Government are too paranoid when it comes to money laundering. Sadly privacy coins encourage money launderer to use them in order to not be traced and government knows that. That is the reason why they are creating regulations/laws that force exchanges to delist privacy coins. A tricky part on the government move to make these privacy coins to succumb to their will. Anyway, when regulation intervene, there is no such privacy stuff ideals they have to follow or be forgotten.
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However, it seems that overall, true anonymity in cryptocurrency transactions is likely to become a thing of the past. If it doesnt, the only place it will exist will be deep underground. The dark irony is that by outlawing truly private transactions the regulators attitude that only criminals need privacy becomes a self-fulfilling prophecy
That too, will be regulated. DEX are not fully decentralized since there is a group of people maintaining that. I believe it is just an exchange where you have your private key submitted. and remember you still have to send your token to the trading platform in order to trade them.
That makes me a bit sad to hear. Governements can't outright make crypto illegal though can they?
I would be interested too to see a use case of ciphertrace Scout app. I guess it would take downloading and trying it out for a run first. I ultimately want to know how it would work on site if they found anything
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BoardAltcoin Discussion
Re: How many crypto exchanges are really required?
by
jdarren
on 20/09/2019, 22:11:43 UTC
Wouldn't you want a lot to help diversify funds? Just like banks?
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BoardAltcoin Discussion
Re: OkEx Korea removes all privacy coins
by
jdarren
on 20/09/2019, 22:08:51 UTC
Does Ciphertrace tech work for privacy coins?
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BoardAltcoin Discussion
Re: France: We can't allow Facebook's Libra in Europe
by
jdarren
on 19/09/2019, 18:33:21 UTC
I can imagine that there are going to be many more countries that are going to be anti Libra. If Europe is one of the first then I would imagine Asia could be next
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BoardBitcoin Discussion
Re: Bitcoin QR Security Warning
by
jdarren
on 19/09/2019, 18:30:26 UTC
The last time I used a QR code was in association with my wallet. I went to this event where you could only purchase drinks from the bar paying with crypto in which the bartender scanned to redeem the money.
I hadn't really heard much about this but apparently four out of five results returned when asking Google for a 'bitcoin qr generator' lead to scam websites. The sites then generated a QR code that encodes an address controlled by the scammers instead of the one necessary for the user. Apparently instead of scammers making their own fake QR codes they have a blockchain explorer API to generate the QR for their address.
This scam falls into the reported $4 billion of digital currency stolen in Ciphertrace AML report.
that is crazy!! I would never have known if you hadn't posted. I appreciate it
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BoardAltcoin Discussion
Re: Proof of Credit Mining aka POCM
by
jdarren
on 13/09/2019, 21:48:10 UTC
So does that mean holders of NULS are the ones who would technically be able to vote for a project to be successful? So they would receive funding from the NULS coins
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BoardLegal
Re: Can We Expect A Legally Compliant Bitcoin Bank Soon?
by
jdarren
on 13/09/2019, 21:20:31 UTC
Will need to work with companies to help with AML compliance like Ciphertrace
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BoardEconomics
Re: Crimes involving crypto have risen
by
jdarren
on 11/09/2019, 20:14:35 UTC
I also think people are able to track and trace crimes so it's a way of getting a proper measurement. You can't really do that with fiat.
Re: Crypto, Cash and Drugs: Crypto Use Grows as Drug Trade Digitalizes
by
jdarren
on 11/09/2019, 19:47:39 UTC
This wouldn't have been possible to do without advanced technology like that Ciphertrace provides. Imagine if we had similar tracking to that of fiat
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BoardBitcoin Discussion
Topic OP
CipherTrace Enters Race to Solve Crypto's FATF Compliance Headache
by
jdarren
on 10/09/2019, 18:51:58 UTC
CipherTrace has published their final white paper and open source software for wallet providers and crypto exchanges to comply with the FATF travel rule.
This means that their Travel Rule Information Sharing Architecture (TRISA) would allow exchanges and wallet providers to share payment details and exchange KYC info.
Exchanges adopting TRISA are essentially creating a 'extended validation know-your-VASP certificate' which would be verified through a third-party trusted certificate authority.
FinCEN released guidance on May 9th that gave exchanges 180 days to comply with the travel rule. I am really interested to see what everyone's thoughts are regarding the travel rule, how exchanges are meant to comply and what your thoughts are with the government making their first step into crypto.
I've been using Lolli for some time. They just added Postmates last week which I think is pretty huge
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BoardLegal
Topic OP
Crypto, Cash and Drugs: Crypto Use Grows as Drug Trade Digitalizes
by
jdarren
on 09/09/2019, 18:22:06 UTC
According to Ciphertrace's report on Anti Money Laundering almost all drugs sold on darknet are bought with crypto. The University of Technology Sydney reports that 46% of illegal activity per year is associated with Bitcoin. I found this article interesting because it is a hot topic of conversation for a lot of people who are quick to judge crypto.
While it makes sense to use unanimous money to purchase drugs, cash seems to remain the largest use for carrying out illicit transactions because it is untraceable. Ciphertrace did point out that 76% of transactions on dark markets are still made with BTC mostly due to it being the most widely known.
What are your thoughts on this topic? Do you think it's going to be a better way to track where money is moving?