Cryptocurrency: FINCEN Labels All Crypto Users, All Privacy, As Patriot Act Terrorist Criminality, Vows Shutdown and to Arrest Coderpunks
USA Govt about to get rude awakening, crypto doesn't five a fuck about Govts and their "regulators", and crypto is now developing privacy even faster and harder. Good luck trying to cancel free distributed speech, you fucks. https://www.youtube.com/watch?v=xWAwK2fHArc https://mchenry.house.gov/uploadedfiles/bitcoin.pdf FinCEN is proposing to apply section 311 of the Patriot Act against basically all types of crypto privacy, including on noncustodial methods. https://www.nobsbitcoin.com/fincen-wants-to-outlaw-certain-bitcoin-on-chain-... https://www.federalregister.gov/documents/2023/10/23/2023-23449/proposal-of-... FinCEN Seeks to Impose Strict Surveillance Requirements on Bitcoin Mixers The agency proposed designating 'crypto mixing' as an area of “primary money laundering concern" in order to impose certain recordkeeping and reporting requirements on involved transactions. The... Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transact... FinCEN is issuing a notice of proposed rulemaking (NPRM), pursuant to section 311 of the USA PATRIOT Act, that proposes requiring domestic financial institutions and domestic financial agencies to... Notably, if successful (it is still in the proposal phase), it would be a big extension of their mandate to apply that section to a “class of transactions” rather than to any particular custodial entity. Certain types of math/software would become illegal/sanctioned. I don't see this standing up to first amendment scrutiny. The publication of software in this area is specifically designed to be untraceable and run from anywhere. As the tech improves this sort of entity becomes irrelevant. And so it begins. The battle is upon us, but we already know how this will end. Freedom and #bitcoin will reign supreme and usher in a bright orange future. The sun is rising, and theres nothig the night can do about that. All I can say is good luck with that. It won’t work this time. They woke the people up with NSA. Bitcoin will prevail. For bitcoin to survive even a global coordinated crackdown (a worst case scenario), it needs only a handful of small jurisdictional footholds globally to form a decentralized base around, and they stand to profit. When the world turns to chaos, jurisdictions that attract assets and maintain continuity tend to have oddly profitable outcomes. Old school money transfers (banknotes and coins) were private. The past several decades have been surveilled, especially since the 1970 Bank Secrecy Act and ramping up with the 2001 Patriot Act. Cryptocurrency rightfully restores privacy to all the worlds peoples. I don't think people realize the power of this ecosystem. It's a new money, it's a revival of Austrian economics, it's a tech religion, it's a peace movement, etc. It's a tool that empowers many things, each of which are powerful. If this protocol is successful for centuries, this is literally how religions are born. People often say Bitcoin is a religion, negatively. But really, parts of it are a religion, or at least a movement. If it gets just 27 million adherents, it's arguably specific religion #6. Bitcoin was built as an open source decentralized project to survive regardless of who the creator was. The departure and the absence of the creator only made it *more* decentralized since it removed any sort of ultimate authority, and it iterated from there. Even if Satoshi is the NSA, people should have evidenced it by now. A man can be killed, embarrassed, or shown to be weak. An idea lives on and becomes a legend or a god. It's his material that matters.
Last week, the @WSJ published an article claiming about $90 million worth of crypto was used to fund Hamas — a serious claim that gained significant attention. In response to the article, anti-Bitcoin politicians directly linked the WSJ article as evidence in a letter to the White House and Treasury “to address the serious national security threats posed by crypto’s use to finance terrorism.” Later, it was confirmed that the article was patently false. It was straight up fake news. This was confirmed by @chainalysis, which ran the numbers. Turns out the authors of the article mistakenly counted an entire exchanges’s trading volume ($82 million) for a terrorist group’s address. Rookie move! The actual funds that went to known terrorist-linked addresses was substantially less. “Of the roughly $82 million in cryptocurrency received by this address, about $450,000 worth of funds were transferred from the known terror-affiliated wallet. Given the activity of this address, the person or group of people controlling it is likely not the same person that controls the terror-affiliated wallet, but is rather a service provider that knowingly or unknowingly facilitated the terror financing activity.” So the WSJ’s figure for crypto use in financing Hamas was off by over 99%! My question is…where is your retraction article @WSJ? Where is the article describing why your reporters were blatantly wrong about this? If you don’t retract it, politicians with an agenda will likely continue to use this fake news as evidence to attack an industry they have a personal vendetta against. Fix this please.
Your continued use of Fiat is financing terror. https://bitcoinmagazine.com/legal/bitcoin-anti-totalitarianism Preston Pysh @PrestonPysh Oct 25 .@SenWarren & 104 other members of congress wrote a letter to the President about their concerns that crypto was financing terror. Then FinCEN published a major policy initiative in what appears to be a coordinated effort. Here's my response. @WSJ wake-up. Bitcoin = Anti-Totalitarianism The battle for financial freedom at the precipice of total government control hinges on our active engagement and collective commitment to protecting our liberties and Bitcoin's transformative...
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grarpamp