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The US Treasury has proposed a rule so broad that it would effectively make sending a #Bitcoin transaction illegal.

After a 90 day comment period, this rule will likely become active. The kicker is they don't even need Congress to pass a new law. They are using a specific section of the Patriot Act to take more of your freedoms.

What is one to do?

Do you sell all your Bitcoin and accept fiat slavery?

Do you try to obfuscate your KYC stack to give you more plausible deniability?

I'm not sure what the right answer is exactly, but I do know you should be thinking deeply about this now. You don't want to look back 90 days from now and wish you took some kind of action that would put you in a better place after this rule is in effect.

So I encourage you all to take time to figure out this problem. Figure out what you're going to do.

Because they're done laughing at us. Now, they're fighting us. And you know what happens next.

sperry 2y ago

I'm guessing, the plan (for now) is to neuter the conversion of btc to fiat currencies, outside their regulated entities. If you're in the USA, you'll have to use Coinbase (if they comply) or tardfi like Fidelity. They'll require you to prove your holdings, pay taxes on the sale, etc. A concerted effort make non-kyc bitcoin worthless doing endless chain-analysis and hypothesizing.

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Discussion

bitcoin.rocks 2y ago

I think that's probably pretty accurate.

It seems we will get a bifurcation of Bitcoin into "KYC cuck buck bitcoin" and "NoKYC gray market bitcoin"

Like many other countries with fucked money systems, I think the gray market price can actually be a lot higher than the "official" price.

sperry 2y ago

otherwise, all bitcoin is non-KYC if you plan to never return to the fiat currency model.