[Cryptography] cryptography Digest, Vol 93, Issue 8

[jrzx]

> How do you think the current financial system is broken? I think of KYC/AML/CTF as a feature, not a bug.

Paypal keeps freezing, delaying and in one case stealing, my transactions.

Every second time a third world peasant attempts to subscribe to an American magazine to learn what plants are the fad in the American market, every third time a filipina maid tries to send money back to her family to dig a well, KYC/AML/CTF bites them.

We have a web of overlapping poorly thought out laws that make every international transaction illegal, unless you are using bitcoin or Kuwait Dinars. International transactions manage to happen anyway because these laws are infrequently, erratically, selectively, and unpredictably enforced.

This is the major force driving the adoption of crypto currency.

Any time you buy pay someone internationally, or are paid internationally, you are committing multiple federal offenses with a seven year sentence for each of them.
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