US to make Bitcoin use a FELONY unless report sender's social security number

[dkbit98]

It's even worse than it sounds, and reading all those pages needs time to understand, but it looks like they are going to ban stablecoins,
then criminalize the use of privacy coins and anonymizing services like mixers and coinjoins, and they are getting ready for release of their CBDC or digital USD.
I think that government parasites are getting desperate and this pretty much means that all privacy is going to be dead soon, if people don't complain and do something about it:
Read detailed explanation in this reddit post:
https://www.reddit.com/r/CryptoCurrency/comments/pqm1ba/new_us_crypto_regulation_far_more_invasive_than/

[1714079257]

1714079257

[o_e_l_e_o]

or are such tools still reserved only for some sophisticated spying?

I can't speak as to the accuracy of your other statements, but you can see for yourself the contracts the US government and associated agencies are taking out with various Blockchain Analysis companies:

Chainalysis - https://www.fpds.gov/ezsearch/fpdsportal?indexName=awardfull&templateName=1.5.1&s=FPDS.GOV&q=VENDOR_FULL_NAME%3A%22CHAINALYSIS+INC.%22
Elliptic - https://www.fpds.gov/ezsearch/fpdsportal?indexName=awardfull&templateName=1.5.1&s=FPDS.GOV&q=VENDOR_FULL_NAME%3A%22ELLIPTIC+INC.%22
Ciphertrace - https://www.fpds.gov/ezsearch/fpdsportal?indexName=awardfull&templateName=1.5.1&s=FPDS.GOV&q=VENDOR_FULL_NAME%3A%22CIPHERTRACE%2C+INC.%22
Coinbase Analytics - https://www.fpds.gov/ezsearch/fpdsportal?indexName=awardfull&templateName=1.5.1&s=FPDS.GOV&q=VENDOR_FULL_NAME%3A%22COINBASE%2C+INC.%22

All in all, hundreds of contracts worth tens of millions of dollars. They aren't paying all that if they could just do it themselves, I'm sure.

I think that government parasites are getting desperate and this pretty much means that all privacy is going to be dead soon, if people don't complain and do something about it:

They are really starting to feel threatened by bitcoin, going in all guns blazing to either bring it under their control or essentially make it illegal to use in any but the most superficial of ways. They want their CBDC to be the only digital currency anyone uses, so they can retain their power to monitor you, censor you, seize your assets, and print more when it suits.

[redsun114]

Right from the start I have known that one of the major aims of the government towards cryptocurrency is to have control over it. I don’t think they want to ban Bitcoin or other crypto currencies, what they really want to do is just to control it just like they're controlling the banking sectors.

This is just like Where you are making use of your bank accounts, there are some certain amount that you will send as a transaction and it will require the bank to send your information to the central bank.so that's what they want to start doing now with cryptocurrency, and this is going to start with centralized exchanges, such as Coinbase and the rest of them. Earlier this year I saw a few people point out that such a thing is going to happen. Let’s hope that they vote against it.

[dkbit98]

They are really starting to feel threatened by bitcoin, going in all guns blazing to either bring it under their control or essentially make it illegal to use in any but the most superficial of ways. They want their CBDC to be the only digital currency anyone uses, so they can retain their power to monitor you, censor you, seize your assets, and print more when it suits.

Yeah, that is pretty much their plan with CBDC, so they can track you all the time, and if you are not a good little boy or girl, they can just flip the switch and exclude you from everything,
because CBDC will be connected with your digital identity.
It's not science fiction or conspiracy theory, everything is publicly revealed for people who want to read, and it's going to happen unless we stop them.

[24Kt]

They are really starting to feel threatened by bitcoin, going in all guns blazing to either bring it under their control or essentially make it illegal to use in any but the most superficial of ways. They want their CBDC to be the only digital currency anyone uses, so they can retain their power to monitor you, censor you, seize your assets, and print more when it suits.

Yeah, that is pretty much their plan with CBDC, so they can track you all the time, and if you are not a good little boy or girl, they can just flip the switch and exclude you from everything,
because CBDC will be connected with your digital identity.
It's not science fiction or conspiracy theory, everything is publicly revealed for people who want to read, and it's going to happen unless we stop them.

But how can you stop them as they are the ones who are formulating the laws? People need to abide the established laws, or else, they will face trouble or punishment. I think, it is not the first time I heard it. In one of the SEA countries, their local exchange is already asking details where you are sending your money that you converted to fiat and where is the originating source of your crypto. This is really ridiculous to think about. So what you can do, is find alternative ways to get around this.

[o_e_l_e_o]

Yeah, that is pretty much their plan with CBDC, so they can track you all the time, and if you are not a good little boy or girl, they can just flip the switch and exclude you from everything

Don't forget that you are free though! Free to think like we want you to, to do what we allow, to spend your money where and when and on what we want you to. Just be a good little drone and you can be happy.

People need to abide the established laws

What if those laws are immoral, unjust, or corrupt?

their local exchange is already asking details where you are sending your money that you converted to fiat and where is the originating source of your crypto.

So stop using that exchange. Most of these laws will be enforced via centralized exchanges. If everyone started trading peer to peer, then the government can pass whatever regulations on centralized exchanges they like, whatever KYC rules they like, whatever surveillance requirements they like, and it makes no difference.

[BrianH]

Nobody is going to see this thread in "Legal." Wish the mods would keep this in the main Bitcoin discussion forum...

Pelosi says vote to happen this week. Write to your congressman/woman! I just did.
https://www.msn.com/en-us/news/politics/nancy-pelosi-says-bipartisan-infrastructure-bill-will-be-passed-this-week-if-not-monday/ar-AAOQqX2

Most of these laws will be enforced via centralized exchanges. If everyone started trading peer to peer, then the government can pass whatever regulations on centralized exchanges they like, whatever KYC rules they like, whatever surveillance requirements they like, and it makes no difference.

This is true, but the government will start targeting peer to peer exchanges. Current problems with the current decentralized options:

• Honeypot BTC sellers in decentralized exchanges like LocalBitcoins. No way of telling if the exchanges themselves are even run by the government.

• Bisq development is currently occurring on a US/Microsoft owned website. Where will open-source development continue, if it is deleted?
• Recently it was found that a Bitcoin blockexplorer (walletexplorer) is most likely a honeypot run by Chainanalysis, which is contracted by the government to track user's IPs.

Those alphabet agencies are already starting to target users. The politicians in government and their banker cronies are trying to suppress individuals from the free trade that crypto provides. This violates Satoshi's vision. This is all about control and maintaining the current power structure.

The best thing people can start to do is move their crypto off exchanges and find ways to maintain their privacy (running own nodes, VPNs, XMR, etc).

[20kevin20]

The US has been rapidly falling down the global rankings for individual freedom and civil liberties for years now.

The entire world has been that way. Speaking from Europe, there is not much hope left for our freedoms and rights either. They all seem to be on the edge of extinction.


This is insanity. It seems like someone is so desperate for everything we do to be under constant, continuous control. What this will turn into is the splitting of crypto users into those who are comfortable and do not care and those who do and are now considered terrorists/criminals. The fact that not giving your personal information about yourself and having privacy is rapidly turning into a crime is scary as shit. 1984 knocking on our doors, they're thirsty for your data and they will do whatever to own it and use it to their own agendas..

[Hydrogen]

US states like texas could have millions invested in local crypto mining.

Why bitcoin entrepreneurs are flocking to rural Texas

Miners have since been scouring the globe for places where electricity is cheap, and many have settled on Texas as their destination.

Texas’s power grid is deregulated, which means customers can choose between different power providers and providers are thus incentivized to provide low rates.

Mining facilities can set up long-term contracts with power providers that allows them to purchase electricity at a fixed price for many years, says Jason Les, CEO of Riot Blockchain, a US-based cryptocurrency mining company.

Riot Blockchain recently acquired Whinstone US, the largest bitcoin mining facility in the US based in Rockdale, Texas, for $80m. Whinstone says its facility can produce 500 bitcoin per month – worth a total of $22m at bitcoin’s current value.

When demand for electricity goes up, particularly in the summer months, Texas power companies will actually pay mining facilities to lower their energy usage.

Along with the Argo and Whinstone facilities, BIT Mining, a Chinese mining company, has invested $25m to build a mine in Texas.

https://www.theguardian.com/technology/2021/aug/17/bitcoin-cryptocurrency-mining-texas

Will we see a clash between federal government attempts to regulate crypto. And states like texas attempting to protect local crypto mining industries.

This bill keeps getting worse and worse for the crypto industry, because no one is making any noise...

https://www.youtube.com/watch?v=SXFOSaMoX6g
'Strike The Whole Damn Thing': Senator Ted Cruz Calls For Crypto Rule Drop From Infrastructure Bill


Noise is being made. Most will never hear or know of it. But there definitely are many speaking out in opposition of crypto regulation in the infrastructure bill.

[o_e_l_e_o]

Recently it was found that a Bitcoin blockexplorer (walletexplorer) is most likely a honeypot run by Chainanalysis, which is contracted by the government to track user's IPs.

Slight correction - it's been known that walletexplorer is run by Chainalysis for years. Indeed, most block explorers are probably sharing information with blockchain analysis companies.


I'm not one to praise or even agree with Ted Cruz on pretty much anything, but his speech in defense of crypto was a good one and he made some very good points, notably that the vast majority of Senators have absolutely no idea what it is they are trying to regulate, how it functions, or what the outcome of these regulations will be. Unfortunately, despite that speech the bill already made it through the Senate, and now rests with the House, and I've yet to see enough Representatives speak out about it to really give me any hope that it will be amended or voted down.

[avikz]

This bill will push the US crypto users to use only centralized wallet providers like coinbase. Otherwise, it is impossible to track the SSN of the sender. It is only possible for centralized wallet service providers which is against the competition rule. That's really sad because it goes directly against the main characteristics of cryptocurrencies.

I am sure the banking lobby is pushing their best to have it implemented because the legislation looks really radical and would actively discourage people from using cryptocurrency.