Why would retailers not accept it?
Discussion
It’s more like.. if crypto were ever main stream (x), the government wouldn’t allow anonymous currencies to be accepted by legitimate companies. Because of AML laws and accounting requirements.
“the government wouldn’t allow” has a long fucking history
The government allows things that enrich the rich. The government does not allow things that enrich you, or even just leave you alone.
You are tax cattle, and you will continue to be tax cattle, no matter which currency you use.
Damn this is a good take because it is 💯 truth
🔥🔥🔥🔥🔥🔥🔥
That’s part of it, but the other part is that there are legitimate reasons to require transparency.
there is no legitimate reason to require transparency, any such requirements are an abuse of the power given to government and are anti freedom.
And yet the entire bitcoin blockchain is public and that's seen as a good thing or at least downplayed around here, and posts on Nostr are public as well, curious.
(And don't give me cope about how Lightning is totally anonymous, the people who own the internet infrastructure can learn basically anything about anyone making any transaction)
There absolutely are legitimate reasons for transparency. If every transaction in the economy was completely untraceable, there would be massive fraud, money laundering, and crime. You think the banks and very wealthy ppl wouldn’t exploit that at your expense?
Well, to be fair...When the justice system is completely broken and two-tiered, I'm not sure transparency really does "we the people" any good except to give everyone something to scream and shout about.
See: Nancy Pelosi insider trading, also Diane Feinstein, and okay pretty much everyone in Congress.
Do personal finance reporting requirements actually deter any elected official from making corrupt deals these days?
Rules for thee but not for me
I can think of a couple institutions with zero transparency
The Federal Reserve
The Bank of International Settlements
It’s just a fundamental flaw with the system. The ppl making the rules aren’t going to impose rules on themselves. What they do is criminal imo. But that’s aside from why some transparency is legitimate.
The government will allow things it can’t stop, it wants to remain in power. Regulation is its only defense, and therefor must be ignored.
> There are more non-DOD federal employees with firearms (200,000+) than there are U.S. Marines (186,000).
> The Internal Revenue Service has 2,159 “Special Agents” and spent $21.3 million on guns, ammunition and military-style equipment between fiscal years 2006 and 2019. The agency stockpiled 4,500 guns and five million rounds of ammunition.
> The Office of Inspector General at HHS owns 1,300 guns including one shotgun, five submachine guns, and 189 automatic firearms. Over the last eight years, the HHS has purchased four million rounds of ammunition.
The Social Security Administration has a stockpile of 800,000 rounds of ammunition.
> The Environmental Protection Agency just spent $61,650 purchasing “body armor systems” for 137 special agents. Their gun locker includes 867,000 rounds of ammunition and 600 guns.
"Regulation is its only defense"
lolol
You’re going to have to make a choice, I hope it’s something you’re happy with.
Hey, I'm just as unhappy with the US dollar and the way it's been destroyed as the next guy, but I'm also living in the real world. People here think they're going to fight the system, but in the end they pay their taxes just like everyone else, like good little tax cattle.
"Knives shouldn't be allowed because people do bar things with them"
Meant to respond with this here
#[3]
I’m just telling you reality. There’s a reason exchanges won’t touch monero directly.
Some do, like Kraken
Monero has the ability to reveal transaction information if things like view keys are provided.
The reason for that is that crypto is primarily a vehicle for financial speculation today, not as a transactional currency. Exchanges primarily serve speculators. The reason crypto isn't used as a currency is because most people don't see a need for it. If the need for crypto as transactional currency comes to fruition, then that reality changes. People will demand privacy. People and businesses aren't going to want to use money that shares extensive information about themselves with everyone they transact with.
Sorry, but you’re wrong. They won’t go near it because regulators are telling them not to, and because of their own internal risk assessments. https://decrypt.co/36731/heres-why-coinbase-still-hasnt-listed-monero
You are right that nobody uses crypto as a currency tho.
We don’t need an exchange. We don’t need banks for that matter. If we remove banks and their profit mongering we’ll actually be able to afford a house and build wealth at the same time. Owner will carry. #burstthebubbles
Eh, I don't think this disproves my point. I'm well aware. I'm arguing that top down control is working here and will continue to work so long as people and businesses don't have significant demand for crypto as currency.
And if that demand comes to fruition, the benefits of privacy become exceedingly clear while the cons you mention of cons people benefiting will be clearly outweighed, the same as with knives.
Cons of bad people benefiting*
It does disprove your point. They would happily list it if they could, why wouldn’t they otherwise? I’m sure they’d love to charge fees and so on.
It has nothing to do with demand in the market for a privacy coin.
They don't list it because they calculate the misguided regulatory risk outweighs the benefit. I also think it's in their business model to curry favor with regulators and establish government enforced moats around their business, but that's a separate tangent.
Their calculation changes if demand for crypto as currency increases. Only at that point will the benefit clearly massively outweigh the cons.
Feels like we're going in circles at this point. I don't think we really disagree that much, just arguing to argue.
I’m guessing most of those reasons are the very reasons people should use it as currency. Monero happily accepted here, and BTC of course.
If not guns, then knives, if not knives, then rocks, if not rocks, then a quick twist of the head or a strong grip on the throat. Fix scarcity and put an automatic gun in every home.
I accept it at my store lol