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

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

#81

Post by tehlike »

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

Monero could. Fungible, and private by design.

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

#83

Post by tehlike »

almostApatriot1 wrote: post #28
nlperguiy wrote: post #8

Earlier quoted context omitted.

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

I say good. Those coins don't need to go mainstream so they can be held, pumped, and dumped. Let people use them for buying drugs.

Monero is fascinating, unlike other pump and dump coins.

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

#84

Post by stale2002 »

EGreg wrote: post #74
teawrecks wrote: post #46

Earlier quoted context omitted.

Because at no point is your identity tied to the address.

But your identity IS tied to the address as soon as it is used in a physical transaction with youon camera. That's the whole point. Know Your Customer and Anti Money Laundering is all about preventing anonymous online transactions where real world goods are bought. So ultimately, how are you going to buy them? Send a homeless guy in to be on camera?

Yes, and all the coffee shop knows is that you paid them money from an account that has a couple hundred dollars in it.

You have your cold storage where most of your money is, and you have new wallets for the purpose of hold your X thousand dollars of general spending money.

In the same way that a coffee shop can notice that you have physical dollars bills in your wallet that you just pulled out to pay from.

If your coins were mixed (or transferred through monero and back again, or whatever), it can't be tracked where the money came from.

And this isn't even getting into the really interesting stuff that is coming down the pipeline, such at decentralized exchanges.

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

#85

Post by tehlike »

Maarten88 wrote: post #72
CryptoPunk wrote: post #36

Earlier quoted context omitted.

It is a violation of privacy rights.

Is there any right to keep your possessions private from the tax agency? Last time I checked, everyone had to specify everything of value owned, and sign for it, to calculate capital taxes due (I live in the EU). This includes BTC holdings. We have to trust the tax agency to keep tax data confidential. It surprises me that the US needs to change laws to require this only now. I'd say the wording of the old laws were…

Very true. The difference is people like to be in the gray area, and treat btc wealth as hidden and nontaxable. Now they will have hard reason to declare their coins and the source of them.

On the flip side, i am not sure if there is any reason for "any body else" to know my networth, if i am not generating a taxable event.

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

#86

Post by EGreg »

stale2002 wrote: post #84
EGreg wrote: post #74

Earlier quoted context omitted.

But your identity IS tied to the address as soon as it is used in a physical transaction with youon camera. That's the whole point. Know Your Customer and Anti Money Laundering is all about preventing anonymous online transactions where real world goods are bought. So ultimately, how are you going to buy them? Send a homeless guy in to be on camera?

Yes, and all the coffee shop knows is that you paid them money from an account that has a couple hundred dollars in it. You have your cold storage where most of your money is, and you have new wallets for the purpose of hold your X thousand dollars of general spending money. In the same way that a coffee shop can notice that you have physical dollars bills in your wallet that you just pulled out to pay from. If your…

So now you are on the hook for using coins that have gone through a mixer.

The governments have the most leverage over exchanges and whoever "cashes out" Starbucks. If they tell them to stop taking coins that have been through a mixer then what are you going to do? China for example recently banned all exchanges period.

We need the majority coins to go through mixers same we need more people to use TLS / Tor / whatever for there to be any strength in numbers. And even then, Russia and China can do practically whatever the government wants:

https://www.google.com/amp/s/www.thesun.co.uk/news/2578222/v...

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

#90

Post by tehwebguy »

rothbardrand wrote: post #15
chroem- wrote: post #6

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

And freedom. Remember, freedom is scary. To the downvoters: Seriously it is. For example: Can you imagine what would happen if we allowed people to have bars? People are expected to DRIVE to a BAR and DRINK! Can you imagine what people would do then, if we legalized the existence of bars? People would drive home drunk! Banning bars is obviously the right thing to do!

You’re being downvoted for sarcasm.
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