KYC'd Bitcoin is Worthless \ stacker news ~bitcoin

KYC'd Bitcoin is Worthless

293 sats \ 59 comments \ @linkinparkrulz 27 Mar bitcoin

It is a call option on your government's ability to take your stuff.

It's worth something, just not to you.

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10 sats \ 1 reply \ @PRA3S3NT1A 27 Mar

Fortunately most countries still got cash which makes easy to escape from the control maniac government

0 sats \ 0 replies \ @linkinparkrulz OP 27 Mar

Cash is a great tool, we should all use it more in our day to day lives

31 sats \ 2 replies \ @m00ninite 27 Mar

Funny, my kycd coins have a lot of value to me 🤔

0 sats \ 1 reply \ @linkinparkrulz OP 27 Mar

It'd be a shame if something happened to anything you own in the future as a result of recorded purchases.

0 sats \ 0 replies \ @m00ninite 27 Mar

Sure would.

121 sats \ 2 replies \ @mrcrown 27 Mar

Fckers are already doing a good job of making it difficult. Those who are already familiar with Bitcoin know how to navigate around it. However, for upcoming new Maxi's, it's going to be difficult, and they might fall into the trap easily.

130 sats \ 1 reply \ @DarthCoin 27 Mar

But we already have 90% of BTC in circulation. Enough to start a bitcoin circular economy. I still do not understand why people do not start demanding to be paid in BTC and not buying it anymore.

Or if they are entrepreneurs just create something and sell it only for bitcoin.

0 sats \ 0 replies \ @linkinparkrulz OP 27 Mar

👍

20 sats \ 1 reply \ @gojira9000 27 Mar

Sir or ma'am, I lost my seed plates down a storm drain when I tripped and fell on my way to pay my income taxes.

0 sats \ 0 replies \ @linkinparkrulz OP 27 Mar

That's okay because we know you purchased around 2.1 btc from Swan in 2022. At the moment, those bitcoin are worth roughtly $140,000.

How would you like to pay? You don't need to give the bitcoin to us? We like fiat, so maybe you could sell your vehicles before we put a lien on them?

0 sats \ 0 replies \ @m00ninite 27 Mar

I just don't see how you could possibly live on a bitcoin standard without kyc coins. What happens when you want to buy a house? Are you going to spend the time finding thousands of buyers to take your coins? You'll end up labelled a money transmitter if the feds find out. Which they will when those funds hit your bank account before being turned into a mortgage loan or whatever.

It's a cute larp, and most people should have at least some KYC-free coins, but I just don't get how that scales when you need to spend/sell bitcoin in the 5, 6, or 7 figures range.

0 sats \ 0 replies \ @guts 27 Mar

I'm ok of Bitcoin is used for politicians.

0 sats \ 3 replies \ @kevin 27 Mar

Yes. That's why you can sell it for... $69200 at the moment.

0 sats \ 2 replies \ @linkinparkrulz OP 27 Mar

You should do that, erase the record of purchase. And buy kyc free.

Hopefully the cap gains aren't too tough to swallow.

0 sats \ 1 reply \ @kevin 27 Mar

Or I could just send it to liquid, send it around a few times and send it back to bitcoin proper 🤷‍♂️ - maybe even via lightning!

0 sats \ 0 replies \ @linkinparkrulz OP 27 Mar

Thanks for clarifying your level of understanding.

0 sats \ 3 replies \ @frostdragon 27 Mar

The government has full control and visibility of the exit ramp. Like - what are you using to buy bitcoin? A debit card? A bank account? How many of us are paying with physical cash?

At some point you're converting USD to bitcoin, and you're probably doing it electronically. If the government really wants to criminalize bitcoin and confiscate everyone's keys, can't they just look at your bank account to see if you've ever paid for bitcoin? Isn't that all they really need to know to investigate you?

The essential properties of money don't include privacy. Bitcoin is literally a public ledger. 🤷🏻‍♂️

But none of that matters because of how easy it is to prevent anyone, including the government, from stealing your keys.

0 sats \ 2 replies \ @linkinparkrulz OP 27 Mar

Why does everyone think they want your stupid bitcoin? They will take ANY of your assets to foot the bill.

0 sats \ 1 reply \ @frostdragon 27 Mar

Then you're talking about full on civil unrest at this point, if not the complete downfall of the United States... Doesn't seem like they'd self sabotage like that.

And again, that doesn't really fix the "infeasibility of non-KYC" issue anyway.

0 sats \ 0 replies \ @linkinparkrulz OP 27 Mar

Is there civil unrest with Douglas Mackey in jail? Ross Ulbricht? Daniel Penny? The Coutts 4?

You're just one person. No one cares.

111 sats \ 38 replies \ @Darthcoin_Cash 27 Mar

True, Bitcoin in its current form can be used to create the most horrible surveillance nightmare on the planet. Monero fixes this (as bitcoiners sadly wont).

56 sats \ 1 reply \ @DarthCoin 27 Mar

scammer, shitcoiner

11 sats \ 0 replies \ @Darthcoin_Cash 27 Mar

lol man, how old are you?

21 sats \ 28 replies \ @PRA3S3NT1A 27 Mar

😂 Pray for this guy 🙏 Such an illness can cause permanent damage

1 sat \ 27 replies \ @Darthcoin_Cash 27 Mar

so, you think your gov can not take your kyc'ed coins?

33 sats \ 26 replies \ @PRA3S3NT1A 27 Mar

I was trying to point to your monero statement ...

1 sat \ 25 replies \ @Darthcoin_Cash 27 Mar

so monero does not fix this?

0 sats \ 18 replies \ @om 27 Mar

how can it fix anything with MC less than PEPE and dogwifhat, not to mention such blue chips as SHIB?

0 sats \ 17 replies \ @Darthcoin_Cash 27 Mar

how is this related?

11 sats \ 16 replies \ @om 27 Mar

Market tells you LOUDLY that it wants private ways to move Bitcoin rather than another altcoin.

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0 sats \ 5 replies \ @PRA3S3NT1A 27 Mar

I am not sure what monero fixes since I am not an expert of private coins. I also do not know how to verify these coin's privacy approach. By the way if we are already discussing this, could you tell me how can be verified the supply of Monero if the balance of addresses are unknown ? To continue, have you checked the performance of monero compared to btc ? I believe monero is rather a tool than a currency. Again you may know much more about this topic however this is how I see it. Feel free to correct me.

0 sats \ 0 replies \ @yo2xncv0 31 Mar

Coins are briefly visible as they are mined so you can count them manually as they enter supply. You can also run a Monero node and have it audit circulating supply for you. No different from how every Bitcoiner verifies in practice

I just see Bitcoin as another tool as well. It does some things better than Monero and some things worse. And to be honest Bitcoin and Monero are both just mediums of exchange at the moment. Neither really meets all the criteria for a money.

0 sats \ 0 replies \ @guts 27 Mar

How can you call a guy for pray if you don't even understand how Monero works.

1 sat \ 2 replies \ @Darthcoin_Cash 27 Mar

to be honest, i just wrote monero fixes this to trigger some low iq coiners here. Its my way of pointing out that bitcoin has a huuuuuge problem as we create our own fully transparent database of transactions, ready to be exploited by governments around the world.

The total supply of Monero can be audited like this:

The Monero blockchain is still publicly auditable. While individual transactions are private, the total supply can be verified by auditing the entire blockchain. By analyzing all transactions, it's possible to ensure that no XMR has been created out of thin air or lost due to double spending.

Monero's consensus mechanism, based on proof-of-work, ensures that all transactions are valid and that the total supply adheres to the protocol rules. Miners validate transactions and ensure that no new coins are created beyond the predetermined emission schedule.

Monero has a transparent emission schedule, meaning the rate at which new coins are created is known. By tracking the block rewards over time, it's possible to verify that the emission matches the expected schedule.

But i dont want to get into a Monero vs. Bitcoin discussion, i just wanted to support the argument of the threads autor that we have still a tremendous problem with a completely transparent blockchain and we might dig our own grave currently.

0 sats \ 1 reply \ @PRA3S3NT1A 27 Mar

I see, if that's the case then don't worry about it. Because you can use bitcoin privately. It only depends on you how to use it. There is no problem government see all transactions and account balances. Just because they see doesn't me that they know who really owns those coins.

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0 sats \ 0 replies \ @linkinparkrulz OP 27 Mar

If you buy your Monero on Kraken, then you'll encounter the same issue.

Monero guys need to chill the fuck out when it comes to bitcoin, just be happy bitcoin gives you liquidity.

A Monero spender

0 sats \ 5 replies \ @guts 27 Mar

You are brave typing the word Monero on a Bitcoin community.

1 sat \ 3 replies \ @linkinparkrulz OP 27 Mar

That shouldn't be considered brave. You should be able to have honest discussions that include other coins.

110 sats \ 2 replies \ @Darthcoin_Cash 27 Mar outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.

1 sat \ 0 replies \ @Darthcoin_Cash 27 Mar outlawed

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