This is a flaw in Bitcoin and, at least, most of the other coins and tokens. The blockchains connect the address with the transaction amount. The amount of coins in each transaction is readily viewable by everyone who can program a blockchain viewer, or everyone who can use one of the blockchain viewers that is available. Why is this a flaw? Because it makes the transaction to be less-private.
In the US (at least), Constitution, Amendments, written law, and a big bunch of Supreme Court cases, all uphold your right to privacy. Even giving info to the IRS is 'voluntary', according to what they say. So...
Start by making your Bitcoin transaction amounts only visible to yourself and the person you are transacting with. They are still part of the blockchain total. But they are individually yours, only. Nobody else can see them or do anything but guess at the amount.
The blockchain technology works! It has been proven over and over. Now extend it in such way that the amounts in the blockchain journal aren't visible to anyone. It would only take a tweak of the current blockchain and wallets to do this. In addition, add PMA wording to all the wallets.
Again, PMA is for the US. Other countries might not have the same option. A PMA is a Private Member Association. It's like being at home. You can play cards for money or paper clips. It's private. If you report your earnings to the IRS, it's your fault for taking your private domain stuff into the public sector... from private, where the IRS doesn't have authority... to public where they do.
If your transactions are private, and you state that they are private, government has no authority to interfere in any way, unless it can be shown by government that there was a clear and present danger to somebody in the PMA. BTW, make each transaction its own PMA... the hash being the identification number/name.
Note that I don't have all the answers. But is anybody attempting to set this idea/process up for any Coin/Token?
Biden To Deploy Thousands of Armed IRS Officers To Forcibly Seize Guns From Americans
https://thepeoplesvoice.tv/biden-to-deploy-thousands-of-armed-irs-officers-to-forcibly-seize-guns-from-americans/In a disturbing first step, the IRS sent twenty armed Internal Revenue Service (IRS) and Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) agents to carry out a raid on a gun store in Great Falls, Montana, seizing all Form 4473s – documents that contain the buyer's information. It is believed this information will be used by the IRS in the near future to conduct unconstitutional raids on Americans.
Tom Van Hoose, owner of Highwood Creek Outfitters, says he has been under constant surveillance by state and federal agencies for over two years, according to KRTV.
Thegatewaypundit.com reports: On Wednesday, the gun shop owner reported an unexpected visit from 20 heavily armed IRS agents at his store.
The agents reportedly arrived at the shop early in the morning, as Van Hoose was opening for the day.
"We have now confirmed that both the IRS and the ATF were at Highwood Creek Outfitters in Great Falls around 7 am this morning. Both the IRS and ATF would not say why they were there," KMON Radio reported.
"A spokeswoman for the IRS would only say they were there on official IRS business. The ATF says it was providing assistance to the IRS. We attempted to enter the store today and were stopped by agents at the door who would only say that the gun store is closed and will reopen tomorrow," the news outlet added.
According to Hoose, the federal scrutiny began two years ago and has involved various agencies, including the Federal Bureau of Investigation, the Occupational Safety & Health Administration, the Department of Homeland Security, and now, the Internal Revenue Service.
"They must think we're making a fortune in the gun business to investigate us like this, assuming we're hiding thousands, hundreds of thousands, even millions of dollars. However, anyone familiar with gun business profit margins would know that's not the case," Van Hoose told MTN News.
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