Will Trump End The Need For Cowboy Credits? \ stacker news ~meta

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Will Trump End The Need For Cowboy Credits?

1045 sats \ 37 comments \ @siggy47 25 Jan meta

It's only been a week, but I feel like the world has changed, at least in the U. S. I'm not a fan of Trump's shitcoinery, but maybe it's a blessing that he can have his fiat fun with David Sachs, while ignoring bitcoin. He freed Ross. That's good. I'll be happy if that is the end of his involvement with bitcoin.

His shitcoining might be good for us. We can continue hodling and working on adoption in our sly, roundabout way, and wait for the fiat world and their shitcoins to crumble.

In the meantime, the environment has improved. Gensler and the regulation by enforcement era is done. I don't think I realized how destructive the last four years have been. It's like the Berlin wall has come down.

Anyway, my point is that I think cowboy credits may not be necessary in the near future. I know @k00b and @ek spent a lot of time, did a ton of work, and caught a ton of shit, but SN can go back to the old days soon.

If I'm right, it won't be for naught. All that work gave us the opportunity for self custody if we choose. Those who don't want that can use the old SN wallet.

Does anyone else think this is likely to happen in the near future?

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199 sats \ 1 reply \ @frostdragon 25 Jan

Either way, I think what SN has set up is probably the way of the future. Self custody and self sovereignty is just going to get easier with time IMO.

0 sats \ 0 replies \ @Car 26 Jan

few

173 sats \ 7 replies \ @SimpleStacker 25 Jan

I hope for it, but I don't think it's likely. They'd have to create some carveout for the definition of a money transmitter, and the finance bros + national security bros will all come out against that.

81 sats \ 0 replies \ @freetx 25 Jan

definition of a money transmitter

Not that I disagree with you, but I think there can be common-sense application. Lets start by asking: What is a money transmitter?

If I walk into a shop and pay someone $5 to send $100 to you, then yes that person probably needs to be licensed otherwise the threat of me losing my funds could be quite high....

No one is "hiring SN to transmit money" though. Our primary use of this website is to communicate with each other and fund new and creative content. The fact that some of our content also gets funded does not magically transform SN into being a "money transmitter".

31 sats \ 5 replies \ @siggy47 OP 25 Jan

In the case of SN, the money transmitter rule, not that I loved it, was fine. It wasn't until a criminal prosecution changed FINCEN's own guidelines.

76 sats \ 0 replies \ @DarthCoin 25 Jan

But why people do not ask the important question: Why do I need any license to move my own money as I want? WHERE THE FUCK IS THE PERMISSIONELESS OF BITCOIN IF WE BEG THE GOV TO LET US USE BITCOIN?

This meme never get old

41 sats \ 3 replies \ @SimpleStacker 25 Jan

Huh, interesting. I'd love to read more about that, is there an article or something you'd recommend to learn more about what happened?

30 sats \ 1 reply \ @siggy47 OP 25 Jan

This is a good article

#703243

41 sats \ 0 replies \ @SimpleStacker 25 Jan

Thanks. It seems like a pretty bad decision. Looks like it was reversed recently?

Also, sounds like the decision in the article would've put SN on blast, even with the new cowboy credits system, because the decision said that you didn't need to actually have control of your customer's funds in order to be considered a money service business.

crazy times

30 sats \ 0 replies \ @siggy47 OP 25 Jan

I'll dig something up. I posted about it a lot, but I think the best articles came from The Rage. I'll look for links.

Here's one of my posts, but I think there are better links

53 sats \ 0 replies \ @flat24 25 Jan

This would be my opinion on the matter.

while ignoring Bitcoin. I don't agree with you here, I think he's simply making everyone think that he ignores Bitcoin, but we'll never see behind the scenes what Donald Trump really thinks and what he really does under the table, where the public eye can't see.

Gensler and the era of regulation by application are over. Regarding what you mention, I think the key is his meme currency. While everyone is distracted by the noise of whether he launched a meme or not, or whether he said "cryptocurrency reserve" instead of "Bitcoin reserve" he is showing through the launch of the meme coin that there are no longer any restrictions for the crypto world in USA

And on the other hand I would add that @k00b and @ek should seriously think about killing the (Cc) and replacing them with a new meme coin for the platform the SNcoin or the BccCoin Coin of the best cowboy credits. The president gave the green light 🚦 for everyone to launch their meme. Obviously the last one is a joke

170 sats \ 1 reply \ @TheBTCManual 25 Jan

Trump will make cowboy credits part of the Bitcoin Strategic Reserve

0 sats \ 0 replies \ @JesseJames 25 Jan

lol, in the next lifetime...

138 sats \ 3 replies \ @freetx 25 Jan

His shitcoining might be good for us. We can continue hodling and working on adoption in our sly, roundabout way, and wait for the fiat world and their shitcoins to crumble.

Yeah, pretty much my take.

My additional take is that: If shitcoining kills bitcoin, then it was dead to begin with.

I think 80% of panic over the EO is overblown and we just need to chill and allow game-theory to keep working.

The most important thing was ending Chokepoint 2.0 and ending SAB-121. Simply allowing bitcoin/stablecoins to be used normally throughout the economy is 100% of a win for us.

The only thing we are missing is: Capital Gain reforms of BTC. I can see 2 likely ways this proceeds:

Tax-free gains after some timelock (1 yr for instance).
"de minimus" exemption of $500-$900 per transaction

30 sats \ 0 replies \ @teemupleb 25 Jan

Tax-free gains after some timelock (1 yr for instance). "de minimus" exemption of $500-$900 per transaction

These would greatly support Bitcoin becoming more of a medium of exchange and boost the emergence of circular economies.

41 sats \ 0 replies \ @DarthCoin 25 Jan

too much statism is dangerous for Bitcoin

10 sats \ 0 replies \ @Bell_curve 26 Jan

of course the panic is overblown because it's libertarians who have Trump derangement syndrome

NPC behavior

82 sats \ 0 replies \ @elvismercury 25 Jan

I was wondering the same thing -- he doesn't even have to do anything, other people just need to interpret his signals in a manner that makes enforcement unlikely.

All that said, I agree that the CC situation was a great forcing function. If you couldn't manage to get non-custodial lightning set up, you probably just learned something about yourself, and we all (collectively) learned something about the ecosystem. Valuable lessons, both.

41 sats \ 0 replies \ @JesseJames 25 Jan

... or we can ditch that silly CC and get back to the normally scheduled program... :-) "stay humble and stack sats"

67 sats \ 1 reply \ @Aardvark 25 Jan

I'm not sure what's going to happen, but anything that changes can be changed again. I think no matter what, having CC's is a good idea. Even if SN stops the practice, having the work done and ability to quickly re-implement if they need arises is probably a really good thing.

0 sats \ 0 replies \ @Jon_Hodl 25 Jan

I agree. I think CC are good for stacker news.

We will never escape money transmission laws but I could absolutely see a lift on cap gains for txs under a certain limit.

41 sats \ 1 reply \ @000w2 25 Jan

When samourai devs are free

0 sats \ 0 replies \ @siggy47 OP 25 Jan

That sums it up.

41 sats \ 0 replies \ @Coinsreporter 25 Jan

I think Trump can do it given he or his allies would profit out of it.

However I think SN doesn't need to go back to the custodial wallet application. The CCs haven't made a big difference.

41 sats \ 3 replies \ @Taft 25 Jan

Does anyone else think this is likely to happen in the near future?

That will not happen, IMO. In fact, I don't think it should happen out of respect for the tireless work of @k00b and @ek. Also, I don’t see a significant difference between before and after the cowboy credits. Attaching an external wallet doesn't seem too difficult, as there are plenty of options.

21 sats \ 2 replies \ @siggy47 OP 25 Jan

I like the attached wallets too. It has not been a big deal making the transition, and it forced me to learn some new things, which was a definite plus. I do think opinions are mixed, though, and it would be easier to onboard people by offering real sats to noobs. That's not meant as a criticism of the SN brain trust. They did one hell of a good job, doing something they really were forced to do, while dodging shitbombs left and right.

41 sats \ 1 reply \ @Taft 25 Jan

That's not meant as a criticism of the SN brain trust.

I didn't read it as a criticism. Sorry if I gave you that impression.

0 sats \ 0 replies \ @siggy47 OP 25 Jan

I know. I just feel like those guys took an unfair and unnecessary heap of criticism, and I don't want to be seen as adding to it.

41 sats \ 0 replies \ @e34655df8f 25 Jan freebie

I have a ton more research on the subject to do I'm not even sure what cowboy credits are

41 sats \ 4 replies \ @DarthCoin 25 Jan

Stop asking for permission. Strive for maximum achievable noncompliance

https://fountain.fm/clip/HZuDbvV6nHbcyJXvvAwj

(source note)

21 sats \ 3 replies \ @siggy47 OP 25 Jan

I can't argue with your point. It's just not easy. In your clip, Marty mentions the Amish in the US, which always fascinated me. I have spent time near their communities. Even with that group, though, a big part of their autonomy stems from the US constitution first amendment.

41 sats \ 2 replies \ @DarthCoin 25 Jan

US constitution is just a piece of garbage paper...

0 sats \ 1 reply \ @siggy47 OP 25 Jan

Is that the entire No Treason???!!!

I know it's a short book

41 sats \ 0 replies \ @DarthCoin 25 Jan

let me make a TLDR...

The purpose of the US Con-stitution was to dupe the people into imagining legitimacy to a new ruling class. The Con-stitution is not "ours". It never was. It was a lie from day one, designed to give the illusion of "representation" and "consent".

The lie worked so well that it was heavily copied in the con-stitutions of the worst tyrannies in history (China, USSR, N.Korea etc).

And yes, I used to revere the document too. It took me a long time to accept what it is.... It is the arch enemy of freedom, not its protector.

46 sats \ 0 replies \ @oliverweiss 25 Jan

Actually the strategic reserve must contain memecoins, nfts and pump and dump shitcoins.

They will inevitably go down. The state will be poor. We win.

41 sats \ 0 replies \ @denlillaapan 25 Jan

Yup, precisely.

It was all for naught, lol!

41 sats \ 0 replies \ @DarthCoin 25 Jan

You are paying too much attention to politics... Ignore them all and focus on using Bitcoin as much as you can in your daily life. People should stop giving politicians too much attention and just build things with bitcoin. NO MATTER WHAT POLITICIANS SAY OR DO, they cannot apply any bullshit law over your sats. This is the only way forward.