How much money laundering & tax evasion should we accept in order to enable low-friction transactions? I suspect neither extreme is optimal.
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Replying to @paulbaumgart
@paulbaumgart: Square Cash (and the financial rails it uses) is low-friction, low cost, and maintains an accounting trail.1 reply 0 retweets 0 likes -
Replying to @paulbaumgart
@paulbaumgart: Assuming they have a debit card, they don't even need the smartphone. Interface is email.1 reply 0 retweets 0 likes -
Replying to @paulbaumgart
@numist A lot of that setup overhead is anti-money laundering & tax evasion regulations. Which was my point. Too expensive to bank the poor.1 reply 0 retweets 0 likes
@numist But purely depending on voluntary reporting is also unlikely to be a good idea.
11:58 PM - 3 Jun 2014
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