Comment Re:Crypto Is For Crime! (Score 1) 31
No, it's not. Watch this video: https://www.youtube.com/watch?...
It's a guy who tried to pay a freelancer he hired. Hours after he wired the money, his bank contacted him and told him his transaction was canceled, and his account had to be closed. and the bank "legally couldn't tell him why".
I know it's easy to say such things from a "first world country where things work", but there are things out there that don't work. Sending money abroad is a headache. Always. Because governments DO NOT like money moving from one country to another. So they keep adding more "compliance requirements". And those compliance requirements just end up hitting the "high risk, low income" people. People who want to sell their services to a global marketplace but are prevented by regulations. This is not about taxes, but about how incredibly difficult the global trade system is.
Usually, even in first world countries, regular citizens can't receive an international bank transfer. You can however get PayPal or similar services - but the problem is that again those services will then keep your money imaginary and refuse to send it to a bank in your country (if you even had one), unless you're in one of a handful of countries where they integrate with banks.
There are thousands of people working around the world who have to rely on shitty services like Payoneer which loves to take 3% fees for anything - and will close your account, no warning and no recourse, with your money inside it, if you do anything wrong (for example, if someone wires you money instead of doing it as a "business transaction").
If you want to be more cynical about it: the system is working exactly as intended. Regulations are there to make sure that money can only flow in the direction your government wants to. You can only do business with friendly countries - usually in the G7 or the EU. Everyone else is not allowed in this cool kids club. The system is designed to keep poor countries poor and only allow vetted transactions to reach "dangerous" countries (big oil never has a problem with that). But individuals? Fuck them. We don't want them.
That's where crypto comes in. It's the big equalizer. Now suddenly you can send your money in minutes. You don't have to explain to your bank why you want to send or receive money, or justify it, or have them seize it while they decide if you're trustworthy or not. People don't like doing things "illegally" but my options are: either the banks and governments allows me to get paid, or I look for an alternative. People in poor countries want to exit poverty, not "do things legally and stay in poverty forever because that's the only thing that the legal frameworks accepts".
The "crypto is for criminals" narrative is pushed by the countries that want to maintain the status quo. Instead of that, try giving people legal ways to get paid and only then, you can make wide claims that "crypto is for criminals".