matter if exchanges implement KYC to match government regulations because that's not really their choice.

Well more laws againts money laundry is not the way to control this, dude there are banks in Caimanes islands that store and save the money of drugs dealer and carteles all over the world, the only way to stop this is attacking the source.

Does he need to be one of the two if he's against money laundering laws? Maybe he's a mobster, or a gun trader  ;D

Jokes aside I'm against these laws too, simply because I'm against government pressure of any kind. What about people who are earning a lot and don't want to be fleeced by progressive taxes?

You haven't explained why their reasoning for using terrorism as an excuse to pass more laws to control the flow of money is bullshit. If you think it is, explain to us why?

I'll offer some help, here's an interview with Snowden (https://www.americanbanker.com/news/snowden-know-your-customer-laws-do-bupkus-to-stop-terrorism) who shares your opinion that “we do have many instances in public evidence where these know-your-customer laws did precisely bupkis in preventing flow of resources — whether we’re talking physical, whether we’re talking monetary, whether we’re talking informational — across the world. Because people can bypass these things if they have enough sophistication.”

Snowden continues “We do get dumb terrorists. We get people who are wannabes who go out on Twitter on Facebook, using their real name and they say ‘death to the infidel, I’m going to go shoot up a courthouse’ and they go on Amazon and try to purchase materials that are obviously for bombing. We put all these things together and go ‘hmmm, yeah.’ ”

It's easy for these laws to get passed, it's not like the citizens get to vote on each law. And then come election time the voting public doesn't really give a damn about what the incumbent candidates have done well or done wrong. When more of the voting public gives a fuck about government we'll see real change.

The good thing about AML and KYC regulations is that they help BTC!
Many have bought BTC precisely to escape regulations from the nanny state.

What's wrong with drug dealers? With gun traders? If people want to use drugs in the comfort of their home, nobody should be allowed to prevent them from doing. If people want to buy guns to protect themselves, that's legitimate. And if people cheat on their taxes, that's good. That's less money to the evil government, and more for their own good and pleasure.