The absolute insanity Congress is writing now... - page 7.

peter0425

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Quote from: bettercrypto on May 30, 2024, 08:58:23 AM

Most politicians are actually ignorant of cryptocurrency, and most of them prioritize greediness over their persona as corrupt government officials. Such types of politicians are
embarrassing in real life.

The kind of government officials who always think of nothing else but themselves are shameful; they are too blind to the brighter side of Bitcoin or cryptocurrency;
they always think of their own welfare and not the welfare of the people under their jurisdiction.

It makes you think their purpose for running in the first place. They are all so greedy of power and wealth that they take up places in congress or in senate even if they know they would not be contributing anything to their country.

I wonder how they can be so clueless about this. They all have the means to learn about it but they believe too much about what only they know.

bettercrypto

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Most politicians are actually ignorant of cryptocurrency, and most of them prioritize greediness over their persona as corrupt government officials. Such types of politicians are
embarrassing in real life.

The kind of government officials who always think of nothing else but themselves are shameful; they are too blind to the brighter side of Bitcoin or cryptocurrency;
they always think of their own welfare and not the welfare of the people under their jurisdiction.

BlackHatCoiner

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Farewell, Leo

Quote from: NotATether on May 30, 2024, 02:30:18 AM

Now, I have seen stupid bills proposed by this house before, but this is the absolute most ridiculous piece of legislation I have ever seen.

I agree, this is beyond insanity. It's like asking from a 9-year old to propose a piece of legislation that will prevent money laundering. It's clear that they're not trying to ban it anymore. They want to take advantage of it, by illegalizing any sort of privacy enhancement the user can get. It's like trying to turn Bitcoin into a CBDC.

Quote from: LoyceV on May 30, 2024, 03:57:09 AM

Did they forget the step in which they make mixing illegal first?

Haven't they passed such law in the US already? I remember reading about "unhosted wallets" being considered illicit until proven otherwise.

larry_vw_1955

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Quote from: NotATether on May 30, 2024, 02:30:18 AM

https://njump.me/nevent1qqstf99gr6n408rdqqt4su3yw2agdw6ydjy69apae7pkpsgrpk7yevspzpmhxue69uhkummnw3ezuamfdejsz9mhwden5te0dehhxarj9enx6apwwa5h5tnzd9aqz9thwden5te0v4jx2m3wdehhxarj9ekxzmnyqy28wumn8ghj7un9d3shjtnyv9kh2uewd9hst0vkjz

My opinion: just a bunch of WILD conspiracy theories with nothing to back it up. Also asking for people to DONATE. That seems like the overall goal of the whole thing so pull out your bitcoin wallets folks. He wants you to make a donation to some outfit. Shocked

Maybe you guys didn't notice but he pushes that donation thing hard which is a complete turnoff...

Quote

I just spent some time with their leadership team, asking questions, and came away impressed,
I would strongly suggest a donation today

coincenter.org

You would strongly suggest people give them money? Thanks for letting me know! I am sending all my bitcoin right away Grin

NotATether

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Quote from: ABCbits on May 30, 2024, 05:10:29 AM

The ridiculousness doesn't stop there though. There are also other worrying criteria of "CVC mixing", especially these points which are very common feature on many cryptocurrency wallet.

Quote from: https://www.govinfo.gov/content/pkg/FR-2023-10-23/pdf/2023-23449.pdf

(B) Using programmatic or algorithmic code to coordinate, manage, or manipulate the structure of a transaction;

(D) Creating and using single-use wallets, addresses, or accounts, and sending CVC through such wallets, addresses, or accounts through a series of independent transactions;

(E) Exchanging between types of CVC or other digital assets;

Yeah this is going to alienate even the big crypto exchanges like Coinbase, I wouldn't be surprised if they lobby for these kind of bills (there will probably be future bills like this in the near future as well) to be killed.

I mean, if their goal is to help damage the american economy, they are doing a pretty good job at that, because that is where this is heading too. Fast food becoming a luxury, streaming services becoming like cable TV, you get the idea.

ABCbits

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Quote from: NotATether on May 30, 2024, 02:30:18 AM

Now, I have seen stupid bills proposed by this house before, but this is the absolute most ridiculous piece of legislation I have ever seen.

The ridiculousness doesn't stop there though. There are also other worrying criteria of "CVC mixing", especially these points which are very common feature on many cryptocurrency wallet.

Quote from: https://www.govinfo.gov/content/pkg/FR-2023-10-23/pdf/2023-23449.pdf

(B) Using programmatic or algorithmic code to coordinate, manage, or manipulate the structure of a transaction;

(D) Creating and using single-use wallets, addresses, or accounts, and sending CVC through such wallets, addresses, or accounts through a series of independent transactions;

(E) Exchanging between types of CVC or other digital assets;

shield132

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It's strange how the system works. A person, who has no idea about Bitcoin and only has heard about it from a neighbour or a close friend, comes with an idea to make restrictions that he doesn't know. If you use a new address instead of an old one, you are mixing coins? That's insane. Sometimes when I try to pay utilities via local paybox, I have to change the note in the supermarket or with someone else because the paybox fails to scan the banknote. Am I mixing or laundering money in this case? It's insane.

Sometimes I sit and think, what if the privacy of Bitcoin was on Monero's level? What if Monero was the first cryptocurrency? What would they do against it?

NotATether

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Quote from: LoyceV on May 30, 2024, 03:57:09 AM

Did they forget the step in which they make mixing illegal first?

What if my wallet automatically creates a new change address? What if my address is no longer secure, and I need a new one? What if quantum computing makes every used address insecure?

It sounds like politicians who have no idea what they're talking about. Unfortunately, that's valid for almost all subjects they get to decide on.

This legislation as it is written has obvious structural problems so it is most likely going to be killed before it ever sees the House floor, but that doesn't mean they won't try to revise it and make it more sinister.

Quote from: CODE200 on May 30, 2024, 04:03:57 AM

Americans really need to start investing in their future by voting the least retarded politicians in power.

Unfortunately that's not going to cut it because the candidates and even the primaries are full of politicians with a critical mass of retardation. Republicans being the worse of the two at the moment, but it's not like Democrats don't have their own problems.

CODE200

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Quote from: NotATether on May 30, 2024, 03:46:21 AM

Quote from: CODE200 on May 30, 2024, 03:23:20 AM

They're basically preventing nothing because it seems that there's no clause in the legislation that says about creating another address, I guess when it's the geriatric and senile that's running your country, you're going to eventually see this kind of thing happen to your country. It also affects the fact that these old politicians doesn't really understand how technology works and even if you tell it to them, pretty sure that it will just go right over their heads, I mean look at what happened during that questioning that they did with Zuckerberg and the TikTok CEO, they can't get a straight answers because their questions were all stupid and doesn't really line up with logic.

The only thing that this legislation is going to do is to make it harder for US people to use crypto.

As if it wasn't hard enough already.

There's going to be two groups of crypto users in the world soon, the US users and the rest of the world. Because they want everybody there to use only large custodial services so that they can extract lots and lots of capital gains taxes. And the sad thing is, many of those people actually don't care about self-custody and just look at "number go up brrrr" until it's time to pay the tax collector.

Now that you've mentioned something about this bullshit of a legislation, I suddenly remembered that I'm from a country that's pro-American so whatever legislation the US is doing there, it will definitely be a thing here to, one example is the banning of Binance by the US SEC, months later, the motherfuckers here in my country that's also called the SEC did the banning too. So it will eventually become, US and the Philippines and the rest of the world. Americans really need to start investing in their future by voting the least retarded politicians in power.

btc78

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Quote from: NotATether on May 30, 2024, 02:30:18 AM

They don't even know anything about how crypto works and they are already greedy and trying to extract taxes from Americans

This just shows the situation of current politicians in position. It just means that american citizens need to elect better people who can study properly about different topics and implement laws that are appropriate for the matter at hand.

As long as the government has its misconceptions about crypto or bitcoin, they are never going to be in favor of it.

LoyceV

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Quote from: NotATether on May 30, 2024, 02:30:18 AM

To say that not reusing an address is mixing?

Did they forget the step in which they make mixing illegal first?

What if my wallet automatically creates a new change address? What if my address is no longer secure, and I need a new one? What if quantum computing makes every used address insecure?

It sounds like politicians who have no idea what they're talking about. Unfortunately, that's valid for almost all subjects they get to decide on.

Maybe we can get a government approved wallet that provides each of us with a government approved address, let's call it a Social Security Address (SSA), that will be the only address you can use for the rest of your life? We can all feel much safer that way!

NotATether

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Quote from: CODE200 on May 30, 2024, 03:23:20 AM

They're basically preventing nothing because it seems that there's no clause in the legislation that says about creating another address, I guess when it's the geriatric and senile that's running your country, you're going to eventually see this kind of thing happen to your country. It also affects the fact that these old politicians doesn't really understand how technology works and even if you tell it to them, pretty sure that it will just go right over their heads, I mean look at what happened during that questioning that they did with Zuckerberg and the TikTok CEO, they can't get a straight answers because their questions were all stupid and doesn't really line up with logic.

The only thing that this legislation is going to do is to make it harder for US people to use crypto.

As if it wasn't hard enough already.

There's going to be two groups of crypto users in the world soon, the US users and the rest of the world. Because they want everybody there to use only large custodial services so that they can extract lots and lots of capital gains taxes. And the sad thing is, many of those people actually don't care about self-custody and just look at "number go up brrrr" until it's time to pay the tax collector.

CODE200

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Activity: 1484

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They're basically preventing nothing because it seems that there's no clause in the legislation that says about creating another address, I guess when it's the geriatric and senile that's running your country, you're going to eventually see this kind of thing happen to your country. It also affects the fact that these old politicians doesn't really understand how technology works and even if you tell it to them, pretty sure that it will just go right over their heads, I mean look at what happened during that questioning that they did with Zuckerberg and the TikTok CEO, they can't get a straight answers because their questions were all stupid and doesn't really line up with logic.

Upgrade00

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So they plan to target wallets that offer address reuse calling them mixers and forcing the to either disable the feature or close them down. But most reputable wallets are open source, so if this is their target it'll just push more users to use those.

In the end, I may be giving the law makers too much credit and they're just making up laws on the fly with zero knowledge of what they're doing.

Felicity_Tide

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cout << "Bitcoin";

Quote from: NotATether on May 30, 2024, 02:30:18 AM

https://njump.me/nevent1qqstf99gr6n408rdqqt4su3yw2agdw6ydjy69apae7pkpsgrpk7yevspzpmhxue69uhkummnw3ezuamfdejsz9mhwden5te0dehhxarj9enx6apwwa5h5tnzd9aqz9thwden5te0v4jx2m3wdehhxarj9ekxzmnyqy28wumn8ghj7un9d3shjtnyv9kh2uewd9hst0vkjz

Quote

I recently learned that legislation has been drafted on Capitol Hill to classify *not re-using Bitcoin addresses* as "mixing"

There are also efforts to force "unhosted wallet providers" to collect user info for taxes

As well as to give power to Treasury to sanction any address (even Americans)

And a whole lot more bad stuff

IMO Coin Center does vital work to fight this and to protect privacy tech

They are a compact team and do a lot with the resources they have

They sue the OFAC and Treasury

They consider the Bank Secrecy Act unconstitutional and act accordingly

I just spent some time with their leadership team, asking questions, and came away impressed, I would strongly suggest a donation today

coincenter.org

Now, I have seen stupid bills proposed by this house before, but this is the absolute most ridiculous piece of legislation I have ever seen.

To say that not reusing an address is mixing? Man, what happens when someone only receives a payment one time and doesn't move the funds?

Also what is stopping people from creating a new transaction that sends the UTXO from the address back to itself in a new UTXO?

They don't even know anything about how crypto works and they are already greedy and trying to extract taxes from Americans and apparently non-Americans too since there is no way you can differentiate between them or force an open-source software to give you an ID.

Funny, at the same time hilarious. It's obvious that this proposed bill was clearly introduced by someone or group of people with a zero knowledge. So just by not reusing my wallet address makes it mixing Huh

, Then I think they will have a hard time digging out so many dormant wallets that has only made a single transaction.

This is clearly the problem here. Lacks of knowledge will make someone ignorant and tend to spit rubbish. Unfortunately, those without the knowledge happens to be the rulers.

I think the part were "unhosted wallet providers" are forced to collect user ID for task would be a tough fight between the law and the providers. All wallet providers understand the importance of privacy, and how the Bitcoin community value it. Everyone seems to be in a tight angle, as certain decisions must be taken. Though, it's still a proposed bill, but it's very funny and hilarious as none crypto users are now dictating.

I came across details on single-use addresses : https://twitter.com/gladstein/status/1795943072171172059?t=HmFA-lMjzMvIQHzl5huJLA&s=19

NotATether

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https://njump.me/nevent1qqstf99gr6n408rdqqt4su3yw2agdw6ydjy69apae7pkpsgrpk7yevspzpmhxue69uhkummnw3ezuamfdejsz9mhwden5te0dehhxarj9enx6apwwa5h5tnzd9aqz9thwden5te0v4jx2m3wdehhxarj9ekxzmnyqy28wumn8ghj7un9d3shjtnyv9kh2uewd9hst0vkjz

Quote

I recently learned that legislation has been drafted on Capitol Hill to classify *not re-using Bitcoin addresses* as "mixing"

There are also efforts to force "unhosted wallet providers" to collect user info for taxes

As well as to give power to Treasury to sanction any address (even Americans)

And a whole lot more bad stuff

IMO Coin Center does vital work to fight this and to protect privacy tech

They are a compact team and do a lot with the resources they have

They sue the OFAC and Treasury

They consider the Bank Secrecy Act unconstitutional and act accordingly

I just spent some time with their leadership team, asking questions, and came away impressed, I would strongly suggest a donation today

coincenter.org

Now, I have seen stupid bills proposed by this house before, but this is the absolute most ridiculous piece of legislation I have ever seen.

To say that not reusing an address is mixing? Man, what happens when someone only receives a payment one time and doesn't move the funds?

Also what is stopping people from creating a new transaction that sends the UTXO from the address back to itself in a new UTXO?

They don't even know anything about how crypto works and they are already greedy and trying to extract taxes from Americans and apparently non-Americans too since there is no way you can differentiate between them or force an open-source software to give you an ID.

Topic: The absolute insanity Congress is writing now... - page 7. (Read 1494 times)