Re:Treasury Calls for Crypto Transfers over $10k to Be Repor...
by boring_twenties on Thursday May 20, 2021 @04:29PM
(#27226773)
With Monero, no one can see the sender, destination or amount of any transaction.
Re:Treasury Calls for Crypto Transfers over $10k to Be Repor...
by Vespasian on Thursday May 20, 2021 @04:36PM
(#27226866)
But people can see the car/house/yacht etc you bought with it.
If you want to actually enjoy your wealth you better find a way to legalize your anonymous money and pay taxes on it.
"I dunno...It just appeared in my crypto Wallet" is not convincing
And if you're using a shared wallet that obscures internal money movements then the feds can still see any entry/exit point activity - they might just be uncertain about what happened to the money in the middle.
I guess if you created a private coin for your nefarious dealings you could keep it really hidden (maybe one tied as a stable coin to a more major coin) - but only so long as you managed to keep the feds from getting a ledger view of the private coin - which would require limiting the spending power of that coin to only parties you strongly trusted which, again, would strongly devalue the coin.
The real world equivalent might be deciding, as a criminal ring, to use gems as a currency to avoid handling USD directly too often - but those gems become worthless apart from their inherent value as soon as trust collapses.