Thread
What is the Bitcoin maximalist reaction
to the fact that the European Union wants all citizens to declare all the coins they hold in self-custody?
The boating accident? A casual HFSP in between the steak lunch and the steak dinner?
How about acknowledging that you were wrong and the purity virtue signaling and the NGU greed kept millions of people away from privacy projects and DeFi
and now every user who humbly stacked sats on the most compliant podcaster-endorsed KYC exchange out there and withdrew to the hardware wallet they bought under their name using their home or office address
is just one bureaucratic LLM query away from becoming a criminal if he doesn’t disclose every little UTXO?
Bitcoin has no untraceable kind of privacy. Your LSP can leak all the data about your activity to the government. Your favorite custodial Lightning wallet can rug you on demand. Running your own Lightning node will most likely make you lose a lot of money and doesn’t scale anyway.
While you were jerking off to price charts, the regulators caught up. Now they want your name and your wallet addresses on a list that will definitely get leaked in the future.
No privacy, no hope for the future, your hard-earned coins will most likely enrich some EU bureaucrat. You got duped, anon. Thank you for playing!
Replies (8)
I dont know anything about this situation in the EU, but it sounds like it has nothing to do with chain privacy unless you intend to break the law. They probably just want sums and not UTXO's to be declared.
Chain privacy gains you nothing if you buy on regulated exchange. The sum is attached to your name. If you don't use an exchane, you still would be required to declare a sum. Gaining privacy means leaving the EU, not switching to a privacy coin.
You're conflating privacy with anonymity.
The exchange knows who you are, so no anonymity there.
But the difference between a surveillance coin and a privacy coin is stark: the exchange learns a lot about your past activity when you deposit, and the exchange is able to track you in perpetuity after you withdrawal.
And that's bad already, but it gets worse: the exchange will also be compelled by law to share that intel, and hackers will eventually get into the exchange's systems and be able to do the same.
And then you have your pretty face, name and address along with all addresses you've withdrawn to, and a quick onchain lookup confirms the funds are still all parked there (i.e, you have them in self-custody).
How do you think people are targeted?
It's usually not random.
Leave Europe, USA, Australia, UK, Canada..
So like we gotta go to Africa or somewhere in Asia or south America if we want to use Bitcoin? That's what you're saying?
Nope, that's not what I said.
So where are people meant to go?
Leave Europe is not an option for most Europeans.
Leaving Australia isn't really an option for me, leaving USA is not an option for most Americans.
If just leave is your advice, it shows you're completely detached from reality.
My point is the privacy aspect of bitcoin is not the issue here. Your government is. EU is making it illegal to be private in your holdings. Not many options if you intend to follow the law.
And only a fool couldn't see it coming.
Turns out, there are lots of fools out there.
Imagine: power-hungry bureaucracy takes the opportunity to exert even more control by leveraging most crypto's radical, blatant lack of privacy and weaponizing it against users.
Vlad, Bitcoin Takeover Podcast
What is the Bitcoin maximalist reaction
to the fact that the European Union wants all citizens to declare all the coins they hold in self-custody?
The boating accident? A casual HFSP in between the steak lunch and the steak dinner?
How about acknowledging that you were wrong and the purity virtue signaling and the NGU greed kept millions of people away from privacy projects and DeFi
and now every user who humbly stacked sats on the most compliant podcaster-endorsed KYC exchange out there and withdrew to the hardware wallet they bought under their name using their home or office address
is just one bureaucratic LLM query away from becoming a criminal if he doesn’t disclose every little UTXO?
Bitcoin has no untraceable kind of privacy. Your LSP can leak all the data about your activity to the government. Your favorite custodial Lightning wallet can rug you on demand. Running your own Lightning node will most likely make you lose a lot of money and doesn’t scale anyway.
While you were jerking off to price charts, the regulators caught up. Now they want your name and your wallet addresses on a list that will definitely get leaked in the future.
No privacy, no hope for the future, your hard-earned coins will most likely enrich some EU bureaucrat. You got duped, anon. Thank you for playing!
View quoted note →
I'm stacking litecoin just in case
