What will be the Bitcoin price if "self-reporting of every wallet address"

[casinotester0001]

I just read this in another thread:

I just don't think the US government will allow it to go on forever though. Not for US citizens anyway.

I agree, and the mandatory question right at the top of Form 1040 is just the beginning. No doubt the government will want full self-reporting of every wallet address you control in the future. But the fact remains - if you fail to comply with fiat regulations, then the government can take your fiat out your bank accounts with ease. If you fail to comply with bitcoin regulations, the government can't take anything unless you hand it over to them.

If that happens, what will the price make? Because before that comes, I would sell all my early mined Bitcoin (2010 - 2011). Then Bitcoin wouldn't be Bitcoin as I knew it anymore.

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[mocacinno]

Nobody knows what it'll do for the price...

If it's just the US government trying to clamp down on crypto users again and again by doing stuff like this, i doubt it'll be good for the price tough.

[Sandra_hakeem]

I just read this in another thread:

If that happens, what will the price make? Because before that comes, I would sell all my early mined Bitcoin (2010 - 2011). Then Bitcoin wouldn't be Bitcoin as I knew it anymore.

You can't be curious to make unduly price charts prior the new-age-evolution? Or you probably can? That's impossible: maybe it'll stoop too low,maybe not but that's not even the important question here.

Makes me feel you haven't taken the greed in the so-called normalized democracy into consideration? If you have, you'll understand that the US government haven't been able to curtail the minor effects of inflation on its citizens, having Petro-dollar on thier monetory system as a "medium of exchange", so what makes you think they'll be able to control the new world's digital currency- as a store of value- ?
This simply means- in my own little cognitive - that the price will definitely DROP but may be controlled.
 I'm just making a quick thoery and it dawn on me. I decided to make it self explicable.

Cheers
Sandra❣️

[CryptoHeadlineNews]

I just read this in another thread:

I just don't think the US government will allow it to go on forever though. Not for US citizens anyway.

I agree, and the mandatory question right at the top of Form 1040 is just the beginning. No doubt the government will want full self-reporting of every wallet address you control in the future. But the fact remains - if you fail to comply with fiat regulations, then the government can take your fiat out your bank accounts with ease. If you fail to comply with bitcoin regulations, the government can't take anything unless you hand it over to them.

If that happens, what will the price make? Because before that comes, I would sell all my early mined Bitcoin (2010 - 2011). Then Bitcoin wouldn't be Bitcoin as I knew it anymore.

Giving self reporting of our wallet transactions to government will be the worst attack ever on the primary purpose of Bitcoin,  because if such policy mistakenly happens to be executed, then the anonymousity of Bitcoin is dead already, but I strongly doubt such can  ever be possible, because Bitcoin is a worldwide currency and not just for citizens of US alone, because had it been Bitcoin was only for US citizen then that would have been the most tragic news ever.

[DaveF]

Very little, perhaps a small upward tick but nothing major.
Big players report now anyway, anyone using a US based regulated exchange report now anyway.
Some people may not report everything or like others fudge the numbers a bit for tax reasons, but the big users moving a lot of BTC / crypto in general are already giving that information in terms of fiat value.

As for the loss of privacy, some people may leave, more may come onboard. Look at Cannabis stocks once they hit the market and people could invest they did fine.
Yes, their price is down now but that is more due to market saturation then anything else.

-Dave

[mk4]

It would suck, but I don't think the negative price impact would be that big. A lot of people who acquired their bitcoin privately would just be secretly holding their BTC safely using their non-custodial wallet.

With that said, we need better privacy tools that are easy for beginners. Probably a privacy-by-default wallet.

[Apocollapse]

Self-reporting of every address is a concern for Bitcoin enthusiast who really care with his privacy, since Bisq is a decentralized exchange that anyone use to get better privacy, according about their trading volume which stable around 100 BTC/day [1] is really a low number compared to the whole centralized exchanges volumes which $24,228,003,721 [2] or 1,225,705 BTC.

I think it doesn't make Bitcoin price would drop, probably slight a bit decrease since most people aren't care with their privacy.

[1] https://bisq.markets/
[2] https://coinmarketcap.com/currencies/bitcoin/markets/

[franky1]

tl;dr:
if people avoid using exchanges(which other people use as a price indicator). then that can affect the price due to how many sellers/buyers are trading.
and if their main reason for not using exchanges(price indicators) is idiots scaring them to avoid exchanges. due to some idiot theory of some silly fantasy requirement to inventory list all assets by ID/ref(something IRS dont ask) then yes the silly drama fud can cause a price change.

yet. this silly conspiracy theory of government overwatch all trades, has been debunked

based on the content of the topic message..

im not from the US. but looking at the form 1040(main page)
no where does it ask to list every share holding, every stock option, every asset you own

and the top question of the form is about your marital status
attachment 1 (schedule1) does not ask to list stocks/shares/assets by name reference number or id
neither do any of the other attachments

they only ask for AMOUNT totals of any gains/losses incurred.

OELEO makes things up to scare people into thinking bitcoin is not fit for purpose by saying people shouldnt use bitcoin due to whatever silly reason he implies, to then advertise some other service/network he prefers
(because those services/networks only work if more people use it and at the moment those services dont have much adoption, so he is stuck with limited use himself over on those services)
as with all assets and investments in most countries. you only declare any profit/gains. you dont need to inventory list every item of value you have

if you dont sell, you dont gain/lose
.
for years anytime anyone cashed out back to fiat, they are suppose to total up the fiat income/gains they incurred that year.

so no change..until they sell for profit
as for other forms (not mentioned in topics message)
there are SAR and CTR forms that exchanges and financials services INCLUDING YOUR OWN BANK report behind the scenes on their customers. which everyone already should be aware of for many years that central exchanges will report.

alot of people avoid central exchanges, thinking they can escape the CTR reporting by exchanges.. which means that people looking for a price based on exchanges. if there are a lack of exchange customers. means that the price can vary.
EG if there are less buyers on an exchange. and too many sellers. then that can affect the price.

yep the same people saying bitcoin is not fit for purpose and trying to advertise some other middleman service or some other network.. are the same people that are telling people not to use exchanges..

i personally think people should not use exchanges as a custodial wallet for long time store, but to just exchange fiat for bitcoin. it doesnt matter if you use a CEX or a DEX. because your BANK (wire transfer when cashing in-out) will still send their own CTR to the IRS.
thus you cant hide it when doing any wire transfers in and out. no matter if its CEX or DEX.
infact using DEX of funnelling wire transfers in and out of random people, becomes more suspicious to your bank(localbitcoin.com users found this out ages ago which is why people stopped using it in the end as it become no different than using anything else.. those doing alot of trade were being spotted by banks as a unregistered msb.. which some using DEC are now experiencing the same)

the only way to truly hide any income, is to do suitcase of paper cash trades for bitcoin.. true over the counter /off market trades. which dont contribute to the main exchange volume, price changes

[o_e_l_e_o]

Then Bitcoin wouldn't be Bitcoin as I knew it anymore.

I disagree. Bitcoin would still be bitcoin. Just because some tyrannical government wants to spy on all its citizens' every move, does not make bitcoin any less bitcoin.

Still, this kind of thing is already in the pipeline, as I mentioned in the quote OP provided. The most recent development I am aware of is the government trying to force people who use centralized exchanges to perform KYC for their withdrawal addresses. Then a bunch of crypto developers who should have known better designed and implemented an entire protocol to help with that, known as AOPP. Thankfully due to community backlash the majority then dropped their support: https://bitcointalk.org/index.php?topic=5383299.0

-snip-

As usual, a stupid strawman from franky1 since at no point did I say anything even close to what he is claiming. What I said was:

I agree, and the mandatory question right at the top of Form 1040 is just the beginning.

Here's Form 1040: https://www.irs.gov/pub/irs-pdf/f1040.pdf

The very first question after you name, address, SSN, etc.:

At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?

And as I said, this is the beginning. Given that governments want exchanges to only process withdrawals to KYC linked addresses, then it is quite clear that they want to move to a system where everyone's bitcoin holdings are known to them, and that private addresses are a thing of the past.

[franky1]

Then Bitcoin wouldn't be Bitcoin as I knew it anymore.

I disagree. Bitcoin would still be bitcoin. Just because some tyrannical government wants to spy on all its citizens' every move, does not make bitcoin any less bitcoin.

seems you have amnesia
we have already been through this
governments are not watching every transaction
they dont have the resources/labour/time/money to watch everything. never have never wil
tone your paranoia down a bit.

they ask financial services to watch out for certain things, and for those services to do their own investigations to then report only the very suspicious/highly interesting events.

put it this way. (math doesnt lie)
there are 1.7k tx for bitcoin per block. = 89,352,000tx a year
yet there are not ~90m SAR CTR reports a year (yep google search can show you the SAR CTR report stats)
(and thats just counting bitcoin let alone all the other altcoins and fiat deposit/withdrawals)

IRS forms do not ask you to list every share certificate number, stock ID or crypto address

i am starting to think your over conspiracy/paranoia and lack of actual research is based more on some drug induced creative thinking. which might explain what your are trying to hide away from them finding out what you buy. (logic/common sense)

i got nothing against anyone having their own recreational use of drugs, but in your case,, calm it down a bit, i think your taking a bit too much.

..
things you need to actually know and research

bitcoin 2009-2014 was not defined as a currency in regards to legislation. so the need to declare it was comparable to the need to declare pokemon cards/beanie babies, jewellery..
but since bitcoin was lobbied and pushed to being recognised as a currency.. THEN currency rules applied.

yep with all rights also comes responsibilities.
its the downside of mainstreaming as a currency.. that currency rules apply

but these rules are the same as the ones that other currencies follow.
people are used to the currency rules, but thought that they dont apply to bitcoin.

its not a case of having a IRS form asking to specify every address you own. its about ticking a box that you have received some VA or dividend or IRA or annuity or.. list goes on..
simply adding on a new income method is about bringing crypto into the same requests as the other stuff. where you just then need to fill in the AMOUNT not the ID

so calm down on the drug induced conspiracy and tone it down to reality.
yes even i preferred crypto before 2014 when it was just treated as a good/product/asset.
but you have to accept the reality that bitcoin has entered the realms of currency. which comes with currency implications, especially at the gateways of government fiat exchange in regards to taxes when its time to exit to fiat

[pooya87]

Mandating something is different from enforcing something.
The authoritarian regimes can mandate "self-reporting" but they can not really enforce it. Besides they are already doing that in US since any centralized service such as exchanges will force you to submit your documents (KYC) which they will later use to link your addresses to your identity.
It is not affecting the price though.