http://lewrockwell.com/nestmann/nestmann47.1.html
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...As is usual in efforts of this type, FinCEN’s efforts to expand the definition of cash will only inconvenience law-abiding travelers. A real criminal – or anyone seeking financial privacy – will use the “brainwallet” concept to silently move value across increasingly irrelevant national frontiers. (A brainwallet requires that you memorize a unique passphrase to gain access to an online store of value, such as Bitcoin.)...
More "security theater". The problem was funds was being taken across the borders and, legally, not being reported. In an attempt to "do something", regulations that are easily circumvented are imposed:
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According to a comment from the Network Branded Prepaid Card Association, "a card can truthfully be reported as having just $1,000 on it; and then two hours later, the card can be loaded with funds from another location and have $15,000 on it."
- http://portalsandrails.frbatlanta.org/2012/10/crossing-the-border-more-reason-to-check-your-pockets.htmlDoes it make it look like something is being done at the border points? Sure. But it is the equivalent of this:
