So I put a wallet on my old laptop and put $30k into it. My hard drive fries, unrecoverable. I just take that printout with a bunch of weird words on it and that gets me my $30k back?
Yeah. True story: remembered where i had an old wallet because I toyed with Btc when it wasn't worth much.
I put a wallet on the eeepc I had back in the day. 8 years later, I find it in the attic and it actually booted up, but the wallet was out of date, so it would not work.. I found the key words paper i had stashed, created a new wallet on my pc and voila.
I had about $11k on that wallet ;)
I used to trade it on btc-e: then the feds took it down and I had ZERO recourse back to my money. Would have been worth a couple hundred thousand+ today..
FEDs suck.
So if I did my straw purchase, the blockchain would reflect that but not the paper trail to the feds? I.e if the exchange used was taken down I would still have the crypto and the straw purchaser would just show they spent/transferred the money per the blockchain?
Not quite. Your straw purchase is anonymous, nobody has your name. But, the problem with exchanges is you leave your coins in THEIR wallets. (Because trading off the blockchain is too slow and costly).
Bitcoin IS trackable, but NOT really easy to track, especially if you don't want to be tracked.
The ledger tracks ALL exchanges. Right now the blockchain knows where EVERY coin is. But figureing out who owns them is only ever linked to a person doing a transaction with it, where they are an Identifiable party. Like an Amazon purchase for example.. Which would link your account to that wallet..
See why a blender service is a requirement for anonymity?
Technically, nobody should be tracking you. Violation of your rights. Only if you commit a crime could they begin to do such an investigation.
But yeah, they're hot to fucking tax Btc, but lack effective and legal mechanisms.
I see now. Cause it is all stored on the blockchain.
Yes. As long as no one else gets it first
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