Topic: Should there be a way to register your wallet with the government? - page 2. (Read 550 times)
May 17, 2024, 05:02:50 PM
Should you register the wallet in your pocket with your banknotes with the guberment also? What fucking business is it of the guberment to make you register your wallet if you are not a criminal and are not using your coins to buy drugs? Fuck off with that idea.
May 17, 2024, 04:58:19 PM
While they may be using it as an excuse to ban crypto (I honestly do not know), money laundering is actually happening around cryptocurrency quite a lot. But this doesn’t mean that I stand with the government because I think it’s more than the crimes.
On the other hand, rather than registering my wallet with the government, I’d prefer to simply use fiat because it will then kill the exact purpose why Bitcoin was created. Because from registering it, they’ll long to regulate it.
Money Laundering is not happening around with only cryptocurrencies its also happening around with other methods as well because we are having many other ways which are already in use before this crypto and now after this crypto these methods are working good and peoples are using them without any problem linking this with crypto is just governments wants to have control around this with they also want to check every thing related to this which are currently not accessible for them and crypto related peoples are using them without any problem and this is the biggest problem for them.On the other hand, rather than registering my wallet with the government, I’d prefer to simply use fiat because it will then kill the exact purpose why Bitcoin was created. Because from registering it, they’ll long to regulate it.
In many countries we are having government related peoples are doing this money laundering without any problem with FATF was also introduced, but it's having no impact as this was expected so now they are trying to have related to this with crypto.
May 17, 2024, 04:57:11 PM
Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them. The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s).
The sole purpose of the introduction of censorships by the governments isn't even about curbing money laundering cases.. that's obviously the usual word to ease the "pressure" on the citizens. Bitcoin has issued a priceless freedom to a vast percentage of people around the globe, which sets a pathmark for the government to not monitor or have full control over the country's economy. They don't wanna have people own billions of dollars somewhere out of their reach and control. I seen over the Internet that most influential attorneys are also pushing hard to have the system under their supervision.
That isn't true. If you run a full node, and just notify the government of your addresses, then they have no control over them, they can only watch your activities. If you are reporting these for tax purposes anyway, I don't understand the objections.
Why do you think they won't incite their taxation policies as long as it's under their watch? Yes? Why should the government request that every user pays their task upon every transaction made outside their infrastructure? May 17, 2024, 04:48:30 PM
While they may be using it as an excuse to ban crypto (I honestly do not know), money laundering is actually happening around cryptocurrency quite a lot. But this doesn’t mean that I stand with the government because I think it’s more than the crimes.
On the other hand, rather than registering my wallet with the government, I’d prefer to simply use fiat because it will then kill the exact purpose why Bitcoin was created. Because from registering it, they’ll long to regulate it.
On the other hand, rather than registering my wallet with the government, I’d prefer to simply use fiat because it will then kill the exact purpose why Bitcoin was created. Because from registering it, they’ll long to regulate it.
May 17, 2024, 03:55:26 PM
Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them. The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s). I believe that if we were able to register our wallets, together with the public keys associated with them, but we kept the private keys secret, then most of the declared objections would no longer be relevant. Of course this would need to be an optional registration, but taking advantage of it could help to expand the use of Bitcoin.
This issue is always used as a mainstay for the government to do various things, to issue new regulations, and also to create regulations which are often quite troublesome and detrimental to society. The government, however, still wants to remain more powerful than the crypto space and they want to control their people or society in this crypto space. Moreover, it is not far from their power to still be able to control and regulate society by means of the law, official regulations of a country, and various issues raised related to crypto. And this may also not be separated from how they can optimize tax collection from here. Ah, well, when it comes to money and taxes, the government will probably never be silent and will always look for loopholes to get it as optimally as possible. imagine if every citizen had to register their wallet, the government would automatically know the truth of the law, right? Yes, even if it's a big deal, of course it will be subject to taxes and other things. And the most important thing is, it's like there is no privacy left for crypto hodlers to do it.
May 17, 2024, 03:25:59 PM
I just feel that registering your wallet with the government doesn't really give anything away, and may lead to simplification of the use of Bitcoin. Of course you may elect to have an undeclared second wallet, and that would be your choice
Everyone has access to Bitcoin blockchain, that's the problem. For example: A + B = C, we have no idea what is A, what is B and what is C. We might know one of them, for example A, but we won't know exactly what is B or C. If we register our wallet with government, the government will basically know both, A and B and automatically C. If that database gets leaked, you are basically naked online (thanks to public blockchain).Bitcoin has been designed in such a way the helps us have our privacy through the use of the blockchain technology with the bitcoin network
It's not really designed in a way to help us keep our privacy but I would say that some level of privacy is the side effect of Bitcoin. Monero is designed for having privacy protected.I appreciate that the potential for apparent privacy with Bitcoin is an important issue for some, but it seems to be the major excuse that is used by governments to restrict and reduce the use of Bitcoin. My point is that by recording a wallet to allow the government to monitor activities, it may open up many opportunities, and avoid the draconian restrictions that they would like to impose. There is no need for the government to know your private keys, and access to them should only be granted following a high court order. This should only be granted following conviction for a criminal activity in my opinion. I find it better to take advantage of government incentives, and to maximise income and minimise costs. This is better than fighting, and winning pyrrhic victories.
It will open up opportunities but does the opportunities worth the cost that we will have to pay? Bitcoin was created to get rid of 3rd parties and if government takes the full control of Bitcoin, it automatically means returning to 3rd parties, so Bitcoin will be useless. Also, if the court will be able to order granting of private keys, basically words "you are your own bank when you use Bitcoin" will become meaningless.P.S. We should never give up. Slaves didn't give up during terrible slavery, so why should people give up today?
May 15, 2024, 07:17:19 AM
Registering with a government wallet has two disadvantages. First of all, it won't be a non-custodial wallet.
That isn't true. If you run a full node, and just notify the government of your addresses, then they have no control over them, they can only watch your activities. If you are reporting these for tax purposes anyway, I don't understand the objections.
May 15, 2024, 05:20:01 AM
I guess, to me, the optional registration sounds like a good idea, but it depends on who gets access to it. If it goes into public registries, I think it should be for public figures because their finances are a matter of public interest, but regular people shouldn't be encouraged to make themselves vulnerable like that. If it's a registration with authorities (so, confidential), I believe the information should be available to the law enforcement agencies, but maybe not to everyone else in the government. Optional registration is nice, but I don't think it will convince the authorities, though, as they can just point out that criminals simply won't use this feature.
May 15, 2024, 04:57:52 AM
I think if we do so, we must make a big change to bitcoin network.
First,the native BTC network isn't cooperating with governments. How to let the wallet register authority be cotrolled by governments?
Then there are many countries,which government should be responsible for it?
First,the native BTC network isn't cooperating with governments. How to let the wallet register authority be cotrolled by governments?
Then there are many countries,which government should be responsible for it?
May 14, 2024, 06:40:24 AM
Why would anyone wanna register his/her BTC wallet with the government? If this is going to be optional, I highly doubt that anyone would agree to do such thing.
You think too highly of people. Many are just empty shells who follow blindly any authority they find. If the government says to do this the they will do it. Most people who have nothing much to lose are like this. They rarely criticize the government and just accept anything that is given to them.Quote
Having trust in your government is the dumbest thing. I personally don't trust my government and I want to keep my assets as far away from my government as possible.
Like I said many people who are not discriminated or oppressed by the government have so much trust and confidence to their government not until of course they experience just how corrupt the government is themselves. May 14, 2024, 01:58:59 AM
I don't like the idea that I've got to register my wallet just so the government knows what I'm up to and how much bitcoin I've got, that doesn't sit right with me. I feel like doing this is a disservice to what bitcoin stands for maybe even what the word cryptocurrency stands for, shouldn't these cryptocurrencies be a tool that should spit on the face of the conventional financial instruments and institutions like banks and insurance companies? Then how come do we have to consider this possibility? I don't see the future and I'm no clairvoyant or any kind of future seer but I do have a common sense and that common sense tells me that this is not going to be good for everyone here in the future, the government having to monitor your every move in the market isn't something you want, sometimes the right thing to do is to do what the government considers the wrong thing.
May 14, 2024, 01:46:13 AM
Let's just forget about what the governments hits about the bitcoin. With all privacies and securities being observed in the bitcoin blockchain, proceeding to tie the government issued I'Ds was enough to keep transactions on tracts behold to catch up with any suspected illegal transactions in the public ledger network.
To me the government is only being aggressive with bitcoin because it's an influential threat over the fiats with the fact that it's a decentralized currency. Nothing more.
To me the government is only being aggressive with bitcoin because it's an influential threat over the fiats with the fact that it's a decentralized currency. Nothing more.
May 13, 2024, 10:29:00 PM
Bitcoin was developed from the start to be able to bring pseudonymity to the transaction system, eliminate third party intervention and increase privacy and security for users. Because the characteristics of Bitcoin are like that, governments don't like it, since then it will limit them from monitoring transactions carried out by individuals and reduce the use of fiat. For that reason the government wants to regulate the use of Bitcoin and launch some rules to help governments gain control over the Bitcoin network in their territory, and it will not rule out the possibility that individuals will be asked to register their wallets according to their identity - it is only a matter of time until it will happen.
May 13, 2024, 10:10:12 PM
Privacy is just one aspect of the Bitcoin network. For me, some of the other features are more important. For example -
- Immutable public records
- Peer to peer unregulated transfers
- Security of assets
- No complex controls over payments
- No fiat ties
- International payments without 3rd party intervention.
Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them. The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s). I believe that if we were able to register our wallets, together with the public keys associated with them, but we kept the private keys secret, then most of the declared objections would no longer be relevant. Of course this would need to be an optional registration, but taking advantage of it could help to expand the use of Bitcoin.
- Immutable public records
- Peer to peer unregulated transfers
- Security of assets
- No complex controls over payments
- No fiat ties
- International payments without 3rd party intervention.
Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them. The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s). I believe that if we were able to register our wallets, together with the public keys associated with them, but we kept the private keys secret, then most of the declared objections would no longer be relevant. Of course this would need to be an optional registration, but taking advantage of it could help to expand the use of Bitcoin.
I don't how this would solve anything. Why would you register wallets with the govt, thereby implicitly telling the govt you're only allowed to use bitcoin with their approval, when it doesn't solve any issue?
May 13, 2024, 08:37:05 PM
Registering with a government wallet has two disadvantages. First of all, it won't be a non-custodial wallet. I don't know if there is any way for the government to keep non-custodial accounts and monitor wallets at the same time. Correct me if I am wrong.
They can require their citizens to register addresses, not accounts but this requirement does not help governments fully control and trace Bitcoin transactions of their citizens. It depends on their citizens' cooperation with governments but I think it is how citizens submit their tax reports.You can't, but it is also possible to make a centralized Blockchain though that will be quite a bit different in function from Bitcoin. They would likely differ in quite a few areas as compared to Bitcoin to try to mimic their fiat system. If that happens, then it would possibly be recognized as a legal tender. Else, registering your wallet to regulate Bitcoin doesn't seem to be as good of an idea.
I posted it for discussion about CBDCs, not Bitcoin. CBDCs are other new forms of fiat currencies so it's normal to see CBDCs are centralized in control of governments. CBDCs surely are legal tender in those countries, no doubt. May 13, 2024, 03:16:41 PM
Registering with a government wallet has two disadvantages. First of all, it won't be a non-custodial wallet. I don't know if there is any way for the government to keep non-custodial accounts and monitor wallets at the same time. Correct me if I am wrong. The second is that you can't spend your funds like a free bird. Because the government always monitors your transactions. They could freeze the account as well if it is custodial. So it will be treated as a bank account in Fiat. There will be no privacy as well. However, still, everyone would use a non-custodial wallet anytime. So it doesn't make sense to register with a government wallet if you don't use it.
May 13, 2024, 02:42:38 PM
Privacy is just one aspect of the Bitcoin network. For me, some of the other features are more important. For example -
- Immutable public records
- Peer to peer unregulated transfers
- Security of assets
- No complex controls over payments
- No fiat ties
- International payments without 3rd party intervention.
Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them. The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s). I believe that if we were able to register our wallets, together with the public keys associated with them, but we kept the private keys secret, then most of the declared objections would no longer be relevant. Of course this would need to be an optional registration, but taking advantage of it could help to expand the use of Bitcoin.
- Immutable public records
- Peer to peer unregulated transfers
- Security of assets
- No complex controls over payments
- No fiat ties
- International payments without 3rd party intervention.
Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them. The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s). I believe that if we were able to register our wallets, together with the public keys associated with them, but we kept the private keys secret, then most of the declared objections would no longer be relevant. Of course this would need to be an optional registration, but taking advantage of it could help to expand the use of Bitcoin.
It would be so annoying and inconvenience every single person. I hope that in the future Bitcoin could just be treated as cash. Give full anonymity and don’t charge any fees or taxes if you conduct your business with BTC . No instead they will try to use a tool made for freedom to enslave people right back into their corrupt system.
May 13, 2024, 01:41:23 PM
Should the government declare that they want its users to register their bitcoin public addresses just to monitor them is to me not only a privacy issue but also a security concern because every transaction tie to you can make you be a culprit to the government, they can arrest you and decide to request for the private to that address because they assume holds illicit funds.
Exactly, this will make Bitcoin have features that traditional financial systems have where all our financial activities are watched and monitored and we are asked for verifications, paperwork, and whatnot for certain transactions we make with our accounts. It is not just about giving them access to our funds that will make it troublesome, it's the fact that they can be able to keep an eye on what we do with our Bitcoins in real time which is against the decentralized nature of Bitcoin.
So in my opinion, this wouldn't solve the existing problems but it will create more problems, especially for those using Bitcoin because you wouldn't be able to use your wallet or funds as freely as you do it right now because you will know your wallet is being watched and all your activities are monitored.
May 13, 2024, 12:59:29 PM
If this is only optional, then it would be nice to have such a thing to ensure your total security about any harm to your wallet because if they somehow accidentally sent some malicious funds to it, the government will quickly react and remove any suspicions from you with just some minor explanations. Unlike when you don't have such privileges, then you need to ready your explanations because it won't be an easy way out once they find out about your wallet and manage to track you down. I agree at some point but I don't want to have them share any control of my wallet, just some monitoring is fine for me.
May 13, 2024, 11:45:00 AM
Aren't they up to it already that for every exchange we sign up for, we need to submit KYC documents already? The governments can surely request access to these databases since the companies are regulated by the government.
Blockchain is an honest record of people's wallets so let's say wallet registration is being enforced by the government, will the government make these wallet databases public for all the see?
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