EU ‘Terrorism’ Directive Would Create Centralized Database of Bitcoin Users

[conspirosphere.tk]

What do you think? Could they actually pull it in some effective way?

“The European Commission – the executive arm of the European Union – has proposed a directive aimed preventing the use the financial system for terrorist financing which includes a central database for bitcoin and virtual currency users’ identities and wallet addresses accessible to government financial intelligence units (FIUs).  The proposal seeks to require member states to bring into force the regulations necessary to comply with this directive by Jan. 1, 2017.  The updated anti-money laundering rules adopted May of 2015 marked an important step to improve the effectiveness of EU attempts to combat money laundering from criminal activities and to fight financing terrorist activities, the proposal noted.”

https://www.cryptocoinsnews.com/eu-central-database-bitcoin-users/

[Jannn]

Let's all generate millions of wallet addresses, good luck storing it.

[Hannu]

Yea, "Terrorism" i dont belive at word what they saying! 
Many people wanna do they income at bitcoins, like me 

[Tacalt]

Let's all generate millions of wallet addresses, good luck storing it.

LOL my sentence exactly, this plan will never work!

[Tacalt]

Central Banks and those who make money off them are going to find a variety of creative ways to try and fight back against decentralized currency. It wont work ultimately the power is always in the hands of the people eventually. Decentralized currency is that thing that they never saw coming that always happens that puts the power back in the hands of the masses. Obviously their will be many attempts at stopping it.

[bostiog1]

Let's all generate millions of wallet addresses, good luck storing it.

LOL my sentence exactly, this plan will never work!

I agree with you

[Shiroslullaby]

It would actually be very easy for them to store hundreds of billions of addresses.
Its such a small amount of text. The database would be huge, but some countries would be able to do it.
The harder thing would be to track all the internet traffic and watch transactions coming to and from the addresses.
As more people use bitcoin and more addresses are sending coins, keeping track of all that data is what would become massive.

[Jannn]

It would actually be very easy for them to store hundreds of billions of addresses.
Its such a small amount of text. The database would be huge, but some countries would be able to do it.

I can make more addresses than my internet connection can upload.

[Karartma1]

http://directory.io/
I suggest them to play with this fake database! Good luck with it!

[European Central Bank]

future terrorism probably won't need outside funding. the guy in nice probably spent a few hundred euros on hiring the truck and guns. the spectaculars with cross continent coordination and cells everywhere ain't really needed any more.

anyway the important wording here is 'gatekeepers'. that means exchanges, coinbases and xapos, not blockchain.info or bitcoin qt. they're already obligated to keep all these details. all this legislation would do is pool it.

[Dassi]

If you look at it, this directive makes a lot of sense, really.

One of the main reasons people hesitate to use cryptos is that criminals use it a lot in their business transactions.

Removing the veil reassures people of the sanctity of the industry.

[merelcoin]

If this ever becomes a reality, we would all be forced to upload tons of new addresses each month... Unless the governement forces us to use HD wallets so they can just ask our xpub, but i seriously doubt they would be tech savvy enough to actually grasp the concept (at least, i seriously doubt MY governement would be tech-savvy enough).

[konovalets]

If this ever becomes a reality, we would all be forced to upload tons of new addresses each month... Unless the governement forces us to use HD wallets so they can just ask our xpub, but i seriously doubt they would be tech savvy enough to actually grasp the concept (at least, i seriously doubt MY governement would be tech-savvy enough).

No, if this legislation will be applied, absolute majority of non-EU bitcoin users will not use EU bitcoin services. A lot of EU bitcoin businesses will move to other countries. That's all