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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

#71

Post by potato3732842 »

ptaffs wrote: post #59
dzonga wrote: post #38

Earlier quoted context omitted.

[flagged]

[flagged]

>he (and his kind) lives for short term gratification and will move on to another house and decorate that with gold.

Exactly. It's a social norm among that class of society

When a Koch, or a Scwab, or the CEO of some mega-corp buys a property on Martha's Vineyard, or the Hamptons, or Vail or overlooking Tahoe or whatever, with intent to actually spend even the scantest amount of time there themselves they engage in absurd unnecessary renovations. That's just how they do things. There is an occasional exception for those in that group who have "found meaning" in some other avenue for lighting money on fire.

Edit: You can thank me later for implicitly telling you where the best construction dumpsters are.

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

#72

Post by htoiertoi345345 »

baggachipz wrote: post #64
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!

[flagged]

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

#73

Post by ThePowerOfFuet »

tantalor wrote: post #55
mothballed wrote: post #8

Earlier quoted context omitted.

It can be hard to figure out exactly what is outlawed with banking interactions. It seems a lot of the KYC/AML stuff is based on industry best practices and guidelines. There's no law you need a state ID with address to open a bank account, but when I tried to open up a bank account without an address I found it basically impossible. The bank will then cite that these practices are what they're held to as law, becaus…

De facto vs. de justo

De jure.

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

#74

Post by mothballed »

techterrier wrote: post #4
tw04 wrote: post #3

[flagged]

it's another $5 wrench situation

Sure but now you need a $5 wrench to essentially force a guy to tell you where he buried the gold, rather than just walking to the bank and taking it. I don't see that as some kind of win for the guy with a wrench, especially when you realize the bank manager is way less likely to be a violent nutter sov-cit.

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

#76

Post by chain030 »

8organicbits wrote: post #26

There'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 Bit…

Essentially decentralisation sounds nice, but doesnt work in practice.

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

#77

Post by incone123 »

esafak wrote: post #20
btbuildem wrote: post #2

Not a huge surprise, unfortunately.

I'm surprised because I thought the Trump administration was hot on crypto.

Sure, the approved and controlled kind. Wheels of government turn so slow this idea probably started several administrations ago.

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

#78

Post by sneak »

Financial privacy and national security are fundamentally at odds. With financial privacy and real freedom, you can hire a competing army.

The state will never allow large scale financial privacy because it poses an existential threat to the state.

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

#79

Post by LightBug1 »

electric_muse wrote: post #10

[flagged]

We all remember fighting this battle at the time ...

Great to know our prediction of where this would end up was right.

Tragic to know our prediction of where this would end up was right.

I can only hope those at the time who denied this are caught up in said dragnet. A bit like immigrants voting for Trump, I digress.

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

#80

Post by jollyllama »

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 for the purpose of speculative profit.
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