The general premise of cryptocurrency is that the architecture makes it so you can't prevent it from being used for crimes and thereby creates the incentive for the government to gracefully take the L and peel back all of the now-useless AML bureaucracy that screws over innocent people rather than criminals.
What they didn't account for is that the government is run by an amalgamation of spiteful authoritarian twits, dogmatic process bureaucrats and corrupt industry shills who don't want competition when they're quietly extracting 3% from the whole economy. So they apply the bad rules to the new thing even though it means paying all the costs for none of the benefits, which makes it arduous for law-abiding people to use it (have fun filling out government paperwork every time you want to buy a piece of chewing gum) meanwhile the criminals just ignore the repressive reporting requirements because they're already committing more serious crimes.
Remember when we were going to repeal the entire Patriot Act? Maybe we should still do that.
AnthonyMouse|27 days ago
What they didn't account for is that the government is run by an amalgamation of spiteful authoritarian twits, dogmatic process bureaucrats and corrupt industry shills who don't want competition when they're quietly extracting 3% from the whole economy. So they apply the bad rules to the new thing even though it means paying all the costs for none of the benefits, which makes it arduous for law-abiding people to use it (have fun filling out government paperwork every time you want to buy a piece of chewing gum) meanwhile the criminals just ignore the repressive reporting requirements because they're already committing more serious crimes.
Remember when we were going to repeal the entire Patriot Act? Maybe we should still do that.