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Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’

Replies (80)

This is an emergency and we need to establish rights to self custody, privacy and revision of AML laws instead of focusing any more attention on the bullshit strategic reserve. If there is any ounce of truth to the current white house being β€œfriendly” to bitcoin then we have to stop wasting our political capital immediately.
Rights are fake. They’re just nice words used to manipulate subjects into being more docile. Nobody has rights and governments/police/municipalities prove this continually by violating individual rights whenever they want. The point of Bitcoin is that anyone can use it and we don’t need to ask permission. Who cares what retarded words the BIS publish. Just do what you want with permission-less money.
They will always be threats. But realize the people with monopolies on violence are not omnipotent. They do not have the man power or funding or support to wage a war on people who use Bitcoin. There are way too many users and there is no way to enforce using no-KYC Bitcoin even if they wanted to. But realistically those in power have their hands more than full and thousands of other groups who they are more worried about. Prisons are full, courts are clogged. Thinking govts will tear out after millions of bitcoiner’s are just anxious delusions.
There is a massive amount of tax evasion and the government can’t do shit about it. They do not have the ability to investigate or enforce 99.9999% of tax evasion. Asking the government for β€œrights” to posses bitcoin will do absolutely nothing. Rights don’t mean anything to them. Asking the oppressors to be nice pinky promise is pointless and retarded. The only option is have non-KYC Bitcoin and have your keys properly secured.
Yeah government picks one high profile case and makes a stink hiping to scare the 10,000 others who are doing the same things on a smaller scale. It doesn’t work though. The government can investigate/prosecute/jail maybe 1 in 10,000 cases of tax evasion. Most small businesses commit tax fraud whenever they get a cash sale and there are β‰ˆ35,000,000 of those on a given day. There are millions of people who sell stuff without paying taxes daily. Drug dealers are in the millions too. Almost none of it gets discovered let alone prosecuted because there aren’t even close to enough investigators/police/courts/jail cells. The Ross thing was the 1:10,000. You sound like a scared man who needs the governments permission. Just buy some ibit and chill πŸ˜‚πŸ˜‚
This is how the game theory plays out, from their perspective and what they are attempting to prep everyone for. They propose this measure that is light touch and self policing model. Knowing full well it will be laughed at and scorned. There will know doubt be another 3 or 4 proposals in the works some getting progressively authoritarian and the final will be obscenely over reaching. In fact they had they floated this out before with outright bans and outlawing. But the goals of all these papers really is to put some form of justification in peoples minds that the BIS has an actual role to play. They are attempting to normalise their very existence in this arena.
We should be cautious though, and carefully prepare the community for how to argue against - and fight against - such KYC proposals The US is offering tax breaks to miners in the US. Maybe those tax breaks will become conditional on the miner censoring certain transactions That would have only a tiny impact, as other miners will include those transactions in the next block. But those small attacks could add up over time I think it's critical the we encourage bitcoin adoption (merchants, mining, SBRs) around the world, starting with African countries and India and so on, in order to make it more difficult for one county (the US) or one bloc (the EU) to cause trouble
Not surprising. Atlas Shrugged happening live. There will be two worlds: the free, β€œdangerous” world of the underdogs who chose to live outside the system, and the captured, β€œsafe” world of the compliant servants of central planning
Since the majority of bitcoin exists in self-custody wallets, the BIS is proposing that the majority of bitcoin should be considered "bad" bitcoin. Why stop at bitcoin? They should be able to say which cars, houses, pieces of art, or gold coins are "bad" too! To them, value isn't subjective and determined my market participants...it's whatever the hell they say it is.
#PSA Intellectually disabled & pathologically predatory individuals with Neurodevelopmental Entitlement Disorder will seek to seize & control what/when & wherever possible to facilitate nefarious fuckery. They lack critical neurobiology & intelligence required for finding other options that could serve the interests of anyone outside of themselves. 🌻 Example:
This is the future of all Blockchain tokens. The only way to avoid is is to use an anonymous Blockchain by design. AKA Monero. But even that won't help. The regulator would find a way to make Monero unpractical. Yes, tech savvy individuals will find a way to use it. But the normal Joe on the street will be to afraid of it. Thus rendering Monero a geek novelty. There is only one solution. It's not an easy one, but it would work. A philosophical revolution. When the people will understand that privacy is a right (and hold a correct concept of rights), these proposals will be rejected just like slavery.