What kind of fantasy world do they live in where the government and banks "normally" approve or disapprove of cash transactions?
Are you a United States Citizen?
If so, try writing a check a Russian oligarch, to pay for cuban cigars, or to sell something to Iran. Every last legal money emission in the United States includes a verification against the OFAC maintained Sanctioned Individuals List. Anything trying to leave one of those accounts will be rejected.
Any type of transaction falling afoul of country embargoes will also be denied. Again, put "Cuban meal" in a meno field, and prepare to get a call or ding from your financial institution to make sure they are not facilitating economic activity with Cuba, a crime they are strictly liable for.
Or be a Canadian protestor. Then have the Federal government order financial institutions to freeze your funds.
The bank from which you have withdrawn the cash does not know or care what you use it for, and the government may care but good luck it finding out.
Also, all financial institutions in the United States (money transmitters) by law must hold on to 7 years transaction history, and must have a dedicated process for integrating with and handling law enforcement requests. These are routine.
In short, your financial institution is an established component of law enforcement.
Keep in mind, I still think crypto is patently insane, but the cryptobros are absolutely correct in those senses.
...and Bitcoin is mot digital cash. Cash can be anonymous given sufficient effort. Bitcoin cannot.
If so, try writing a check a Russian oligarch, to pay for cuban cigars, or to sell something to Iran.
Which of those transactions is "normal"? It should be noted that even with cryptocurrencies laws still apply. You're still seeking "permission" for your "normal" transactions.
Here's the deal. The commentator said, effectively, it is NORMAL for "duh gubmint" to control your spending.
It is not.
Normal has a well-defined and commonly-accepted meaning. You cannot call bribing a Russian oligarch "normal" unless you are a different kind of person than most. Unless you are an abnormal person doing abnormal things.
There are edge cases where the government does regulate cash transactions and whether or not those edge cases are right or required is a separate discussion I am not having right now.
Also, checks aren't cash?????
...and Bitcoin is mot digital cash.
The title of the bitcoin white paper is "Bitcoin: A Peer-to-Peer Electronic Cash System". Is it lying?
I specifically said you cannot (except with cash, in-person) typically transact in ways that the government disallows. This is not relevant if all your transactions are of the sort that your government permits! This only matters when you and the government have a disagreement, which may be rare or which may be quite common depending on who you are and where you live.
Your emphasis is your own and does not reflect what I said, only what you imagine I said.
Comments
Are you a United States Citizen?
If so, try writing a check a Russian oligarch, to pay for cuban cigars, or to sell something to Iran. Every last legal money emission in the United States includes a verification against the OFAC maintained Sanctioned Individuals List. Anything trying to leave one of those accounts will be rejected.
Any type of transaction falling afoul of country embargoes will also be denied. Again, put "Cuban meal" in a meno field, and prepare to get a call or ding from your financial institution to make sure they are not facilitating economic activity with Cuba, a crime they are strictly liable for.
Or be a Canadian protestor. Then have the Federal government order financial institutions to freeze your funds.
https://www.foxnews.com/us/us-banks-financial-institutions-s...
Wrong. Banks are most interested in what you use it for. If guns aren't your thing...
https://nypost.com/2022/09/06/sex-workers-say-wells-fargo-sh...
There's plenty more where that comes from.
Also, all financial institutions in the United States (money transmitters) by law must hold on to 7 years transaction history, and must have a dedicated process for integrating with and handling law enforcement requests. These are routine.
In short, your financial institution is an established component of law enforcement.
Keep in mind, I still think crypto is patently insane, but the cryptobros are absolutely correct in those senses.
...and Bitcoin is mot digital cash. Cash can be anonymous given sufficient effort. Bitcoin cannot.
Which of those transactions is "normal"? It should be noted that even with cryptocurrencies laws still apply. You're still seeking "permission" for your "normal" transactions.
Here's the deal. The commentator said, effectively, it is NORMAL for "duh gubmint" to control your spending.
It is not.
Normal has a well-defined and commonly-accepted meaning. You cannot call bribing a Russian oligarch "normal" unless you are a different kind of person than most. Unless you are an abnormal person doing abnormal things.
There are edge cases where the government does regulate cash transactions and whether or not those edge cases are right or required is a separate discussion I am not having right now.
Also, checks aren't cash?????
The title of the bitcoin white paper is "Bitcoin: A Peer-to-Peer Electronic Cash System". Is it lying?
https://bitcoin.org/bitcoin.pdf
To ape on Diderot, "Man will never be free until the last libertarian is strangled with the entails of the last cryptobro".
I specifically said you cannot (except with cash, in-person) typically transact in ways that the government disallows. This is not relevant if all your transactions are of the sort that your government permits! This only matters when you and the government have a disagreement, which may be rare or which may be quite common depending on who you are and where you live.
Your emphasis is your own and does not reflect what I said, only what you imagine I said.