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*** Official Bitcoin Price Discussion Thread ***

Discussion in 'Crypto Currency & Mining' started by morguk, 28 Dec 2016.

  1. illuz

    Mobster

    Joined: 27 Apr 2012

    Posts: 3,731

    That's false. Crypto is traceable. You have to be extremely careful for it not to be, you likely won't be successful, or use something like Monero to break the chain but it will be noticed.
     
  2. Psycho Sonny

    Caporegime

    Joined: 21 Jun 2006

    Posts: 36,418

    Which is why I said secrecy based token.

    Convert it to any one of them like monero.

    There's other methods too like buy something from a retailer that uses crypto and then sell that on for cash.

    Even steam had to crack down recently on people using their skins for money laundering.
     
  3. Th0nt

    Capodecina

    Joined: 21 Jul 2005

    Posts: 12,320

    Location: N.Ireland

    This is what we pointed out to you, it doesn't make crypto any more cunning or deceitful as for hundreds of years cash/coins have been used for nefarious activities. It doesnt matter what medium is used, criminals and scammers use them all!

    Its only retorted this way by people who dont want you scuppering their cash empire or because they parrot other peoples comments. Also know as a factoid.
     
  4. Mr Footlong

    Wise Guy

    Joined: 26 Oct 2002

    Posts: 1,539

    Location: Surrey

    I am curious,
    I am curious about this, a while back I found a page that was talking about what exchanges and EU countries (UK too, still can't believe I have to say us separately...) were exchanging crypto-related transaction/banking data, didn't have the time to read and lost the page.

    Does anyone know if say Bitstamp or Binance are signed up for this? I believe they both have UK offices unless I am going mad, whether that makes a difference or not....
     
  5. Mercenary Keyboard Warrior

    Capodecina

    Joined: 4 Aug 2007

    Posts: 12,448

    Location: Wilds of suffolk

    Its definatly sketchy the info available, but with Bitcoin even higher now (last news articles were really around last crypto peak) I would expect even more effort from HMRC

    I would expect any UK based businesses (ie offices) to comply, outside the UK then there may or may not be compliance
     
  6. radderfire

    Mobster

    Joined: 24 Sep 2007

    Posts: 3,073

    It is extremely traceable. It is not just the fact that there is blockchain data, there is also the meta information from internet activity. When a computer security specialist puts all of the information available together, it is easy to trace. Then there is the information available when you attempt to cash out from an exchange. Yes, it requires a specialist, but there is a huge amount of information available for them to piece together, making it very difficult to remain undetected if a sophisticated agency wants to trace them.

    The silk road got shut down and a lot of the crypto got confiscated by the American government. I can't remember the exact details, but there were holes in the security that could be exploited to find those responsible.

    The reason I am saying this is "Bitcoin is for criminals" is a FUD argument (Fear Uncertainty Doubt) used by Bitcoin's opponents to try and discredit what is a big improvement in money technology.
     
  7. DeliciousStorage

    Gangster

    Joined: 29 Oct 2019

    Posts: 382

    2% is optimistic, you'd be lucky to get 0.5% these days.

    This is very vague, no offense but it sounds like you don't understand what you're talking about. I could very easily exchange $10k Bitcoin for Monero on an instant exchange with no account or ID required. No "specialist" can find out where it ended up with metadata, the tracking reaches a dead end right there. There's a very small possibility that a sophisticated adversary might be able to link a Monero transaction to an IP address, but that isn't usually useful information if everything else about the transaction is anonymous, and in any case it would be trivial to use a VPN + Tor. If you know of some specialist that can break Monero's anonymity with metadata then I highly suggest they take up the IRS's $625k bounty.
     
    Last edited: 28 Apr 2021
  8. uncle_rufus

    Mobster

    Joined: 14 Mar 2011

    Posts: 4,940

    0.05% more like most places I have seen
     
  9. SixTwoSix

    Capodecina

    Joined: 14 Sep 2007

    Posts: 11,763

    Location: Limbo

    The Silk Road shutdown was down to an old forum account that Ross Ulbricht disregarded that had an active database with details of an email address with his real name in it. He'd actually changed the email but there was a log of the original sign up address. More of a lucky break than anything else, he was massively security conscious.

    This is a great read - https://www.amazon.co.uk/American-K...ar-Baron/dp/0753547007/ref=asc_df_0753547007/
     
    Last edited: 29 Apr 2021
  10. radderfire

    Mobster

    Joined: 24 Sep 2007

    Posts: 3,073

    The Bitcoin you start with can be analysed. So, there will be clues as to how it was acquired. When you exchange it there will be more data from the exchange logs (web traffic). At some point, you will have to cash out your Monero. At that point, there is more data, including things like bank ac or whatever when you try and cash out. All of this means you are way more trackable than cash, so crypto in general is more trackable than cash. Also, $10k is a small amount of money in terms of organised crime. If you had to do it with more significant amounts, it would be ever harder. All of this makes crypto undesirable for criminal activity.
     
  11. Th0nt

    Capodecina

    Joined: 21 Jul 2005

    Posts: 12,320

    Location: N.Ireland

    I was being very generous I suppose, but even with such extravagant numbers - it pales in comparison to what you can make on simple trades on crypto.
     
  12. Th0nt

    Capodecina

    Joined: 21 Jul 2005

    Posts: 12,320

    Location: N.Ireland

    Hang on a minute. We have gone full circle now. One guys slamming it saying its a drug barons haven, the next minute its totally not worth it as your bread crumbs go right to your door...

     
  13. kindai

    Soldato

    Joined: 9 Aug 2013

    Posts: 7,412

    Location: Bromsgrove


    With a little bit of knowledge you can make transactions impossible to follow on crypto.
     
  14. DeliciousStorage

    Gangster

    Joined: 29 Oct 2019

    Posts: 382

    This doesn't help to trace it if it's exchanged for Monero.

    You're going to need to be more specific. Precisely what data are they going to collect that will help to track the Monero when you spend it? It would be trivial to set up a Virtual Machine + VPN + Tor, any data that an exchange may collect is useless for identifying someone who wants to be anonymous.

    I don't understand your point, Monero is anonymous so if you cash it out the exchange has no idea where it came from. There is no link to the original Bitcoin.

    I used the $10k figure because that's the most I've traded on an instant exchange before. I'm sure you'd be just fine exchanging more than that, but even $10k would be enough if you had millions to exchange.
     
  15. silversurfer

    Capodecina

    Joined: 13 Jul 2004

    Posts: 19,279

    Location: Stanley Hotel, Colorado

    Need to start a general thread for crypto and carry on the discussion there, there isnt any prices mentioned on this whole page.

    BTC is under the 50 day average, crossing or failing that is probably pivotal since we got so much speculation. That is the recent top price roughly
     
  16. Psycho Sonny

    Caporegime

    Joined: 21 Jun 2006

    Posts: 36,418

    All the altcoins are being pumped beyond the moon so we should see massive sell offs especially in Doge and then a massive increase in the demand for bitcoin as people look to cash out or move out the altcoin market.

    Should be a good year for bitcoin but I may get out completely after the next pump. I'm hoping for 75K US for my next sale price and it should hit that in July/August.

    Anyone think that Covid could have had a massive effect on supply with people dying and essentially massive amounts being lost?

    Is there anywhere that tracks the amount of bitcoin in active circulation?

    That's one thing that frightens me is that I'm the only one with the pin code and access to my hardware wallet (nano ledger). I'm the only one who knows where the seed is too. Anyone wrote everything down in a note for family should the worst happen?
     
  17. radderfire

    Mobster

    Joined: 24 Sep 2007

    Posts: 3,073

    I am sure that a lot of people have made arrangements for their Bitcoin to be accessible in some way after their untimely death. I would say you should not have a single point of failure, and you need to do something about this. There are lots of different approaches you can take to addressing this issue.
     
  18. inferno

    Wise Guy

    Joined: 23 May 2004

    Posts: 1,972

    Disregard
     
    Last edited: 29 Apr 2021
  19. illuz

    Mobster

    Joined: 27 Apr 2012

    Posts: 3,731

    Glassnode do. I believe this statistic is paid for. IIRC, the illiquid (hodl'd/lost) supply is something like 75% of all coins. There are very few coins that are liquid and change hands regularly.

    I don't have anything in place at the moment with regards to an untimely death... I need to sort that out...
     
  20. DeliciousStorage

    Gangster

    Joined: 29 Oct 2019

    Posts: 382

    For a quick and dirty solution you could give the person you want to pass on your crypto to half of your 24 word seed, and leave them the other half through Google inactive account manager or something. I'm sure there are better options but that should be secure.