[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 57 KB, 1280x720, maxresdefault.jpg [View same] [iqdb] [saucenao] [google]
5210772 No.5210772 [Reply] [Original]

how will REQ overcome all of the government regulations in accounting?

i've searched the whitepaper, the subreddit, and /biz/ archive.

REQ talks about their paypal 2.0 being a minor piece of something much bigger. i'd agree that's true. every phone basically has a paypal 2.0 feature native to the OS and there are dozens of alternatives already.

they talk about the main feature being some complex accounting system that allows the government, auditors, irs, etc to access the system to "do away" with traditional accounting methods for people using REQ.

how does this work with sarbanes-oxley, GAAP, and the dozens of regulations set forth by the federal government to regulate the accounting world? just spouting "REQ will take care of it" is not the answer. paypal sends out 1099s. it would be like paypal sending in their financials and you telling the IRS that your money is in there somewhere.

someone posted here about a week ago claiming to be an auditor for big 4 and completely ignored the independent auditor regulations and everyone ate it up by the way.

>> No.5211097

>>5210772
Ummmm...you realize that generating 1099's will be easily done due to the nature of it being on a blockchain, right? Like, trivially easy, and cheaper than however PayPal does it

>> No.5211115

>>5211097
bullshit pajeet answer , you don't know shit about auditing

>> No.5211364

Stop asking the same question over and over you moron, you've got an answer on other threads as well as when you asked it on plebbit.

>> No.5211547

I'm feeling pretty bad about doubling down on this a few hours ago. ETH is just trashing it right now, I'm down like 15% on my fresh buys.