Topic: Is this the kind of world you want to live in? [read] - page 3. (Read 553 times)

A lot of centralized exchanges such as binance seems to be making a lot of changes in accordance to riles and regulations set by the government itself and i do understand that they are doing this as so they can keep on operating and for now there really has been not much changes that could endanger their users’ privacy but this is just simply an implication of what is bound to happen next

The government can and will do more than a few tweaks here and there if they can not abolish bitcoin or cryptocurrency as a whole might as well accept and join it and try to control it from the inside

we all want bitcoin to be something that is free to use without any intervention from the government or other institutions, but what is happening now is that the government has started to regulate the use of bitcoin and only allows it to be traded on regulated exchanges which force users to undergo kyc.

banks have also lobbied the government to provide regulations allowing them to invest in bitcoin and altcoins for reasons of diversification, even though their aim is more than that.

we all hate it, but it's hard to fight against it because most governments and institutions are made up of boomers who hate the privacy and decentralization offered by bitcoin. when we are not happy with them, they will say that we are dissidents, so most of us can only remain silent and accept the regulations.

The government has always become a threat to our privacy and freedom as they do everything possible to see that they control everything about human. From the look of things the government is trying to control bitcoin and make it frustrating for people who will not give them the opportunity for them to take control of bitcoin. This is why the government have asked SEC to approve bitcoin ETF so that most people can buy and keep their bitcoin with third parties that requires KYC, and they will soon start deceiving the public that keeping bitcoin with a third party is the safest, so that they can be able to control bitcoin. Anything the government controls becomes shit, p2p bitcoin transaction is now becoming a problem due to high transaction fee. I will not be surprised is government buys over all the mining pool and ask for KYC before your transaction will be added to the blockchain, who knows if they government is even behind BRC2p token that has congested the mempool and making it difficult bitcoiners to enjoy cheap transaction fee. Together we can make their plans not possible by staying away from CEX.

i always got it.. it was not me defending/idolising certain groups. it was not me promoting middlemen subnetwork options. i was the one highlighting the risks, flaws, legal issues and centralisations of certain groups

The thing is many people are still get brainwashed by government.

Bitcoin is Bitcoin, but many people distinguish between dirty coins and clean coins (tainted).

Bitcoin has a high fee, instead of using L2, they choose centralized exchange to buy or hold their coins.

Gains is more important than privacy, they will cheers when a centralized entity want to adopt it.

Bitcoin wasn't failed, but the human is.

Government agencies who draft these kinda things may be full of looneys, but all they'd have to do is 1) require all bitcoin to be held in an exchange 2) require identity verification for ALL exchanges (already done) and suddenly you'll have a section of the world where the only way to legally create an address is on an exchange, with ID verification.


Yes, EU has a good tax policy - for now.

It is still hawkish in banning privacy coins, banning mixers, etc. Basically taking the some of the more reasonable legislation proposals from the US (there are a lot of crazy laws over there like Section 174) and applying it region-wide before Congress has even finished squabbling about it.


Now you get it

Bitcoin isn't just a shiny new financial toy to play with, it breaks the system, the data model. That is why banks are so keen to control it through the lobbying they buy regularly.

I read it and I imagine it, it's a really superb and comfortable life we have right now with Bitcoin.
But I am really curious why there are still a lot of people who don't want it or don't believe how Bitcoin will do in our current day-to-day life.
In our world right now, technology is improving day by day, and with Bitcoin, I believe we will improve more.

Even though I don't like it, I suspect that in the future when Bitcoin is legal to use everywhere it will happen that we need to do KYC and taxes everywhere, I am very sure of that because taxes are a source of state income and they will not release taxes from profitable commodities like Bitcoin .

This sounds very bad because as you said, peer to peer will lose its soul and it is no different from fiat because our identity can be tracked easily through kyc, one of the best things we can do is just store bitcoins in our own wallets. Currently, what we all feared has almost happened, where most exchanges, gambling sites and other platforms have already requested KYC, and countries require it, if exchanges do not want to comply then one day their business could be closed.

But on the other hand, I believe there are always parties who disagree and can be a way to hide our identity, such as mixers, darkweb, and/or P2P exchanges. maybe

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In the end we can only wait, wait for the future to come and hope that what we fear does not happen but I lack confidence

Back in the days, Moneygram and Western Union were the two most popular means of receiving money from relatives abroad. Sometimes, it could take close to a week for the bank to release the money to you after their routine checks and outrageous charges.

Since Bitcoin came into limelight, most of these services are beginning to disappear into thin air. Bitcoin has made transaction to be faster, cheaper and better. Bitcoin will always be a threat and since they cannot kill it with various sponsored propaganda, they've created their own Bitcoin (Bitcoin spot ETF). Who knows? Maybe in the future, they'll extinct DEXs and force the KYC CEXs on us because they want to exert control over us.

There is a possibility for this, but of course, we bitcoin holders and investors will let it happen. No, of course, even though the government is still finding its way to crypto currency, they still can't take control of it. That's why, even today, they still haven't approved of bitcoin or crypto currency because they know they can't get anything from it.

I would rather bitcoin be still anonymous, wherein you are free to hide your identity in the network where your only identity is your wallet address. We need privacy, and Bitcoin is that one that gives that privacy. That's why even though the government is still in pursuit of Bitcoin, I'm against the fact that they want to control it, because if this happens, we will not have an asset that we can freely earn from. I don't want bitcoin to lose its value just because others want to make it public and controlled by anyone.

It seems like a lot of people on this thread are oblivious to the privacy threat which has been afoot for sometime now.
Exchanges and mining are the two major points where privacy and decentralization can be lost, and at the current direction both will be hugely centralized in the coming years.

We shouldn't trust. I believe there should be a protocol feature to prevent centralization.

This is mainly a problem in the US and I see that bitcoin users who live there treat their legislation like it should concern the whole world, but it doesn't.
I live in the EU where we still have bitcoin tax havens. Even in countries that want people to pay tax on their bitcoin it's always a tax on profits, not on holding bitcoin. We don't have to report holding bitcoin and we don't have to report selling it for other cryptocurrencies.

The bottom line here is that this legislation is mainly the problem of the US where brainwashed democrats like Senator Warren are trying to turn people's lives into a red tape hell.
The silver lining is that from dozens of anti-crypto projects she submitted not a single one was approved by the Congress. I don't think that this one will, and if it does the States will be able to change their local laws to ignore it, like they did with the mining ban.

If wallet address is demanding a identity verification before it can be able to generate a wallet many people will feel very bad of it and I believe that people will dislike bitcoin, as I can see the major reasons while people invest in bitcoin confidently is because of privacy, and when you give people tax for generating address in bitcoin I think that will scare people away and not as many as will like to review their identity

The question I have is that, can sec bridge any anonymity or uniqueness of Bitcoin put down by Satoshi?

If no, then I thin just as you said, we should take our privacy serious by avoiding exchanges since SEC and other government agencies are trying to set some regulations to CEX in order to be controlling our Bitcoins we left in their custody.

It is time we stand against all the effort government is making to control the only financial freedom we have. Bitcoin is the only financial freedom we have, and we must stand against corruption.

This is a very nice thread in this month. But not many countries have started using most of the things you mentioned, like my country, and mostly in my locality I have not seen someone bought something or services with Bitcoin. But as for the boarderless transaction, I have done it. I have sent Bitcoin to someone at abroad and the transaction fee was very small compared to the traditional high fee I paid in 2009. And really if Bitcoin is controlled by the authorities then the ordinary people will suffer again. So as Bitcoin is like this let us work together to protect the decentralized nature of Bitcoin.  Thanks you for this thread.

now for step one
what if i told you a decade ago SEC declared bitcoin as currency to start adding in legislation and regulation for businesses that use bitcoin to control the gateways in and out of bitcoin.

now for step 2
what if businesses cant make middlemen fees from bitcoin transactions so they sponsor devs to make bitcoin annoying to use where the options are CEX accounts to hoard, or locking coins into hubs to then use balance on subnetworks so middlemen can make fees on each payment

step 3
what if i told you the SEC started by getting CEX's to start reporting tax and gathering KYC.. and then...
.. now allowing ETF's that are if using a pension funds for tax free trading.. meaning holding actual coin will charge you tax per CEX trade but trading via pension fund ETF has no cap gains tax per trade..

step 4
what if i told you that using mixers actually get you watched more nd everyone conned into promoting mixers are actually making bitcoin get flagged as bad, thus the only "clean" coin is that held by regulated custodians. so each time you see mixer promoters shout "everyone should use a mixer" they are actually saying lets make bitcoin more annoying and troublesome for users

..
end result is
people avoid CEX to avoid KYC and IRS and if using mixers, definitely avoid CEX's.. so knowing cash-out options dry out and onchain is annoying. they end up locking value into subnetworks and then buy silly avatars of marvel characters or colourful hats and other silly things to spend down their coin giving middle men fees until their balance is gone. all due to the annoyances and fears pushed on them which they then trap themselves in by using the promoted services that pretend to free them but just end up giving them more traps to fall into

in the end users walk away with no balance left leaving the businesses hoarding the coin

..
its the old game
"holding real metal gold is cumbersome, expensive and security risk of theft.. invest in gold shares, they are easy, come with tax incentives, and dont require paperwork jsut to buy or sell $1k"

No way there will ever be regulations like that, it's too unrealistic to enforce. Bitcoin is mostly used as an investment, so governments will focus on regulating just that - having exchanges do KYC/AML. They are not even worried about people using it as a currency and not paying taxes, because people don't want to use it as a currency for many reasons like fees, volatility, deflation.

I must say reading this sent some cold to my belly because of the possibility that this is happening already, like there is already a siege ongoing against bitcoins to reduce its uniqueness, and we know nothing about it.

how can we support privacy where it exists? I will like to know how exactly so I know my exact actions.

For most (almost all?) holders of Bitcoin and other cryptos, the net-effect of their holding isn't peer-to-peer anyhow since they keep their account on some brokerage like CoinBase or Binance. Privacy-wise this is not that different than having money in a bank account and spending it. You can make anonymous payments, but I can't see a lot of people doing that since it's so slow/expensive.

And things like buying a car is pretty much free of any earthly advantage since you need to... register the car in your own name, etc.

And then there are rumors (or are they actually rumors anymore?) that the FBI is able to effectively trace bitcoin transactions.

Net-net, just like cash, if you try to cheat the government out of relative pennies e.g. food servers not reporting all of their cash tips, most likely the government won't go after you (I am in no way endorsing tax evasion here!).

But if you try to cheat the government out of a "lot" of money, you'll probably make it worth their while to catch you, and... using cryptocurrency probably isn't going to help you escape.

Cryptocurrencies are a speculation instrument and nothing else, and there's nothing wrong with that. If people could just get used to that idea, they would stop worrying about all of these non-issues that cryptos keep having e.g. their lack of adoption as a mainstream means of payment.



Short answer: it probably wouldn't make much difference to Bitcoin's price since the percentage of people using cryptos to evade detection by their government is probably very low (not saying it's "zero" or anything of the sort, but percentage-wise, I suspect it's very low).

I don't think this is possible as we all know they don't really know who are those people holding Bitcoins.

And this won't happen either as enthusiasts prefer to have privacy on every holdings. People will always find a way to stay decentralized as possible.

Of course I will choose the one that keep it as is. No centralization no problem, we want privacy, our keys our coins.

Then hodl and let them realize that what they did does not makes any sense.