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0 pointstraceroute663y ago0 comments

> I imagine it's a horribly stressful problem to have with significant taxation and legal work

Absolutely this !

In this day and age, the last thing you want is a large chunk of money turning up on your doorstep whose origins you cannot account for.

Its bad enough when you can prove the origins and you have to provide all the audit trail documentation. Ask anyone in the financial sector who has had to deal with compliance questions landing in their Inbox about a client's source of wealth.

When you can't prove the origins, well, "not a good look" as the old saying goes.

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7 comments · 3 top-level

SkyBelow3y ago· 3 in thread

Maybe I'm being naïve and idealistic, but I would think an open source project would have a much easier time of navigating this than a private individual. Open source projects are built off of donations of both money and time. As for what is being returned, the project itself existing helps enable many businesses leading to many people becoming rich. As for expenditures, large open source projects are open with how they spend their money, so where the money ends up going is easy to see as well. There is far less ability for something nefarious to be going on for why a person is being paid.

pavlov3y ago

Large open source projects are set up as legal entities like corporations or foundations.

But a small open source project doesn’t exist in the eyes of the law. In a way it’s the worst of both worlds if you’re doing non-profit-like things such as receiving large donations, but operating as a private person.

msh3y ago

Banks want KYC information, even for donations, esp when its in these amounts.

nerf03y ago

I don't see a problem. Of course banks want KYC, but that doesn't stop you from selling the crypto on e.g. Coinbase (also KYC'ed) and sending to your bank.

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jaywalk3y ago· 1 in thread

> In this day and age, the last thing you want is a large chunk of money turning up on your doorstep whose origins you cannot account for.

If it was physical cash turning up on my physical doorstep, I certainly wouldn't mind :)

noirbot3y ago

I dunno, I feel like if I walked outside and there was just a bag of cash out there, I'd be pretty hesitant to touch it. People generally don't just "lose" large amounts of cash, and may want it back.

This is almost literally the plot of the movie A Simple Plan, amusingly, and many of the same stresses apply.

exikyut3y ago

Hmm, the sad aspect of ownerless currency. In these kinds of situations you need to be able to prove the funds didn't fall off the back of a truck, both in order to be able to use them in the present, and to viably tie them into the timeline in the long term.

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