Why Fedimints and ecash wouldn't work in developed countries?

Hording cash doesn't incurred a $40 fee when you use it. I have stopped transacting on-chain and exclusively uses Liquid and Lightning because fees are too high.

Hyper controlled Bitcoin is coming to developed countries too.

If you buy small amounts overtime, let say $50 weekly and send to your ColdCard, you will have to pay on-chain transaction fees to consolidate your UTXOs or top up you Lightning balance, which lately could be anywhere between 30 sat/vb and 500+ sat/vb.

On Liquid it's 0.1 sat/vb. That's why it best to stack on Liquid, top up LN and when it make economically sense, you go on-chain.

I like to refer to this Unchained article to size my on-chain UTXOs.

https://unchained.com/blog/small-utxo-bitcoin-dust/

Agreed. For the payout invoice in Robosats, I create a Boltz swap, past the Lighting address in Robosats, and complete the trade.

Robosats pay Boltz's invoice and Boltz sent L-BTC to my L-BTC address.

If the invoice expires before the trade is completed, I created a new swap and enter the new LN address in Robosats. Robosats will try 3 times to pay the invoice before a new address can entered.

There are only few exchanges that offer L-BTC. So most of the audience will be acquiring BTC first. That's why he shows the BTC to L-BTC peg-in. Not everyone is lucky to have access to Bull Bitcoin.

Unless you are a very nice gifter ($$$). Is Opendime still a good gift.

Cost for the Opendime, $23 ($69 for a pack of 3).

Amount gifted, let say $100.

Fee to fund the Opendime, currently $20 on mempool.space.

Fee to spend. We don't know when it will be redeemed and the fee at that time. So let use what we know, it's $20 at the moment.

The FBI is known to use informants and undercover agents to entrap people who haven't commit any crime by incite people to illegally purchase guns, incite violence, or provide bomb making components, organizing fack hits.

Check Alphabet Boys season 1: Trojan Hearse

https://podcasts.apple.com/us/podcast/alphabet-boys/id1668980612

Are those wallets? Of course not! That'll be dumb.

They are called digipass, authenticator, or signer.

Would you call those ones wallets? Of course not! That's dumb.

Bitcoin: A Peer-to-Peer Electronic Cash System. Right?

I keep hearing and reading that they can't do anything about Bitcoin, that they can't enforce what is in Elizabeth Warrent's bill. But nobody has a good argument, if any.

Sure they can't stop Bitcoin. The software is on thousands of servers around the word. Developers around the world are working on Bitcoin applications, some of them anonymously. The US government can't have all of the arrest and extradited.

But they have control over financial institutions and the businesses who depends those institutions. Also businesses have to register, obtain licences, provide detailed accounting, file tax.

Individuals transact with both. So they don't need to actively enforce the rules at the individual level.

All they have to do is to set rules for financial institutions and businesses, and make sure that they do follow the rules.

As most of the transactions are B2B and B2C, they have effectively enforce the law and regulations on the vast majority of transactions.

And don't forget that the individuals who don't follow the new legislation, and get caught, they won't only face criminal charges for that, the IRS will have their own charges for not reporting the disposition of Bitcoin and the payment of the taxes on capital gains.

We'll see how many of those who say they will not comply, will actually not comply. Which ones will be ready to potentially loose it all: assets, family, and liberty.

Bitcoiners represent a small fraction of the US population. The government wont loose much in terms of enforcement if a small portion of those Bitcoiners is not compliant.

How could it be implemented when this bill or similar one eventually passes?

Financial institutions

Banks, LSPs, mining pools, independent miners, exchanges, custodians,... fully KYC, KYB, AML compliant.

Bitcoin Network

Settlement network for financial institutions. Individuals and businesses have accounts with those financial institutions.

Lightning network

Payment network for businesses and individuals. Requires registration for individuals and businesses with a financial institution to gain access to the network.

Lighting channels

Legal channels are all owned and operated by financial institutions.

Lighting payments

All payments are compliant as they are processed and settled by financial institutions.

Miners

Purchases and sells of miners require KYC/KYB. Pool operators have to KYC/KYB hashers.

Nodes

If you are not a financial institution, you don't need a node. Financial institutions use their compliant nodes for their customers' transactions. Only people involved with illicit transactions need nodes.

Opting out

P2P will still exist, black market will emerge and the rest of the world will transact with US Bitcoiners, especially in jurisdictions where it's legal. After all, over 50 years of war on drugs hasn't stop the industry.

Foreign financial institutions

Reporting requirements on US customers will be extended to Bitcoin.

Enforcement

Enforcement doesn't have to be perfect to have a chilling effect. New laws and regulations will be added overtime to improve control. And for those who get caught, it will be a painful experience (asset confiscations, fines, jail time).

Impact on crime

The net positive will be an increase in activities dreamed criminal by the government. So crime will go up, and more means will be needed to combat those new criminals and jails to hodl them.

Why would the government pursue compliance and traceability of all financial transactions except for Bitcoin transactions?

The future of Bitcoin is custodial. That's a mathematical reality.

KYC compliance and traceability of all financial transactions, including Bitcoin transactions, and preparation for CBDC.

The Bitcoin Mining Trilemma with Bob Burnett

During the discution Bob talk about the scarcity of block space on the Bitcoin network and its implications.

Current block space is limited and cannot accommodate everyone who wants to transact on the base layer.

This poses a challenge for individuals who want to store their Bitcoin securely and be self-sovereign.

https://fountain.fm/episode/tn1sVOBFsMghNsq8tgE5

Thether can't blacklist an address on Liquid because transactions are confidential. Amount and asset type are hidden. They don't know where L-USDT is on the network.

L-CAD assets can only be redeemed for Bitcoin.

I think you first have to buy Bitcoin on Bull Bitcoin then you can pay bills through Bylls.

Looks like they have discontinued the L-CAD, as I can't find anymore mention of it on their website.

You should contact then directly: bullbitcoin.com/contact

In certain jurisdictions, it is illegal to charge extra base on the payment method. But it is not illegal to offer a discount.

So, you can't charge 5% for a credit card transaction, but you can offer a 5% discount on a cash payment.

Great video, thanks.

If there was an option to add a Bitcoin address manually, a peg-in address could be used.

What about a multisig that don't rely on Unchained? Is it still possible to use Zaprite?

Check this blog post for a list of apps, exchanges, and swap services.

https://blog.liquid.net/how-to-get-l-btc/

Finding a exchange to buy L-BTC that works for you might be difficult so an easy way to get L-BTC is to acquire BTC first and then swap or peg-in for L-BTC.

If buying BTC from an exchange that doesn't offer Lighting withdrawals or swapping existing BTC, you can use boltz.exchange to swap BTC for L-BTC (0.1% swap fee) or sideswap.io/peg-in-out/ to perform a peg-in (0.1% peg-in fee).

Depending on the amount pegged in with SideSwap it might take 2 or 102 confirmations. Check their FAQ for details.

With Boltz, the L-BTC is sent as soon as the LN payment is received.

SideSwap also has it's own app but I suggest you use Blockstream Green to generate the receiving addresses for Boltz or SideSwap.

If buying BTC from an exchange that do LN withdraws or swapping existing BTC on Lightning, you can use boltz.exchange to swap into Liquid (0.25% swap fee).

For peg-out from L-BTC to BTC, you can use boltz.exchange (0.5% swap fee) or sideswap.io/peg-in-out/ (0.1% pet-out fee). See their FAQ for details.

Check this tutorial to see how to use the services mentioned.

nostr:nevent1qqsx0nxhjp57yuesfq8pzy0e88q8wp2gus3z7j6mehu8a20vp83h40cppamhxue69uhkummnw3ezumt0d5pzqxvfqd89dw8kqmrjfaz6zt8gfggcg93p4tm3s2slv4jrszuugfmtqvzqqqqqqyrdll75

Doesn't mean it's game over for Bitcoin, but non-kyc transactions, I believe are going away. It just a question of time.

Unless you opt out by disregarding the laws and finding people willing to trade with you or, you move to another country that is more friendly to Bitcoin and has less invasive legislations.

But those countries will be bullied by the US, EU, IMF, WB, and other organizations.

As Bitcoin becomes more intertwined with the financial sector, energy sector, payment network, and businesses in general, there will be more and more laws passed to regulate it and subject it to the same, if not more stringent, regulations than other assets and industries.

That doesn't mean Bitcoin is over. The role it can play in stabilising the grid, facilitate the development of renewable energy infrastructures, reducing methane emissions, provide a cheap, instant global payment network (what Strike is doing with Lighting),... are what will keep it going.

I'm more bullish with what is happening in the south hemisphere. Arabic countries exploring and getting into mining. Latin American and African countries adopting crypto and Bitcoin communities popping up allover.

The bill is not law yet, and might not got all the way to a vote. But I don't see why the government would KYC and track all financial transactions except for Bitcoin transactions.

Even in a KYC world, Bitcoin would still be better than fiat. There is the 21M CSP, ability to self- custody even if KYCed, a global payment network (L1/L2).

Republicans wants the FBI to request a court warrant to access NSA massive database.

FBI Director is not happy with that:

"A warrant requirement would amount to a de facto ban, because query applications either would not meet the legal standard to win court approval; or because, when the standard could be met, it would be so only after the expenditure of scarce resources, the submission and review of a lengthy legal filing, and the passage of significant time — which, in the world of rapidly evolving threats, the government often does not have." — FBI Director Christopher Wray

https://tuta.com/blog/why-a-backdoor-is-a-security-risk