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Author Topic: US Treasury Blacklists Bitcoin, Litecoin Addresses of Chinese ‘Drug Kingpins’  (Read 141 times)
AppliedOptimal
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August 24, 2019, 08:24:59 AM
Merited by suchmoon (4)
 #1

I think they will soon start blacklisting BTC addresses of sanctioned countries also.
It is very hard with all the bitcoin mixers and everything though.
What do you guys think? Will they be able to blacklist let's say North Korea or Iran?

Here is the link for the news from the title:
https://www.coindesk.com/us-treasury-blacklists-bitcoin-litecoin-addresses-of-chinese-drug-kingpins

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August 24, 2019, 12:51:04 PM
 #2

I think they will soon start blacklisting BTC addresses of sanctioned countries also.
It is very hard with all the bitcoin mixers and everything though.
What do you guys think? Will they be able to blacklist let's say North Korea or Iran?

Here is the link for the news from the title:
https://www.coindesk.com/us-treasury-blacklists-bitcoin-litecoin-addresses-of-chinese-drug-kingpins

Blacklisting is a failing strategy that will inevitably result in impugning all crypto users. There will be those who submit to KYC and AML regulations, giving up all of the advantages of anonymity and privacy in crypto, and the rest will be evil Chinese drug dealing, North Korean hacker, Russian meddling, global warming, Venezuelan money laundering, terrorists. This is more about trying to put crypto back in a box than controlling drug dealers. If they wanted to control drug dealers the traditional banking system is completely dependent on illicit drug money.


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August 24, 2019, 03:13:00 PM
Merited by suchmoon (4)
 #3

Gotta hand it up to them for finding a very believable excuse though. The Chinese are already kinda well known through most of Asia for drug manufacturing.

I doubt this is going to make a dent if this is their true intended purpose, there's many other outlets to launder that money. If they did managed to somehow block those addresses from making transactions then good though I don't think they'd be able to do that.

I'm afraid to say that this might really be a "test" to further restrict crypto enthusiasts.
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August 24, 2019, 10:18:27 PM
Merited by Jet Cash (2)
 #4

I think they will soon start blacklisting BTC addresses of sanctioned countries also.
It is very hard with all the bitcoin mixers and everything though.
What do you guys think? Will they be able to blacklist let's say North Korea or Iran?

Here is the link for the news from the title:
https://www.coindesk.com/us-treasury-blacklists-bitcoin-litecoin-addresses-of-chinese-drug-kingpins

It's odd, because the primary use for a fixed receiving address (I had through) would be public operations seeking donations, such as a politician or a charity.

Accepted best practice is to generate a new receive or send address for each transaction.



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August 26, 2019, 06:48:24 AM
 #5

I think they will soon start blacklisting BTC addresses of sanctioned countries also.
It is very hard with all the bitcoin mixers and everything though.
What do you guys think? Will they be able to blacklist let's say North Korea or Iran?

Here is the link for the news from the title:
https://www.coindesk.com/us-treasury-blacklists-bitcoin-litecoin-addresses-of-chinese-drug-kingpins

It's odd, because the primary use for a fixed receiving address (I had through) would be public operations seeking donations, such as a politician or a charity.

Accepted best practice is to generate a new receive or send address for each transaction.





I think the reason they might have specific static addresses is that because they might be collecting racket money.
Having a static bitcoin address and sending this to shop owners may make it easy for them. The mafia will be collecting the shop owners sending addresses, as opposed to handling hundreds of their own private keys.
But then I dont know, could be anything.

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August 26, 2019, 07:29:43 AM
 #6

Why don't they simply use whitelist strategy other than blacklist?
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August 26, 2019, 08:33:58 AM
 #7

Why don't they simply use whitelist strategy other than blacklist?

First things first.


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August 26, 2019, 04:33:29 PM
 #8

I mean : This sort of thing did work int he world of fiat, where it was simple for a bank to lock up your funds and for them to be labeled as such. But in the world of Crypto, these coins are going to be run through mixers and such -- obscuring who actually had control of the funds.

Meaning like, someone could receive blacklisted funds due to him providing a good/service for such funds, but now they're unable to use these funds / withdraw these funds on exchanges due to them being tainted.

Who knows how this is going to work out if these people actually do try to mix the coins or something like that, that's going to cause this to get very interesting.




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August 26, 2019, 07:44:39 PM
 #9

...someone could receive blacklisted funds due to him providing a good/service for such funds, but now they're unable to use these funds / withdraw these funds on exchanges due to them being tainted.....

No, I do not think that would be possible.

What you are saying is (for example) that Coinbase would not deal with those addresses.

But the "Receive address" which is blacklisted has no relation to a send address.

So now, you might argue, "But Coinbase won't send to those blacklisted addresses!"

It doesn't matter, any wallet will.
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August 26, 2019, 08:10:08 PM
 #10

oh fac

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August 26, 2019, 10:53:46 PM
 #11

There is really no such thing as tainted bitcoins, those bitcoins are just as valuable as new ones.
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August 27, 2019, 03:01:17 AM
 #12

I noticed several of the posters here suffer under the delusion that US money laundering laws have to make any logical or logistical sense. They don't. They can and will start rejecting deposits from certain addresses, and to some degree already have.


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September 02, 2019, 11:29:40 AM
 #13

Watch Bitcoin start its big climb any time, now. And here is the reason. It's taking so long because of the size of the industrious USA population, and because of the GIGANTIC balloon that the USD fiat money has become. But when fiat crashes for real, Bitcoin, silver and gold will suddenly grow big-time.


Peter Schiff: A "Great Recession" Will Hit Jeopardizing Trump's Reelection Efforts



According to a report by Fox Business, Schiff, the CEO of Euro Pacific Capital says that the United States economy is heading into a free fall that will be worse than the Great Recession of 2008. The economic forecaster is predicting the Federal Reserve (the central bank) will cut interest rates to zero and launch quantitative easing, a monetary policy where the central bank purchases Treasuries from financial institutions to stimulate the economy. "The dollar is going to go through the floor and it's going to take the bond market with it and the next crisis, it's not subprime mortgages, it's going to be in the Treasury market," he said on Wednesday. "There's no way out and it's a political disaster for Trump because the recession is going to start before he finishes this term, which means he won't have a second term" Schiff added.

This is not the first time Schiff has warned about Trump's reelection chances.  The president's best hope is that any recession holds off until after the 2020 election.

Schiff has been warning of a recession for a while now, and he has a gloomy outlook for the world's future when it comes to the centralized planning and elimination of free trade and free societies. His warnings appear to be falling on deaf ears, however, as we still have people actually defending the trade war and tariffs which have been levied on the already cash-strapped American consumer.


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September 03, 2019, 01:10:09 AM
 #14

...someone could receive blacklisted funds due to him providing a good/service for such funds, but now they're unable to use these funds / withdraw these funds on exchanges due to them being tainted.....

No, I do not think that would be possible.

What you are saying is (for example) that Coinbase would not deal with those addresses.

But the "Receive address" which is blacklisted has no relation to a send address.

So now, you might argue, "But Coinbase won't send to those blacklisted addresses!"

It doesn't matter, any wallet will.

Oh wait, I didn't even notice that.

That's beyond stupid, they didn't blacklist the receive addresses. So unless they're hoping that people are just going to 'taint' the coins by saying they're not going to deal with the coins that originated from there, they can just send them somewhere else or accept coins at another address.

This is so stupid.




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September 03, 2019, 01:55:51 AM
 #15

More proof that there is going to be a big fiat crash, leaving Bitcoin and gold and silver to rocket to the moon.


Study Discovers That If The Debt Machine Was Turned Off...



A new study has discovered that we are far more dependent on America’s great debt creation machine than most of us would have ever dared to imagine.  Today, debt is involved in most of our major transactions.  In order to purchase a home, most of us go into debt.  The same thing is true when most of us buy a vehicle.  Total credit card debt is well over a trillion dollars, and total student loan debt is now over a trillion and a half dollars.  Corporate debt has more than doubled since the last financial crisis, state and local governments are absolutely drowning in debt and unfunded pension liabilities, and the federal government is more than 22 trillion dollars in debt.  The Federal Reserve and the “too big to fail” banks are at the core of this insidious debt-based system, and it has been systematically destroying the bright future that our children and our grandchildren were supposed to have.  But if we suddenly turned off America’s great debt creation machine at this point, our entire economic system would totally collapse because we have become so dependent on it.  In fact, a study that was just conducted by Bloomberg discovered that “gross domestic product per capita would plunge into negative territory” if the ability to borrow was suddenly removed…

    The nation’s health as measured by gross domestic product per capita would plunge into negative territory without its dependence on borrowed money, according to data compiled by Bloomberg.


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September 03, 2019, 02:52:20 AM
 #16

There is really no such thing as tainted bitcoins, those bitcoins are just as valuable as new ones.

Are you saying that the fungibility of bitcoin is good enough so that no further upgrade towards fungibility is needed?
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September 03, 2019, 07:18:55 AM
 #17

I believe we should not mix things up,the guy was caught with operating shady business and if he his convicted in the court of law with any criminal intention,he should be fine,so it is not about banning bitcoin
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September 05, 2019, 10:25:36 PM
 #18

More proof that there is going to be a big fiat crash, leaving Bitcoin and gold and silver to rocket to the moon.


Study Discovers That If The Debt Machine Was Turned Off...



A new study has discovered that we are far more dependent on America’s great debt creation machine than most of us would have ever dared to imagine.  Today, debt is involved in most of our major transactions.  In order to purchase a home, most of us go into debt.  The same thing is true when most of us buy a vehicle.  Total credit card debt is well over a trillion dollars, and total student loan debt is now over a trillion and a half dollars.  Corporate debt has more than doubled since the last financial crisis, state and local governments are absolutely drowning in debt and unfunded pension liabilities, and the federal government is more than 22 trillion dollars in debt.  The Federal Reserve and the “too big to fail” banks are at the core of this insidious debt-based system, and it has been systematically destroying the bright future that our children and our grandchildren were supposed to have.  But if we suddenly turned off America’s great debt creation machine at this point, our entire economic system would totally collapse because we have become so dependent on it.  In fact, a study that was just conducted by Bloomberg discovered that “gross domestic product per capita would plunge into negative territory” if the ability to borrow was suddenly removed…

    The nation’s health as measured by gross domestic product per capita would plunge into negative territory without its dependence on borrowed money, according to data compiled by Bloomberg.


Cool

So you're telling me that in the event of a fiat sell off (as in massive fiat sell of) that you're going to see fucking precious metals be worth something?

I'm telling you right now that if there is a massive fiat selloff, to the point that countries are going under -- then you're going to see the end of all of government and the economy as a whole. No investments are going to be able to withstand this sort of selloff mostly due to the fact that most of precious metals are paper trades anyway.




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September 06, 2019, 01:27:05 AM
 #19

More proof that there is going to be a big fiat crash, leaving Bitcoin and gold and silver to rocket to the moon.


Study Discovers That If The Debt Machine Was Turned Off...



A new study has discovered that we are far more dependent on America’s great debt creation machine than most of us would have ever dared to imagine.  Today, debt is involved in most of our major transactions.  In order to purchase a home, most of us go into debt.  The same thing is true when most of us buy a vehicle.  Total credit card debt is well over a trillion dollars, and total student loan debt is now over a trillion and a half dollars.  Corporate debt has more than doubled since the last financial crisis, state and local governments are absolutely drowning in debt and unfunded pension liabilities, and the federal government is more than 22 trillion dollars in debt.  The Federal Reserve and the “too big to fail” banks are at the core of this insidious debt-based system, and it has been systematically destroying the bright future that our children and our grandchildren were supposed to have.  But if we suddenly turned off America’s great debt creation machine at this point, our entire economic system would totally collapse because we have become so dependent on it.  In fact, a study that was just conducted by Bloomberg discovered that “gross domestic product per capita would plunge into negative territory” if the ability to borrow was suddenly removed…

    The nation’s health as measured by gross domestic product per capita would plunge into negative territory without its dependence on borrowed money, according to data compiled by Bloomberg.


Cool

So you're telling me that in the event of a fiat sell off (as in massive fiat sell of) that you're going to see fucking precious metals be worth something?

I'm telling you right now that if there is a massive fiat selloff, to the point that countries are going under -- then you're going to see the end of all of government and the economy as a whole. No investments are going to be able to withstand this sort of selloff mostly due to the fact that most of precious metals are paper trades anyway.

Don't you remember Argentina, twice now since 1990? And the German Mark at the end of WW2? You could buy a loaf of bread for a wheel barrow of cash. When the value of fiat goes that low, what will take its place? Gold and silver have always been in style. And if the power grid and the Net remain, Bitcoin will become a biggie. Many people in the thousands of years of history have bartered with land. But there are all kinds of things that people have used for money in the past.

Certainly there will be a fair amount of chaos. But such has always been the case for as far back as history goes.

Cool

Don't be afraid to donate Bitcoin >>> 1JDJotyxZLFF8akGCxHeqMkD4YrrTmEAwz !
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