Why US Intelligence Experts Have Been Monitoring Bitcoin

Why US Intelligence Experts Have Been Monitoring Bitcoin

admin Anonymity, Bitcoin Law, Bitcoin Regulations, Government, IRS, Privacy, Spying, Taxes, USA 0 Comments

Hundreds of U.S. experts within defense and intelligence agencies are seeking to understand how virtual currencies like Bitcoin could undermine the U.S.’s long-standing ability to disrupt the financial networks of its foes and even permanently upend parts of the global financial system, Newsweek confirmed in a report. Juan Zarate, senior adviser at the Center for Strategic and International Studies and also on the board of advisers for Coinbase, told the weekly news magazine that virtual currencies pose a challenge. It runs contrary to the fundamentals of transparency and accountability that have been built over the last three decades to tackle terrorism, human trafficking, money-laundering and many other types of criminal activity. Is FBI hacking Bitcoin users’ computers? This new information will inadvertently provide an answer to the suspicion held previously that some agencies of the U.S. government have made moves that suggest Bitcoin users are being targeted for unconfirmed reasons. There were reports that a revised Rule 41 would allow the FBI to use a single warrant to hack an indefinite number of computers anywhere in the world. The rule, which will offer authorities an expansion of power over taxable pools of hidden assets such as cryptocurrencies, has been a …

Bitcoin Privacy USA Anonymity Government Transactions Coinbase Identity

Bitcoin Anonymity Over? United States Government Seeks Identity, Transaction Records of Coinbase Users

admin Anonymity, Bitcoin, Government, In the News, Privacy, Taxes, United States Of America, USA 0 Comments

The U.S. government is seeking the identity of Coinbase users for tax purposes, sparking fears that Bitcoin’s anonymity may be compromised. According to a legal summons filed in the Northern California District Court, the U.S. Internal Revenue Service (IRS) seeks to identify several Coinbase users and their financial activity, based on evidence that they may have violated U.S. tax laws: “Based upon a review of the petition and supporting documents, the Court has determined that the “John Doe” summons to Coinbase, Inc. relates to the investigation of an ascertainable group or class of persons, that there is a reasonable basis for believing that such group or class of persons has failed or may have failed to comply with any provision of any internal revenue laws, and that the information sought to be obtained from the examination of the records or testimony (and the identities of the persons with respect to whose liability the summons is issued) are not readily available from other sources.” As indicated by the summons, two things are clear: one, the IRS has tracked Bitcoin-related activity sufficiently to be able to determine that certain users may not be in compliance with tax law, and two, this activity …

Why the United States Election System Must Adopt Blockchain Technology (Op-Ed)

admin Blockchain, Donald Trump, Elections, United States Of America, USA 0 Comments

Talking about the election with my family and friends, many reflect a complacent and, frankly, spoiled attitude about the manner in which things are done in the U.S. Many either don’t know or don’t care that the national election can be easily manipulated, at least in certain key counties, which hold the capacity to influence states, which further hold the ability to influence elections. This op-ed article will look to expand on the good, the bad, and the ugly of the recent 2016 U.S. presidential election, and how, regardless of who you supported, changes to the working system need to be made that will protect the integrity of the vote in the future. Politics are a dirty game, and many great leaders don’t want to get their hands dirty Donald Trump won the 2016 presidential election, making him the 45th President of the United States, provided that the electoral college votes are properly and ethically cast in support of the popular vote – theoretically, an elector can vote any way they wish, regardless of the popular vote. Donald Trump could have ran for president at any time over the last 30 years, but the political process and its underbelly were …

Roger Ver: If IRS is Trying to Tax Bitcoin, That Seems Like Acceptance

admin IRS, Politics, Taxes, USA, World Politics 0 Comments

In a reaction to the U.S. government’s renewed commitment to tax Bitcoin transactions, the owner of Bitcoin.com, Roger Ver, says that while he’s not a fan of taxes and the IRS, he thinks it is a strong sign Bitcoin has come to stay, and governments are coming to terms with that. Mainstream adoption While the crypto entrepreneur doesn’t agree that taxing is good for the community, he affirms that it is an indication of mainstream adoption. He explains: “It is a sign of progress towards mainstream adoption, and with that adoption, Bitcoin will bring many positive changes to the world.” Whether taxing Bitcoin transactions is feasible, is another issue that immediately comes to mind when looking at the nature of the virtual currency and its anonymity. When Cointelegraph asked Roger if cryptocurrencies could be taxed accurately, he had this to say: “I think cryptocurrencies will bring a whole new meaning to the term “voluntary compliance.” No amount of threats of violence from the IRS can solve a math problem.” Tax is theft Roger holds the conviction that tax is theft and is paternalistic in its nature. He quotes Lysander Spooner: “If taxation without consent is not robbery, then any band …

US to Weaken Regulations for Digital Currencies, Blockchain by 2017

admin 2017, Blockchain, Cryptocurrencies, Regulations, United States Of America, USA 0 Comments

The US government has called for the formation of a “responsible innovation” fintech department to spur the growth of emerging technologies including cryptocurrencies, the Blockchain technology and other financial technologies that could enhance existing financial systems. US regulatory body the Office of the Controller of the Currency (OCC), which previously expressed their optimism towards digital currencies and the Blockchain technology, is planning to launch three offices in Washington, New York and San Francisco led by a chief innovation officer. The 30th Comptroller of the Currency of the United States, Thomas J. Curry, stated: “The OCC supports responsible innovation that enhances the safety and soundness of the federal banking system, treats customers fairly and promotes financial inclusion […] we are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation.” Effect on Blockchain startups While it is still difficult to speculate the impact of the OCC’s plans on Bitcoin and alternative cryptocurrencies, it will hugely affect the operations of Blockchain and distributed ledger startups that are collaborating with banks and major financial institutions. The OCC states that the formation of a responsible innovation department will allow the organization to “identify, understand and respond to financial …

The Trump Train Goes to Washington; Three Ways Trump Helps Bitcoin

admin Bitcoin News, Bitcoin Politics, Bitcoin Price, CoinGreed, Donald Trump, In the News, Political, Politics, Prices 0 Comments

As I went over in an Op-Ed on Sunday, Hillary Clinton could not be allowed to become President of the United States. Call me crazy, but the world does not need openly corrupt, lying, World War 3-threatening politicians controlling Washington. Donald Trump wanted to “drain the swamp” and he is a man who gets things done, starting at the head of state. He’s already done more in one night than President Obama has done in eight years. Thank you America, for joining me and the rest of the liberty movement on the right side of history. Ok, enough about me being so right all the time…..what does this mean for Bitcoin? I’m going to give you three fast ways Trump helps Bitcoin and provides Bitcoin a much better future than the corrupt alternative. Bitcoin price should go up even faster for the rest of the year Bitcoin has proven to be just like Donald John Trump, a winner, from jump street, and 2016 has been no different. Bitcoin was up by over 60 percent this year going into election night, and these results will only build upon that growth throughout the coming weeks and months ahead. Bitcoin has proven to …