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RE: Accepting BTC and SBD as Payment in the US - Legal Considerations - FinCEN 2014 Ruling Regarding Virtual Currency Payment System
Here is just another example of how government stagnates business . With all the regulations you are afraid to do anything .
but it is also perhaps a need to protect the public
IF the government actually went after cybercriminals and terrorists, then I would agree that you had an argument.
The NY Times exposed the government's tracking program focusing on hawala (an off-books asset transfer system) that terrorists were using, compromising it's effectiveness and violating security laws. No one from the Times went to jail for that.
Some guy in Florida went to jail for not filling out paperwork on a BTC transaction of less then $1000.
The FBI wasted how many man hours taking down Silk Road? Instead of watching the Tsaernev brothers, whom FSB warned them about.
It's Big Brother BS. There is no security need at all ( MS in Homeland Security here)
It is probably somewhere in the middle. There are legitimate security concerns, and reasons for the government to prevent money laundering. At the same time, a lot of the regulations are too ridged, stifle growth, and punish otherwise individuals who were doing no real harm.
That's because the design of the regulations is not to protect the public.
We no longer stress going after the malefactor as an individual, but rather put the onus on the individual citizen to stay within bounds and make his private business public.
And a lot of this is based on the idiotic Drug War. We think that it is perfectly OK to violate privacy or kick in doors because somebody might be doing drugs. I'm going to stop going down that line because that is a long argument. FWIW, I'm not a drug user, butthe Drug Waris inefficient and liberty-destroying governance.
To simplify, I would say my point is that we shouldn't make laws where there is no actual harm. Money laundering at any serious level requires cooperation from a bank (ie HSBC). Trading in altcoin is small potatoes.