2d ago

The Treasury Is Expanding the Patriot Act to Attack Bitcoin Self Custody

www.tftc.io

The Treasury Is Expanding The Patriot Act To Attack Bitcoin Self Custody

cross-posted from: https://lemmy.bestiver.se/post/613592

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2d ago

The Treasury Is Expanding the Patriot Act to Attack Bitcoin Self Custody

www.tftc.io /treasury-iexpanding-patriot-act/

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2d ago

The Treasury Is Expanding the Patriot Act to Attack Bitcoin Self Custody

www.tftc.io /treasury-iexpanding-patriot-act/

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2d ago

The Treasury Is Expanding the Patriot Act to Attack Bitcoin Self Custody

www.tftc.io /treasury-iexpanding-patriot-act/

20 comments

It's my understanding that Monero actually provide anonymous transactions.
- Yes? But who own monero? And it’s verification nodes? Might end up centralized like btc and eth
As reminder crypto are being centralized so it is looking more like traditional finance Coinbase holds over 12% of all Bitcoin and 11% of staked Ether.
https://coinlaw.io/coinbase-users-statistics/
it's never lupus lookin ass
It's the equivalent of farmers voting for trump and getting screwed over, Bitcoin bros are next in line
- "bitcoin bros" who use custodial wallets and "bitcoin bros" who do high-frequency trading on Coinbase are not the same people. This is not good news any way you spin it, just further consolidation of power.
- I think most Bitcoin bros just care about the line going up; not about privacy/freedom. Trump and those around him are getting insanely wealthy from crypto in general.
big deal, and fascism. NATO colonies copying the fascism is to be expected. Spirit of 2nd amendment is spirit of right to resist.
Patriot Act's name is meant to distract from fascist powers within it, and while bitcoin is not super anonymous if you use techniques that are now recommended to "crackdown", there is improvement.
Bitcoin's superiority over gold is the ability to move to a more welcoming jurisdiction without border confiscation, or luggage weight, concerns, and so US/Colonies crackdown on "definancialization rights" may well lead to wealth drain from the empire.
- What the blunt
To be fair, the author has a good point, but we knew this was coming, and Bitcoin did nothing to prevent it. Monero, however, did.
- what did Monero do to prevent it?
  
  It doesn't need mixing because the protocol itself hides the sender, the receiver, and the amount as due course.
  This stuff is basically banning any privacy-preserving technology on a public blockchain, like Bitcoin, since it has no privacy by default.
Surveillance state adds suveillance🙃
- I know right! I'm in shock. /s
Only centralized entities are affected by it. This isn't a blanket ban on self-custody, as Lola Leetz puts it in a Nostr comment about it.
- ...yet. Authoritarianism creeps, it crawls silently, strategically, meticulously, knowing that far too few will notice or care until it's too late.
  
  I'm sorry, but WHAT?
  The US has been detaining citizens to foreign countries without due process.
  Supreme court validated ICE raids in cities.
  This is not 'authoritarianism creeping', it's just doing a victory lap.
  
  The people saying it's a blanket ban is just spreading FUD about it right now. While it's a valid concern, it's highly unlikely the blanket ban will be seeping to DEX's.

20 comments