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Yep, the belief that governments would just give up control of money always seemed incredibly naive to me too.
The treasury is expanding the Patriot Act to attack Bitcoin self custody
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Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#22Maybe 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.
Can you imagine the world today if Bernie had won?
Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#23I'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 cos…
What you quoted is regarding the use of a SERIES of single use wallets. What is the "normal Bitcoin" use case for funneling money through a chain of throwaway wallets?
Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#24Earlier 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.
The key must exist somewhere and the wrench may make you reveal that information instead.
Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#25Maybe 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.
popular means whatever Hollywood decided to like
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.
Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#26There's a conflict between Bitcoin as a public ledger, privacy, and money laundering.
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.
Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#27>Loading up a single address with too many UTXOs degrades the entropy of a public-private key pair and makes it easier to brute force a user's private key.
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?
Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#28Maybe 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.
There are many reasons Ron Paul was not very popular.
Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#29As 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.
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Re: The treasury is expanding the Patriot Act to attack Bitcoin self custody
#30Maybe 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.
Given how patriot act survived many terms of both republicans and democrats i highly doubt it.
It is a extremely convenient act for whoever is in power.