Bloomberg's Story of Offshore Economy
I have always wondered how off shore banking works. The big corporations and very well off individuals have accounts beyond their homeland in hiding and securing their money. The Bloomberg's articles goes in-dept on BVI and how is first got started in the early 1980s and how it has evolved up to today.
The key point I did not realize was the state of Delaware allows a business owner to remain anonymous if requested. Really curious how the state can allow such a thing and how at the federal level how business revenues and taxes work without knowing who owns what?
The point I post this story is to present one major flaw in the use of cryptocurrency. The use of cryptocurrency for anonymity. There has been so much effort and resources poured in by many to have established what already is a well planned system that avoids a lot of what cryptocurrency is trying to present itself as. Hidden wallet address during asset transfer or unknown name to crypto wallet and so on. The processes to reach anonymity has not been perfected while neither offshore banking, but at least offshore banking has been and still is operating effectively enough that it exists and remains a crucial way for many rich people/companies hide their wealth. The necessity for crypto due only to anonymity seems weak as offshore banking has integrated into the world's economy and working just fine.
Then there is the who adaptation of crypto from public mass while offshore banking is used by only the well established. Throughout history there has always been few who are rich while the mass are simply not. To advertise that owning crypto would build on being rich in the future is pure fantasy. No way will billions of people be rich just by owning some 0s or 1s. In fact the early adopters of bitcoin which are few and far that have already absorbed most of the wealth growth in crypto. The current bull run is spread to greater mass so accumulation of crypto now versus say even four years ago has been a lot harder. What I am trying to get at is crypto maybe an alternative to offshore banking, however to think offshore banking will completely go away is a fantasy. The few who are rich will always find a way to stay rich. For crypto to trying to replace this is pure fantasy.