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EU to make Bitcoin traceable, ban anonymous crypto wallets

euronews.com

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Re: EU to make Bitcoin traceable, ban anonymous crypto wallets

#61

Post by lottin »

mech422 wrote: post #19
frankbreetz wrote: post #10

Earlier quoted context omitted.

El Salvador is trying to use it a currency. Well, I still wouldn't consider it a currency since pretty much everything will be priced in dollars, but they are using to transfer value. One of the man reasons for this was to send home remittances. Many people still believe Bitcoin could at least be used to transfer value, like a currency. AMC, Starbucks, and United Wholesale Mortgage are all looking into accepting it.…

Bitcoin is generally considered a 'store of value' rather then a day to day 'currency'... Sorta like a savings bond vs a credit card And a few years back, before the transaction fees got so high - there were a few places that took it. NewEgg comes to mind.

It's marketed as a store of value. The fact is value can't be stored reliably anywhere. And storing it in a purely imaginary asset, of all things, seems about the dumbest idea.

Re: EU to make Bitcoin traceable, ban anonymous crypto wallets

#62

Post by burnished »

nenadg wrote: post #34

Pure wapor. How will they ban anonymous wallets?

Look, where I live weed was decriminalized relatively recently. I could still get weed before, but I couldn't rock up some where and get a CBD soda, or a vape cartridge, or nice edibles, or a variety of products. In the same way you say "how will they ban anonymous wallets" you might say "how do you criminalize a plant", and thats by making possession illegal and following up on that by targeting people/places they expect to find said things. They don't have to make it physically impossible, they just need to introduce enough friction into the process that for most people it stops being worthwhile.

Re: EU to make Bitcoin traceable, ban anonymous crypto wallets

#64

Post by peter303 »

Animats wrote: post #51

The crypto world is running out of safe havens. China cracked down, and cut the power to large Bitcoin farms. In the US, the SEC and CFTC have been tightening up on crypto-related things that look like securities and things that look like exchanges. Israel kicked out the binary option crowd, which overlapped with the crypto crowd; they seem to have moved to Bulgaria. Now the EU. The bigger countries are in general ti…

But the aggregate value of crypto is comparable to the US currency in circulation: two trillion.

https://futurism.com/the-byte/cryptocurrency-worth-more-than...

Crypto has a muchlower velocity of trading than currency.

Re: EU to make Bitcoin traceable, ban anonymous crypto wallets

#65

Post by rootusrootus »

reidjs wrote: post #50
rootusrootus wrote: post #24

Earlier quoted context omitted.

Does it have a particular advantage over something like Venmo or Zelle? At least in the US?

I think Venmo has a limit on how much you can transfer in a day

That is a good point. It looks like they have a $4999.99 limit in any seven day period [0]. That is also the single-transaction limit (though there are some variations if you are doing transactions with a merchant and not another private individual). Zelle has higher limits (over seven days, at least), but more of them. $3500 in a day, $10000 in a seven day period, or $20000 in a 30 day period [1].

So for certain high-dollar cash-equivalent transactions, these might not be the best choice. Though personally I think I'd probably end up using something more formal if I were transferring that kind of cash in a single private party transaction.

[0] https://help.venmo.com/hc/en-us/articles/221010968

[1] https://www.bankofamerica.com/online-banking/zelle-transfer-...

Re: EU to make Bitcoin traceable, ban anonymous crypto wallets

#66

Post by sennight »

Animats wrote: post #51

The crypto world is running out of safe havens. China cracked down, and cut the power to large Bitcoin farms. In the US, the SEC and CFTC have been tightening up on crypto-related things that look like securities and things that look like exchanges. Israel kicked out the binary option crowd, which overlapped with the crypto crowd; they seem to have moved to Bulgaria. Now the EU. The bigger countries are in general ti…

> Cryptocurrencies haven't hit a recession yet, and we're getting close to one.

We've been in a recession since Feb 2020...

Re: EU to make Bitcoin traceable, ban anonymous crypto wallets

#68

Post by ajkdhcb2 »

volta83 wrote: post #45
gfodor wrote: post #38

In other news, the government has declared by decree that nobody is allowed to memorize seed phrases anymore. Also, multiplying prime numbers is now illegal. edit: Downvotes are funny because we are almost certainly going to see laws passed in the next few years that are functionally equivalent to the rules stated above.

The downvotes you are getting is for not reading the article. Your comment is not on-topic.

The title is simply incorrect and clickbait, so it should be changed. I think that is a quite relevant point

Re: EU to make Bitcoin traceable, ban anonymous crypto wallets

#70

Post by seriousquestion »

gfodor wrote: post #38

In other news, the government has declared by decree that nobody is allowed to memorize seed phrases anymore. Also, multiplying prime numbers is now illegal. edit: Downvotes are funny because we are almost certainly going to see laws passed in the next few years that are functionally equivalent to the rules stated above.

To build on this; Is code equivalent to speech? Is Bitcoin free speech?
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