- cross-posted to:
- politics@lemmy.world
- cross-posted to:
- politics@lemmy.world
The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that obliges millions of business entities to disclose the identities of their real beneficial owners.
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LOL, the corruption is right there for everyone to see.
Why the redcaps think any of this clownshoes bullshit will benefit THEM is just a masterclass in brainwashing.
Russian billionaires need their money back.
hmmm i wonder why???
What’s the difference between arbitrary rule and a proper democracy that allows the leading party to ignore the law? Asking for a friend.
In the latter, rules more or less apply to everyone. In the former, rules apply to people the arbitrary ruler doesn’t like.
Well, clearly money laundering is such a rare fraud, there’s no point in wasting the Treasury’s time with this…
I saw the crypto news you posted before I shared this, and I was, like, well, that sure is a “coincidence.”
Given that Trump was talking about ‘auditing’ Ft. Knox last week.
ugh. This is the dumbest Bond movie ever.
He’s gonna steal the U.S. gold reserves, and sink its money into a crypto exchange that is just a money laundering front.
The coincidence wears orange makeup, sports a bad blonde toupe and is openly and unashamedly a fucking grifter.
Funny how much money laundering is done through crypto now.
Even funnier is that if certain entities trade on certain markets, other countries will still enforce those laws.
It went from a genuine response in the wake of the 2008 recession to being exploited by right-wing grifters. Wasn’t perfect, but I’ll give it credit for at least trying to solve a problem.
What problem was it trying to solve?
After subprime mortgages lead to yet another bubble bursting, it was thought that letting banks being responsible for our money was a bad idea. The whole idea behind crypto was thought you owned your money. Good idea in theory, but in practice it was not ready for prime… much like AI. (If ever)
I had never heard that rationale for crypto before. It seems to be a really bad reason if I understand the logic. The value of the dollar was certainly impacted by the subprime crisis, but the dollar still had value being fiat currency issued by the US Government. Crypto currency is fiat currency issued by… a random dude (and in the case of Bitcoin, that nobody even knows). There is no value to crypto besides what someone else will give you for it. There’s no intrinsic value to any of it. The rampant rug-pulls we see today in many cryptocurrencies are perfect evidence of this. Crypto “investing” seems to be predicated exclusively on the theory of the Greater Fool.
The whole idea behind crypto was thought you owned your money.
For those that really wanted that, didn’t simply owning gold do that already? There’s even intrinsic value to gold irrespective of which nation or national owns it in commercial, retail, and industrial applications.
The only value proposition I have ever seen for any crypto currency is avoiding national and international monetary export controls or cash repatriation.
Yeah, that was definitely the rationale. Satoshi added the message, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” to the first Bitcoin block. In the early days, most of the community were Tea Party, Ron Paul, Paul Ryan, “abolish the Fed” types. There was a lot of anti-Fed propaganda floating around at that time. There was a big overlap with gold-bugs and Bitcoiners, and Bitcoin’s “mining” decay curve was inspired by gold’s.
I’m just telling you what I know.
I got into crypto because the 2008 recession threw a wrench into my 18th birthday. It was difficult to find a reliable bank and have a debit or credit card. I was desperate for any kind of financial independence at that time in my life when I should be, and sought crypto as a last resort.
It was difficult to find a reliable bank and have a debit or credit card.
At 18 you certainly weren’t borrowing to buy real estate, nor were you a customer for wealth management services. These were the things that hit (and sometimes sunk) banks and bank customers at the time. Are you saying you couldn’t find any bank or credit union that would give you a checking account with a debit card attached to it?
How did having cryptocurrency enable you to have financial independence? Besides few places accepting crypto for promotional purposes (remember when you could buy a pizza with bitcoin?), you couldn’t spend cryptocurrency on any of life’s needs that would allow you to establish yourself financially.
How did having cryptocurrency enable you to have financial independence? Besides few places accepting crypto for promotional purposes (remember when you could buy a pizza with bitcoin?), you couldn’t spend cryptocurrency on any of life’s needs that would allow you to establish yourself financially.
FFS. Go lecture my 18yr old self. I’ve grown up since then. I didn’t say it was the correct or best option. All I said is that I was desperate.
So how can a middle class person with not a lot of money take advantage of this … asking for a friend.
Crime, unfortunately.
Money laundering is done to “clean” illegal profit (hence the name). Say your business sells a bit of a meth precursor to a high school chemistry teacher for more than it would legally. You need a way to explain the extra money, and a way to explain where than precursor went.
Things that this won’t protect: sex work, drug dealing, hawking stolen goods. Things this will protect: owning a building where you were unaware every tenant was a sex worker, running logistics company that some bad apples on the exact same routes always carried packages of cocaine, or selling artifacts smuggled out of foreign countries.
Sorry best we can do is raise your taxes.
