ForexMinute.com – A team of radical developers, which goes by the name of unSystem, is planning to launch a strictly “illegal” software within a legal framework of the law. Dubbed as Dark Wallet, this new software is proclaimed for its abilities to ease Bitcoin money laundering, especially in times when governments are leaving no stones unturned in regulating Bitcoins and its businesses.
Unlike a normal Bitcoin wallet that offer fractional privacy protections, the Dark Wallet could strongly protect its users’ identities. Therefore, the governments’ plans to unleash the Bitcoin ownership might be kaput as Dark Wallet will simply inter-encrypt different payments. It would be then theoretically impossible for trackers to trace the Bitcoin flow, which will likely be used in black markets for every wrong purposes.
Since its launch, there is hardly any financial regulatory body left that has not criticized Bitcoin for its use in money laundering and drug/weapon trafficking. At first, it was the United States that brought this concern before the other economies last year, after which Bitcoin has particularly made several tie-wearing enemies. The growing acceptance of this decentralized coin however has made many regulators to at least tax it, therefore helping themselves to trace its transactions.
The upcoming launch of Dark Wallet directly mocks the IRS and many other financial regulatory bodies that have recently regulated it. The anarchist software’s creator Cody Wilson who is already famous enough for creating the first 3-D printed gun, further challenges the government by saying, “This is a way of using Bitcoin that mocks every attempt to sprinkle it with regulation. It’s a way to say to the government ‘You’ve set yourself up to regulate Bitcoin. Regulate this.’”
The Consequence Dark Wallet can bring
There is no doubt that if Dark Wallet turns out be a successful venture, it will simply encourage criminals and terrorists to enlarge their network without being traced. The Dark Wallet creators were asked by Wired.com that whether they think this whole concept is illegal. The anarchists argued that this software is indeed politically incorrect but is secured by First Amendment safeguards on free speech.
On being asked about its consequences, such as child pornography, terrorism and other, Wilson remarked, “Liberty is a dangerous thing.”
Although, this idea brings back Bitcoin from where it started as a decentralized currency that pays no taxes to third-parties for conducting transactions, it would also tarnish its reputation in case its name arises in any of the potential heinous crimes, for instance a terrorist attack.
Technology has always came with a price. Time to think is if it is worth being anonymous. Over to Bitcoiners!
To contact the reporter of this story: Yashu Gola at email@example.com
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