The group responsible is “Collective Shout”, the same org has targeted Steam before.
There are calls on social media now to contact Mastercard, Visa and co. and file complaints.
The group responsible is “Collective Shout”, the same org has targeted Steam before.
There are calls on social media now to contact Mastercard, Visa and co. and file complaints.
You don’t have to send crypto from exchange directly to websites. You can send it to your external wallet (outside of any platform), and spend from there. And no one’s ever going to be able to prove that wallet belongs to you.
It’s basically the same as directly sending
The exchange will know what you spend crypto on
No, they don’t know who that wallet belongs to and even though they may hypothesize its yours they don’t have any way to prove it. Moreover, anyone, including sellers can use unlimited amount of wallets and register them at rate 1000x faster than even the advanced CIA group would be able to tie even a single address to a particular person/company. So if Steam operated in crypto, it would take days/weeks of some of the most advanced feds in the world to try to prove that you bought something from Steam using your crypto. And they might even fail at that if you or Steam’s wallet are handled carefully, and they wouldn’t even know what exactly you bought.
Following crypto trails is easy when there’s only one destination…
You’re putting too much trust in the system. If there’s a doubt you will be asked to clear it, they won’t do it for you
Who is gonna ask? It is not your bank account, there are no rules where you send your crypto and you don’t have to explain to anyone. And there are no ways to enforce any of this. Also, a lot of crypto payment services and exchanges automatically generate unique intermediate wallets for every transaction. There is a technique to wallet management called “Hierarchical Deterministic Wallet (HD Wallet)” which seems to be golden standard nowadays, not only it makes it hard to compute your total balance, it also makes it easier to achieve “public address changes with every transaction”. So this is what most exchanges use for those intermediate addresses I assume.
The exchange, the website… It happens frequently
AML and KYC procedures are a thing in crypto, just make a few searches
Ofc KYC is everywhere. But that is only relevant to inputting fiat to crypto. Are there precedents of exchange asking its user about the address where he sent his crypto? Even then, what exactly happens if you answer them with whatever, like you donated to some guy, or it was a present? Regular money laws don’t apply to crypto -> crypto transfers, they are not subject to whatever taxes for presents, charity, etc, and even if they were, that wouldn’t be for the sending side.
Sure, what you said is true, but again, I’m talking about crypto -> fiat
Well, I don’t really know what exactly they’re doing, but there are people like Elon Musk that probably have ways of converting cosmic volumes of crypto back and forth to/from fiat. I’d just assume that crypto -> fiat is more of a problem for individuals currently but huge businesses and corps can make it work in high volumes. So maybe Steam could make it work too for games. And then crypto becomes massively backed by games. And then maybe someone else big jumps in. And then someone smaller can also jump in, and then one day crypto might be backed by so many things that you don’t even need to leave ecosystem, because you can already buy pretty much anything there. But again, this is just assumption, I don’t know how exactly this should work. Perhaps big corps can register a crypto-branch of their business somewhere crypto-friendly.
Also, do you realize that even if all exchanges are taken down, this doesn’t in any way harm crypto in general or any of your independent wallets? I mean, you should only look at exchanges as places to input and forex trade crypto, but you should always output it to your external wallets in the end for long-term storage. If some day some exchange suddenly asks any of its users to explain why they did send money to a certain address, that would be the death of this exchange. You don’t need to explain, it is not bank, there are no taxes to pay (you already paid all the taxes before you converted your money to crypto), there are no laws that could make this demand legal. Move to the next exchange.
If exchanges close, websites stop accepting them, and you can’t withdraw to fiat
Regulation can easily kill most of the cryptocurrency market
Trading on non CEX is a massive pain as well
Storing for long time on cold wallets makes you vulnerable to volatility, which isn’t good for high amounts. It’s essentially investing on a high risk asset.
You can still trade with people directly on forums/chats, like before exchanges existed.
Why?
Even in the worst case scenario there is a possibility of anonymous crypto-only exchanges on darknets.
Agree, long-term storage on external wallet isn’t a good suggestion.
True, but then crypto only becomes useful for illegal transactions which isn’t what we want