Honest question that I never have gotten a solid answer to is:
At what point does selling bitty p2p become illegal?
Discussion
Is there like a limit?
If it is your main income?
Is it if you advertise?
Depends on your local laws if you think they apply to you. In the EU they want to put a 1k cash limit on bank withdrawals and many other shenanigans. But, if you already have an established circle of Bitcoin friends or you attend large events, there is no limits.
I guess what I'm saying is, it comes down to your local regulations (aka financial restrictions) and to how much of a "law abiding citizen" you are.
IIUC 10k per person all time is one limit but according to AI convos MSB licenses are pretty vague on purpose. So if it seems you're trying to make a profit that might be enough. Pretty lame.
So I can sell a truck for 50k but not more than 10k btc ?
Is it if I have a "business" that sells btc makes me a transmitter somwhow? But if I never swap back with them it seems like I'm not transmitting or servicing. Everyone sells everything for profit 🤔
define illegal?
well that's just it. I see an occasional news story that says so and so sold bitcoin and somehow it was made out to be illegal activity. Now it does seem to usually involve other activity like drugs or taking custody and swpping etc.
But like if I just offer to sell bitcoin at a booth at the Miami conference p2p is there some threshold where it becomes illegal? If no one says anything about doing crimes and I don't know you is there something else that triggers illegal activity?
"You don’t have an msb, ins for msb, your not kyc/aml your customers"
I was watching this prominent Bitcoin old school. He was telling people to buy a dollar worth. When there was a dollar, he said in the United States, it's illegal to sell and buy Bitcoin privately Because You gain profits and you are not reporting
But this was a long time ago so im still under the impression that they can say its illegal because you "made a profit"
But they can only do that if there is a paper trail which you can avoid p2p. It's one reason why I don't use Robosats and co. For all I know the accounts of the other person are already flagged for "whatever" and I'm not establishing paper trails with unknowns only to have the cops at my door.
Most non-KYC platforms are not non-KYC because people send money from one account to another with very little means to justify those transactions.
The constant assumption that a private transaction means an unreported gain is always annoying. Just because I am private doesn't mean the point or the outcome is not paying my taxes. I pay my captial gains.
I get a feeling that we're moving from "not guilty until proven otherwise" to "everyone is guilty (of something) unless they prove otherwise" kind of justice and legal system.