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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

#61

Post by whimsicalism »

elif wrote: post #23
moduspol wrote: post #11

Earlier quoted context omitted.

> 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?

this is just standard practice

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

#64

Post by baggachipz »

electric_muse wrote: post #10

[flagged]

If only there were some sort of loud opposition to this act, predicting exactly the situation we're in today. Our elected representatives would have had to take a hard look at this and reject it due to its danger!

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

#65

Post by lordofgibbons »

Bitcoin maximalists are learning that having a non-fungible and fully traceable ledger might be a problem. Even Satoshi called this out! As is, BTC is somewhat of a privacy nightmare. All of your transactions are on the public ledger for anyone with basic knowledge of statistics to correlate and see all of your transactions. Blockchain Analytics is big business!

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.

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

#66

Post by smallmancontrov »

garciasn wrote: post #48
conception wrote: post #22

Earlier quoted context omitted.

Can you imagine the world today if Bernie had won?

An interesting what-if scenario; but, let's assume Sanders won and all else remained largely the same as it has: 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 h…

Yes. There are a few moments when Biden floated something that sounded like a promise made to Bernie and it got laughed out of congress by both sides of the aisle. The "capital gains income is income" proposal is probably the cleanest example. There would have been more of that and not a lot done. To make real change, you need congress on board and possibly the courts too.

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

#67

Post by executive »

elif wrote: post #23
moduspol wrote: post #11

Earlier quoted context omitted.

> 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?

optionality

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

#68

Post by bluSCALE4 »

bluGill wrote: post #45
conception wrote: post #22

Earlier quoted context omitted.

Can you imagine the world today if Bernie had won?

Many people will imagine things. However history constantly suggests that most of those are very different from the reality that results. 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.

Sanders is gutless and acts like the Democrats are the greater of the two evils even as they silenced him and prevented from being their front runner.

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

#69

Post by ceejayoz »

diggan wrote: post #56
ceejayoz wrote: post #18

Earlier quoted context omitted.

Their solution to that is "rot in jail for a long time, then". https://en.wikipedia.org/wiki/H._Beatty_Chadwick

Demonstrating that if you wait long enough (14 years in that case), you can get away without loosing the funds, even from the state? > On July 10, 2009, Chadwick was ordered released from prison by Delaware County Judge Joseph Cronin, who determined his continued incarceration had lost its coercive effect and would not result in him surrendering the money.

His finances are gonna be under close inspection for the rest of his life, and fourteen years is a lot to lose.

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

#70

Post by htoiertoi345345 »

jihadjihad wrote: post #33

> [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.

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