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RE: Cash Anonimity, Bank Account & Bitcoin
They can do that within the banking system too. In fact they can arrest you for no reason just by depositing small amounts in your checking account:
https://en.wikipedia.org/wiki/Structuring
However Bitcoin will resolve this by implementing privacy functions in the wallet software. Dash already fixed this with protocol level tx anonimization.
But the banking system doesnt give a shit about your privacy, in fact they even do everything to take it away from you.
There are defently some issues involving disadents that alt coins may help with. I certainly wouldnt need to move 10k in the near future but I can see the advantage and the trafficing concerns also.
No it's below 10k. I believe in the US it was set to 3500$.
So anyone who deposits 100-200$ in his account can basically be jailed or fined for that, and the money confiscated, even if it comes legally.
So maybe somebody is selling some books, and they get paid weekly 400-500$. So they deposit that in their bank account. And then the banks considers that suspicious and reports it.
Now the guy can go to jail for just doing that, even if they paid taxes and done it all legally. The mere fact of depositing random amounts into the account is illegal.
That is tyranny.
That is somewhat what I was saying one person claims they are doing blackmail and then your withdrawels are forwarded to someone. There is audio retaliation for taking it out of checking... A whole new level of repression. I see a drawback that you are getting debit cards that are not protected from theft rather than credit cards so I see some weakness in using it as make a run for it money.
Ok I thought you were referring to BTC transactions.
I thought debit cards have overdraft protection, definitely mine has it. It's the biggest form of evil of not giving overdraft protection, and then a guy with 50$ balance gets his card stolen and the thief spends 5000$ from it, and now the card owner is liable for the costs.