This is why they fear circular economies emerging. They remove the need for “cashing out”. Self custody is only half of the solution. The other is spending your Bitcoin in a p2p manner.
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That's the point.
We are going to fuck up all of their plans.
If you’ve ever asked « why should I spent my bitcoin when I can spend fiat (bad money) and stack sats (good money)? ».
This is why 👇
P2P electronic cash only works as intended in a closed loop. Anytime you cross over to fiat, you are subject to the same control measures. Aka, you failed.
👉 KYC yourself
👉 Limited self-custody
👉 Tax on capital gains (in fiat terms)
👉 Limits on withdrawals and payments
👉 Flagged transactions
👉 Provide proof of income
Even selling bitcoin p2p is already limited to small amounts to avoid being flagged by your bank.
The key is bitcoin circular economies.
#bitcoin #privacy #nokyc #bitcoincirculareconomy
