Is the Blockchain Anonymity Era Over?
Whats On The Blockchain Stays On The Blockchain and it is Transparent
The idea of anonymity and immutability is one of the selling point of any crypto project just like what Bitcoin wants to achieve from the day it was born.
With blockchain and crypto you can send digital currencies without knowing he person you are sending to, and without the needs of revealing our identity either. As we are only identified with a string of numbers from our wallet address.
It Might Be Over
Well that privileged might be over soon, because recently a Swedish-Russian Citizen were charged by the US government for operating a multi-million Bitcoin mixer. And what more shocking is because the authority manage to caught him after analyzing data from 10 Years Ago.
The Swedish-Russian, Roman Sterlingov was arrested on the April 27th in LA, allegedly he was working as the website administrator when they offering the service to mix the transaction of its client. The Authority manage to him track down using the data from 10 years ago, even a data from the famous Liberty reserve and also the collapsing first bitcoin Exchange Mt.GOX.
With the tools that they have, will the anonymity of the blockchain and crypto will only be a legend in the future? or they can easily look into your wallet address and then send you the tax you need to pay in the future? even from the transaction you have made decades ago.
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Should we really worry about it? I understand that with the key in our hands they can't freeze and take your fund away from you. But if they are able to find the evidence, then they will be able to put us behind bars. Looks like the transparent nature of blockchain, can be a double edge swords for some of us.
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Seems over for now but I would say it is phase.
We have a privacy feature evidently being worked on to add to Litecoin.
I have a feeling at some point developers will really focus attention on this area and start to implement larger solutions.
Posted Using LeoFinance Beta
I heard that Tornado project can handle the mixing stufff to make it imposible to track down the transaction.
as of now, seems we have to be a bit careful using it, don't do anything illegal.
one thing is that whenever you want to cash out the crypto into fiat is the sweetest spot for them to track you down to your real identity
Not all blockchains
There are some coins and wallets still keep its decentralization
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It is not about decentralization, because with the decentralization and the transparent nature of blockchain making it possible to track down the transaction we have made, even it was done decades ago.