German Government Tracks Bitcoin Transactions To Prevent Terrorism Financing

[saturn643]

There are plenty of such news, like this newest one:
https://www.cryptocoinsnews.com/csu-financial-constraints-to-combat-terrorism-includes-bitcoin-framework-proposal/


If only they new bitcoin is not anonymous. \s Oh well. I guess this is beyond understanding of certain people that bitcoin is pseudo-anonymous and what it means.

Bitcoin IS anonymous. Even if the transactions are publicly seeable, no name is put on addresses, and being anonymous this is that.

Actually it is Pseudonymous, the address is an identifier and a pseudonym. In most cases the identity behind that pseudonym is not known, but it can be.

I think it is okay for them to do so. But it would be wrong to track transaction of non-terrorist people. I think you still can bypass this tracking.

And how would they determine who owns what address? How do you know that the person who owns the address you are tracking is or is not a terrorist? Given the pseudonymous nature of Bitcoin, it is pretty damn impossible to determine who actually owns the address.

[unent]

I think it is okay for them to do so. But it would be wrong to track transaction of non-terrorist people. I think you still can bypass this tracking.

And how would they determine who owns what address? How do you know that the person who owns the address you are tracking is or is not a terrorist? Given the pseudonymous nature of Bitcoin, it is pretty damn impossible to determine who actually owns the address.

There's not much they ca do today, but if they asked all their exchanges to provide information about customer's trades, deposits, withdrawals, and IP addresses used they could connect it all to transactions in the blockchain. New York got the Bit License, and  Germany could bring in tougher measures if there was enough support for them.

[owm123]

There are plenty of such news, like this newest one:
https://www.cryptocoinsnews.com/csu-financial-constraints-to-combat-terrorism-includes-bitcoin-framework-proposal/


If only they new bitcoin is not anonymous. \s Oh well. I guess this is beyond understanding of certain people that bitcoin is pseudo-anonymous and what it means.

Bitcoin IS anonymous. Even if the transactions are publicly seeable, no name is put on addresses, and being anonymous this is that.

I would recommend reading bitcoin.org:
"Bitcoin is not anonymous"
https://bitcoin.org/en/you-need-to-know

"Is Bitcoin anonymous?"
"Bitcoin is not anonymous and cannot offer the same level of privacy as cash."
https://bitcoin.org/en/faq#is-bitcoin-anonymous

[saturn643]

I think it is okay for them to do so. But it would be wrong to track transaction of non-terrorist people. I think you still can bypass this tracking.

And how would they determine who owns what address? How do you know that the person who owns the address you are tracking is or is not a terrorist? Given the pseudonymous nature of Bitcoin, it is pretty damn impossible to determine who actually owns the address.

There's not much they ca do today, but if they asked all their exchanges to provide information about customer's trades, deposits, withdrawals, and IP addresses used they could connect it all to transactions in the blockchain. New York got the Bit License, and  Germany could bring in tougher measures if there was enough support for them.

Right but that would only work if they were exchanging for fiat. If all the transactions were through Bitcoin exclusively, then it would not be possible to determine the identities of the people behind those addresses.

[densuj]

It is negative news if that is true price of bitcoin will down

[countryfree]

Hey, don't panic! This is just a proposal and the German government has much more important issues on its agenda right now. Besides, Germany is one country where cash still rules. You go to a supermarket, most people use cash, and that's the same if you buy an used car. If price is €10,000, the seller will expect the buyer to give him nothing else but banknotes.

[mtnsaa]

It's too late now either way and tracking is fine of course if they want to do that. The real problem is that as I said this is another stain in Bitcoin name, these are the type of news that stick in people's mind. Imagine if an european country declare Bitcoin illegal due to something like this. We'll all know the logic is flawed because fiat should be banned to, but the damage would be still be done and it would be unrepairable.

[Amph]

It is negative news if that is true price of bitcoin will down

this is only for german not europe, but it's nothing to concern about

they are basically saying that they are regulating bitcoin, if anything the price should increase