Replying to Avatar El Gorila 🇦🇷

KYC can be as risky as not having self-custody (custodial wallet, cashu, Fedi, liquid, etc)

If they know how much you own and want some of it, they can use all the state power against you, the same way they do it with taxes today.
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Micael 2mo ago 💬 1

I think you are comparing apples with pears. I am not a KYC fan but owning your money is obviously more important than hiding the government the fact that you own it.

Don’t get me wrong, I believe private property and privacy are both fundamental human rights. And we should work on having tools to protect those rights and make them accessible.

The government can create any fucking regulation it wants but you are still in control of your money. They cannot freeze it, inflate it, or take it by force from you.

Worse thing I can think of is capital gains, but I believe that’s theft. And that doesn’t mean that they’ll confiscate your bitcoin. That will just create a fiat denominated obligation with the government once you sell (if you tell them). Owing money to the government is not a crime. I don’t think this is the end of the world. Not ideal but it’s part of the game.

What’s an other posible scenario you can see playing out?

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El Gorila 🇦🇷 1mo ago 💬 1

The end goal is not to lose your Bitcoin, self-custody is just a means to an end.

If not, why would bitcoiners sacrifice their own custody to split their keys between multiple third parties (losing single ownership), or even hold them in a federation, like liquid (more private).

Hiding your holdings from the government is a way to protect them as well.

You could get forced by the government to pay any arbitrary portion of your holdings, even in a fixed rate like they did with gold with Executive order 6102. And yes, there are many countries you can go to jail by not paying taxes. US is one of them, and many others in Europe.