deFrankey78
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3 April 2022 - 1:23am

EU outlawed anonymous crypto currency transactions

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The EU parliament voted to outlaw anonymous crypto currency transactions To stop criminals misusing crypto currencies to hide their crimes. Exchange services like Coinbase have to report any anonymous transactions, even if they are not flagged as suspicious.
Wasn't there a word for this kind of thing? 🤨 Surveillance or something like that?

The law includes self hosted wallets and applies to transactions of any amount. Both senders and recipients of crypto must be verified by EU crypto asset service providers.

My guess is there will be a rise in Bitcoin to Rubel exchange requests over the next few days 😉

CL-Ed

lvblck
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3 April 2022 - 11:54am
#1

That's quite interesting. I haven't been really using cryptocurrency as I always find it a bit confusing and the constant ups and downs of the crypto value seem complicated to keep track of.

Frankey78

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3 April 2022 - 2:00pm
#2
blck wrote:

That's quite interesting. I haven't been really using cryptocurrency as I always find it a bit confusing and the constant ups and downs of the crypto value seem complicated to keep track of.

I used small amounts just for online gambling but stopped complete using it about a year ago. I'm from Germany. Since the Wirecard scandal about 2years ago everything related to online banking that isn't done by a big player bank became suspect. Like Skrill and so on. After some hobby Traders on Reddit rescued GameStop using crypto, an event causing some of the biggest hedgefond managers shitting their pants, crypto became somewhat like the Satan of fiance by German authorities.
I still love the idea behind bitcoin. A currency not created by a central bank or nation. Anonymous transactions done between wallet accounts no need for a bank or other third party. Nothing is left from that Idea anymore. Some Crypto trading sites like Uphold charge fees higher than any Fiat banks. With hundreds of different Tokens and so on the market is not just confusing, it's like Disneyland. They say crypto is the future? This future might be over soon ifwe don't find a solution that makes the process that creates crypto sustainable.

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auCL-Ed
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4 April 2022 - 3:00am
#3

Imagine the outcry if governments required everyone to report every single cash transaction just in case it is being used for a crime. They would be ridiculed for their stupidity. This is not really any different, just technologically easier to achieve.

How on earth will the criminals cope? Surely they won't continue using cash, or trade their bitcoin for cash, or just trade bitcoin amongst themselves without reporting? Nooooo, that would never happen... /sarcasm

Frankey78 wrote:

With hundreds of different Tokens and so on the market is not just confusing, it's like Disneyland.

I just ignore all the tokens and NFTs and associated BS. There's a saying: if it ain't bitcoin, it's a shitcoin.

Frankey78 wrote:

They say crypto is the future? This future might be over soon ifwe don't find a solution that makes the process that creates crypto sustainable.

I agree - but the same is true for everything we do that requires power. The faster we move to 100% green energy the faster the problem is solved.

sharpe

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deFrankey78
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4 April 2022 - 4:26am
#4
Quote:

How on earth will the criminals cope? Surely they won't continue using cash, or trade their bitcoin for cash, or just trade bitcoin amongst themselves without reporting? Nooooo, that would never happen... /sarcasm

Don't worry about the criminals. In the EU there are always "options" or holes in the system to use or slip through. Zuckerberg and Bezzo use them for years. If you need to hide some money, exchange the Crypto for Euro and buy a apartment in Hamburgs "Hafen City". They start at 30.000 and go up to 10+million euro. And you can pay them in cash As Germany has no limits on cashpayments.🤑 .

zaRoulette-Thief
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15 April 2022 - 9:36pm
#5

Of course, they don't like the fact people can trade without any form of trail, leads to all sorts of problems. I wonder if they will point fingers at Putin and his war agenda as an excuse as to why anonymity within crypto should be outlawed...

seBiggieBlinds
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18 April 2022 - 9:29pm
#6
Frankey78 wrote:

The EU parliament voted to outlaw anonymous crypto currency transactions To stop criminals misusing crypto currencies to hide their crimes. Exchange services like Coinbase have to report any anonymous transactions, even if they are not flagged as suspicious.
Wasn't there a word for this kind of thing? 🤨 Surveillance or something like that?

The law includes self hosted wallets and applies to transactions of any amount. Both senders and recipients of crypto must be verified by EU crypto asset service providers.

My guess is there will be a rise in Bitcoin to Rubel exchange requests over the next few days 😉

I Totally agree here, I think I saw some data on how many percent of the transactions that were actually related to illegal activity, I cant recall at this writing moment but it was insanely low like 2% or something like that. Which in turn means EU just used it as a bugus reason to why they would like to implement their surveillance system. Sounds to me more of a control thing than actual problem solving.

sharpe

deVivene
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5 May 2022 - 9:40pm
#7
BiggieBlinds wrote:

I Totally agree here, I think I saw some data on how many percent of the transactions that were actually related to illegal activity, I cant recall at this writing moment but it was insanely low like 2% or something like that. Which in turn means EU just used it as a bugus reason to why they would like to implement their surveillance system. Sounds to me more of a control thing than actual problem solving.

In fact, if you want to, you can track bitcoin transactions

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11 May 2022 - 10:11am
#8

On paper I'm an EU citizen..(maybe just on paper though🙄) ..so most of the Crypto related sites require a proof of address along other documents upon registration according the EU regulations which I agree makes the whole crypto idea of anonymous transaction.. irrelevant..to say the least and if you're criminal trying to launder some money converting to crypto... I assume you'll have a few residential addresses anyway.. so I don't see how that prevent anything... to be honest.

bgsharpe
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11 May 2022 - 10:15am
#9
Quote:

I just ignore all the tokens and NFTs and associated BS. There's a saying: if it ain't bitcoin, it's a shitcoin.

Ha...haven't heard that before Ed, I guess I've just bout some shit then🙂...but with the fluctuating prize of shit these days...you never now..😜

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