Bitcoin Forum

https://www.deepdotweb.com/2016/02/27/eu-plans-to-end-anonymity-for-bitcoin-and-prepaid-card-users/

its not about bitcoin directly.

they are not going to require KYC per bitcoin public key.
its only about the FIAT gateways into bitcoin, such as exchanges.

basically if the exchange offers euros, expect to be required to register as a euro money transmission business

infact expect the same for any fiat currency no matter what it is, to register with the country that fiat is native to

I strongly believe their using this excuse (criminal activities) as their main reason for doing this, even though it has been proven already that criminal don't use these types of payments. What their trying to do is to take control and it has been like this forever.

Well this certainly was not proposed by someone smart. There is nothing really that they can do about it. This is a very foolish act when in fact only a small percentage of illicit actions are tied to digital currencies. I'd like to see how exactly they plan on doing this.

Indeed. Just another attempt to take more of our privacy and control over more aspects of our lives.

Why are they targeting pre-paid cards too? I haven't heard of anyone laundering money through such cards and there are far better, more inconspicuous ways to transfer money than through pre-paid cards. So now I need to give out my ID card to the kiosk guy I am buying a pre-paid card form?

whats next... giftcards?

imagine getting a giftcard for someone, but being told you need to fill in a form, name, D.O.B, social security number, address. and then when you gift it to someone they too need to register their details.

and then bam.. arrested for laundering money because the recipient is not the same person as the gifter.

it makes me laugh but its all possible

They want to control everything guys, because people through bitcoin will not pay taxes and other duties to the government. Will the mixers help people avoiding these taxes?

Well in the US what they make you do is register your pre-paid card with the bank online before you can fully unlock it. You can still buy reloads from the kiosk anonymously but you usually can't use them to refill an unregistered card. It wasn't like this just a couple of years ago.

you can mix coins all you like. but if your going to convert it back to FIAT.. you need to expect to be taxed

I understand now, at the end point we need to expect to be taxed, maybe selling privately person to person would avoid taxes? I don't think we need to pay taxed for private deals.

If you're making profit then you're gonna be taxed. Avoid if you like but if you have a lot then take the hit and keep smiling. Sounds like a lot of work hiding big amounts of money.

Or you can use bitcoin directly to buy whatever you want ;) without convert BTC to fiat.

Its a bad news, i am using bitcoin because of the anonymous factor, if this really happen, i think i will try to look for other coin that can provides anonymity

bitcoin has never been so anonymous...it is/was rather pseudo-anonymous.

Yes, this is the best case buying directly through bitcoins as some deals here in the Goods board.



What if i didn't made any profit, let's say that i lost 1% trading on exchanges and want to get out of the 'game', why should i pay taxes?

It is typical, they find that bitcoin isn't being used for terrorism, but they need to control it anyway.
I don't mind having a KYC for a reputable exchange, but when I spend my bitcoin at a bitcoin accepting establishment, there should be anonymity.

We don't have to show ID when we pay in cash, it should be the same for bitcoin

Tax something they deem illegal and also supports "terrorism". Beautiful.

Yeah, all mixing is going to do is possibly taint your coins even more with other coins that are there used for "criminal activities"... That's mainly why people mix Bitcoin's anyways. Then you could run into the problem of exchange sites not accepting your Bitcoin's if the amount of taint is too high. I know it's not so likely right now, but if all this government regulation comes about, they might force exchange sites to do this.

This is one example of why fungibility is important.

Central governments are desperately trying to maintain their power. This FIAT-exchange is just a temporary thing, the moment you can just pay with bitcoin, it won't be needed anymore.
Who needs a prepaid card if you can just pay by scanning a QR-code?

Unfortunately this is what a lot of people don't realize. The chances of getting 'tainted' coins when using a mixer are quite high IMO. This is why I avoid these methods and there are better ways of getting a different set of coins.

Indeed.

Exactly. A lot of people seem to misunderstand this anonymity. There are better variants if you need more anonymity (e.g. Monero). I doubt that they'd legalize a completely anonymous coin though.

well it depend, there is a common mixconception here

bitcoin is actually fully anon if you only move your bitcoin from one place to another, unless you can telling me what was my lost coins that was moved from one address to another on the chain

instead if you associated a shipping address or you do it on a exchange with a bank account, i can agree that it's not anonymous anymore

This is why it should be considered pseudo-anonymous, it doesn't exist anything in this world that it can be considered 100% anonymous.

Fighting the terrorism is just a pretext for all those bureaucrats who listen to the big banks to try to kill Bitcoin. The only thing they can do is to close bank accounts of the exchanges that don't want to cooperate. For the moment I only see Kraken. I'm not really an expert in exchanges, so there might be more. I hope that they will be smart enough and will go in a sympathic country that will let them do what they want.

if you see the whole picture yes, you can said so, but you can choose to follow the total anonymous way with bitcoin, and be perfectly untraceable