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As all transactions are public, what would stop a government creating a blacklist of bitcoin transactions? Permanently banning legitimate businesses and bitcoi
by b1n 14y ago
As all transactions are public, what would stop a government creating a blacklist of bitcoin transactions?
Permanently banning legitimate businesses and bitcoin exchanges/banks from accepting coins from 'tainted' wallets that have received these transactions (as well as parent and grandparent wallets).
I accept that there are use cases when this isn't a problem, but being able to transfer wealth from one currency to another is a feature that a lot of successful currencies have.
- lubos 14y agoI don't see how government could enforce this. not to mention you never know as an outsider which wallet belongs to who.
- b1n 14y agoCreating a sub network of approved bitcoins who's ownership/lineage could be verified. Perhaps by forcing companies to register their wallet addresses and the details of anyone buying through their bank using a credit card (this is assuming that the company doesn't want to break the law). A 3rd party (government) signed hash could be required for all transaction to prove legality. Deep packet inspection could be used to locate people who send bitcoin transactions (by default transactions are far from anonymous). Offline seizure could be used to prove large wallets illegality (e.g. if they tracked down silk road owners). There are plenty of algorithms that can infer people you might know based on your FB friends friends, I'm sure they can be easily applied to transactions.