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Crypto Question
Posted on 2/17/22 at 6:02 am
Posted on 2/17/22 at 6:02 am
With Canada telling all Canadian regulated financial institutions to halt transactions of 34 Crypto Wallets, does this prevent those wallets from making transactions with businesses?
Can that crypto be transferred to someone else bypassing financial institutions?
I've not made transactions in Crypto but just made investments into crypto. So I'm a little ignorant on it.
Also who do you like for wallets?
Can that crypto be transferred to someone else bypassing financial institutions?
I've not made transactions in Crypto but just made investments into crypto. So I'm a little ignorant on it.
Also who do you like for wallets?
Posted on 2/17/22 at 6:28 am to jp4lsu
With Bitcoin that can’t happen, but most other crypto the developers have admin keys and can freeze your wallet.
There was an example of $100M of a USD pegged stable coin called teather that was frozen recently.
What can happen with Bitcoin is that if they know which wallet is yours they can track the movements of the coins and eventually figure out who you are and arrest you or get you when you are trying to convert to USD on an exchange.
There was an example of $100M of a USD pegged stable coin called teather that was frozen recently.
What can happen with Bitcoin is that if they know which wallet is yours they can track the movements of the coins and eventually figure out who you are and arrest you or get you when you are trying to convert to USD on an exchange.
Posted on 2/17/22 at 6:47 am to jp4lsu
Once the original wallet is identified and it is being tracked I don’t know how you could transfer those funds to other wallets that will also be traced. Maybe there is bank in the Cayman’s or Tortola that will do a transfers from digital to physical. Going non KYC from digital to physical seems like the only way to break the digital chain and will have to be done in a sovereign nation that won’t cooperate with Canada.
It is a good question and look forward to some other ideas.
I mostly use MetaMask because it works well in the defi space. I use ledger as my hard wallet.
It is a good question and look forward to some other ideas.
quote:
Also who do you like for wallets?
I mostly use MetaMask because it works well in the defi space. I use ledger as my hard wallet.
This post was edited on 2/17/22 at 6:51 am
Posted on 2/17/22 at 6:51 am to jp4lsu
We may have to go back to the old day of hiding money and staying away from the banks.
Just keep alittle money to stay off the radar in an bank account to make it look like you live pay check to pay check.
Hide the rest that cannot be tracked by big brother.
Just keep alittle money to stay off the radar in an bank account to make it look like you live pay check to pay check.
Hide the rest that cannot be tracked by big brother.
Posted on 2/17/22 at 6:52 am to NCAAFootballGenius
Thanks, I wasn't aware of the admin keys. You hear people talk about this tyranny on the Freedom Convoy with crowdfunding being shutdown, and people saying this is why crypto should exist, but it sounds like a govt can lock that down as well.
I agree it can bypass crowdfunding sites that are fascists. Do the govts have to use these emergency powers to shutdown financial accounts? I suspect they can do this anytime they want.
I agree it can bypass crowdfunding sites that are fascists. Do the govts have to use these emergency powers to shutdown financial accounts? I suspect they can do this anytime they want.
Posted on 2/17/22 at 7:02 am to GumboPot
Thanks for the info GumboPot.
Is MetaMask where you do transactions with others?
Is MetaMask where you do transactions with others?
Posted on 2/17/22 at 7:03 am to jp4lsu
If you find someone willing to take funds in crypto under the table, there is nothing can be done about it. Peer to peer transactions on the Bitcoin network are out of the scope of what the government can realistically stop without some fairly extreme measures. However, if these blacklisted wallets need access to a fiat off ramp, what they would likely need to do is to transfer your funds to a non-KYC compliant exchange like CoinEx or KuCoin which you’ll need to access with a VPN and cash out there.
You could also send Bitcoin through what is called a Bitcoin tumbler (e.g Coinjoin) which breaks the transactions up into many smaller transactions and routes them through complex chains of transactions where they are mixed with other peoples coins before going to the destinations so that the waters are really murky as to who you actually sent the funds to. Kind of similar to how VPN ensures privacy for accessing websites, just with transferring money. Once the funds arrive in the destination, it’s possible they are considered entirely washed by exchanges but certainly not a guarantee.
If I found myself in the position of needing fiat and my wallet addresses were known and blacklisted by all major exchanges, I’d probably use a tumbler and keep them in cold storage just with a new address and then use a non-KYC exchange to transfer to stablecoins, transfer back to an exchange with my bank account and liquidate. Not all at once either, I’d want to see that this worked without setting off any red flags with a small amount before committing the whole thing.
Sounds like a lot but it really isn’t.
You could also send Bitcoin through what is called a Bitcoin tumbler (e.g Coinjoin) which breaks the transactions up into many smaller transactions and routes them through complex chains of transactions where they are mixed with other peoples coins before going to the destinations so that the waters are really murky as to who you actually sent the funds to. Kind of similar to how VPN ensures privacy for accessing websites, just with transferring money. Once the funds arrive in the destination, it’s possible they are considered entirely washed by exchanges but certainly not a guarantee.
If I found myself in the position of needing fiat and my wallet addresses were known and blacklisted by all major exchanges, I’d probably use a tumbler and keep them in cold storage just with a new address and then use a non-KYC exchange to transfer to stablecoins, transfer back to an exchange with my bank account and liquidate. Not all at once either, I’d want to see that this worked without setting off any red flags with a small amount before committing the whole thing.
Sounds like a lot but it really isn’t.
This post was edited on 2/17/22 at 12:51 pm
Posted on 2/17/22 at 7:11 am to johnnyrocket
johnnyrocket,
I agree, but the push for digital is to get rid of cash so that control can be administered over anyone's finances if need be. When they decide to push to total digital and get rid of cash, we need to raise hell. That is an attack on our freedom in the ability to move our assets without being tracked, etc.
They will sell it as a way to reduce drug sales, hurt the cartel and dealers, by removing cash from society. Well forcing banks to report any individual transaction over $10,000 was sold as tracking money launderers and illicit business. We have continually given up our rights for safety, security, etc because the govt said it was for our own good. Well when the govt decides your protest are counter to the govts narrative and govt deems you or your political party or affliation as an enemy then they can shut every part of your life down.
This is why I don't think crypto will be much use if it gets to that point. We have given so much of our freedom and power to the govt. And the govt wasn't happy with that....they then wanted to take your medical freedom away and remove sovereignty over your own body.
Bahh....but I digress.
I agree, but the push for digital is to get rid of cash so that control can be administered over anyone's finances if need be. When they decide to push to total digital and get rid of cash, we need to raise hell. That is an attack on our freedom in the ability to move our assets without being tracked, etc.
They will sell it as a way to reduce drug sales, hurt the cartel and dealers, by removing cash from society. Well forcing banks to report any individual transaction over $10,000 was sold as tracking money launderers and illicit business. We have continually given up our rights for safety, security, etc because the govt said it was for our own good. Well when the govt decides your protest are counter to the govts narrative and govt deems you or your political party or affliation as an enemy then they can shut every part of your life down.
This is why I don't think crypto will be much use if it gets to that point. We have given so much of our freedom and power to the govt. And the govt wasn't happy with that....they then wanted to take your medical freedom away and remove sovereignty over your own body.
Bahh....but I digress.
Posted on 2/17/22 at 7:52 am to johnnyrocket
quote:
We may have to go back to the old day of hiding money and staying away from the banks. Just keep alittle money to stay off the radar in an bank account to make it look like you live pay check to pay check. Hide the rest that cannot be tracked by big brother.
I have been getting this feeling more and more lately. Money talk people talk trash about holding cash but cold hard cash in a secure location is the only true way you are in control of your money. Stocks are gambling and the gov can seize your accounts. Anything n the digital realm is at risk
Posted on 2/17/22 at 7:56 am to jp4lsu
There is not one thing I trust technology having control over. Especially not money.
I cannot wrap my head around how Big Tech and Government could not possibly collude to take it from you.
The Internet used to be the Wild West too. You could say anything you want. The Parler debacle proved that they’ll just shut down your server. How on earth would this not happen with $$$.
Can someone please explain how Bitcoin or Crypto is possibly safer?
I cannot wrap my head around how Big Tech and Government could not possibly collude to take it from you.
The Internet used to be the Wild West too. You could say anything you want. The Parler debacle proved that they’ll just shut down your server. How on earth would this not happen with $$$.
Can someone please explain how Bitcoin or Crypto is possibly safer?
Posted on 2/17/22 at 7:58 am to Wednesday
Bitcoin advocates always point to the blockchain and the wallet. Sure it may be secure in your wallet but if you can’t make transactions and exchange that imaginary coin for something tangible that you can use to sustain yourself it is essentially worthless
This post was edited on 2/17/22 at 7:59 am
Posted on 2/17/22 at 8:04 am to jp4lsu
quote:
Is MetaMask where you do transactions with others?
Yes. I can send and receive crypto from Metamask from my wallet address to other wallet addresses and vice versa. You just have to make sure you are on the correct blockchain. For example if you are sending receiving ETH or ERC20 tokens you have to make sure you are on Ethereum Mainnet. If you are sending receiving Avalanche you have to make sure you are on the Avalanche blockchain. Etc., etc. And you can exchange crypto on different blockchains by bridging networks on sites like Synapse Bridge, Pancake Swap, Sushi Swap, Uniswap...etc.
Posted on 2/17/22 at 8:09 am to jp4lsu
quote:
They will sell it as a way to reduce drug sales, hurt the cartel and dealers, by removing cash from society.
This is hilarious.
It's funny because I've seen the argument the other way. Don't use crypto because that is what cartels and pedos use.
Like cartels and pedos don't use USD...
Posted on 2/17/22 at 8:19 am to Wednesday
quote:
Can someone please explain how Bitcoin or Crypto is possibly safer?
IMO, crypto is not safer for the non tech savvy simply because of user error. There are a lot of scammers that try to get to your wallet. That is the biggest danger for newbies. Never trust someone with your wallet password or keys ever.
Posted on 2/17/22 at 9:46 am to GumboPot
Good info guys. Thanks for the info on wallets and transactions.
You know with the talk of keeping cash or gold/silver, I didn't realize till a few years back that the coin/silver/gold dealers have to report transactions over $10k as well. We are becoming China.
You know with the talk of keeping cash or gold/silver, I didn't realize till a few years back that the coin/silver/gold dealers have to report transactions over $10k as well. We are becoming China.
Posted on 2/17/22 at 10:02 am to Ross
so many covered most things, but essentially you can do the following
transfer to decentralized wallet, tumble, send to new wallet and then funds are cleared.
with bitcoin that has gotten hard and harder as the government continue to crack down on tumbling services because they want to know everything. with Eth its still pretty possible but again NSA and CIA are doing everythign thye can to shut this kind of stuff down.
transfer to decentralized wallet, tumble, send to new wallet and then funds are cleared.
with bitcoin that has gotten hard and harder as the government continue to crack down on tumbling services because they want to know everything. with Eth its still pretty possible but again NSA and CIA are doing everythign thye can to shut this kind of stuff down.
Posted on 2/17/22 at 10:04 am to lsu777
quote:
with bitcoin that has gotten hard and harder as the government continue to crack down on tumbling services because they want to know everything. with Eth its still pretty possible but again NSA and CIA are doing everythign thye can to shut this kind of stuff down.
The cat and mouse game will never end.
Posted on 2/17/22 at 10:22 am to GumboPot
quote:
This is hilarious.
It's funny because I've seen the argument the other way. Don't use crypto because that is what cartels and pedos use.
Like cartels and pedos don't use USD.
oh they will go after any crypto not issued by the fed too.
they want every thing on their block chain.
frick these fricks.
Posted on 2/17/22 at 10:50 am to bayoudude
quote:
Sure it may be secure in your wallet but if you can’t make transactions and exchange that imaginary coin for something tangible that you can use to sustain yourself it is essentially worthless
That's true of any property though.
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