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"though that'll probably land you on some FBI watch list." I have no idea why you would think this.

Imnimo 6y ago
In a way, putting your transactions on a public ledger is like voluntarily adding yourself to a watch list. The government (and everyone else) can then come and inspect your financial history at their leisure in the future.
- trident5000 6y ago
  Its a settlement layer. Who cares. And you think they already cant access your transactions through the traditional system? Thats how they catch criminals every year.
  - Imnimo 6y ago
    Accessing transactions in the traditional system ostensibly requires a subpoena, and is limited by jurisdiction.
    - trident5000 6y ago
      You would need the same to identify a fiat gateway with btc. You cant link a person to an account without that.
      - Imnimo 6y ago
        I'm skeptical that you couldn't. Anonymous data is often not quite as anonymous as we think, and identities can be deanonymized by cross-referencing with other public info. If even one of your on-chain transactions leaks identity, your entire history with that wallet is compromised.
- ralusek 6y ago
  It's just a public/private key generated. How would they ever find out who you are?
  - selestify 6y ago
    Many/most people go through online exchanges to buy their bitcoin instead of meeting with people locally. These online exchanges perform KYC and will readily provide the government with which addresses you sent your bitcoin to. Even if the government didn't have that, they might still be able to deanonymize you via your transactions. Pseudonymity is not anonymity. If a single merchant identifies you as the buyer in a transaction, the government might be able to figure out the rest of your transactions in that chain.
tuesdayrain 6y ago
It's amusing to see people on "Hacker" News afraid of the spooky tech that is Bitcoin :)
- ineedasername 6y ago
  You are confusing skepticism with fear.
  - tuesdayrain 6y ago
    Thinking that merely using BTC is "like voluntarily adding yourself to a watch list" sounds more like fear than reasonable skepticism to me.

In a way, putting your transactions on a public ledger is like voluntarily adding yourself to a watch list. The government (and everyone else) can then come and inspect your financial history at their leisure in the future.

trident5000 6y ago
Its a settlement layer. Who cares. And you think they already cant access your transactions through the traditional system? Thats how they catch criminals every year.
- Imnimo 6y ago
  Accessing transactions in the traditional system ostensibly requires a subpoena, and is limited by jurisdiction.
  - trident5000 6y ago
    You would need the same to identify a fiat gateway with btc. You cant link a person to an account without that.
    - Imnimo 6y ago
      I'm skeptical that you couldn't. Anonymous data is often not quite as anonymous as we think, and identities can be deanonymized by cross-referencing with other public info. If even one of your on-chain transactions leaks identity, your entire history with that wallet is compromised.
ralusek 6y ago
It's just a public/private key generated. How would they ever find out who you are?
- selestify 6y ago
  Many/most people go through online exchanges to buy their bitcoin instead of meeting with people locally. These online exchanges perform KYC and will readily provide the government with which addresses you sent your bitcoin to. Even if the government didn't have that, they might still be able to deanonymize you via your transactions. Pseudonymity is not anonymity. If a single merchant identifies you as the buyer in a transaction, the government might be able to figure out the rest of your transactions in that chain.

tuesdayrain 6y ago

It's amusing to see people on "Hacker" News afraid of the spooky tech that is Bitcoin :)

ineedasername 6y ago
You are confusing skepticism with fear.
- tuesdayrain 6y ago
  Thinking that merely using BTC is "like voluntarily adding yourself to a watch list" sounds more like fear than reasonable skepticism to me.