Topic: The PATRIOT Act comes to cryptocurrency - page 7. (Read 2102 times)

Yes, but we can't until that happens before the message is passed across to the people because new people are entering the crypto market every day who are still naive about the benefit of privacy.
This is what people like James Lopp, and Seth are doing by spreading the words about the true intention of the government, and this is also one of the reasons why I am scared of the Bitcoin spot ETF despite its going to increase the crypto market cap because it could be the weapon to treats bitcoin as non-fungible or I am I the only thinking about this?

Using centralized exchanges is no longer just detrimental to your privacy and your security as it always has been - it's now detrimental to even owning bitcoin at all. If we don't fight against this you won't be allowed to own bitcoin at all. All you will be allowed to own is an IOU on the centralized spreadsheet of some centralized exchange, and we've seen plenty of times over the last few years that such a thing is completely worthless.

This proposal is disastrous for bitcoin on the whole, but even if you don't care about bitcoin at all and are only here to make fiat profits, this bill should worry you.

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Here's something else to keep an eye on, and I'll post updates here as relevant: https://nitter.cz/Bill_Fowler_/status/1716288705655083017#m

Once this proposal is formally published, there will be a 90 day window to submit comments as a first step to legally challenging this nonsense.

It is hard to understand you here, but any data you submit to a centralized service does not become 'invalid', they store your data and do not delete it, but just because you have already lost your privacy doesn't mean you can go on and register on many different other centralized services, because the more your data is in the hands of different centralized services, the more likely it is to get leaked or exposed.

If you want to stop using centralized services and protect whatever privacy you have left, you must close your accounts on centralized services and do not use wallets that are already linked to your identity, if you add using Coinjoins and mixers to it, then you'll get somewhere, people who think their privacy is already lost for good need to do this.

The problem is not with the exchanges, it is the government and why the exchanges are involved is because the government can only successfully enforce their laws through the exchanges. The exchanges must comply with the rules of the government. Meanwhile, we need to understand that exchanges (CEX or DEX) are very big part of the cryptocurrency industry, the industry cannot do without the exchanges. If you check the number of newbies that come to this industry, majority of them came through the exchanges and instead of them to own non custodial wallet and save their keys, they will open account on exchanges.

The government cannot sensor all the bitcoin. There are still highly private people like the Op and some of us who doesn't dwell much on exchanges and KYC.

Yea, if you do not validate your data on exchanges, to a certain time the data would become invalid. Which is better than revalidating the data with the fear that your privacy is already gone.

Privacy lost cannot be regained, but one can choose to prioritize it after a period of not doing so and still achieve some levels of anonymity.

If I have submitted documents to two centralized exchanges and have email and password links around, I cannot redact that information, but I can isolate that from any future transactions I make.
If I buy Bitcoin anonymously through decentralized, P2P services and send them to an unused address on non custodian wallets, no one can link that activity to my already exposed identity. And if there is no transaction activity on my already exposed identity it hopefully doesn't get as much attention.
There's of course always the risk it is sold on the darkweb.

This will only increase the cost of privacy for the few.

That's the tricky part.  Once you've lost it, it's often not an easy thing to obtain again.  By the time these people realise, they might not want to put in the required effort to regain their privacy and just lazily continue down the path the government are laying out.  I'd imagine that's exactly what the US are banking on. 

It's unfortunate that we're likely going to end up with a two-tier system.  Privacy for a few, surveillance for the many.  Purely because some people are negligent.

The propaganda machines has been working for several years now to changed the narrative is on Bitcoin and privacy, and they've done such a good job at it that even some Bitcoin users start asking the question of 'why someone wants privacy?' and even those who do not ask the question and sees nothing wrong in wanting privacy does not d anything to protect theirs or teach others how to.

I am starting to do this now.
I often use some KYC services, albeit without completing KYC and felt that was okay cause I was not enabling the anti privacy war, but even if you do not send them your documents, the time period when you use such services, you are dependent on that as a central authority, so if you use an exchange but don't pass through KYC, they can still choose to freeze the coins you are about to trade for no reason and force you to send documents to identify yourself or abandon the coins you just sent. They also collect tons of other information about you which can easily be gotten if you don't use at form of anonymity tool.

You are also promoting those anti privacy platforms when you use them to trade, buy/sell or store your coins.

They have to first realize what their mistakes are. Many people don't see using centralized platforms and submitting your documents as detrimental to their privacy.

You can't do anything about it until people start learning from their mistakes. And if someone has not yet realized that any KYC passed will backfire on them in the end, then there is nothing to be done about it. Moreover, state structures will soon begin to more strictly direct ordinary users towards services with different levels of verification. I am deeply convinced that sooner or later the US government will classify all services that exchange bitcoins anonymously as strictly prohibited. I believe it is not a problem for them to refer to any law, for example, section 311 (of the U.S. Patriot Act).

https://freedom.tech/patriot-act-comes-to-cryptocurrency/

A fantastic article authored by Seth For Privacy (https://nitter.cz/sethforprivacy), who is the Head of Strategy & Marketing for Foundation Devices, known for their Passport hardware wallet.

As I've mentioned in another thread, and as Seth explains in this article, this newest piece of legislation is an outright attack on bitcoin. It is clear the US government want the only way to use bitcoin to be through fully KYCed centralized exchanges. They are trying their hardest to absorb bitcoin in to the existing fiat system and surveillance state, and destroy the very thing that bitcoin is.

What can you do about it? Get your coins off of any centralized exchange and in to your own wallet. Close your KYCed accounts and refuse to ever complete KYC again. Use privacy tools. Anonymize your coins. Refuse to use any service or product which treats bitcoin as non-fungible and discriminates against or censors certain coins. Bitcoin was not made to become an off-shoot of the fiat system, to be another tool by which the government can can surveil, censor, and control. And if you happen to live in the US, start contacting your representatives about this draconian piece of legislation.

https://bitcoiner.guide/nokyconly/
https://kycnot.me/

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