Bitcoin Conference - Snowden warnings, improve privacy in Bitcoin ASAP
1703 sats \ 17 comments \ @rod 27 Jul bitcoin
We hodl, we self custody, we don't care... But wait, What if?
According to Snowden, who has been very critical of the lack of privacy in the Bitcoin transactions for the last 10 years, this will become a problem since the financial institutions, payment platforms, visa, master, off ramps, businesses accepting bitcoin using third party companies like banks will not accept the non KYC sats.
In the video below, he states how the financial institutions will train their systems to what they will consider the norm, and we, the libertarians that self custody will not be part of that norm and therefore our sats may not be welcomed...
What is the solution?
My two sats: As Snowden and many others have said, we need privacy to transact, not in any L2, but in L1.
Other solution, for those who have stacked for over a decade, move to a better country... Travel a little, you may open your eyes and realize your country is not that amazing or unique like the media keeps selling you, this world is filled with wonders, amazing countries and wonderful people, explore, free yourself, free your mind.
https://m.stacker.news/41966
https://video.nostr.build/77e77691b12dd45a464f88b350f211f74bb571c5618aca873d641247d892ba81.mp4
What are your thoughts, you even care?
write
preview
related posts
71 sats \ 5 replies \ @jgbtc 28 Jul
He's got it completely reversed. Non kyc Bitcoin will be more valuable. Financial institutions, payment platforms, visa, master, off ramps, 3rd parties, can go ahead and cut themselves off, that's fine. Bitcoin is a peer-to-peer electronic cash system. Snowden doesn't get it.
reply
121 sats \ 4 replies \ @rod OP 28 Jul
His warning is loaded of business acumen, something that most lack.
Those with few thousand dollars worth of Bitcoin won't be affected, but those that have millions or billions of dollars, all non KYC, that would like to invest in businesses or buy properties in EU, USA and countries alike will have a hard time doing so once regulation is enforced. Basically they won't be able in most cases. There will be gatekeepers in the legal and financial system that currently exist with Fiat and will be extrapolated to Crypto in general, not only Bitcoin.
If you ever tried investing in a large business or acquiring a company or opening a company in a foreign country, or buying a property you know there are check and balances which include the question: Source of the funds to be used for the financial operation? For small buys trade works well, no matter with what, something with value for something with value for the parties involved with no check and balances from government authorities.
If those draconian countries do not change direction due to political pressure from the public, those with large quantities of Bitcoin will have to consider moving to countries where regulation does not block them completely.
IMO, it could get worst, as it is now with the anti laundering regulations world wide, governments of the world my end up agreeing on enforcing crypto currency regulation making non KYC illegal.
We are not out of the woods, we are in the middle and we need to stay alert and humble, thinking that we got this and nothing needs to be done is naive. They are coming for us hard, we need to prepare, enforcing privacy in L1 solves the problem.
reply
121 sats \ 1 reply \ @jgbtc 28 Jul
You think we need to change L1 to appease big business, financial institutions and governments? Oh man, you've really lost the plot. They can go fuck themselves. They will come to us on their knees begging for it. The world you describe is the world where non KYC is most valuable. Changing L1 at this point is madness. Figure it out on L2s.
reply
121 sats \ 0 replies \ @rod OP 28 Jul
While you wish they go fuck themselves they will be fucking you sideways, assuming you have millions or billions worth of Bitcoin and you are a citizen of a draconian country... If your residence is outside of those jurisdictions your statement is accurate, for now, they can go f themselves...
The only silver bullet is L1 privacy and is not that hard, but the BTC core gatekeepers and their landlords won't help for sure, it is a battle and libertarians are never in the same page, fun times ahead.
reply
21 sats \ 1 reply \ @clr 29 Jul
If those draconian countries do not change direction due to political pressure from the public, those with large quantities of Bitcoin will have to consider moving to countries where regulation does not block them completely.
Of course bitcoiners will have to consider moving outside of Western countries; that's almost a given. Why would one want to invest in businesses or buy properties in those decaying countries anyway? If you haven't read "The Sovereign Individual" do; it has always been clear that the competent ones will move out of the Western countries.
Changing bitcoin into a "privacy coin" when privacy coins are being banned in western countries doesn't solve your problem. It's not bitcoin that has to be changed, it's bitcoiners that have to stop bowing to KYC.
reply
21 sats \ 0 replies \ @rod OP 29 Jul
Good points.agree, but there are always those that get trapped
My two sats for what I have observed:
The family connection There are some that will not move due to family. Large families that are very close tend to cause that effect. Or old parents that require attention due to age and will not move
The generational wealth and business connection Some bitcoiners are part of generational wealth tied to businesses and properties and therefore moving is not as easy and I many cases neither an option they will consider
As for evolving Bitcoin implementing a BIP that adds privacy in L1, that will solve a critical problem. Now that institutions are in there is not putting the rabbit back in the hat, is done. Regulation will continue, probably western countries will force KYC no matter what, but at least, for the rest of the world, for the libertarians, the transactions will be private in L1. Wishful thinking...
reply
75 sats \ 3 replies \ @JuanMiguel 27 Jul
We do really need better privacy on L1. CoinJoins and Swaps are not the way to go.
reply
31 sats \ 0 replies \ @tomlaies 27 Jul
Coinjoins can provide perfect privacy within a set. Why would you want more than perfect?
All coinjoins need is more adoption. As an optional setting in every wallet
reply
10 sats \ 1 reply \ @Bell_curve 27 Jul
Liquid hides the amount transacted
reply
36 sats \ 0 replies \ @joda 28 Jul
Trusted permissioned side chain
reply
43 sats \ 0 replies \ @zarko 27 Jul
privacy to transact in L1
you mean, like Monero?
reply
21 sats \ 0 replies \ @duvel 9 Aug
I think the transparency on L1 is a feature, not a bug.
reply
78 sats \ 0 replies \ @iam_jerry 27 Jul
Snowden is always on point.
reply
52 sats \ 0 replies \ @jerrybature 27 Jul
Nice piece!
reply
122 sats \ 0 replies \ @Nuttall 27 Jul
Bitcoin will either be useful or useless. The same goes for the ever inflated Fiat currency position. You are not going to get locked out of life. This life is yours, ours and theirs and that's life.
How we live this life is up to us and not anyone else. All of these nihilistic fantasy scenarios is a little bit of psyop design. It sells beer, porn and moral relativism.
You will always have privacy. But you will never be private from life. Life is where you are. This material world is where we live. It's ours and it's not anyone else's.
reply
21 sats \ 0 replies \ @janetyellen 28 Jul
Bolt12 blinded paths
reply
21 sats \ 0 replies \ @Satoshi__Nakamoto 28 Jul
I think we should have better privacy in future
reply