You cannot receive US$100,000 in good faith without customer due diligence. The part you're missing @bingledack is good faith. It is not just good consideration and it is not without knowledge. Money received must be received in good faith. To be received in good faith, for an amount over the KYC and customer due diligence amounts requires that you have full identity checking. This means you need to know the identity of the individual is received from and they need to know it as well. SPV was created to allow this. When you hand the received transaction and inputs you received you can also prove good receipt.
In the case of the bank, that becomes a tortious action against the bank. You don't receive cash when you sell your house. What happens is a deposit goes via lawyers into banks. Where the bank does not do their due diligence, they will lose out.
The alert key that I created for bitcoin allowed individual addresses to be frozen. That wasn't adequate but was a start. What needs to occur is individual unity exposed need to be frozen and not addresses. I should have seen the silly way people were using addresses already in 2010 but I didn't. Basically, bitcoin provides a methodology that will allow very quick freezing order application to be applied. When bitcoin is used in small quantities, and we're talking here around tens, of hundreds or thousands of dollars maximum, or micro payments there is no problem. When used as cash, bitcoin works as money perfectly.
The difficulties that people see come with this idea that bitcoin is a store of value and settlement system for rich people to move money without tax. The could not be further from the truth.
If you don't like tax, move to a country that doesn't have any.
If an exchange as a money handler accepts bitcoin as money, mostly they do this as a barter arrangement right now, then it will be liable for any of the losses. If your stolen money is deposited into Kraken then Kraken is completely liable for all of the losses associated with it. As a fungible good, this will be covered under mixing rules.
And yes, KYC applies at the time you received money or goods. So if you receive bitcoin now at $240 a bitcoin and you do in exchange for 10 bitcoin not requiring full KYC and a year later your BSV is valued at US$3000, even though the current value in a years time is US$30,000 and above the limit the test was at the time of the exchange for value.
And, there are limitations with recovery in any event. Some amounts on property will not end, but other actions have to be formed earlier on. It is also a reason to register property. Hiding your property from tax officials means that you can be in a position where you are out law and unable to take action.
CSW
Feb 27, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1582799708005100?thread_ts=1582725831.383400&cid=C5131HKFX
https://t.me/CSW_Slack/2326
In the case of the bank, that becomes a tortious action against the bank. You don't receive cash when you sell your house. What happens is a deposit goes via lawyers into banks. Where the bank does not do their due diligence, they will lose out.
The alert key that I created for bitcoin allowed individual addresses to be frozen. That wasn't adequate but was a start. What needs to occur is individual unity exposed need to be frozen and not addresses. I should have seen the silly way people were using addresses already in 2010 but I didn't. Basically, bitcoin provides a methodology that will allow very quick freezing order application to be applied. When bitcoin is used in small quantities, and we're talking here around tens, of hundreds or thousands of dollars maximum, or micro payments there is no problem. When used as cash, bitcoin works as money perfectly.
The difficulties that people see come with this idea that bitcoin is a store of value and settlement system for rich people to move money without tax. The could not be further from the truth.
If you don't like tax, move to a country that doesn't have any.
If an exchange as a money handler accepts bitcoin as money, mostly they do this as a barter arrangement right now, then it will be liable for any of the losses. If your stolen money is deposited into Kraken then Kraken is completely liable for all of the losses associated with it. As a fungible good, this will be covered under mixing rules.
And yes, KYC applies at the time you received money or goods. So if you receive bitcoin now at $240 a bitcoin and you do in exchange for 10 bitcoin not requiring full KYC and a year later your BSV is valued at US$3000, even though the current value in a years time is US$30,000 and above the limit the test was at the time of the exchange for value.
And, there are limitations with recovery in any event. Some amounts on property will not end, but other actions have to be formed earlier on. It is also a reason to register property. Hiding your property from tax officials means that you can be in a position where you are out law and unable to take action.
CSW
Feb 27, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1582799708005100?thread_ts=1582725831.383400&cid=C5131HKFX
https://t.me/CSW_Slack/2326
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