So what is called "guidelines" one day becomes legally binding later with no act of congress.
Unfortunately there's a massive swath of mere guidelines and regulation that end up having legal binding. For instance, a Navy sailor was recently sent to jail for 20 years for having gun parts that were cut up the wrong way, the "wrong way" being the right way with previous mere guidance and the wrong way apparently being the fact that some time since then the guidance changed but not the law.
And even if the government doesn't look like it's disposed to do that in your situation you're still sticking your neck out by deviating from the herd because then you can't screech "standard business practice" when some contrived chain of facts results in you fending off a civil suit for whatever reason.
This isn't just a banking thing or a guns thing, you see examples in every industry once you know the pattern.
See Knife Rights V Garland. []
No one had been convicted in the past 10 years for violating the switchblade act, so the state ruled the law couldn't be challenged ("no standing"), even though it was actively being used to ruin people's businesses and raid their homes (the government would just give everything back a few years after doing so and not go through with charges).
[] https://kniferights.org/legislative-update/court-opines-feds...
It explains how KYC and AML law function as a stochastic control on crime. How that is difficult to do through actual laws, and what the downsides of this system are.
One could argue that's how normal Bitcoin wallets work. The addresses are deterministic based on your passphrase (or derived private key). The addresses don't need to get reused because there's no real value in doing so, and no real cost of just using a new address each time.
Though yes--even if that's the exact meaning and design, presumably one could still use the simpler wallets that DO just reuse the same address over and over. And obviously that'd reduce privacy quite a bit.
Then your wallet software is smart enough to treat all the addresses derived as a single wallet. When you go to make a payment, it makes it from the various addresses owned by the wallet. When you want to accept money, you can generate the next address in the series and give a fresh address to someone new.
The net result is that it's not clear from someone looking at the blockchain which addresses actually belong to YOUR wallet and which transactions are you sending money to someone else or yourself.
AFAIK this is how basically all Bitcoin wallets have worked for years. Electrum and Base (formerly bread wallet) as well as Ledger's wallet are the main ones I've used.
EDIT: Just to address this:
> What is the "normal Bitcoin" use case for funneling money through a chain of throwaway wallets?
It makes it so that someone publicly looking at the blockchain can't provably tell how much Bitcoin you have.
We still have to give addresses to people to receive money, so if we were only allowed to have a few, it wouldn't be hard to trace which people own which wallets. And then now you've got a big physical security risk because the world can see how much money you are able to give if they invade your home, kidnap a family member, etc. It'd be like having to put a sign out in front of your house that says, "$600,000 in cash is in here." And they could see the cash.
Yes, it does result in larger transaction sizes, and transaction sizes are used to calculate fees. In practice, my understanding is that the relative increase in size is not a big deal, but again, this is how pretty much all of them work.
Just like encryption, once privacy becomes associated with criminality, you end up weakening security for law-abiding users and concentrating power in a few regulated intermediaries. That’s not healthy for innovation, or democracy.
this is the end of celebrity culture at the hands of social media.
monarchies are the central core of celebrity cultism, look at France today; surrounded by the Monarchies and up in flames.
behaviour says more than words
Exactly. It's a social norm among that class of society
When a Koch, or a Scwab, or the CEO of some mega-corp buys a property on Martha's Vineyard, or the Hamptons, or Vail or overlooking Tahoe or whatever, with intent to actually spend even the scantest amount of time there themselves they engage in absurd unnecessary renovations. That's just how they do things. There is an occasional exception for those in that group who have "found meaning" in some other avenue for lighting money on fire.
Edit: You can thank me later for implicitly telling you where the best construction dumpsters are.
The good news is when your candidate loses you don't find out the evil they really do and you can say it is not your fault. The bad news is you don't find out what is bad about the things you think are good.
Unless the Sanders Administration had a very favorable or majority Democrat Congress aligned with his progressive wing, many proposals would be outright blocked or heavily compromised. Knowing our limitation that everything else has stayed largely the same as history since, this wouldn't be the case. The hypothetical administration's attempts at sweeping reforms, such as healthcare and climate regulation, would very likely be significantly curtailed or overturned by courts or constrained by constitutional limits on separation. The GOP, even though they actively outspend Democrats when in power, obstruct via financial limits each and every Democratic-led effort while crowing about expansion of debt incursion; as such, spending on Bernie's proposed initiatives would raise concerns about deficits, inflation, and taxation. Even with tax increases, there would be pushback from wealthy individuals, corporations, and lobbyists.
Basically, nothing would change in any significant way except, perhaps, the SCOTUS would not be outright overturning DECADES of 'settled law' in favor of an absurd view of the world as it was hundreds of years ago.
This is a feature, and why Trump's second term is so different to his first, or Bidens, or Obamas, or Bush, or Nixon. You'd probably have to go back to FDR for such sweeping changes to the US state.
Trumps first term was overturning norms in behavior, but not overturning the way the entire governing system works, all four estates.
But his support of ratcheting up the Ukraine war disappointed profoundly. That’s not the Bernie I would have voted for.
Sometimes you gotta rip that bandaid off.
Now, that might not have worked but anything might have had a pretty large impact on global/US deaths.
It is a extremely convenient act for whoever is in power.
We don't need a referendum, we just need to choose representation that wants the same things we want. (Alternate formation: Americans do not want these things as much as some of us think they do.)
If you look at how weed was legalized, it required a referendum in many (most?) states because no representative wants to be the guy that has his face plastered everywhere when some kid dies after he smokes some legal weed and smashes into a pole, even if most his constituents wanted the policy.
Representatives generally have to be risk averse to get to the point they can even represent people on issues. This means they are extremely reluctant to vote for anything that might come back to bite them somehow, even if it is popular.
>Alternate formation: Americans do not want these things as much as some of us think they do
There is extremely overwhelming evidence that a supermajority of americans have wanted medical marijuana to be federally legal for many years. And overwhelming evidence the representatives have not been successfully bringing that forward.
The bad guys will say you only need privacy if you’re guilty and the plebs will lap it up
Basically, a good portion of White America are gone cases. You won’t be able to explain to gone cases anything. That’s the reality of America.
2) America started dying way before when we thought things like being anti woke was more important than policy.
I've worked on privacy regulation. This would not get votes. The unfortunate fact is that the people most passionate about these issues are also tremendously lazy or extremely nihilistic. (Maybe it comes with the territory of not trusting institutions.)
Either way, privacy advocates can rarely muster even a dozen calls to electeds, let alone credibly threaten backing a primary opponent. The reason SOPA/PIPA worked is it animated a group of tech advocates beyond those with ideological opposition to surveillance.
We're truly living in Orwell's world.
It's just an acronym bro, don't get all worked up about it, now let's go down, the Two Minutes' Hate is about to start.
https://en.wikipedia.org/wiki/Live_Free_or_Die
> "Live Free or Die" is the official motto of the U.S. state of New Hampshire, adopted by the state in 1945. It is possibly the best-known of all state mottos, partly because it conveys an assertive independence historically found in American political philosophy and partly because of its contrast to the milder sentiments found in other state mottos.
I feel like I can't possibly live in the stupidest era in world history so it makes me try to see other historical eras in a similar light - how can I reinterpret the past such that it also experienced a bunch of clownish nonsense?
Recurring racism is either stupid (as in, it doesn’t work but people keep doing it), or, it … works for some people. It makes them feel better, builds camaraderie and unity amongst a group. So in practical terms, I don’t know if we can call this stupid or crazy.
The word we might be looking for is “rotten”. To watch the evil of the past and continue to harbor any adjacent attitudes absolutely does qualify as “one of the the most rotten eras”, especially because our era was educated on the past and given so much comfort and luxury.
——
I wanna expand why I am honing in on racism. I can only define the American Right as something that has battery pack that is powered by hate. I can’t find the source of the hate. There’s no foreign occupier in America, there’s no evil army here locking people up. The hatred is rooted somewhere, and the core emotion of hatred is the fertile ground for all the obstinance (why nothing good seems to take initiative in this country).
It doesn’t take a genius to say “hey, I think this multi century issue of white racism is still here guys”, like discovering that a alien monster was on the ship all along, lingering, a horror movie.
Edit:
Get the audiobook for this. You can hear just how crazy things have always been:
https://www.amazon.com/Abuse-of-Power-Stanley-I-Kutler-audio...
I listen to this on nice walks, and I’ve literally had to stop in the middle of walking to laugh at the absurdity of it all. It’s surreal and relevant to what’s going on today, as usual.
Not what you meant, but that evil army is called ICE.
You could argue that the entirety of Europe declaring war on itself over the death of one royal (and not even a reigning monarch; an heir-apparent) is such an example; tens of millions dead over something as transient as birthright rulership. Others that come to mind are much of the reign of Henry VIII (everyone knew he was dangerously paranoid, nobody with the potential to do so mounted an overthrow of his power, and his son was shaping up to be worse and England was narrowly spared his reign by the luck of his own bad health). Then there's the French overthrow of a monarchy to replace it with a bloody civil war that liquidated, among others, most of the people who overthrew the monarchy (and replaced it with an empire).
Power consolidation begets perverse effects.
Excellent question. There are two easily readable sources I know of covering historical events of the sort you're asking about. The first is Barbara W. Tuchman's The March of Folly: From Troy to Vietnam, where the entire premise is that stupid people did stupid things and then doubled down on stupidity as they went along. The second is Eichmann in Jerusalem: A Report on the Banality of Evil, in which Hannah Arendt details just how dull and unimaginative Eichmann was. She writes, "it was difficult indeed not to suspect that he was a clown", and suggests that Eichmann was not especially different from anyone he worked for, right up to the top.
History doesn't seem clownish because of the way it is recorded and taught. Even Arendt's writing is cool and formal compared to the histrionics we see on social media and many news outlets.
> Was there a Napeolonic era equivalent to a media figure known for making light of school shootings, getting killed in a school shooting, a second after again making light of school shootings?
The assassination of Archduke Franz Ferdinand, and subsequent events leading to the start of the First World War, were filled with errors and stupidity, so much that history mostly lumps them all under the term "July Crisis", and rarely goes into detail. If you're familiar with the Abilene paradox, you have a framework for how the Great War started as the result of collective actions by soldiers, diplomats, and national leaders.
Anyway, as stupid as this is, Americans are generally literate, with access to unadulterated messages from the other side of the world. Imagine how stupid things were when 95% were illiterate and all information passed through a giant game of telephone before it arrived to you.
Your statistical intuition is sound, and while there are many historical sources describing very stupid events (VSE) dating as far back as recorded history, it is difficult to appreciate the outer bounds of the stupidity range because what has been written is a small fraction of the history that people have lived for at least 100,000 years.
So while I feel we are living in the stupidest era in history (the SEIH), I must conclude that we don't.
The core elements are usually similar. Fetishism of militarism often by people who never see a day of combat, occult and antiscientific beliefs, grifts, purges and nepotism, brutish mocking cruelty. The Nazi Totenkopf was the shiba inu of its day.
History doesn't repeat but it does rhyme. I think the lesson here is people tend to understimate what they can't respect. Thinking "no one would be stupid enough to take this guy seriously" is often a mistake.
> The Treasury Is Expanding The Patriot Act To Attack Bitcoin Self Custody
The wording is confusing. Two provisions expired, not the entire Patriot Act.
https://web.archive.org/web/20250306093943/https://www.nytim...
Being confusing, I'm almost certain, was the entire point.
https://en.wikipedia.org/wiki/Patriot_Act#Section_expiration...
But then they say "The first act reauthorized all but two Title II provisions. Two sections were changed to sunset on December 31, 2009"
But the first act was passed in 2005, and so it's unclear whether it reauthorized provisions only until 2006 or a longer term.
If we had that kind of reaction to making your internet worse as we did to making our rights worse we would be better off.
Great to know our prediction of where this would end up was right.
Tragic to know our prediction of where this would end up was right.
I can only hope those at the time who denied this are caught up in said dragnet. A bit like immigrants voting for Trump, I digress.
Fortunately, other banks weren't staffed with idiots, and I was able to open an account elsewhere after providing my documents.
If they go off-piste, even when that is a valid action, then they are likely going to be penalized by their employer's compliance department. That's because that piece of bureaucracy is still required at the next stage of bureaucracy. Now level 2's life is harder. It's best just to ignore and move on. There will always be some non-zero failure rate like this as long as bureaucracies exist.
How are "regulated intermediaries" not democratic? If they're regulated by the democratically elected government, that seems entirely democratic to me.
Democracy always has the risk of sabotaging itself by naive actors who don't respect fundamental freedoms because they fear the public.
Snarky comment meant in good humor.
"Never" may be falsified by "at least once", but affirmed only by "never". So I'm afraid only you could have ever been on the hook for the $1M, and may still be!
Your prof made a good bet.
I think it's actually pretty clear that almost all people are not capable of secure and reliable self-custody and would be better off with an intermediary. We're not keeping our fiat currency in a safe under our bed after all.
But it shouldn't be illegal or somehow indicative of criminality.
Same thing with self custody of crypto.
If so, that would be pretty bad right?
Whether that's cash or cryptocurrency doesn't seem to matter since your argument would also apply to cash.
That's not actually an argument for anyone who doesn't share your assumptions though and is largely just lazy thinking.
Cash also has physical limitations that make large cross-border transactions hard, which crypto does not.
To be fair, they argued against intermediation. Not regulation. Requiring a filing for every $100 cash transfer to one's mother would satisfy their requirement.
You're regulating an "untraceable" utterance of a string of data.
Pragmatically it's worse than trying to stop fentanyl, which is already impossible, and even trying to stop it has just made the gangs that much more powerful because they now control whole small nation-state tier light-infantry militias funded by black-market profits induced from trying to ban it.
I honestly don't see any way to effectively ban cryptocurrency that has net positive utility. "Yay we caught some criminals, all it cost us was a dystopia!"
I don't actually care about this topic at all, but people should do a better job of defending their positions.
The first one is the privacy argument.
Would you be comfortable if you’re not allowed to give the cash in your pocket to someone without someone watching over? If the answer is no, you are pro privacy for financial transactions.
Cash has the privacy feature as a default. You can argue that 3rd parties that help you send cash don’t have to offer any privacy, but BTC isn’t that, and forcing it to be that way is an attack on privacy.
All that shit after 9/11 was crazy and dangerous, and some of us said that at the time, and go figure, the fucking obviously true things we were saying have turned out to be... true. What a surprise.
The War on Terror AUMF relies on a Presidential determinatiom that the targets “planned, authorized, committed, or aided the terrorist attacks that occurred on September 11, 2001, or harbored such organizations or person”.
But the President has had implicit blanket permission to bomb whoever he wants with a time limit ever since the War Powers Act was passed.
> creating and using single-use wallets, addresses, or accounts, and sending [cryptocurrency] through such wallets, addresses, or accounts through a series of independent transactions
That's the default way Bitcoin wallets work, and it helps a ton to improve privacy. If we were limited to always reusing the same few addresses, it'll be very easy for not just law enforcement but ANYONE to see just how much Bitcoin you have.
If that's a small amount, it's not a risk. If it's a big amount, now you've got a target on your back. For me to accept Bitcoin payments, I need to publish my address, and from that address, you'll be able to see how much Bitcoin I have (and trace other transactions) over time.
Imagine everyone in town knowing that you've got six figures (or more) of money that can undoubtedly be extracted from you by invading your home, taking family members hostage, etc. At that point, you may think it's safer to keep it in an exchange, and you may be right.
If you have your wallet on a Cell Phone, you might as well post a sign outside of your house stating "I am a bitcoin user and trying to keep that use secret" :)
With a bank you can have anti-money laundering and bank secrecy. Transaction are known by the bank, can be subject to subpoena or automatic reporting, but are non-public.
If you want privacy on Bitcoin you need to do things that look a lot like money laundering. Governments banning money laundering isn't a surprise. The value of Bitcoin, if transactions are fully public and attributable to pseudonyms, is questionable.
In some ways, the problem Bitcoin has is that it is inflexible. Governments want to change the rules in finance from time to time, traditional finance adapts.
Your point being?
People prefer centralised stuff since it takes care a lot of stuff for them. They dont actually care all that much about technology that yield decentralised outcomes. I know that may be difficult for many here to comperehend.
So whats your point fella?
https://news.ycombinator.com/item?id=40133976
https://news.ycombinator.com/item?id=30347719
> Meta
https://news.ycombinator.com/item?id=30186326
https://news.ycombinator.com/item?id=44210689
> Apple
https://news.ycombinator.com/item?id=11034071
And
Linux Reaches 5% Desktop Market Share in USA (ostechnix.com)
1021 points by marcodiego 58 days ago | 620 comments
its like html being using for full blown applications.... its the wrong application of the tech. If you dont want people to see where you send stuff why would you pick a technology designed to do that?
There is, to be fair, a legitimate debate to be had about dismantling our anti-money laundering infrastructure.
Is there a realistic risk there? If I use an address a million times, how much weaker is it? And how feasible would it be for an attacker to brute for it?
The security concerns start happening after an address spends a UTXO. Before a P2WPKH (segwit) address is used, only the public key hash is known. In order to spend from it, the full public key needs to be revealed. That's why it's recommended to use single-use addresses, because a quantum computing attack or elliptic curve vulnerability could be used against an address where the attacker knows the public key, but would not work against an address where the pubkey has not yet been revealed.
So, the main security change happens after you spend from an address the first time. Subsequently, there are theoretical vulnerabilities that could occur after an address is spent from many times, but really only if the signer is malicious like dark skippy, or faulty and doesn't properly follow RFC 6979 deterministic signatures, leaking some signature entropy which could be used to crack the private key. The latter has happened with some bad custom wallet implementations, but these attacks are even further in the realm of theoretical, not super realistic, require faulty software/firmware to be implanted into signing devices.
The actual list of "suspicious activities" in the article is about pooling, structuring, delaying transactions -- the stuff you do to hide activity, whether for good or bad.
It says nothing whatsoever about self-custody. The author makes the imaginary leap because they say they personally recommend doing all those things with self-custody. But they're totally separate things.
So as far as I can tell, the headline is just false clickbait.
They also claim:
> If enacted, any user who leverages these tools will be flagged as a suspicious... and could potentially be sent to prison.
I don't think that's the case? Having a transaction considered suspicious doesn't send you to prison. At best it seems like traditional banks might not permit a transaction, or it could be used as supporting evidence for separate actual illegal activities like money laundering? But going to prison requires being convicted of an actual crime. Not just activity that is "suspicious".
The actual problem with the article/headline is that the "Patriot Act" has expired. Although I'm sure there are plenty of similarly vague laws that could be used to justify this.
It is unlikely that we know what the penalties for suspicious transactions are in the US legal system. That seems like a matter that should have come before FISA Court at some point so we won't see public records of what the case law is. Even if it hasn't the actual workings of the financial control the US exercises aren't exactly secret but they also aren't exactly easy to follow.
This is exxageration. If you operate a cash business, you're under the same heightened supervision.
This is based on the idea that there is some exception from previous rules and regulations. Before Bitcoin existed, lots of these rules were formulated. Now Bitcoin is on the scene and has evolved best practices for self-custody that ignore everything that went before. Bitcoin becoming more popular and integrated means that the rules from US financial system will start to be applied.
There is no surprise in this. If more effort was put into mitigating the concerns of the US financial system (or others) then things like this wouldn't happen. However, the truth is that the philosophies are incompatible so it's just a war of attrition that will unsurprisingly result in conformance to US financial regulation.
It is because if you can't do those things, bitcoin has no use. Its only functions are to dodge laws and transfer money, and it's bad at transferring money.
Don't be paranoid, and don't worry! We're the good guys!
We curtail commercial speech relative to political speech to protect against fraud. Regulating financial activity is deeply precedented, especially in contexts where whether it's an individual person or group of people is ambiguated.
--- Point 1
Crime is real. Can we agree on that?
If you were in charge of identifying and locating criminals based on on-chain transaction data, what are the list of guidelines you'd put together to use PUBLIC DATA to determine suspicious behavior?
If you're competent, at all, the list would look like this. Let's not immediately jump to "self custody is gonna be outlawed"
----
Point 2
Bitcoin was designed this way. This data is public. This is HOW THE DAMN THING WORKS.
This article is written by a "Seasoned Bitcoiner", which is a term that reveals just how cooked they are. They haven't come to terms with the fact that the Bitcoin price is predicated on being the first, but certainly not the best public blockchain for realizing the goals of a global decentralized currency, whether you agree that's even a possibility or not.
Some people adopt ignorance -- Others were born in it, molded by it.
Well that's not true... The key doesn't change because you added more bitcoin
The guidance doesn't mention anything similar to self custody and the Patriot Act itself has expired: https://en.m.wikipedia.org/wiki/Patriot_Act
It's the worst kind of clickbait, and is actual, real fake news.
Your comment is nonsense.
All the things the Treasury is considering to be "suspicious activity" simply can't be tracked with something that's non-fungible and untracable like Monero. This suspicious activity - aka privacy - is just how all monero transactions are done.
Take VPNs and Tor helping people jump the Great Firewall of China for example. Obviously, yes, this is a political problem; the GFW shouldn't exist. But it would be foolish to dismiss the technology as a vital part of fighting back against the state.
--
anti-money laundering safeguards
sanctions enforcement
consumer protection
tax enforcement
fraud prevention systems
--
It is very true that technology won't get you this freedom from sensible legal requirements we impose on financial transactions.
That's obviously a good thing, but I guess people who are in crypto would disagree.
So no, it isn't obviously a "good thing", unless you reject these nuances in favor of an all powerful state.
Yes, the state has control of finance and transactions. It always does.
Democracies are build on principles like Popular sovereignty, political equality, or the rule of law.
Private transactions or tax-free property isn't a democratic feature. Yes, it's that obvious.
The main website that matched people to trade fiat for monero (localmonero) got closed recently because "reasons".
It is pretty popular and outlawed since a while. Basically the only relevant crypto currency used for purchases on the street since several years now. You can look up the number of daily on-chain transactions and tends to be on top every day.
You likely would only notice this if you need to donate money for someone with the wrong opinions or live at a non-aligned country.
I'd argue the opposite - if Bitcoin had been created with secure private transactions (untraceability) it would be in the same popular position it is today, but the attacks on it (Chainalysis etc) would be failing instead of inevitably marching forward.
Your argument seems to rely on an assumption that the insecurity of Bitcoin has been legible and apparent to the [greater] government for most of Bitcoin's life, and so the government allowed it to gain popularity knowing those insecurities would eventually make it succumb to government control. But in general government sees any lack of identification/data as a problem to be rectified, so I'd say it acted as quick as it would have regardless of the security properties. It feels like any holding off had more to do with financial lucrativeness rather than an understanding of its long term security flaws.
Now that we're here though, Bitcoin does seem like a very strong inoculation against financial privacy technology. Government is now well aware that software/cryptography can be used for money, and the first question asked is why isn't your new niche system grokkable to chain analysis?
The state will never allow large scale financial privacy because it poses an existential threat to the state.
I do not see how it is an existential threat.
Nation states existed for centuries in which money was frequently held as cash and even large transactions were often done in cash. its still common (or was until very recently) in a lot of (mostly poor) countries
> With financial privacy and real freedom, you can hire a competing army.
Having the money to pay an army is a long way from hiring one. Recruitment and buying military equipment at any scale would be obvious.
I've never heard of this website but if your only source is a tweet and you misrepresent it, I don't believe it.
I'll take bets: By EOY 2026 it will be legal in the US to use single use addresses
Today, you can brain-memorize $1bn in Bitcoin and move yourself from one country to another; and depending on the country; might be able to exercise different amounts of that purchasing power. Control moves from the origin country to the reception country.
Russia and China were always hostile because of this. The Chinese authorities regarded Bitcoin as some sort of capital flight scheme. Now both Europe and the USA are too. I think Bitcoin only chance for survival, in its current form, is if these two poles do use it as a mechanism to attack one another. Mining is already balanced between East and West.
You can argue about whether you can get away with it due to difficulty of enforcement, but all that does is turn us all into criminals. They won't put ALL of in jail, but they can put ANY of us in jail - the ones they don't like.
Some think we need financial freedom, but in reality it's the freedom to fund scams and malware, launder money, dodge taxes, and buy stuff that’s illegal.
That won't become legal just because you use "Monero" or whatever. Obviously we can't have privacy for financial transactions.
advocating for (or against) trans rights, protesting against the deportation of migrants, advocate against gun-control, and donating to (anti) palestinian causes
Are just a few things that people would like the freedom to do.
The point being, financial privacy is an important part of having a functioning democracy. But at the same time, financial control and limits are also an important part of a functioning democracy, for e.g. the 'freedoms' you mention. In the end, neither perfect privacy, not perfect surveilance are what we need. The best solution will be somewhere in the middle, with nuance.
No, I don't think it is. Perhaps privacy for speech and voting are.
I live in Canada. Anonymous heinous speech? No thank you. Go away.
I'd argue that Bitcoin has been effectively immune to attacks like this by governments for nearly a decade.
Monero is only on the news for negative reasons when someone tries to bring it down or delists from yet another exchange. There isn't funding to make it popular, which I guess in the end it is really up to Monero users from pushing it up.
Its by far the best crypto-currency for making payments. But people care very little about making payments with crypto, and exchanging between Fiat and Monero is very difficult, so its not an easy payment system either.
There are plenty of bad things that need to be prevented, but a functioning democracy requires the ability to act outside the surveillance of both your peers, and the currently sitting government.
I think this might be the first indication that what we currently call "institutional Bitcoin supporters" are not "Bitcoin supporters" at all, or rather, what they call "Bitcoin" is not what you and I call "Bitcoin". Services like Coinbase and BTC ETFs don't really suffer from this development at all. In fact, I think it's quite obvious that obviously benefit from something like this (at least from the first-order effects). What's the alternative to self custody? Well... third-party custody. Especially since they are already bound up by KYC rules, right? Their is a cynical reading that there's nothing inconsistent with this development if you consider "institutional Bitcoin's" goals to primarily be replacing existing financial power structures with themselves. "Bitcoin" is just a means to an end. Their goals were only incidentally aligned with individual BTC holders since they were previously in similar circumstances as the "out group". Previous administrations were as suspicious of "Bitcoin companies" as any individual Bitcoin holder, perhaps even more so. But that's not the case anymore. Bitcoin companies have successfully been brought into the fold, so it's not even that they're necessarily "betraying" the values of Bitcoin true believers, you might argue that interpretation of shared values was entirely inferred to begin with.
Critically though, I think an important consequence of this is that Bitcoin purists and skeptics should realize that they arguably now have more in common than not, at least in the immediate term, and may be each other's best allies. In my experience, for most the existence of Bitcoin, its skeptics haven't really seen Bitcoin as a "threat." Instead, to admittedly generalize, their critiques have been mostly about Bitcoin being "broken" or "silly" or "misunderstanding the point of centralized systems", etc. These aren't really "oppositional" positions in the traditional "adversarial sense," more dismissive. In fact, the closest thing to an "active moral opposition" to Bitcoin that I've seen is an environmental one. IOW, Bitcoin true believers think about Bitcoin way more than Bitcoin skeptics do. Similarly, Bitcoin true believers really have nothing against skeptics other than... the fact that they occasionally talk shit about Bitcoin? IOW, Bitcoin skeptics are not "the natural enemy Bitcoin was designed to defeat".
But if you think about it, "institutional Bitcoin" sort of embodies something both these camps generally have hated since before Bitcoin. Whether you believe Bitcoin to be a viable answer or not, it is undeniable that the "idea" of Bitcoin is rooted in the distrust of these elitist financial institutions, that evade accountability, benefit from special treatment, and largely get to rig the larger system in their favor. Similarly, I don't think Bitcoin skeptics like these institutions or are "on their side". In fact, perhaps they'd argue that they predicted that Bitcoin wouldn't solve any of this and would just be another means of creating them. But IMO what they should both realize is that the most important threat right now is these institutional players. They are in fact, only "nominally" Bitcoin in a deep sense. From the perspective of true believers, their interests are actually in now way "essentially" aligned with any "original Bitcoin values," and from the perspective of skeptics, the threat they pose has very little to do with their use of "the Bitcoin blockchain".
They are arguably just another instantiation of the "late stage capitalist" playbook of displacing an existing government service in order to privatize its rewards. Coinbase could be argued to have more in common with Uber than Ledger wallets. Instead of consolidating and squeezing all the value from taxis though, the play is to do the same with currency itself. It is incidental that Uber happened to be so seemingly "government averse". In this context, it's actually helpful to cozy up to the government and provide the things government departments want that make no difference to fintech's bottom line (such as KYP). In fact, that might be their true value proposition. Bitcoin only enters the conversation because in order to replace a currency, you do... need a currency. Bitcoin was convenient. It was already there, it had a built-in (fervent) user base that was happy to do your proselytizing for you, and even saw you as a good "first step" for normies that couldn't figure out to manage their own wallet. The Bitcoin bubble was already there, why fight it when you can ride it?
Again, I think this is highly likely to be against the values of Bitcoin true believers and skeptics alike, and I also think that if the above is true, it represents an actual danger to us all. Recent events with credit card processors have already demonstrated that payment systems have proven to be incredibly efficient tools at stifling speech. In other words, this is arguably an "S-tier threat", on par with or perhaps worse than any sort of internet censorship or net neutrality. If so, we should treat it as such and work together.
https://en.m.wikipedia.org/wiki/Executive_Order_6102
It was forbidden to have more than 5 ounces of gold.
Always has been.
I mean it was useful for online gaming related transactions, like 15 years ago.
Ever since it has become a more obvious scam with every passing year.
Today you can barely post about it on most major platforms without immediately spawning multiple spam comments trying to part you from your money.
Real value crypto adds to the economy: ~0.
Once this scam inevitable comes crashing down, it will probably take the stock market with it. And all for nothing but the enrichment of early crypto adopters.
Also, always remember native coinjoin.
Now we get to see how enforceable it is (and I suspect it's more enforceable than people wanted to assume... They can jail you indefinitely for refusing to divulge a password if the court finds it is not a violation of your Fifth Amendment rights to divulge it. https://xkcd.com/538/).
btbuildem•3h ago
esafak•2h ago
chii•2h ago
moduspol•2h ago
incone123•2h ago