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The treasury is expanding the Patriot Act to attack Bitcoin self custody

tftc.io

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Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody

#11

Post by moduspol »

elif wrote: post #5

I'm confused how the connection was made between "here are our guidelines for suspicious activity" and "self custody is outlawed"

> creating and using single-use wallets, addresses, or accounts, and sending [cryptocurrency] through such wallets, addresses, or accounts through a series of independent transactions

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.

Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody

#13

Post by Mistletoe »

Maybe in 2028 a presidential candidate can run with removing the Patriot Act as one of their campaign points. I suspect the world will be very different then. The America I knew, remembered, and loved started dying with the passage of the Patriot Act.

Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody

#14

Post by mothballed »

Mistletoe wrote: post #13

Maybe in 2028 a presidential candidate can run with removing the Patriot Act as one of their campaign points. I suspect the world will be very different then. The America I knew, remembered, and loved started dying with the passage of the Patriot Act.

Ron Paul already did that. Not very popular.

Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody

#15

Post by Mistletoe »

koakuma-chan wrote: post #12

As someone who hasn't read the article, is holding bitcoin in your own wallet going to become illegal? Also, which wallet do you guys recommend, I use Coinbase but it sucks.

Use a hardware wallet like Trezor.

Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody

#17

Post by n0n0n4t0r »

Mistletoe wrote: post #13

Maybe in 2028 a presidential candidate can run with removing the Patriot Act as one of their campaign points. I suspect the world will be very different then. The America I knew, remembered, and loved started dying with the passage of the Patriot Act.

[flagged]

Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody

#18

Post by ceejayoz »

rvnx wrote: post #9
techterrier wrote: post #4

Earlier quoted context omitted.

it's another $5 wrench situation

The solution is to store your money on a wallet where you do not have the private key. This way if you cannot access your funds nobody will be able to coerce you.

Their solution to that is "rot in jail for a long time, then".

https://en.wikipedia.org/wiki/H._Beatty_Chadwick

Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody

#19

Post by rafterydj »

rvnx wrote: post #9
techterrier wrote: post #4

Earlier quoted context omitted.

it's another $5 wrench situation

The solution is to store your money on a wallet where you do not have the private key. This way if you cannot access your funds nobody will be able to coerce you.

In that case the obvious move from the 5$ wrench perspective is to hit you with it until you tell them where the private key is kept, because you would need to have it somewhere.
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