Now 10 k cash or 10 crypto is equal and I need full kyc from the entity that sent me the cash or the crypto.
I'm referring to this, the rule "everything over $10k (from an unknown source) must be explained" existed long before the creation of the first mixer, nor is it specifically aimed at mixing Bitcoin.
But Kucoin is still operational and legal. It wasn't seized, and certainly it is not a darknet website like SB became.
This is the reason why mixers were banned. They are not having just small legal problems, they were getting seized and that may be a problem for the forum.
Seized, because an anonymous person is behind it. If the mixer were legal, it would also be subject to fines in the event that it does not have KYC.
The SEC is now suing Uniswap because of similar reasons and the epilogue of this will be very important for the further development of decentralization and maintaining privacy. If Uniswap loses this case (this will affect all Defi platforms), they must be closed/seized, because they have no way to implement KYC.
I suggest that Bitcointalk ban all Defi platforms as soon as possible, and wordfilter their domains, why wait for a verdict and risk the forum being identified as a place where such services are desirable?
There is increasing pressure on privacy, it is sad to see a forum that "aims to allow about as much freedom as is reasonably possible", the first to take such drastic steps.
Not that I'm talking about this because of fucking profit from signature campaigns, the ban could only refer to promotion, it didn't have to be a complete expulsion from the forum. (I already suggested this earlier)
I always reported my mining income. over or under 10k.
the new law is different.
if I mine 10k and take it from say viabtc on may 1st I have two weeks to file a special form. or a felony and s committed.
this is far stricter then telling the irs on my tax returned I earned 120k gross income from mining .
in both cases I report the gross income from viabtc. but new law means when I exceed 10k I must report on a special form within two weeks.
old law the 10k did not need to be reported until I did my taxes at years end.
if i were theymos I would not touch mixers with a ten foot pole for bitcointalk.
I get it if you are not USA based you are saying wtf?
but if you are USA based the new rules are very restrictive.
I have yet to figure a legal work around and simply won’t mine much this year.
Pools is not their problem. It's miners who own the hash power. They can shut down the top 4 pools, and they'd have only achieved a temporary network interruption. And since they can't break into places and shut down mining farms, then they can't stop what's happening.
When miners are actually companies listed on the stock exchange it will be easier for a government to take over a mining farm than pools.
Foundry is almost completely private, no hobby miners allowed, just people you can see their farms from the space station, all those will bend the knew faster than when stumbling over a rock.
Plus now even smaller pools or farms are immune, look in that list:
Binance pool - Hello CZ, you want your passport back?
Mara pool - not even counting this one, they will do the censorship even if not asked for
Luxor? - based in Seatle
SBI Crypto - it's owned by former Softbank Japan, common...
And the halving will only make things worse.
The top 4 pools as we speak mine about 75% of the blocks. This means that even if 4 pools started censoring transactions based on federal orders, there would still be 1 in 4 blocks that would ignore all the censorship bullshit.
What happens when they decide to ignore any block containing a blacklisted transaction?
fork and shattered?
DeFi was supposed to stand for "Decentralized Finance". If they can be shut down, they're not decentralized and don't deserve to use that name.
You are missing the point. It doesn't matter if they call themselves they are decentralized or not and what they deserve.
It can very easily happen that domains (and everything else recognized as their resource) are seized, which will put them in the same group as mixers.
The pressure is increasing, and Bitcointalk admin & members decided to close their eyes and turn their heads.
However, the front end can be banned, and the developers can be punished, like tornado cash...
But the smartcontract can still be used , their api is still running in ethereum blockchain for those who knows how to use it.
In that case, anyone who starts a similar service or one based on this protocol is against the law and risks sanctions.
Isn't that a similar scenario where the mixers are currently?
and theymos is ignoring the dangers facing bitcointalk or is being proactive?
I get that many members on btc do not give a fuck about USA law.
But I don’t get what you are saying about admin closing its eyes.
I suggest that Bitcointalk ban all Defi platforms as soon as possible, and wordfilter their domains, why wait for a verdict and risk the forum being identified as a place where such services are desirable?
DeFi was supposed to stand for "Decentralized Finance". If they can be shut down, they're not decentralized and don't deserve to use that name.
Mining is also supposed to be decentralized and yet, we see people closing down their farms...
yep I am too big and too small at the same time.
big enough to be hurt by new usa law but too small to self mine and simply report kyc on me.
We had 1.4 million infrastructure and gear.
800k solar and 600k gear.
the owner of the warehouse will mine by himself and stay under the 10k numbers by exclusively using nicehash.
he could run into an issue if btc moons. he earns about $3500 a week and coin is sent weekly.
he is not so sure if he will be bothered under the 10k rule by taking a weekly payout.
If my gear was there we would be at $7000 a week which none of us felt safe to under new laws
its easy if you are doing $10000 plus a day as you certainly will get better treatment from pools
but if you just squeak out the 10k weekly or monthly pools may say no.
my smaller foot print will allow me to be well under cut off numbers.
but you force 1.4 million invested to sell off and reduce with new laws.
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