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persolb t1_ixqintl wrote

Reply to comment by cachemonet0x0cf6619 in Reuters: Global regulators to target crypto platforms after FTX crash by Globalist2

Practically, they will regulate exchanges… which is how most people keep their money.

In a worst case, this includes some mandatory reporting when you deposit or withdrawal to a non-exchange wallet. This would functionally bifurcate the market and require old school style money laundering.

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cachemonet0x0cf6619 t1_ixqjyhj wrote

Im not asking how to avoid taxes. no one is trying to avoid taxes. FTX didn’t skip out on paying taxes. it stole money. the call for regulation isn’t because taxes went unpaid.

im asking how you regulate a global peer to peer network with multiple points of entry?

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persolb t1_ixrdfuu wrote

I’m not sure why you are on about taxes. Money launderers usually pay taxes on the money.

What I mean is that when you go to deposit money/coins in an exchange, they are going to likely end up filling out the same forms and doing the same reporting as if you walked up to a bank with $30k in cash.

Cash and gold are also a ‘global peer to peer network with multiple points of entry’, and the government forces companies to gate keep their entries.

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cachemonet0x0cf6619 t1_ixrh24u wrote

Entries are kept by default on a public ledger. I also want to add that cash and gold are very centralized. Gold much less but it's not a viable means for exchanging value and it's hard to come by

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