Bitcoin, Cryptocurrency, and the Future of Global Finance

[utvolpj]

FBI was tracking before the transaction occurred. Hackers used a rented cloud server which was taken over with a warrant. Either they handed over the keys "willingly" or they got it from some exchange

Seems really sloppy for such high level hackers. Almost too sloppy....

 

[hog88]

Suppose I took all my money and put it into crypto. The .gov supposedly has no idea about it... right? decentralized... secure... and I do some FOREX trading via crypto currencies.. in and out of the UK, Ireland, Ukraine... wherever. What gives ANY .gov the right to be looking at my 'supposedly' secure... PRIVATE.. crypto accounts??? Especially if I am trading those cryptocurrencies in foreign markets? It has ZERO to do with the US .gov. Nothing. nada. And here comes the kicker. When I sell those cryptos, how does the .gov know what my net profit is - without looking into my personal, private, and heretofore supposedly secure - and none of their... business?

Not to mention if a government can "hack" into your wallet and seize your crypto there are criminal organizations with the same capability. If they didn't "hack" into the wallet then that means someone gave them the keys.

 

[SpaceCoastVol]

How is it different from your banking account, social security number etc. Decentralization just removes control from certain entities which is why they push negative narratives in the blockchain space.

THat's right. Who in the hell is the US government and what gives them any right to look at my personal private accounts? There is no reason to assume that I am doing anything criminal. Innocent until proven guilty? An AMERICAN bank account is one thing. A decentralized, borderless, stateless account is something completely different. Who is the .gov to be looking into Franz Kleber's (made up name) who lives in Germany... accounts? It is EXACTLY that.

 

[utvolpj]

Not to mention if a government can "hack" into your wallet and seize your crypto there are criminal organizations with the same capability. If they didn't "hack" into the wallet then that means someone gave them the keys.

There are no reports they hacked into anything or that they even can. If they could there no reason to release that info

 

[SpaceCoastVol]

FBI was tracking before the transaction occurred. Hackers used a rented cloud server which was taken over with a warrant. Either they handed over the keys "willingly" or they got it from some exchange

Seems really sloppy for such high level hackers. Almost too sloppy....

This is the only theory that makes this thing remotely palatable.

 

[SpaceCoastVol]

If you store the private keys on a hardware ledger it is secure; Unless you break the law.

That makes no sense whatsoever. How would anyone know I was 'breaking the law' unless they were looking at my accounts?

It goes back to my question about taxation. If I take my dollars and put them into crypto and trade them in Brazilian copper mines and double or triple my money, and then convert it back to dollars, how does the .gov know what my profit is on the original dollars?

 

[hog88]

There are no reports they hacked into anything or that they even can. If they could there no reason to release that info

I'm a tech neophyte for the most part so please excuse me if I'm off base here.

If the .gov didn't "hack" into the storage mechanism of the crypto doesn't that mean they were given the access by whoever built it?

 

[reecetn]

THat's right. Who in the hell is the US government and what gives them any right to look at my personal private accounts? There is no reason to assume that I am doing anything criminal. Innocent until proven guilty? An AMERICAN bank account is one thing. A decentralized, borderless, stateless account is something completely different. Who is the .gov to be looking into Franz Kleber's (made up name) who lives in Germany... accounts? It is EXACTLY that.

for the 5th time they cannot do that without a warrant. Do you want a mechanism to exist that allows criminals to extort millions of dollars from private companies and citizens?

 

[SpaceCoastVol]

for the 5th time they cannot do that without a warrant. Do you want a mechanism to exist that allows criminals to extort millions of dollars from private companies and citizens?

Right..... sure..... that's laughable.

I am more concerned about the government getting into places where they do not belong than I am criminals extorting private companies.... THAT isn't my problem

You completely miss the point.

 

[reecetn]

That makes no sense whatsoever. How would anyone know I was 'breaking the law' unless they were looking at my accounts?

The address had to be given to colonial pipeline in order for the bitcoin to be sent to the hackers.

It goes back to my question about taxation. If I take my dollars and put them into crypto and trade them in Brazilian copper mines and double or triple my money, and then convert it back to dollars, how does the .gov know what my profit is on the original dollars?

When you convert it back to dollars it goes into a bank.

 

[reecetn]

Right..... sure..... that's laughable.

I am more concerned about the government getting into places where they do not belong than I am criminals extorting private companies.

You completely miss the point.

LOL.. Your supposedly concerned about criminal activity but you want to restrict the police from investigating criminals because of privacy concerns?

 

[utvolpj]

I'm a tech neophyte for the most part so please excuse me if I'm off base here.

If the .gov didn't "hack" into the storage mechanism of the crypto doesn't that mean they were given the access by whoever built it?

It's most likely they got it from the perp. If the FBI is hacking 256 bit key then this is the least of our worries.

Lots of theories about what happened but none include the FBI hacking the keys. One of the most plausible is that the hackers left it in btc on an exchange. Also could be there using "recovered" instead of cut off access

 

[SpaceCoastVol]

LOL.. Your supposedly concerned about criminal activity but you want to restrict the police from investigating criminals because of privacy concerns?

I'm specifically talking about taxation. How does the .gov know what my profit was on transactions done in crypto?

 

[SpaceCoastVol]

When you convert it back to dollars it goes into a bank.

Yeah. So?

 

[reecetn]

Yeah. So?

That is how it gets taxed. The exchange reports the price you bought. When you convert to US dollar that records the sale price. If you profit you pay capital gains.

 

[Orangeburst]

.

 

[Rasputin_Vol]

It's not about bitcoin. It is about blockchain. Blockchain has been touted as an unbreakable security system. This is a huge chink in that armor.

And those guys ain't going to jail.

Well, I don't think that was the claim by most people that understand it. The main claim I've heard is anonymous and decentralized.

 

[Thunder Good-Oil]

THat's right. Who in the hell is the US government and what gives them any right to look at my personal private accounts? There is no reason to assume that I am doing anything criminal. Innocent until proven guilty? An AMERICAN bank account is one thing. A decentralized, borderless, stateless account is something completely different. Who is the .gov to be looking into Franz Kleber's (made up name) who lives in Germany... accounts? It is EXACTLY that.

Treaties give them the right. Illegal activity gives them a stated reason. Taxing wealth gives them an incentive. Globalism and control over the unwashed masses is a real reason. It used to be cash in Swiss and Cayman Island banks. Hiding wealth with crypto is the new chess match with the dot gov.

 

[SpaceCoastVol]

That is how it gets taxed. The exchange reports the price you bought. When you convert to US dollar that records the sale price. If you profit you pay capital gains.

What if i buy in euros?

 

[DancingOutlaw]

I am really surprised that none of you are talking about the FBI recovering money from this supposedly anonymous unhackable totally secure source...

IF they have found a way into the blockchain... this is a game changer... big time.

I've not read anything that it was "hacked", only that they got the key to the wallet. My guess would be they intercepted it from the hackers at some point in the process.

 

[reecetn]

What if i buy in euros?

This gets funnier by the minute.

 

[Thunder Good-Oil]

What if i buy in euros?

Everybody is required to be truthful when filing their taxes. The government won’t catch everybody that hides income but they’ll take away the freedom of the ones (some of them anyway) that get caught.

 

[SpaceCoastVol]

This gets funnier by the minute.

I find it not at all funny. But maybe you are good with invasion of privacy by governments.

 

[n_huffhines]

I can't believe people thought crypto was untouchable by the government

 

[n_huffhines]

Suppose I took all my money and put it into crypto. The .gov supposedly has no idea about it... right? decentralized... secure... and I do some FOREX trading via crypto currencies.. in and out of the UK, Ireland, Ukraine... wherever. What gives ANY .gov the right to be looking at my 'supposedly' secure... PRIVATE.. crypto accounts??? Especially if I am trading those cryptocurrencies in foreign markets? It has ZERO to do with the US .gov. Nothing. nada. And here comes the kicker. When I sell those cryptos, how does the .gov know what my net profit is - without looking into my personal, private, and heretofore supposedly secure - and none of their... business?

Sounds like you have a problem with government.