Hacker News new | past | comments | ask | show | jobs | submit login

I'm not sure I see where you're going by mentioning reporting requirements. Isn't the point of Bitcoin that those kind of laws are unenforceable?



It might be harder for authorities to monitor bitcoin transactions. But, as the very fact that this HN article exists illustrates, the blockchain is a public record that's available for anyone to monitor, analyze, cross-reference with other sources of data, etc. Particularly for large movements like this, I'm inclined to say that it would be downright foolhardy to assume that BTC transactions are anonymous.


It might be foolhardy to assume that BTC transactions are anonymous, but that doesn't mean that it wouldn't be EXTREMELY EXTREMELY EXTREMELY difficult to figure out who was involved.


https://news.ycombinator.com/item?id=6786416 from 30 minutes ago.

Here’s who (probably) did that massive $150,000,000 Bitcoin transaction (washingtonpost.com)

From the article: "Who was responsible for the transaction? I asked Sarah Meiklejohn, a computer scientist at the University of California, San Diego, for her thoughts. She's the author of a recent paper demonstrating that sophisticated analysis can reveal a lot of information about who is responsible for Bitcoin transactions. She has combined a large database of Bitcoin addresses tagged with their likely owners."

Link to the paper is provided.


When it is such a large amount of money, it is not all that difficult. Just look for the guy who is $147M richer.

In other words, the only way you get to have the money is if you never spend it, except in minuscule amounts.


Case in point: Supposedly the money from a lot of cases of major Bitcoin theft is still sitting in the same wallets. Implication: The thieves are having a hard time figuring out how to spend the money without outing themselves.


Because bitcoin offers a public ledger, isn't it fair to say that it could actually be used to implement more perfect taxation?


Isn't the point of Bitcoin that those kind of laws are unenforceable?

As Silk Road (and hundreds of years of cash-based money transfers) shows, the fact that BTC is hard to trace hardly makes laws unenforceable.




Consider applying for YC's Spring batch! Applications are open till Feb 11.

Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: