Topic: Warning by Coinbase of Treasury Rule Change for KYC All Addresses. Poll! :) - page 2. (Read 486 times)

Sorry to see this on my Holiday weekend. For people who want the freedom to use BTC, is this a good time to move out of the USA?

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That would be the ultimate test....the treasury puts through these dubious changes..and the Biden and Yellin Treasury..in 2021...don't do squat to change such while

pushing to centralize govt digital and banking coins liked to fiat like Libra and govt banking stake coins.

Decentralize BTC/Crytpo scares the crap out of the powers that be as another avenue of 'decentralized' wealth

vs the good old 'centralized' version, with all them 'handy' controls by the folks with influence/power and wealth

(you steal it/you inherit it/you are Bezo's smart and out play everyone....Amazon style) or in our case with BTC/Ctypto you offer a version

of wealth increase by 'crowd-sourcing' the hell out of the concept of a decentralized method of money.

Why I'm surprised every time there is FUD around the ATH just makes me realize how 'clueless' I am on WTF is going on in the world of finance and btc/crypto...

jeez....not like I've not been around since 2013 on here. Live an Learn I guess....what is also funny as hell, is the previous last weeks high was all, IMHO,

FOMO by institutions and Big Dollars. The speculators and small fry newbies  had not even jumped in yet! Again, IMHO.

so it goes

brad

There are three outcomes from this thing:
 1. Never accept KYC anywhere and use BTC without it (so basically illegally)
 2. Accept KYC first and then move to a non-registered address once you find out privacy IS important (so moving to self-custody, which is illegal)
 3. Accept KYC since the law gets in

And now the questions are.. for the second case, what if your funds get scraped off into a hacker's wallet? How do you prove it's not you who moved the coins and the other address is not yours?

What happens if you want to send me, an European guy, part of your funds? My address is not KYC-registered.

I'm sure they'll find a way. And I kinda feel like if the "the government created Bitcoin" theory is true, then this is what they wanted from the start.

I personally don't think so. Most people don't even use Bitcoin properly, and most people don't care about privacy at all anyway. If they did, Google, Apple and all those other corporations wouldn't have been at the top as we speak.

If they adopt this law, then Bitcoin won't be screwed but we will. Basically, just a minority who do care about financial profits (obviously), but also care about their privacy.

But now the question is.. if this law comes true, what do we do with Monero? Do they plan to declare it illegal since the ledger is quite private?

They can not control the bitcoin wallets (non-custodial wallets I meant) so that they won't be able to force KYC all wallets (then all addresses, LOL) of bitcoiners.

I heard about Quantum computers that created massive FUDs on bitcoin market years back and now another more stupid things are touching us. KYC on all bitcoin addresses.

If it happens, bitcoin will be destroyed because its main and most important technical function will be cracked down. Some new-generation of digital currency will make another evolution and take over the role of bitcoin.

BUT (a big BUG), it won't happen (such KYC and such bitcoin collapse)

Lastly please read a chronological change of minds from Janet Yellen on bitcoin: In Her Own Words: Here’s What Janet Yellen Has Said About Bitcoin]

Well for me, perhaps if this will be implemented by US legislation then all crypto enthusiasts who do exchanges in the US may experience a huge impact either they will minimize their exchanges, -- or they will avoid it completely and because of this then the price of bitcoin as well as with the other cryptocurrencies will dump tremendously, and it may also intercept bitcoin in hitting the ATH within the year. Anonymity will be at risk if KYC will be required in every transaction in and out for bitcoin/crypto since anonymity is one of the best features that cryptocurrency has offered and the legislation will automatically break this rule. If I will take the poll the same as with the others IMO it may pull down the bitcoin price to $10k - $15k.

The United States is working hard to make Bitcoin regulated. Yes, I also read this news.
https://twitter.com/brian_armstrong/status/1331745196887867393




But apart from negative consequences for the US crypto industry, Armstrong says, this will lead nowhere. Not everyone is willing to share personal data, and people will be forced to make foreign decisions.

https://www.reddit.com/r/CryptoCurrency/comments/k14sml/usa_regulation_regarding_selfhosted_crypto_wallets/?sort=top

Yeah...likely...but in reality...this thread is 'kinda' how bad can such a rule mess up bitcoin...if an exchange has to have KYC for every transaction made in and out...

I don't see it as doable. Indeed, I see it like in the past ...what was it 4 years or so? When China clamped down on all their exchanges for too much money flowing

in that, the national authorities got concerned. The 'basically' all the Chinese Exchanges moved outside of China to Hong Kong and Taiwan etc. That could be the

the case here, we simply take out KYC and proof on usual sign-up to a crypto exchange in another country...where they don't have such a stupid rule. As long

as I am paying my taxes on such with KYC with these other legit exchanges this Treasury rule can just suck it with no consequences to trying to find if my

a paper wallet is legit (no idea how I'd prove that...swear with a notary public and signature that the public address listed is mine?) ...Of course, if such happened

and was NOT overturned by the new Treasury head Janet Yellsin..that would also tell us much of how 'rigged' the powers that be would be trying to get rid of

decentralized crypto and promote the centralized bank and government cryptocurrency. So if it comes to that...it will be time for me to pull the plug 20 years early

from them carrying me out to the nursing home..kicking and screaming and become a young person type minimalist. Sell the house all my things fit in the

the trunk of my car and rent and travel and of course buy gold/silver if it goes that route. Seems  a real push by people with $$ capital and power in or out of government

to 'tramp down' any decentralized power...I note the further dismantling of labor unions or pushback on wages and cuts to benefits ...I see the attempt yet to

disenfranchise voting the most decentralized thing in a democracy...by gerrymandering and other games...I see this attempt on BTC/Crypto as the same.

Currently, a guy moves 1 billion BTC for $6 I read. Do you really think, if the powers that be, could put the toothpaste back in the tube and get rid of decentralized

cryptocurrency and only offer bank and gov't tokens that they would not still..even with such..blockchain tech..not still charge like $50,000 or some such to move

such...the labor-saving, the profits....there would be IMHO within a generation multi-trillionaires in the world and in 100 years probably back to feudalism if

global warming is correct...and such centralized power and wealth were to congregate in that bit of time. A Bladerunner future indeed it would be!

I doubt it will come to that even with such a rule and everyone in the USA using KYC in overseas exchanges w/o the rules. But that does not mean this may not

be a play by powers that be to toss some FUD about and dump the price back to under $10k for the next year of this dilly-dallying about to suck up more

of a share of cheap BTC/crypto for richer than god/gov'ts/banks/corporations and individuals

anyway, I'm letting it ride...if I lose it all as I said above, I'll have more serious problems in the next 20 years and should be simplifying my life and getting rid

of house and rent and be a minimalist and buy into gold/silver etc...because if they can track your use of BTC/crypto now...they will be able to track your

digital $$$ centralized of the future tokens/coin of the future..probably down to your chewing gum expense for a year with a click of a button.

end of rant..but screw...it..I'll HODL...my hoard probably averages out to less than $1,000 a coin, being in since 2013...so for me to actually 'lose' $$$ on this

even with cap gains and state taxes..is so ugly....it still would not affect on me ...the whole works would still be profitable. So screw the Treasury.
 
I'm just gonna keep accumulating BTC/crypto dust....get my Will and Affairs fixed up...and let my friends and relatives deal with this in the future.

which means I will be remembered 

1) riding this unicorn fart/rainbow/magical/dubious fairy dust BTC/crypto money into the ground as worthless as green stamps then

or

2) they will be practically ancestor worship me as Brillant with this strategy

As they say boom or doom! pump or dump! we will be the first to know..sorry as to me..I'm kicking the can down the road...I figure I'm already

an asshole retired with enough monthly income...after I'm gone we will see if the 'virtual land ranch' of BTC/crypto was located just outside of

Las Vegas in the boom times of prices...or was located just outside of death valley and worthless

chump or champ

how it goes

Brad

I am probably not knowledgeable enough to post an answer to this question but I am interested to find out what others think of this.

To make this a fair poll though, would it not be sensible to have an option for over $20,000? Just because some may think that this wouldn't make much difference to the price and that the price of Bitcoin would break the ATH before the year is out anyway?

What do folk think of the likelihood of Steven Mnuchin of the Treasury Department under the lame-duck Trump Administration and Coinbase CEO's concern?

of them putting in place a requirement that any crypto going in/out of a USA exchange must have KYC to custodial wallets and/or where ever. In other words,

I would have to do a KYC on the fact I own my wallet in some manner. I've no frigging idea how that would work on my paper wallets.

https://www.btctimes.com/news/us-treasury-may-crack-down-on-self-custody

So a couple of things come to mind.

1) Treasury Department does above, the next Biden Administration simply undoes the requirement from this lame-duck attempt by Truwhip Administration.

2) Treasury Department does above, and as some commentators have suggested only a legislative fix (hard if Republican Senate) could undo such. Thus,

     if gridlock was to ensue...would take years to undo this.

3) The next Biden Administration, lets it stand, or can't undo such without bi-partisan legislation (gridlock likely under current Senate)
    
Obviously, this is much like China tried to do with their exchanges back in the day, and backed way off and  undid most of their rules eventually, IMHO, to

me it would just mean USA exchanges would be 'dead' to me and I'd do my 'legal' KYC stuff with an exchange in another country that did not require

this extra USA step.

What do you think of all of this? I think the odds of this are quite high, Trump has been doing dubious things with pardons and executive orders

I don't think he is even fully warmed up yet.

Also, IMHO, if this was to stand for any length of time I'd think we'd probably be back to $9-10K Bitcoin again or lower..just from the clusterf*ck or

damn near impossible enforcement if you wanted to stay a USA exchange. If such came to pass, and the Biden Treasury department left this in

place, it would be easier IMHO for Coinbase www.coinbase.com to locate out of the USA, then for them to keep track of every address on

your Trezor wallet for in/out dust of any BTC/Crypto.

Add, hopefully, more information you come across on the thread

take the poll on BTC price if this was to be implemented likely date of Jan 1st, 2021 if I was putting it out on the world in a lame-duck administration.

so it goes

Bitcoin/Crypto always drama!

Take the poll on what you think BTC price would be if the above was implemented.

Brad