Amazon Receives Patent for Cryptocurrency Tracking

[DooKey]

Amazon just received a patent for a product that tracks cryptocurrency transactions. It's going to be a subscription service that agencies can use to identify those that use cryptocurrency. Some of the primary targets that Amazon is going after are law enforcement and the IRS. Whether or not this product actually makes it to the market is still up in the air, but I bet it happens since Amazon loves to make money.

Amazon imagines that cops will be potential customers. Identifying Bitcoin users is a major project in global law enforcement, and the National Security Agency was working on it in 2013, documents from whistleblower Ed Snowden showed.

 

[Rahh]

I think crypto as a currency will go away but the technology and transactions using it will remain.

 

[BSmith]

Hehe,....good.

 

[Bielzebuddha]

Methinks we're headed into a war where the Victor will be "Buy'N'Large"...

 

[Bielzebuddha]

I think crypto as a currency will go away but the technology and transactions using it will remain.

I suspect that this move by Amazon might be met with some resistance, likely by the inventor of cryptocurrency, and that'll stop that.

 

[Parja]

Welp, time to invest in privacy coins.

 

[Eickst]

Monero is a good bet and they just gave a big middle finger to bitmain which a lot of people are happy about.

 

[HorseproofBacon]

I suspect that this move by Amazon might be met with some resistance, likely by the inventor of cryptocurrency, and that'll stop that.

I wouldn't count on it being stopped. Amazon is far too powerful and they will have the support of governments worldwide. When this goes into effect (not if, when) it will change crypto forever.

 

[Bielzebuddha]

I wouldn't count on it being stopped. Amazon is far too powerful and they will have the support of governments worldwide. When this goes into effect (not if, when) it will change crypto forever.

Yep, it'll drive it so far underground they'll never find it.

 

[Bielzebuddha]

Welp, time to invest in privacy coins.

Better patent that shit before someone else does.

 

[Parja]

Better patent that shit before someone else does.

Privacy coins are nothing new.

 

[Darcschnider]

Yep, it'll drive it so far underground they'll never find it.

Everything that uses internet can be tracked. Its all packets. There is no hiding underground so long as its connected to the internet

 

[oldmanbal]

They are going to be targeting buyers that are below the nsa/cia level of all knowing, break all laws, have all information types. Only certain levels of us government have the tools and access to violate a citizens rights and really monitor everything that they are doing. On smaller levels, law enforcement will need to buy 3rd party tools like this to have access to this type of data. If it's not prohibitively expensive, I can see a lot of local police cyber divisions using this type of software to further track and implicate individuals that they deem to be breaking the law. The seizures in cryptocurrency raids can be massive, and a single swoop could essentially bankroll the entire program for your department. Don't be mistaken to think that police are merely here to serve and protect. In a lot of cases they are actively seeking means to increase their income, which in turn buys nicer vehicles, toys, gadgets, safety gear, or Army surplus machines of death in which to further alienate themselves from the citizens they are sworn to serve.

 

[SecretStash]

will this enable them to undercut the completion with video card prices?

 

[HorseproofBacon]

Yep, it'll drive it so far underground they'll never find it.

Wouldn't count on it. Governments are inept at everything EXCEPT finding and collecting money "owed" to them by the general public (especially the IRS).