Replying to Avatar The Rage

🚨NEW: The Treasury is seeking comments on the implementation of digital identities for DeFi, where smart contracts could automatically check for a credential before executing a user's transaction.

Full story👇

https://www.therage.co/treasury-digital-identity-defi/

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L0la L33tz 4mo ago 💬 13

The Treasury is contemplating the implementation of digital identities in DeFi.

This would mean that all software developers building non-custodial services could be required to implement smart contracts that facilitate identity checks before executing a transaction.

This would not just mean that developing open-source non-custodial services would become prohibitively expensive, or that users could be excluded from non-custodial services for failing compliance checks.

It would effectively turn a permissionless system into a permissioned one, in which the Government gains the ability to watch, deny, or approve everything you do.

But here’s a fun fact: the Treasury is currently seeking comments on this plan, and it is legally required to consider *all comments* that it receives.

The more comments it receives, the longer such implementation would take.

If you care about your privacy, you know what to do. Link to issue comments in the article quoted. The deadline is October 17th.

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Discussion

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Proof of Woodwork 4mo ago

There's no point in delaying the inevitable, you are literally asking them not to gain more control. We ought to continue to build permissionless ecosystems. They are just encouraging us to do it, not to resist the nonsense.

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L0la L33tz 4mo ago 💬 1

gl with that

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Proof of Woodwork 4mo ago

It's amusing how now 1st world westeners are so concerned and fired up about governmet overreach and oppression.

I happen to know a thing or two on the matter as in Venezuela EVERY LITTLE THING has been tried and tested for 25 years.

We marched, we voted, we raised our voices, protested, denounced, we collected firms, petitions... aaaand, we got killed, we got robbed, tortured and silenced and it has been all in vain, but why? Simply because we though, as you do now, that they are willing to listen, that there is some sense in them. There isn't.

You are fighting an asymmetric battle and the other side is several steps ahead. In other words...

ed
ede3d957... 4mo ago

You only fight an asymetric battle with asymmetric tools and by opting out/going dark.

You are talking about Bitcoiners who think it is enough to separate state and money. They ignore opsec and privacycoins at their own risk.

ed
ede3d957... 4mo ago

The short cut to end this nonsense would be a billionaire like Jack buying as much Monero as he can making it the biggest fuck you campaign in humankind history.

The rest will fall into place.

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Machu Pikacchu 4mo ago 💬 1

How would this look for bitcoin script? All transactions have to be multisig with the treasury or a set of friendly banks being a party? Don’t see how it’s possible otherwise.

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DerOptimist 4mo ago

They're trying to regulate a technology that can't be regulated. Bitcoin is a permissionless protocol, and that's not going to change. Even if they did manage to introduce such regulations, I guarantee you'll still be able to make Bitcoin transactions without needing anyone's permission. That's the whole point of Bitcoin.

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Russo 4mo ago

If you can turn a permissionless system into a permissioned one i have news to you, the system never were permissionless!

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Kevin 4mo ago

Never 👎🏽

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LogicallyMinded 4mo ago

The goal to bring back crypto devs to the U.S. and make the U.S. the #crypto capital of the World has already gone out the window? I can’t say I’m surprised!