Why The FBI Aren’t That Big On Bitcoin

[gmjutt6]

At the end of this article he posses that:
Sadly though, it seems that over the next few months, the FBI could start working towards making the lives of crypto investors very difficult indeed.

I don't think so because the blockchain technology is now in every home almost. And it is not easy. But I am little bit confuse if FBI will go against the Crypto investors then what will be happen?

Source: https://cryptodaily.co.uk/2020/07/why-the-fbi-arent-that-big-on-bitcoin

[coolcoinz]

They are obviously afraid that decentralization will make their job harder. Every single day the FBI is trying to connect people, and evidence together and the more we are able to do in the Internet the harder it is for those old knuckleheads who got their training in the 80s and 90s to put all the pieces together. Times change and if not through Bitcoin it would be through something else that they'd lose their grip. Old people have to either learn and evolve or be replaced by new, younger agents who grew up playing computer games, jailbreaking phones and mining cryptocurrencies.

[20kevin20]

They are already making our lives difficult, just take a look at how the regulations progressed from "the grey zone" to abuse within a matter of years. The struggle US investors had after trading when it came to reporting their gains to the authorities (IIRC, they had to prove and list every single little transaction in the report), the struggle privacy-conscious users are having with KYC, the bad look individuals/companies have been getting for trying to accept crypto, the way XMR and mixers are now getting targetted and the list goes on..

[fiulpro]

At the end of this article he posses that:
Sadly though, it seems that over the next few months, the FBI could start working towards making the lives of crypto investors very difficult indeed.

I don't think so because the blockchain technology is now in every home almost. And it is not easy. But I am little bit confuse if FBI will go against the Crypto investors then what will be happen?

Source: https://cryptodaily.co.uk/2020/07/why-the-fbi-arent-that-big-on-bitcoin

If you do think that your information is not with the FBI even right now , I think you might be wrong .

It's more or so a known fact that the apps we use like Facebook and all , do sell the user's data to the government of different nations , at the same time if someone did file a complain against you or if you did something questionable then people might be tracking your every step .

Now the government is forcing the wallet companies to use KYC , at the same time they are forcing banks to do KYC too , or else they just shut off the account and you have to do a lot of things to make it work again , therefore when you buy cryptocurrencies from your bank accounts or when it's being deposited there , that information is easily accessible to the government body at the same time blockchain stores the data of any transaction forever which can be used by anyone .

I do think FBI have realized this by now and would be using this to track people they think are fishy.  If they did not make life difficult for the investors right now I do think they will do it in the future too since blockchain is providing them with data which can be accessed if the person is crypto savy , honestly I don't think they will make anything difficult for anyone.

We already have more transparency than the governmental system.

[pawanjain]

I guess the FBI is already after bitcoin for many years now. Since the beginning of the Silk road crimes related to bitcoin were taking place over all and I guess FBI would have been after bitcoin since then. Though the crimes related to bitcoin might have reduced now, it surely would be in the blacklist of FBI.
I don't think crypto investors should have to worry about their investments if they are showing their earnings to the government.
So as long as you are not doing anything illegal then you are good to go.

[Fundamentals Of]

We certainly cannot tell whether or not the FBI is interested in shutting Bitcoin down. Much of their business is out of the public's observation after all. What I think to be more or less certain is that they must have already heard or known a great deal about Bitcoin.

But what's the point waging a war against it? They cannot shut down Bitcoin. Even the name Satoshi Nakamoto is unfathomable.

[avikz]

I guess the FBI is already after bitcoin for many years now. Since the beginning of the Silk road crimes related to bitcoin were taking place over all and I guess FBI would have been after bitcoin since then. Though the crimes related to bitcoin might have reduced now, it surely would be in the blacklist of FBI.
I don't think crypto investors should have to worry about their investments if they are showing their earnings to the government.
So as long as you are not doing anything illegal then you are good to go.

Absolutely right! There are two parts of the story really. The first step is IRS who ensures that people declare their crypto holdings and pay taxes on it. The second part is FBI who ensures any illegal things are investigated and the criminals are caught. But if a normal person is declaring their crypto income to the government, there's very little FBI can do against that person.

So for a common man, there's nothing to worry. But yes, if you have done something illegal using cryptocurrency, then you can fear about upcoming bad time.

FBI knows it very well that they can't stop or control cryptos. If it was within their reach, they would have done it already. They can only find out anomalies and wrongdoings!

[gentlemand]

This sentence stood out - 'Overall, we think the FBI might be being a little naive with these comments.'

They've been gifted with a public and eternal record of every transaction that will ever take place. That makes their job rather easier.

People will point to Monero but we see right now that many dark market types value the convenience of Bitcoin over proper anonymity. Properly private coins will be pushed out of all legit exchanges eventually so will become even more fringe.

[o_e_l_e_o]

It's more or so a known fact that the apps we use like Facebook and all , do sell the user's data to the government of different nations

I don't think it's a case of selling data. They sell data to advertisers and the like - governments simply demand the data, or pass laws requiring them to build backdoors in to their sites and software so the government can access the data whenever they like.

Since the beginning of the Silk road crimes related to bitcoin were taking place over all and I guess FBI would have been after bitcoin since then.

There is a big difference between shutting down Silk Road and attacking bitcoin itself. When the FBI bust money launderers, they aren't attacking fiat as a concept.

We certainly cannot tell whether or not the FBI is interested in shutting Bitcoin down.

I'm pretty sure they aren't. They are interested in catching criminals who use bitcoin, but they don't want to attack bitcoin itself. They can't shut it down due to it being decentralized, so the best they could manage would be to ban it in the US. Doing so puts the US at a massive disadvantage in using a global currency, and shuts the country off from an emerging market. Doing so would give more power to countries looking to destabilize USD.

[wxa7115]

They are obviously afraid that decentralization will make their job harder.

I do not think they are worried about that after all if that was true then other countries will have to rely more on them to trap people and this is something that could benefit them as they could gain an upper hand in almost any negotiation.

But this is not true, the blockchain is there to be accessed by anyone that dares to try unlike what happens to fiat, so if a criminal at some point made a mistake then even if the current technology cannot catch him now it could happen in the next decade or two, think of this the same way we think of DNA now, decades ago a criminal could have left some blood on a crime scene but at the time no one could do anything with it but once the science of DNA advanced they could catch the culprit.

[Ryker1]

Well, I think they are already into that matter. Bitcoin fraud belongs to cyber crimes and the FBI should after those people who committed crimes but there are some instances that FBI perhaps lack of evidence due to bitcoin is decentralized and FBI cant able to trace on it. But once they were proved and able to trace not only in bitcoin transactions, --they surely punish. Besides, if you will research the FBI towards cryptocurrency they always have given advice to those who invest in scheme projects.

[hatshepsut93]

The FBI don't have the power to ban Bitcoin, they can only ask the Senate to do it, like they probably do with phone encryption and private messengers. But the more popular Bitcoin becomes, the less likely it will be banned, because it would negatively affect the elections - if even a few percent of the population are into Bitcoin, their votes can be deciding.

[Baofeng]

Isn't it they are already on bitcoin? they shutdown Silk Road and then the BTC-e case? So I'm sure big brother is watching every our move here, and I wouldn't be surprised if they are already building a case against the Twitter hacker. But to shutdown bitcoin, it will take more than that, they need the power of US Congress to technically help them.

[KrisAlex18]

I don't know why they are taking apart with bitcoin well, in fact, they shouldn't because bitcoin or cryptocurrency is decentralized, they should go away and leave all the bitcoin users alone. They are really making our lives difficult if they will give some restrictions on it but I'm still hoping that they wouldn't. The government is pushing themselves in bitcoin because they know how beneficial bitcoin if they have a chance to put a tax on it, then they will because it's their benefits. FBI has no right to do it with bitcoin or to the bitcoin user because of its not a government rights or property.

[Fundamentals Of]

Isn't it they are already on bitcoin? they shutdown Silk Road and then the BTC-e case?

They shut down Silk Road for being an illegal market and not for accommodating the use of Bitcoin. BTC-e was closed and taken over due to laundering cases. All their accusations against these markets might really have some solid grounds.

But to shutdown bitcoin, it will take more than that, they need the power of US Congress to technically help them.

No political power however strong can shut down Bitcoin. No less than a US congressman himself admitted that in front of his peers when he said that efforts stopping Bitcoin are all futile as Bitcoin is unstoppable.

[davis196]

At the end of this article he posses that:
Sadly though, it seems that over the next few months, the FBI could start working towards making the lives of crypto investors very difficult indeed.

I don't think so because the blockchain technology is now in every home almost. And it is not easy. But I am little bit confuse if FBI will go against the Crypto investors then what will be happen?

Source: https://cryptodaily.co.uk/2020/07/why-the-fbi-arent-that-big-on-bitcoin

Most of the crypto investors and cryptocurrency exchange platforms around the world are outside FBI's jurisdiction(unless FBI is about to become the global police,which won't happen if Trump gets re-elected).
You are wrong about blockchain technology being "in every home".We are not even close...
I'm OK with the FBI chasing scammers and hackers that are using Bitcoin.How can that make the life of the average crypto investor "more difficult"?I should make our lives easier,when there are less scammers.

[DoubleEdgeEX]

Maybe it´s more the SEC, the FATF and local regulators that makes it harder. The market itself is also too small to get involved in a big way. Silk Road and co will find a way around anyway