reply on: MicroStrategy’s Speculative Attack \ stacker news ~bitcoin

301 sats \ 3 replies \ @Undisciplined 14 Mar \ on: MicroStrategy’s Speculative Attack bitcoin

I'm thinking about some kind of civil asset forfeiture program. Issue legal orders seizing any bitcoin that are alleged to have been used in the commission of a crime. Then bitcoin holders would have to prove their specific bitcoin were not used in commission of a crime.

For small holders it wouldn't do much, since no one is declaring their bitcoin. However, the SEC could require public companies to only hold or transfer "clean" bitcoin. That would make it much less attractive to buy or hold bitcoin.

216 sats \ 0 replies \ @DarthCoin 14 Mar

COMPLIANCE is what will kill Bitcoin. Companies and individuals should simply stop complying.

45 sats \ 1 reply \ @kr OP 14 Mar

interesting idea, would probably get more effective over time as Coinbase’s BTC under management are growing every day (and they have full KYC on all their customers)

247 sats \ 0 replies \ @Undisciplined 14 Mar

This could be done very selectively, too. Imagine the feds identify an illegal bitcoin transaction, they could follow the transactions forward and see if any ended up with MicroStrategy. Then they issue orders for MicroStrategy to relinquish the bitcoin. On the other hand, if it had ended up with a politically favored corporation they could just drop the investigation.