Not really, because you can convert crypto into US dollars in any country on the planet with an internet connection and a bank, but only the very rich can abuse that with offshore tax haven accounts.
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Replying to @SpaceshipWizard @Pinboard
Transferring BTC into someone else's wallet is unreasonably expensive. Also, spending those US dollars is largely at the sufferance of the US - we could easily be a *lot* harsher on access to US dollar accounts, and we probably will be as decoupling deepens.
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Replying to @surcomplicated @Pinboard
It's unreasonably expensive when you're transferring a few hundred dollars or less. If you're transferring tens of thousands or more it's rounding error. Plus there are ways to cut fees significantly if you're moving lots of BTC: https://www.coindesk.com/saving-bitcoin-high-transaction-fees …
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Replying to @SpaceshipWizard @Pinboard
Right. But that's if you're more-or-less willing to move BTC openly in a fairly traceable manner. Ppl trying to skirt US money laundering laws this way are doing so only at the sufferance of prosecutorial priorities. And that transaction data is on the blockchain forever.
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Replying to @surcomplicated @SpaceshipWizard
And whatever bank is willing to convert that large transfer into something spendable is a convenient place for the police to sit and drink coffee while they wait to arrest you
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Replying to @Pinboard @surcomplicated
Glossing over a lot here, but basically you just pick up your money somewhere unfriendly to the police you're avoiding. Tax haven country, Russia, ect. When you have a billion dollars you have a LOT of options that make financial sense for avoiding a 100m tax bill...
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I'm not saying no one ever gets caught at this stuff, I'm saying that this is the primary market for crypto right now because it's the main thing it's good at/for, because stuff like transaction fees matter way less when you're moving 100m than trying to buy $80 of groceries.
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Replying to @SpaceshipWizard @Pinboard
Except BTC is uniquely bad for this because the transaction data is as permanent as permanent can be. That tax bill can come late, with interest, at any point this century, whenever the US finally starts funding the IRS again.
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Replying to @surcomplicated @SpaceshipWizard
Plus if you're trying to keep a billion dollars untaxed, there's now dozens of people across multiple jurisdictions who will get promoted and get raises if they catch you.
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Replying to @Pinboard @surcomplicated
Sure, but, again Panama Papers... it's not like crypto *not* existing stopped any of this stuff from happening. Crypto just makes it easier by adding another mechanism and layer of anonymity. And these sorts of people are very used to not facing consequences for this stuff.
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Adding a permanent unerasable public record and one more intermediary to money laundering is not a great sales pitch
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Replying to @Pinboard @surcomplicated
Look at something like the Double Irish though. That has how many intermediaries? And real banks keep financial records basically forever as well. If you read through stuff like the Panama Papers, you see that these things aren't an issue. If anything crypto simplifies hiding it
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