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Author Topic: anonymosity of bitcoin  (Read 411 times)
dinoloverpete
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November 28, 2017, 11:27:42 PM
 #21

We all know that most of the illegal transactions take place through bitcoins as it cannot be tracked.
But I read in some websites that many intelligence agencies have started to find a method and have had significant progress.
Is it true?would our trading be at risk as many of us earn a lot and don't pay any tax to the government.

I do not think this is true, I believe perhaps that if a government agency really wanted to find out who was behind an address they could but they would only be doing this in very rare circumstances instead of it being a thing they did for every bitcoin address.

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nasibakar
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November 29, 2017, 02:52:20 AM
 #22

Bitcoin is not annons.
There are many good anons coin there now

BTC is pseudo, it can be traced
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November 29, 2017, 06:49:53 AM
 #23

jmigdlc99 is correct, i only wanted to add one thing: the rumour bitcoin is anonymous and cannot be tracked has always been a myth. From the very beginning, bitcoin was not designed to be 100% anonymous, the best it ever did was being pseudo-anonymous.

jmigdlc99 has already indicated that converting BTC <-> fiat is one of the identification points. However, buying BTC with fiat and buying physical good with BTC is just as dangerous.
Exchanges use KYC regulations, localbitcoins might attrackt undercover LE buyers/sellers, ATM's have camera's... Every website is tracking your ip... And every on-chain transaction is on an unencrypted public ledger forever...
Although what you have said is right and government is too serious to trace the transaction details but what about when we are dealing only in cash not involving the bank transfers from localbitcoins? There will not be any identification point, i think government can't tax bitcoins over the network, your bitcoins are only taxable when converted to fiat.

Like i said in my previous post, localbitcoins isn't 100% safe either:


- localbitcoins might log your ip
- if you verified your account in some way, they have that information
- law enforcement might be setting up a sting
- there is GPS data from both you and the other party
- there might be camera surveilance at the place where you do the transaction

Sound paranoid? I'll leave you with this coindesk article, it was the first one that popped up when googling for "localbitcoins sting"
https://www.coindesk.com/localbitcoins-user-pleads-guilty-undercover-sting/

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November 29, 2017, 07:04:00 AM
 #24

We all know that most of the illegal transactions take place through bitcoins as it cannot be tracked.
But I read in some websites that many intelligence agencies have started to find a method and have had significant progress.
Is it true?would our trading be at risk as many of us earn a lot and don't pay any tax to the government.
This is one of the things that we can use from bitcoin, every bitcoin transaction is currently very well preserved and yet there is no method that can really fully know the transactions done. Perhaps the tax could be one of the reasons why the government prohibits the use of bitcoin, until now there is no tax liability for every transaction using bitcoin. I'm also worried that one day the government will take an action that can reduce the risk of bitcoin movement, perhaps one of them is by banning using bitcoin.

setupbounds
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November 29, 2017, 08:06:15 AM
 #25

jmigdlc99 is correct, i only wanted to add one thing: the rumour bitcoin is anonymous and cannot be tracked has always been a myth. From the very beginning, bitcoin was not designed to be 100% anonymous, the best it ever did was being pseudo-anonymous.

jmigdlc99 has already indicated that converting BTC <-> fiat is one of the identification points. However, buying BTC with fiat and buying physical good with BTC is just as dangerous.
Exchanges use KYC regulations, localbitcoins might attrackt undercover LE buyers/sellers, ATM's have camera's... Every website is tracking your ip... And every on-chain transaction is on an unencrypted public ledger forever...
Lol that’s true. Bitcoin is not completely anonymous as many people believes it to be. In fact, I think the whole anonymity of a thing is all fake. I have seen lots of stories where people that played scam through were captured by the government and sentenced to jail. So tell me, if those people were able to be captured and sentenced, what makes bitcoin anonymous then?


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HitiinxMary
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November 29, 2017, 08:51:50 AM
 #26

They just can track bitcoin transaction from an exchange, or to an exchange and then contact that exchange to get users info. If a transaction between 2 bitcoin annoymous wallet, they can check the ip address, but really hard.

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mocacinno
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November 29, 2017, 09:16:07 AM
 #27

They just can track bitcoin transaction from an exchange, or to an exchange and then contact that exchange to get users info. If a transaction between 2 bitcoin annoymous wallet, they can check the ip address, but really hard.

which ip address would they check? The ip address of the node that broadcasted the transaction to them? There is a really big chance that this node wasn't the node that created the transaction in the first place, but just a node that was connected to a node that initially received the transaction from the transaction creator (altough that first node also didn't know it received the transaction from the transaction creator, there is just no way to know this for sure)..

Offcourse, if you use online wallets, ip logs can be checked... But you were talking about anonymous wallet...

Also, if you really, really want, core and electrum do support tor, and a VPN can always be used if you want to.

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