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

tftc.io

581–590 of 611 posts

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

#581

> [The Patriot Act] contains many sunset provisions beginning December 31, 2005, approximately four years after its passage. Before the sunset date, an extension was passed for four years which kept most of the law intact. In May 2011, President Barack Obama signed the PATRIOT Sunset Extensions Act of 2011, which extended three provisions. These provisions were modified and extended until 2019 by the USA Freedom Act,…

"USA Freedom Act" We're truly living in Orwell's world.

"I must say I believe, or fear, that taking the world as a whole these things are on the increase. Hitler, no doubt, will soon disappear, but only at the expense of strengthening (a) Stalin, (b) the Anglo-American millionaires and all sorts of petty fuhrers of the type of de Gaulle. All the national movements everywhere, even those that originate in resistance to German domination, seem to take non-democratic forms, to group themselves round some superhuman fuhrer (Hitler, Stalin, Salazar, Franco, Gandhi, De Valera are all varying examples) and to adopt the theory that the end justifies the means. Everywhere the world movement seems to be in the direction of centralised economies which can be made to ‘work’ in an economic sense but which are not democratically organised and which tend to establish a caste system. With this go the horrors of emotional nationalism and a tendency to disbelieve in the existence of objective truth because all the facts have to fit in with the words and prophecies of some infallible fuhrer. Already history has in a sense ceased to exist, ie. there is no such thing as a history of our own times which could be universally accepted, and the exact sciences are endangered as soon as military necessity ceases to keep people up to the mark. Hitler can say that the Jews started the war, and if he survives that will become official history. He can’t say that two and two are five, because for the purposes of, say, ballistics they have to make four. But if the sort of world that I am afraid of arrives, a world of two or three great superstates which are unable to conquer one another, two and two could become five if the fuhrer wished it. That, so far as I can see, is the direction in which we are actually moving, though, of course, the process is reversible."

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

#582

Earlier quoted context omitted.

Much like baseball cards and beanie babies.

Companies can make more baseball cards and beanie babies. Enforced scarcity gives bitcoin value.

The scarcity of Bitcoin is just a single line of code, not some magical mathematical property.

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

#583

Earlier quoted context omitted.

I think it makes sense to start from the idea that you should be able to transfer funds to someone, like $100 to your mother, without needing the government or a megacorp to facilitate it. The same way I can gift my TV to my mom. Whether that's cash or cryptocurrency doesn't seem to matter since your argument would also apply to cash.

The far left doesn't believe in the idea of property ownership in the traditional sense. So no, I think the premise that you can transfer property to anyone without the government tracking it is incorrect. Taxes could theoretically be imposed, registration might be required to comply with a social "program" they are implementing, etc.

I'm far left but I don't see why the government needs to be involved just because money is changing hands.

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

#584

I think the case for why strong encryption is important is much clearer than why untraceable financial instruments are important and I don't think it's super compelling to argue that these things are actually the same, even if your opposition to government control is the same. 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…

> We're not keeping our fiat currency in a safe under our bed after all.

Only because Americans haven't had a proper large-scale bank crash for a while now. In countries where it does happen, people very much do keep their fiat currency "under the mattress" though. And it's good that they have that option.

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

#585
post #440

A lot of people keep looking for technology solutions to political problems. The fact is that privacy, especially of financial transactions, is becoming illegal. Any technology that allows you to send or spend money anonymously will be attacked by our governments. They won't be allowed. 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 crimina…

Except, you know, the dollar bills the government itself prints.

Yes! But also this is why governments (including in the US) are trying to discourage the use of cash, and make it less convenient.

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

#586

Earlier quoted context omitted.

Would you settle for a catchy motto, mayhap? 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 foun…

I suppose one must die, since living free is not an option. Note to self: stay out of New Hampshire.

Come on, that is literally what "Live Free or Die" means!

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

#587

This would come as no surprise, since all the original promises of Bitcoin circa 15-ish years ago are long dead. The turning point occurred when all exchanges agreed to report transactions directly to the IRS. I say this as someone who had an interest prior to that but lost all interest when the Crypto community sold out its ideals and consented to certain regulations in the interest of mass marketing cryptocurrency…

Wait until you find out about the TRUST program and all the exchanges reporting PII to another.

[deleted]

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

#588

Earlier quoted context omitted.

Very true. In my opinion, and strictly from an American-centric view, privacy should only extend to transactions within borders between citizens. As soon as it involves transactions from outside our borders, then it is a national security concern. We know, right now, that both Russia and China are fueling internal political tension via massive and sophisticated disinformation/influence campaigns, a certain part of wh…

One of the biggest platforms this happens through is Reddit, and they intentionally leave it wide open. You don’t even have to have an email address to register and start posting. Bots make these platforms a fortune, and they’re happy to sell out their country to foreign influence for a dime. So yes, and I’ve been saying this since it started really getting bad in 2020, we need to completely cut enemies of the US off…

Post your name, address, various licenses right now or stop posting immediately.

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

#589

This would come as no surprise, since all the original promises of Bitcoin circa 15-ish years ago are long dead. The turning point occurred when all exchanges agreed to report transactions directly to the IRS. I say this as someone who had an interest prior to that but lost all interest when the Crypto community sold out its ideals and consented to certain regulations in the interest of mass marketing cryptocurrency…

Doing KYC is somewhat against the whole idea of like "no government involvement" but it doesn't negate that the government controls the currency.

You lost all interest because Bitcoin became attractive to people who deal with companies who insist on KYC? How is that in any relation to the underlying code or mantra that Bitcoin is about?

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

#590
post #522

Earlier quoted context omitted.

It's fundamentally unsurprising that the custodians of the existing system don't like a system built on the premise of circumventing it In their defense, there might be some issues with circumventing such controls. Money laundring, fraud, market manipulation and sanction circumvention aren't always positive for society at large

i understand their motivation, but none of the existing controls have done much to prevent those bad things from occurring either

That's a pretty big claim
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