China has already acknowledged Bitcoin, although only as an investment alternative. I'm not so sure if the US or the UK are really friendly toward Bitcoin. It is one thing to just allow it because you cannot stop it anyway and quite another to acknowledge its role and potentials.
There is very high probability that mixers will be banned in the future. But it doesn't mean they will be gone.
Topic: Mixing your Bitcoin might become illegal in the future - page 6. (Read 958 times)
Do you think there's a possibility this will happen in the future? If not, why? What do you think will happen once mixers (both custodial and non-custodial) are banned by the government? Will this force people to use privacy coins more thoroughly? Or will everything remain the same?
It is not a huge surprise that the government will ban any services that would help in maintaining your privacy and mixing services are a target for a long time and some of the BTCitcoin mixers were either forced to shut down (Bestmixer) and some ceased their operation due to fear of retaliation by the government (BitMixer) and we know about cases where the mixers were fined huge amounts (Helix, Coin Ninja).So it is not a big surprise that BTCitcoin or any mixing would become illegal in the future and they might even force the exchanges to reject mixed coins and that is the case with privacy coins as well, when legalization kicks in they will force the exchanges to remove privacy coins from their exchanges and we have already seen that initiative in some the exchanges registered in the US.
What traders can do if that will indeed happen is to just exchange their coins to another alt that is more friendly from the government's eyes. And then send it to their wallet. So the address is coming from the exchange itself and not from their original address. I believe there are other ways to preserve your privacy other than using mixers. Because sooner or later, these mixing services will be tagged as negative by regulatory bodies.
Since bitcoin is a highly decentralized currency and the government is trying to regulate its activities, so bitcoin mixing will not survive in the system since it helps to hide the identity of the user by mixing the source of Bitcoin with others making the original identity unknown. The government will not permit such services since it aids money laundering.
Do you think there's a possibility this will happen in the future? If not, why? What do you think will happen once mixers (both custodial and non-custodial) are banned by the government? Will this force people to use privacy coins more thoroughly? Or will everything remain the same?
It is not a huge surprise that the government will ban any services that would help in maintaining your privacy and mixing services are a target for a long time and some of the BTCitcoin mixers were either forced to shut down (Bestmixer) and some ceased their operation due to fear of retaliation by the government (BitMixer) and we know about cases where the mixers were fined huge amounts (Helix, Coin Ninja).So it is not a big surprise that BTCitcoin or any mixing would become illegal in the future and they might even force the exchanges to reject mixed coins and that is the case with privacy coins as well, when legalization kicks in they will force the exchanges to remove privacy coins from their exchanges and we have already seen that initiative in some the exchanges registered in the US.
I am from Indian subordinates countries where bitcoin fully prohibited and governments already declared Bitcoin as illegal. But people who use Bitcoin police seized them and put him jail. But I think if Bitcoin might be illegal worldwide (if pretty possible) then a huge amounts of money 💰 loss would be happened worldwide.
The recent popularity of Bitcoin has brought the attention of governments and central banks worldwide. We've seen certain opposition from countries like India, China, and Russia against the pioneer cryptocurrency. Countries that are friendly towards Bitcoin (like the US and UK), are constantly surveilling its citizens for any suspicious activity. I've seen that some countries have taken action against Bitcoin mixing services with the excuse that they're used for money laundering and terrorist financing. Since most (if not all) of these centralized mixers don't comply with KYC/AML regulations, they're subject to being shut down by the government. Imagine if criminals begin using Bitcoin mixers in mass for money laundering purposes. If the trend continues, mixing Bitcoin may turn out to become illegal.
Do you think there's a possibility this will happen in the future? If not, why? What do you think will happen once mixers (both custodial and non-custodial) are banned by the government? Will this force people to use privacy coins more thoroughly? Or will everything remain the same? Any input will be greatly appreciated. Thanks in advance
Do you think there's a possibility this will happen in the future? If not, why? What do you think will happen once mixers (both custodial and non-custodial) are banned by the government? Will this force people to use privacy coins more thoroughly? Or will everything remain the same? Any input will be greatly appreciated. Thanks in advance
This might be a possibility, but there isn't a consensus about this yet. Yes, FATF needs to know the source of the money but there needs to be privacy as well. I honestly find the that whole public blockchain is problematic in the first place and we should have gone towards privacy in the first place.
But that doesn't mean that we should use privacy to avoid regulations. Nor it should be build for that in mind.
Bitcoin mixers have one job: To disguise the original source of Bitcoin funds.
Yeah, I do something similar to this with fiat too by withdrawing cash from my bank and preferring to pay in cash in order not to have a traceable history of my funds. Yes, I do this with usual stuff such as grocery shopping. And no, I don't have cannabis or LSD in my grocery store.While the medium (Bitcoin) is new, this is the very definition of money laundering. I don't know of a single good reason to use a mixing service, other than to try to hide ill gotten gains, although I'm sure someone will come up with an excuse or two.
One very simple "excuse", although it's just a very solid reason: I think we have a human right to privacy and the government doesn't need to know which kind of toilet paper or condoms I like?If the government actually cared enough to look that deeply into peoples finances, it is likely they would come to the same conclusion already, however the vast majority of people using these services are doing it with such small amounts that they will probably get ignored.
Governments are definitely trying to be as intrusive as possible. They've tried breaking BTC or Monero's code from a privacy point of view, which is alarming in my opinion. This "AML" and "Against terrorism funding" is an excuse - not my reason for using mixers. They're using money laundering and terrorism as an excuse to cancel one of the fundamental human rights I currently supposedly have, although I definitely do not have anything to do with any of those two. Had I been a suspect, it would've been something and I wouldn't have cared if they wanted to find out whether I really am a criminal or not. But considering me a suspect for using mixers and perhaps considering us all suspects for using crypto or mixers from the start is plain stupid. 
The recent popularity of Bitcoin has brought the attention of governments and central banks worldwide. We've seen certain opposition from countries like India, China, and Russia against the pioneer cryptocurrency. Countries that are friendly towards Bitcoin (like the US and UK), are constantly surveilling its citizens for any suspicious activity. I've seen that some countries have taken action against Bitcoin mixing services with the excuse that they're used for money laundering and terrorist financing. Since most (if not all) of these centralized mixers don't comply with KYC/AML regulations, they're subject to being shut down by the government. Imagine if criminals begin using Bitcoin mixers in mass for money laundering purposes. If the trend continues, mixing Bitcoin may turn out to become illegal.
Do you think there's a possibility this will happen in the future? If not, why? What do you think will happen once mixers (both custodial and non-custodial) are banned by the government? Will this force people to use privacy coins more thoroughly? Or will everything remain the same? Any input will be greatly appreciated. Thanks in advance
Do you think there's a possibility this will happen in the future? If not, why? What do you think will happen once mixers (both custodial and non-custodial) are banned by the government? Will this force people to use privacy coins more thoroughly? Or will everything remain the same? Any input will be greatly appreciated. Thanks in advance
Bitcoin mixers have one job: To disguise the original source of Bitcoin funds. While the medium (Bitcoin) is new, this is the very definition of money laundering. I don't know of a single good reason to use a mixing service, other than to try to hide ill gotten gains, although I'm sure someone will come up with an excuse or two. If the government actually cared enough to look that deeply into peoples finances, it is likely they would come to the same conclusion already, however the vast majority of people using these services are doing it with such small amounts that they will probably get ignored. They'll also be ignored, because unless they are moving very large sums around and converting them into fiat, the resources required to piece together such criminal actions will not be worth it to the taxman. It is very likely these sites are already covered by existing anti-money laundering laws, however they can reside in internet grey areas and likely have servers in countries that are a bit more lenient when it comes to finances.
The recent popularity of Bitcoin has brought the attention of governments and central banks worldwide. We've seen certain opposition from countries like India, China, and Russia against the pioneer cryptocurrency. Countries that are friendly towards Bitcoin (like the US and UK), are constantly surveilling its citizens for any suspicious activity. I've seen that some countries have taken action against Bitcoin mixing services with the excuse that they're used for money laundering and terrorist financing. Since most (if not all) of these centralized mixers don't comply with KYC/AML regulations, they're subject to being shut down by the government. Imagine if criminals begin using Bitcoin mixers in mass for money laundering purposes. If the trend continues, mixing Bitcoin may turn out to become illegal.
Do you think there's a possibility this will happen in the future? If not, why? What do you think will happen once mixers (both custodial and non-custodial) are banned by the government? Will this force people to use privacy coins more thoroughly? Or will everything remain the same? Any input will be greatly appreciated. Thanks in advance
Do you think there's a possibility this will happen in the future? If not, why? What do you think will happen once mixers (both custodial and non-custodial) are banned by the government? Will this force people to use privacy coins more thoroughly? Or will everything remain the same? Any input will be greatly appreciated. Thanks in advance
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