US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#1

Post by tehlike » Sat, Dec 02, 2017, 7:11 PM UTC

US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
btcmanager.com

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#2

Post by multibit » Sat, Dec 02, 2017, 10:27 PM UTC

Of course the justification is to "stop money laundering and terrorist financing".

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#3

Post by 21 » Sat, Dec 02, 2017, 10:41 PM UTC

Bank secrecy is dead*

To imagine that bitcoin could change that or not abide is foolishness.

* for poor people anyway, with poor meaning < $10 mil which affords you lawyers and offshore shell companies

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#4

Post by chris_st » Sat, Dec 02, 2017, 10:41 PM UTC

Well, at the very least that'll change how numer.ai works, if this passes.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#5

Post by jgh » Sat, Dec 02, 2017, 10:43 PM UTC

multibit wrote: post #2

Of course the justification is to "stop money laundering and terrorist financing".

Eh did you notice that huge tax cut they just gave the ultra-rich? They gotta start digging through the couch to pay for it ;)

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#6

Post by chroem- » Sat, Dec 02, 2017, 10:46 PM UTC

Good old Dianne Feinstein, always protecting me from the scary terrorists.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#7

Post by TazeTSchnitzel » Sat, Dec 02, 2017, 11:02 PM UTC

Where's the problem? Can someone explain? It's not like this bans owning Bitcoin.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#8

Post by nlperguiy » Sat, Dec 02, 2017, 11:07 PM UTC

TazeTSchnitzel wrote: post #7

Where's the problem? Can someone explain? It's not like this bans owning Bitcoin.

2nd layer solutions would provide fungibility and ultimate privacy. Cryptocurrencies like Zcash, Dash or Monero, especially Monero, could be illegal.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#9

Post by mirimir » Sat, Dec 02, 2017, 11:13 PM UTC

21 wrote: post #3

Bank secrecy is dead* To imagine that bitcoin could change that or not abide is foolishness. * for poor people anyway, with poor meaning < $10 mil which affords you lawyers and offshore shell companies

Well, bank secrecy is as dead as governments can make it, for obvious reasons. However, for cryptocurrencies, it's mainly exchange interfaces with meatspace currencies that are hard to keep private.

If you use local wallets like Electrum, transact via Tor, mix thoroughly, and generally practice good OPSEC, your personas and their cryptocurrency can be as anonymous as you like. But only as long as you maintain compartmentalization from meatspace.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#10

Post by tfha » Sat, Dec 02, 2017, 11:13 PM UTC

Is there any evidence of Bitcoin being used by terrorist groups? Wouldn't that be a terrible idea for the terrorists?