Cryptocurrency

[Jog On]

Isn't crypto simply an asset like anything else and has to be declared with a real money value on the asset register? In the event of insolvency the assets are liquidated and their cash equivalent used to pay of the creditors. I would think hiding, preventing access to or deliberately miss valuing crypto assets would be fraud and prosecuted as such by the authorities?

Yes - this article is written by someone who doesn't understand blockchain.

[AtW]

I would think hiding, preventing access to or deliberately miss valuing crypto assets would be fraud and prosecuted as such by the authorities?

Yeah, but if they can't find it then it's not a problem is it? Tulipcoins are perfect for that.

[Jog On]

Yeah, but if they can't find it then it's not a problem is it? Tulipcoins are perfect for that.

How do you hide money with Bitcoin?

[AtW]

How do you hide money with Bitcoin?

You should ask cyber criminals who accept their ransomware in tulipcoins, while you at it, ask them (and yourself) why they are not accepting bank transfers.

[Jog On]

Nice flow of good news recently -

"Cryptocurrencies could lead to ‘limitless’ losses for UK government

Experts warn of danger of untraceable funds if companies accepting payments in cryptos go bust

The government could face “limitless” losses as a result of businesses that accept payments in untaxed and untraceable cryptocurrencies going bust, an insolvency expert has warned.

A growing number of companies, including the ethical cosmetics firm Lush and office-sharing firm WeWork, have begun taking payments for goods and services in cryptocurrencies such as bitcoin, alongside debt, credit or cash.

But while the shift has been welcomed by crypto-Mor Ons, experts say it could be an easy way for directors to hide cash from authorities, particularly when companies go bust.

Julie Palmer, a managing director at insolvency firm Begbies Traynor, said the growing popularity of cryptocurrency payments would make it harder for administrators – who are in charge of winding down a business after it fails – to track where money has come from, and whether owners, staff or directors are stripping funds out of the business illegally.

It means criminals could walk away with income that would usually be clawed back and distributed to creditors, including the tax collectors at HM Revenue and Customs and local authorities.

Palmer said that without new regulations and taxation plans, the government could face huge losses. “The potential is limitless, depending on how popular this becomes,” she warned."

https://www.theguardian.com/technolo...-uk-government

This shows so much lack of understanding of how blockchain works it's almost comical. Companies accepting BTC and other cryptos have their addresses published so they can receive payments to them.

Those addresses then show the BTC balance and every transaction they've ever made on a public immutable ledger that anyone can access

[AtW]

Those addresses then show the BTC balance and every transaction they've ever made on a public immutable ledger that anyone can access

Yeah, immutable anonymous wallet that can have "tulipcoins" of any amount moved without any questions asked.

As good as banking.

[clearedforlanding]

This shows so much lack of understanding of how blockchain works it's almost comical. Companies accepting BTC and other cryptos have their addresses published so they can receive payments to them.

Those addresses then show the BTC balance and every transaction they've ever made on a public immutable ledger that anyone can access

My drug dealer uses a new address for each transaction.

[AtW]

My drug dealer uses a new address for each transaction.

And why would not they if the cost of "opening" a new "wallet" is next to zero, if not zero?

If people could open any number of bank accounts in a second, no checks who does it, no limits on transfers doing them 24/7, working for all countries, zero taxes, that would be pretty tidy for criminals of all sorts - and that's not even as bad as this tulip is doing right now.

[ladymuck]

Some spammer thinks I'm going to send them some tulipcoin to this address: 1nJCE7GPLEgKVtoDB2vNKxivw3U6ogMeS

Is there really no way of tracking down the owner of that account? Or reporting it in some way?

Well there's this, but that doesn't point me to the person behind the account (such a shame people have sent them money)
https://bitcoinwhoswho.com/address/1...NKxivw3U6ogMeS

[AtW]

Is there really no way of tracking down the owner of that account? Or reporting it in some way?

No and no (well you just reported them here and any other reports will have same kind of effect).