El Salvador to adopt Bitcoin as legal tender.

Del Griffith

Deleted User wrote: »

Can you explain how this would happen?

All of the crypto to fiat exchanges and financial institutions, EMIs or MSB's that touch off crypto (Bitpanda, Wirex, Bitwalla, etc) have to have chain analysis in place now as part of risk management for their license.

Blockchain analysis being (for example) the likes of chainalysis.com, ciphertrace.com, etc (theres millions of them now).

As has been mentioned you can get around this stuff with a bit of effort (as you can with fiat) but let's not pretend it's not happening and the tracking tools aren't all already in place. Bitcoin is definitely not untraceable as it is sometimes portrayed to be. They don't need to be looking for a crime, send dirty BTC to any of them (even if it was tainted before you got the BTC) and it will trigger a flag and questions will be asked.

Das Reich

85603 wrote: »

Why would a cocainey south american country start using a difficult to trace crypto currency.

El Salvador is not in South America.

bitburger

Deleted User wrote: »

Such as?

food, coffee, hardware, alcohol and phones just to name a few.

and no, the retailer does not always convert to cash at the POS

RulesOfNature

Zzzzzzzzzzzzz

Buy p2p crypto. Sell p2p. Problem solved.


All these ‘chain analysis secure FORCE tracking’ buzzwords are in practical terms utterly useless once you figure out how easy it is to bypass centralized exchanges.

Wanderer78

Their economy must be completely wrecked, if they're going down this road, bitcoin is an asset experiencing bubbles, not a currency

lawred2

biko wrote: »

This isn’t El Salvador’s first move into bitcoin. In March, Strike launched its mobile payments app there, and it quickly became the number one downloaded app in the country.

If the current currency is unstable then something like bitcoin may sound promising.

Same for Venezuela.

Bitcoin is hardly stable

Del Griffith

RulesOfNature wrote: »

Zzzzzzzzzzzzz

Buy p2p crypto. Sell p2p. Problem solved.


All these ‘chain analysis secure FORCE tracking’ buzzwords are in practical terms utterly useless once you figure out how easy it is to bypass centralized exchanges.

:rolleyes:

Cool story. Good luck buying a house or anything substantial with your gains.

Donald Trump

Del Griffith wrote: »

:rolleyes:

Cool story. Good luck buying a house or anything substantial with your gains.

He's not talking about speculative "gains".




He's talking about hypothetically using it as an actual currency

Del Griffith

Donald Trump wrote: »

He's not talking about speculative "gains".




He's talking about hypothetically using it as an actual currency

I must have missed that part in his process of "Buy p2p crypto. Sell p2p."

Wanderer78

Donald Trump wrote: »

He's not talking about speculative "gains".




He's talking about hypothetically using it as an actual currency

..only that bitcoin isnt a currency, certainly not yet anyway

RulesOfNature

Del Griffith wrote: »

:rolleyes:

Cool story. Good luck buying a house or anything substantial with your gains.

Oh stop it with this ‘CHAIN ANALYSIS MEGA TRACKING NETWORK SECURITY CENTRALIZED EXCHANGE METHOD’ nonsense. The FBI has a 0.05% success rate catching anyone with those software, and most of their catch is due to factors outside the blockchain (like using the same username or email from the clearnet).

Do you understand that darknet vendors are having a ball for the past 5 years?

They sell p2p and have houses in mallorca, cabo and bangkok.

The government is not adept at catching people who even uses 1 layer of common sense with crypto currency.

If there was any way to hide illicit trades, its crypto.

You are just trying to sound smart like you’ve finally cracked cryptocurrency when in reality Irish DNM vendors have increased the past 2 years.

Del Griffith

RulesOfNature wrote: »

Oh stop it with this ‘CHAIN ANALYSIS MEGA TRACKING NETWORK SECURITY CENTRALIZED EXCHANGE METHOD’ nonsense. The FBI has a 0.05% success rate catching anyone with those software, and most of their catch is due to factors outside the blockchain (like using the same username or email from the clearnet).

Do you understand that darknet vendors are having a ball for the past 5 years?

They sell p2p and have houses in mallorca, cabo and bangkok.

The government is not adept at catching people who even uses 1 layer of common sense with crypto currency.

If there was any way to hide illicit trades, its crypto.

You are just trying to sound smart like you’ve finally cracked cryptocurrency when in reality Irish DNM vendors have increased the past 2 years.

Literal LOL

RulesOfNature

Del Griffith wrote: »

Literal LOL

Its true. Advanced chain analysis softwares break down the moment you

1. tumble/mix/tornado cash/coinjoin
2.switch to monero/ any other privacy tokens
3. use p2p
4. use dnm wallets
5. jump blockchains

How they actually catch people is through deanonymizing the transaction graph using data collected from exchanges, merchants, and ISPs - and perhaps even by compromising hardware and software.

- Things outside the blockchain.

If someone actually did the barest, most basic actions to hide their transactions (e.g switching to monero) not even the NSA, FBI or CIA can track them down.

This sounds incredulous to some rubes but its true. No one can crack a single BTC private key.

Del Griffith

RulesOfNature wrote: »

Its true. Advanced chain analysis softwares break down the moment you

1. tumble/mix/tornado cash/coinjoin
2.switch to monero/ any other privacy tokens
3. use p2p
4. use dnm wallets
5. jump blockchains

How they actually catch people is through deanonymizing the transaction graph using data collected from exchanges, merchants, and ISPs - and perhaps even by compromising hardware and software.

- Things outside the blockchain.

If someone actually did the barest, most basic actions to hide their transactions (e.g switching to monero) not even the NSA, FBI or CIA can track them down.

This sounds incredulous to some rubes but its true. No one can crack a single BTC private key.

The thing that's hilarious to me is you're such a muppet that you think that you're the only one that knows how DNM processes go, and you're so desperate to talk about it you're consistently trying to shoe-horn it into this boards.ie thread which is about BTC becoming legal tender in El Salvador, where people are discussing whether or not it's a suitable currency for daily purchases such as a loaf of bread.

Just fyi because I try not to derail - I've been in crypto since not long after it's inception. I'm old enough to remember when you could cash out from exchanges via literal cash being delivered by DHL in an envelope in the Schengen zone. And it's very likely I know plenty more about privacy opsec than you ever will.

This issue here is that this thread has nothing to do with any of that. As you've been told numerous times already.

Where's the monero thread?

RulesOfNature

Del Griffith wrote: »

The thing that's hilarious to me is you're such a muppet that you think that you're the only one that knows how DNM processes go, and you're so desperate to talk about it you're consistently trying to shoe-horn it into this boards.ie thread which is about BTC becoming legal tender in El Salvador, where people are discussing whether or not it's a suitable currency for daily purchases such as a loaf of bread.

Just fyi because I try not to derail - I've been in crypto since not long after it's inception. I'm old enough to remember when you could cash out from exchanges via literal cash being delivered by DHL in an envelope in the Schengen zone. And it's very likely I know plenty more about privacy opsec than you ever will.

This issue here is that this thread has nothing to do with any of that. As you've been told numerous times already.

Where's the monero thread?

Good for you buddy. Nobody asked.

But as I said, all these chain analysis malarkey is as good as horoscope the moment you do something CRYPTOLOGICAL.

Hamsterchops

Cryptocurrency

https://news.sky.com/topic/cryptocurrencies-7226

ineedeuro

Hamsterchops wrote: »

Cryptocurrency

https://news.sky.com/topic/cryptocurrencies-7226

From this website
https://news.sky.com/story/crypto-trader-boss-dies-with-password-to-clients-110m-11628106

Some lad dies and that is your whole savings gone. Says it all about crypto currency!!! pure scam

Capt'n Midnight

China said something yesterday and it dropped 10% (rinse and repeat)

Too volatile to use.

Donald Trump

ineedeuro wrote: »

From this website
https://news.sky.com/story/crypto-trader-boss-dies-with-password-to-clients-110m-11628106

Some lad dies and that is your whole savings gone. Says it all about crypto currency!!! pure scam

I remember reading about that story at the time. I never bothered to follow up on it but there were suspicions that your man faked his death in order to keep the bitcoin.


Obviously they could be followed but maybe he had already exchanged them and mixed them before he disappeared

ineedeuro

Donald Trump wrote: »

I remember reading about that story at the time. I never bothered to follow up on it but there were suspicions that your man faked his death in order to keep the bitcoin.


Obviously they could be followed but maybe he had already exchanged them and mixed them before he disappeared

I would expect if he died like described in the article a body would be the hint he is dead.....it's not like he disappeared in the rain forest

paw patrol

ineedeuro wrote: »

From this website
https://news.sky.com/story/crypto-trader-boss-dies-with-password-to-clients-110m-11628106

Some lad dies and that is your whole savings gone. Says it all about crypto currency!!! pure scam

that's utter stupidity on their part allowing somebody else hold their crypto.
hold your sh1t in your own wallet - its like a day 1 rule of crypto

in fact it's what makes crypto so appealing peer to peer transactions from your own wallets and no middle man.

That story is no different to some lad borrowing 100e cash off you and then dying. you can't prove the debt.

Donald Trump

ineedeuro wrote: »

I would expect if he died like described in the article a body would be the hint he is dead.....it's not like he disappeared in the rain forest

Yeah but he died over in India or somewhere so people were suspicious..........there was over 100m of assets at stake.




They have never been able to find the OneCoin lady. Her brother was nabbed in the US but they don't know whether she is dead or living under an assumed name somewhere - even suspected to be in Frankfurt.