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Lee
b0558b2d085010a6755ca42f707bf5cc536d00053b486119d6fe99c3c4cb11e3
AML compliance officer at a top 10 (US) bank. Send a note if you're a bitcoiner or a bitcoin company having AML issues with your bank. I am happy to help to the extent possible (as a personal endeavor... not/not as an officer of the bank). NO ALTCOINERS!

I can't speak to the Aussie restrictions but pushing money from your US bank account to exchanges in the US is still possible for sure.

Malos please call out the neighborhoods you are showing. knowing where things are happening is meaningful.

yeah... just scanned the article.

thanks for writing it, L0la.

not surprising to me.

banking customers have to understand that their banker is obligated to surveill customer financial behavior and report anomalous and/or potentially criminal activities. use of ALL internally-available data to accomplish this set of tasks should be expected (to do less would leave the bank open to accusations of negligence).

however, if your bank is monitoring your social media in any way, they've stopped being just a bank. at that point they've essentially become an intelligence agency that offers some banking services on the side.

I recommend any/every retail and institutional consumer establish no less than three banking relationships at the national, regional, and credit union level. without this redundancy you're essentially trapped if you want to shut down an account based on poor treatment (or if the bank suddenly wants to shut you down).

it may take some effort to establish what I'll call resiliency in your operating accounts. but the effort will be worth it should your bank execute a quick pivot on you, your industry, or your latest social media post. (this resiliency will also serve you well if you bank fails because they foolishly concentrated holdings in Treasuries or Commercial RE loans.)

oh... and buy and self-custody bitcoin, too.

that is the best use of the meme to date. pays to watch to the end.

kudos.

question for you nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a

if you had a choice between banks participating directly in bitcoin and no banks (just organic growth) which option would you prefer and why?

after reading my profile some wonder why I'm even here.

they say, what the hell? how's a bank compliance guy here? why? what does he want in our space?

I'm the signal you've been waiting for.

I understand what you're saying though.

Many in banking are still either ignorant or fearful of bitcoin. It's just a fact.

I'm doing what I can do from the inside.

I went through your list about a month ago and followed a few of your follows... so mi casa su casa in a way.

Allow me to be your sample size of one, nostr:npub1m4ny6hjqzepn4rxknuq94c2gpqzr29ufkkw7ttcxyak7v43n6vvsajc2jl.

I think like this.

I am a parent.

But taking your point as a potential indicator of a significant archetype hodler, and thinking optimistically, maybe future bequests to non-family beneficiaries will be championed by childless hodlers.

Can you imagine prominent buildings in future civilizations like "Laeserin Free Library" or "Laeserin Center for Nutritional Research" for instance?

Any time I see a zap between10 and 20 sats I think, "Well, there's a nice fat future Delmonico, medium-rare with a slight toasting of the fatty bits, sprinkled with sea salt, resting on a cutting board... juices still flowing... for my great grandson/daughter in like 50 years."

Because that's where we are, imho.

The ability to visualize likely results of extreme low time preference and hard money pushes one towards mental and emotional castle-building to the benefit of future generations. (Pardon me just a moment while I commission a portrait of self to be displayed in the gallery of my family's future palatial estate.)

Replying to Avatar MAHDOOD

Bitcoin doesn’t fix everything. It is a tool that provides people the opportunity to improve their lives if they’re smart enough to take advantage.

From the Sovereign Individual:

“In 1828, 4 percent of New Yorkers were thought to have owned 62 percent of all the city's wealth. By 1845, the top 4 percent owned about 81 percent of all corporate and noncorporate wealth in New York City. More broadly, the top 10 percent of the population owned about 40 percent of the wealth across the whole United States in 1860. By 1890, records suggest that the richest 12 percent then owned about 86 percent of America's wealth.”

Even on a gold standard, before there was a money printer, wealth accumulated in fewer hands. This seems to be the natural state for humans. During this same period, the mid 1800s, about 1/3 of Americans were considered incompetent. They could not read, write, or do simple arithmetic with a calculator. Today, most people can do these things but are still incompetent. The problem is the unwillingness to think. As power accumulated in fewer hands, it became easy to establish the federal reserve and end the gold standard. Is it reasonable to think that power won’t accumulate in fewer hands again on a Bitcoin standard? Will the “good times create weak men” cycle end? Probably not. The people that use their minds will find solutions to the world's problems. The incompetent normies will always suffer and fall for scams. You may not like it, but this is human nature. People are incredibly lazy when it comes to using their minds. Ironically, it’s the most important organ that differentiates us from wild animals.

Bitcoin is a great tool that will give people a way to gain more freedom. But Bitcoin didn’t save us. We saved ourselves. If Bitcoin didn’t exist, we would’ve found another way to gain more freedom. Maybe not as much freedom as what Bitcoin allows, but we would’ve found something. The difference between us and normies is that we used our minds to find a solution to a serious problem. We used the internet as a tool to learn and better our lives. Incompetent normies used the internet to find distractions and excuses for their problems. Bitcoin doesn’t save stupid people. It just helps people that actually use their brain. Unless you think humans will suddenly stop being dumb and lazy, the cycle will repeat. The important question is: will bitcoin reduce the damage that these cycles create? Will the cycles be shorter? I think so.

Bitcoin, like other technological advances, pulls up humanity as a whole and provides benefits to everyone. But they have to take advantage of it. Your greatest resource is between your ears, it’s not Bitcoin. Bitcoin is just a life raft in the middle of the ocean that will be there for you when you're tired of suffering and ready to use your brain to solve your problems.

This gets me thinking about creation of "easy" financial products that emulate the familiar, targeted toward people who can't be bothered to learn about bitcoin.

Yes. I know. There are examples now in companies like Fold and self-custody or multi-sig IRA... these are primarily opt-in vehicles for those who have studied a bit.

I'm just wondering out loud whether there's something to be done *within financial institutions* to "supercharge" legacy financial products by adding a dash of bitcoin to the mix.

What about paying interest on accounts in bitcoin? A typical retail/consumer savings account might earn 2% or less and a typical interest-checking account might earn 0.25%. Perhaps if the offer was "interest paid in bitcoin to your institutional account (custody)" or, for those who bother to learn self-custody, "interest paid in bitcoin to your KYC'd self-custody wallet of choice?"

Incentives seem to align here.

Thoughts?

Can anyone point me to the primary infrastructural vulnerabilities of the ethereum blockchain?

I recall arguments about centralization of validators, about necessity of AWS in many cases, and some tcpip element upon which the entire infrastructure depends (need deets there).

Check my profile and you might be able to see why I'm asking... Can't share more unfortunately.

nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg

Anyone here maintain a handy list of countries where Bitcoin is already legal tender or has legal status as a property?

Already know El Salvador and the city of Lugano for legal tender... Many others where it's considered property.

Any good sources I can look to?

TYIA