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Author Topic: Europe wants end to anonymous Bitcoin transactions  (Read 3205 times)
blunderer
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February 13, 2016, 10:07:30 PM
 #101


Please understand that it's not the technology that's being regulated, but the movement of real, what folks here call "fiat toilet paper" money, into it.
You can send bitcoins to each other all you want, AFAIK. Even trade them for other shitcoins.
It's when you want to exchange them for *real money* -- that's what they want to regulate. They probably will, too Smiley

I understand. I made a post about it (https://bitcointalk.org/index.php?topic=1362191.0). You can regulate the beginning or the end - either the exchange or the person in possession of BTC. But with money laundering and anonymity its very hard. You can just buy bitcoins in dark alley using hard cash and there is no trace of it.

You can also have BTC that you know that comes from a shady deal so you go on the exchange sell them. Use the money you got from the deal and buy bitcoins again using a different valet. Technically clean BTC.

But how will you regulate the exchanges? I mean the owner of the exchange cannot do a background check on the btc incoming from the internet, when someone is selling them. So all they can do is to ask you where did you get the money you are using to buy bitcoin? And that is already done by the company that owns your debit/credit. The place for regulation is very little. But every bitcoin exchange is under reasonable doubt that it helps to mediate a money laundering.

And as you correctly said the technology cannot be regulated.

>You can just buy bitcoins in dark alley using hard cash and there is no trace of it.
Yeah, you could. Rather illiquid, and then you're stuck with BTC that you have to *sell in a dark alley*. Nowhere as convenient as doing it at an exchange that doesn't require any ID, amirite?

>Technically clean BTC
Or use a dice site/tumbler/btc2shitcoin exchange. Cleaning BTC ain't a problem, unless we're talking massive amounts.

>And that is already done by the company that owns your debit/credit.
Exchanges (well, unless you call Circle an exchange) don't do debit/credit cards, afaik.

>cannot do a background check on the btc incoming from the internet
Has your ID. Banks don't do background checks on garbage bags of bills you bring in either, but I'd advise against doing so.

>The place for regulation is very little
The most important bit is your BTC transactions will suddenly not only be linked to a BTC addy, but to your IRL identity. Along with your money transactions. And, of course, the exchanges will be held accountable/heavily audited, so shit like Sherm will be much more likely to happen.

Sure, nothing is perfect--murder and child porn are illegal, but they do exist. Regulation will simply make shit more difficult. Although not altogether impossible.
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aardvark15
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February 14, 2016, 02:05:31 AM
 #102

Merchants that accept Bitcoin transactions mostly know who the customer is.  However, it's much harder to track the identity of individuals making private transactions.  That will always be mostly anonymous (unless Bitcoin is completely changed).

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