Maybe some of you read the news that came out few days ago how Biden is going to hire more people to work for IRS to make better tax enforcement and people will have to pay him $80 billion in extra funding for that.
News came out that IRS recently launched Operation Hidden Treasure for tracing cryptocurrency transactions and detecting people who are avoiding to pay taxes for undeclared cryptocurrency gains.

What is Biden administration going to do with all that money collected from people?
IRS or Internal Revenue Service is now looking for help to hack cryptocurrency hardware wallets (Trezor, Ledger, Coldcard and others) and they released must read 25 pages long PDF document in March 2021 named:
Performance Work Statement Criminal Investigation Development of Exploitation Techniques Against Cryptowallets.
In this document IRS Digital Forensic Unit admits that hardware wallets have become very secure and they need solutions and reusable tool to hack wallets, because they may have them in possession from various cases but can't break them.

This means that it is very important to have open source hardware wallets because backdoors can much easier be implemented in closed source wallets and ''secure elements'', and we may even see some new or existing hardware wallets secretly being founded by IRS in future.

Trezor wallet posted on Twitter that this is oppression of citizens and attack on individuals rights to privacy, and I would agree with that:
https://twitter.com/Trezor/status/1387863392984182787

Remember to always protect your hardware wallets with passphrases and multisig solutions and learn how to protect from $5 wrench attacks or if done by government it is called Go to Jail card.


source document

Yeah, privacy should be human right, but then again it's hard dilemma for regulators when people are using privacy to escape regulations. You might get away it for a while, but more money you are trying to hide, more difficult that's going to get. And i don't think that there's a real consensus yet how this right to privacy should be handled, because even regulators want privacy, but they also want a possibility to audit. I am looking at combination of RegDeFi and zero knowledge proofs to combat this.

Because no one want lack of privacy in the end. We need to build an opposite system for china's trackable currency. We need to be a good altervative for oppression.

Yeah good luck cracking my seed, suckers. More evidence that the gov are getting envious & desperate.

Cracking seed phrases? Are they insane, simple word, it's robbery.

Also, the bip39 would be another hindrance to them, it would require them lots of resources just to get their motive. Good luck with that lol.

One perfect example which fits here is the coinbase IPO. If the companies or individual buy the coinbase IPO, then the government can get hold of you and demand you for all sort of taxes and income sources etc but if you buy the real bitcoin and hold it in your private wallets, government hands can't reach there. Now its your choice on what you choose. 

Imagine they had an 8yo seed which was used with coin control ever since it's been generated. Having the seed means knowing its entire history and, moreover, you now know all this history is of one single person's finance. It's their wet dream..

yeah, with the seed thats the icing on the cake. yes the seed give far far more info into the history. who wants transactions you did 10 years ago scrutinized even if you did something totally legal (goat porn is legal right?).

i can build an open source trezor from the published schematics and BOM. and compile the code. so hard to hide a backdoor there at least.




to do that you 1st have to pay a one time "exit tax" on basically your entire net worth. that may or not be worth it to some.

It's kinda ironic: they're so stuck in their ways trying to control people and money, they don't realize that's why crypto was created in the first place.

Maybe Ledger can also leak send them all data they have on their customers. O wait

Don't they have the same "problem" with most software wallet and other encryption? As far as I know they don't have a backdoor to BIP38, if they eventually manage to enforce backdoors into hardware wallets, we'll just go back to using paper.

Unless they store that too, but since you can use as many different passwords as you want, that must have a limitation.

Is this hacking of wallet also connected to that of hotbit? Hotbit also complained on that in there website on attempt to hack them the past one week ago but that they didn't succeed. They shut down site for a week but have now reopened.

This is how you spot a country in trouble. A country that is promising more than it can deliver and looking for ways to make additional money at people's expense.

They're crazy if they think they can trace bitcoin when people can trade their coins for cash at any moment. Hacking hardware wallets, sure.

Biden is being laughed at by other countries when he can't find stuff, gets confused in public, forgets what he was talking about, apologizes to people. He's not a strong leader, not a healthy one too and Americans will be lucky if he lives to see the end of his presidency.