It is also why we need coins which are fast and with good privacy.
Indeed. This is perhaps a good opportunity to highlight Safecoin as the ultimate privacy coin.
I’m not aware of any such limits in the EU - do you have any references?
Me neither. The countries I’ve hear of banning / restricting crypto trades are China, Vietnam, Saudi, Russia, India, Bolivia, Ecuador and some in central Asia. An EU-wide ban seems extremely unlikely short/medium term as the member states would have to agree, and while individual states might I’ve not heard of any.
Apologies for Google link. On mobile.
Yeah, I didn’t read properly. I haven’t head that either though
Gotta love this – not.
- First they will have to get it through the Senate which is not on their side.
- Second they have to win the election
- Third is that Australians will resist this (politicians worry about how many votes they get)
- Forth is that the money laundering department would be dissolved since certain cash centric businesses have to report over $10,000 and this law would then stop any such transactions happening (except maybe to banks). The department will also lobby against this banning since their (large) department will all but disappear and the black economy will go further underground making it harder to find and follow them.
- Fifth is exceptions, there will always be exceptions. For instance sporting event with 10,000 people attending and many paying by cash ($30-$150) at the gate and the stadium having to deal with upwards of $75,000 or depending where might be $400,000. Now imagine an event with 80,000 people
- so there will be exceptions to the law and therein lies the devil
- Sixth person to person transactions cannot be included since they don’t know about it.
- Seventh the claimed stopping criminal gangs transacting large cash is bogus since they transact person to person now so nothing changes there and they simply disperse the ill gotten gain though many people in smaller than $10,000 when they need to get into legit accounts etc. (which they do now because of money laundering laws)
The new law is there to prevent builders, plasters, etc from taking cash in hand and buying large price items in cash. But this suggests that their cash laundering systems are not working since any transaction over $10,000 (to certain businesses) has to be reported anyhow
To add weight that they don’t feel the cash laundering laws are working is that in the past when Aussies left the country there was a form to fill out where the person declared if they were taking more than $10,000 out of the country. While legal to carry more it was a way to check the source of the funds (illegal or tax evasion or legit) by questioning the person. BUT now there is no form, and you show a machine your passport and proceed without talking to anyone. So while you are still supposed to declare greater than $10,000 there is absolutely no way to declare it now. Unless of course you are taken aside for questioning, which at the moment is only for terrorism reasons.
It’s really starting, wow, here we go.
Also you can note the USA civil forfeiture laws (or whatever its called) where the authorities can deem a parcel of cash guilty and seize it. That has been around for a long time and sometimes used when someone is found with >$5000 cash on them or in a car.
Also wasn’t the USA attempting to introduce laws that forbade citizens from holding more than $10,000 in cash total, unless it was registered (with a good reason for it) with the authorities Dunno where they got with that.
I do remember hearing about that a while ago Neo, I wonder where they are with it indeed. I expect everywhere will eventually follow suit. We are building the new world monetary system, well it feels that way.
The greater Statist/Bankster plan here is to:
- capitalize the banks by driving more people to keep their money in banks - Australian gov and others, like India did recently, are working to remove the large notes from circulation. this cash purchase ban is along the same lines - get people to pay with their cards and keep their cash in the banks, thus driving up the capital banks hold – possibly to make loans to further leverage the bank credit in circulation and further leverage the economy look into fractional reserve banking if you don’t know what that it.
- to a much more trivial extent IMO, track payments and stifle money laundering.
Globally banks are in big trouble as they create most of the credit in society and they do so using a fractional reserve model. This creates the principle, but not the interest - which is often greater than the principle itself. This means that banks and States must continue to drive economic expansion in order to fuel the demand for more loans/debt - otherwise the constant repayment back to the banks will quickly drain all the money in circulation (deflation) as both interest and principle are paid back and extinguished (again if you don’t know how fractional reserve banking works, please do study it - look up “money as debt” on youtube.) … Once deflation sets in the ability to repay loans collapses - think of it like a game of musical chairs - when deflation sets in the music is slowing to a halt. This inevitably leaves massive debts on the books of the banksters and they start to go under. Those of you in the USA will remember the TARP bailout in 2008 - specifically aimed at preventing a spiralling collapse of banks due to a slow economy, fewer loans being made and the housing bubble pop which created too big of a debt burden for the banks to manage. Since 2008 things have only become much worse with more and larger credit bubbles than ever before.
Expect to see more legislation aimed at this problem down the track. For the average person the only good solution is to insure you have enough food and water to survive a crisis. Excess capital can go into crypto - but IMO, don’t ‘stack’ gold, silver, bitcoin, or any pure monetary unit. Instead, invest. Hoarding money stifles economic activity. Invest in companies and people and your own ventures to support economic activity and fight those who would destroy OUR economy in order to make it their own.
I happened to be in India when the “demonetization” happened. Man, oh man! What chaos! The idea itself is idiotic in a country where, as I understand it, 99 % of all transactions are done on cash. Combine that with Indian style broken ATMs, delays and a serious deficit of new valid notes in a country of more than a billion people, and you had some big trouble on your hands.
Of course nothing worked as Prime Minister Modi intended (or said he did). I’m not sure what’s happened since, but I think they’re trying to talk themselves out of the whole disaster somehow.