Guess I’m not consolidating UTXOs this weekend 🤦🏻 #mempool

In halls of power, screens aglow, They watch our pixels ebb and flow. From tweets to memes, our souls laid bare, For eyes that judge with vacant stare. They click and scroll, through lives unseen, A voyeur's feast, a digital glean. Our likes and shares, their data mine, To shape our wants, our hopes, our time. But oh, the irony, so sweet, Their secrets lurk, beneath their feet. For in their servers, dark and deep, The skeletons of power sleep. So let them peek, let shadows fall, We dance in light, beyond their thrall. For in our hearts, the truth resides, A digital fire, where freedom hides. #gm #nostr #coffeechain #plebchain #art #poem #bitcoin #gfy #tgif #kyc #aml

#unhosted #coldcard #plebchain #art #bitcoin #wallet #signing

In the realm of dreams, the future gleams, A tapestry of hope, where darkness dims. Where minds are sparked, and hearts ignite, A symphony of visions, taking flight. #gm #nostr #coffeechain #plebchain #art #bitcoin

#gm #nostr #bitcoin #plebchain #art Discusing self custody now is more critical than ever. Learn today don’t wait until tomorrow

Opposition to Banking Secrecy Laws: A Critical Perspective While banking #secrecy laws are intended to protect privacy and attract financial #investments, they face criticism from various stakeholders. Here are some key #arguments against these laws: **1. Facilitation of Crime:** Critics argue that secrecy facilitates money #laundering, tax evasion, and other criminal activities. By shielding #financial activities from public scrutiny, these laws create an environment where criminals can operate with impunity. This #undermines the integrity of the financial system and fuels various illegal economies. **2. Erosion of Public Trust:** Banking secrecy erodes public trust in financial institutions and #governments. When citizens are unaware of the financial dealings of powerful individuals and entities, it raises #suspicions of corruption and undermines #accountability. This lack of transparency can contribute to societal instability and hinder economic development. **3. Hindrance to Law Enforcement:** Banking secrecy laws can significantly impede law enforcement efforts to investigate and prosecute financial crimes. With limited access to #financial information, authorities often face difficulties in tracking and seizing criminal assets, ultimately hindering their ability to bring criminals to justice. **4. Disproportionate Impact on Developing Countries:** Developing countries often suffer #disproportionately from the negative consequences of banking secrecy. These countries lack the resources and expertise to effectively enforce regulations against money laundering and tax evasion, making them vulnerable to financial abuses #facilitated by secrecy laws. **5. Ineffectiveness in Protecting Legitimate Privacy:** While proponents argue that banking secrecy protects legitimate privacy interests, #critics contend that this argument is often overstated. Privacy concerns can be addressed through targeted regulations that balance individual privacy with the need for financial #transparency. **6. Economic Distortion:** Banking secrecy laws can distort economic activity by attracting illicit funds and #incentivizing tax evasion. This can create unfair competition for legitimate businesses and undermine the overall efficiency of the #economy. **7. Lack of Transparency in International Financial System:** The international nature of financial transactions makes it difficult to effectively enforce #banking secrecy laws. This lack of global transparency creates loopholes that allow criminals to exploit jurisdictional differences and evade #regulations. **8. Potential for Abuse by Governments:** In some cases, banking secrecy laws can be abused by governments to suppress #dissent, silence journalists, and shield themselves from accountability. This poses a significant threat to human rights and #democratic values. **9. Unnecessary Burden on Businesses:** Critics argue that the compliance requirements associated with banking secrecy laws place an #unnecessary burden on businesses, particularly smaller institutions. The cost of implementing and maintaining complex #compliance programs can be significant, diverting resources away from core business activities. **10. Alternative Solutions Available:** Proponents of reform suggest that alternative solutions, such as beneficial ownership transparency and targeted #information sharing agreements, can achieve the goals of financial stability and #transparency without the harmful consequences of secrecy laws. While there are valid arguments in favor of banking secrecy, the potential benefits are often outweighed by the negative consequences. As the global financial system becomes increasingly #interconnected and complex, there is a growing consensus that secrecy laws are no longer #sustainable. The need for greater transparency and accountability in the financial sector is paramount to ensure a stable and equitable #global economy.

The future of #p2p transactions with #unhosted “BSA” provider #bitcoin #hodl #art #plebchain

## Summary of the Digital Asset Anti-Money Laundering Act of 2023 (S. 2669) **Sponsored by:** Senators Elizabeth Warren and Roger Marshall **Date:** July 27, 2023 **Current Status:** Passed both the Senate and House of Representatives, awaiting Presidential signature. **Purpose:** To mitigate the risks that digital assets pose to national security by closing loopholes in existing anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks and bringing the digital asset ecosystem into greater compliance with these regulations. **Key Provisions:** * **Regulation of Digital Asset Kiosks:** Requires the Financial Crimes Enforcement Network (FinCEN) to develop regulations for digital asset kiosks, including customer identity verification and collection of transaction counterparty information. * **Digital Asset Mixers:** Prohibits the use of digital asset mixers and other anonymity-enhancing technologies for transactions exceeding $10,000. * **MSBs and Digital Asset Entities:** Establishes an AML/CFT compliance examination and review process for Money Services Businesses (MSBs) and other digital asset entities. * **Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) Oversight:** Directs the SEC and CFTC to establish AML/CFT compliance examination and review processes for the entities they regulate. * **Foreign Account Reporting:** Requires individuals transacting with digital assets exceeding $10,000 through offshore accounts to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Internal Revenue Service (IRS). * **Study on Blockchain Analysis:** Mandates a study on the use of blockchain analysis to combat money laundering and other illicit activities related to digital assets. **Significance:** This Act, if signed into law, would represent a significant step towards addressing concerns about the potential use of digital assets for illicit activities. It would also bring the digital asset industry into closer alignment with the existing AML/CFT frameworks governing the traditional financial system. **Current Stage:** As of December 11, 2023, the Act has passed both the Senate and House and is awaiting President Biden's signature. **Additional Resources:** * **Text of the Act:** [

Bill Sponsor

Your guide to what Senators and Representatives are doing in Washington.

* **Senator Warren's Website:** [https://decrypt.co/117221/senator-warren-crypto-bill-kyc-self-custody-wallets](https://decrypt.co/117221/senator-warren-crypto-bill-kyc-self-custody-wallets) #plebchain

Response to @Carman article on @Stacker News ## Opposing View: While @Carman raises several valid concerns about the potential negative impacts of #inscriptions on the Bitcoin #network, their arguments against actively addressing the issue are not entirely convincing. **1. Inscriptions are not just a harmless bubble:** Comparing #inscriptions to past "shitcoin bubbles" is downplaying their potential harm. While the market for these NFTs may eventually decline, the #damage they inflict on the network will remain. Increased fees, larger block sizes, and potential #centralization threats are real and should not be ignored. **2. Alternative solutions to stopping #inscriptions exist:** The author dismisses all proposals to stop inscriptions as detrimental to the mempool and privacy. However, there may be #alternative solutions that haven't been considered yet. Focusing solely on the #limitations of existing proposals without exploring other options seems shortsighted. **3. Relying on the market to fix itself is risky:** Assuming the #market will naturally correct the inscription issue is a gamble. While it's possible, the #consequences of inaction could be severe and irreversible. Waiting for the #bubble to burst may not be the best strategy for #protecting the network's long-term health. **4. The #mempool is not the only path to miners:** While the mempool is currently the primary way to #broadcast transactions to miners, it's not the only option. Backchannel #communication with mining pools already exists, and other methods could be developed if the mempool becomes unusable. Additionally, filtering #spam transactions may not be as easy to circumvent as the author suggests. **5. The threat of regulation is not inevitable:** The author claims that losing the mempool will worsen the #regulatory landscape for Bitcoin. This is a valid concern, but it assumes a direct and #unavoidable consequence. By actively addressing issues like inscriptions, the Bitcoin community can demonstrate its commitment to a sustainable and responsible network, potentially #mitigating some regulatory concerns. **6. Privacy concerns should be addressed:** The author's concern about filtering transactions based on "spam" metrics is valid. However, this does not mean that privacy-preserving solutions are impossible. Developers and users can work together to ensure that privacy remains a core value of Bitcoin while also addressing the issue of spam transactions. **7. The future of Bitcoin is not predetermined:** The author claims that if inscriptions "take over" Bitcoin, it was doomed to fail anyway. This #fatalistic attitude ignores the #resilience and #adaptability of the Bitcoin community. The network has faced challenges before and emerged stronger. It's still possible to steer Bitcoin towards a healthier and more sustainable future, even with the current inscription issue. **Conclusion:** While @Carman raises some valid concerns about the potential consequences of stopping inscriptions, their arguments are not conclusive. The potential harms of inscriptions are real and need to be addressed. Exploring alternative solutions, engaging in constructive dialogue, and focusing on both long-term sustainability and core values like privacy are crucial steps in navigating this challenge. The future of Bitcoin is not predetermined, and the community still has the power to shape its #trajectory. Thank you for attending my TEDTalk 🤣 #plebchain

#Bitcoin OP_RETURN: A Simple Explanation Imagine the Bitcoin blockchain as a giant public ledger. #OP_RETURN is like a special tool in this ledger that allows you to write a short message alongside your transactions. However, this message can't be used to spend any Bitcoin, it simply records information publicly and permanently. **OP_RETURN code** is a specific instruction within the Bitcoin #script #language that marks a transaction output as invalid. This means anyone can write information using OP_RETURN, but no one can later use that information to claim any #Bitcoin. **The amount of bytes** allowed for OP_RETURN data has been debated within the Bitcoin community. Currently, the standard allows for up to 80 bytes. This limit helps prevent the blockchain from becoming overloaded with unnecessary data. **Arguments for increasing the byte limit:** * **More storage for diverse applications:** With more space, OP_RETURN could be used for more complex applications, such as storing digital assets or embedding media. * **Increased flexibility and innovation:** A larger byte limit could allow for more creative and innovative uses of OP_RETURN, potentially expanding the functionality of the Bitcoin network. **Arguments for keeping the byte limit low:** * **Preventing spam and bloat:** Increasing the byte limit could lead to the blockchain being flooded with irrelevant data, making it slower and more expensive to use. * **Maintain #network #stability and security:** A large amount of data could potentially disrupt the smooth operation of the Bitcoin network, jeopardizing its stability and security. The current debate on the OP_RETURN byte limit reflects a fundamental tension within the Bitcoin community: the desire for greater #functionality and innovation versus the need for scalability and #security. Ultimately, the future of OP_RETURN will depend on the consensus reached by the community on how best to balance these #competing priorities. #nostr #plebchain #art

An #out-of-band transaction in Bitcoin refers to any payment made to a #miner that bypasses the standard #on-chain fee system. Think of it like sending a message outside the usual #communication channel. Here's how it works: **Normally:** 1. You want to transfer funds. 2. You initiate a #transaction and specify a fee. 3. Your transaction is broadcast to the network and enters the "mempool," a pool of #unconfirmed transactions. 4. Miners pick up transactions from the mempool and include them in blocks. 5. Miners are incentivized to choose transactions with higher fees, as that's their main source of income. 6. Your transaction is confirmed once the block it's included in gets added to the blockchain. **Out of band:** 1. You want to transfer funds and are willing to pay extra for #faster confirmation. 2. You use a service called a "transaction accelerator" or directly contact a mining pool. 3. You pay an additional fee to the service or pool, outside of the standard fee system. 4. The service/pool prioritizes your transaction and communicates it directly to miners, bypassing the mempool. 5. Miners are incentivized to process your transaction quickly because of the extra fee. 6. Your transaction gets confirmed faster. **Methods of achieving an out of band transaction:** * **Transaction accelerator services:** These services act as intermediaries between you and miners. They take your transaction and fee, communicate with mining pools, and ensure your transaction gets prioritized. * **Direct payments to mining pools:** This method involves contacting a mining pool directly and negotiating a fee for them to prioritize your transaction. * **Lightning Network:** This is a second layer payment protocol built on top of Bitcoin that allows for faster and cheaper transactions. It uses payment channels to facilitate instant off-chain transactions between participants. **Pros and cons of out of band transactions:** **Pros:** * **Faster transaction confirmations:** Out of band transactions bypass the mempool, leading to quicker confirmations, especially when the network is congested. * **Increased control:** You have more control over your transaction and can ensure it gets confirmed quickly. **Cons:** * **Higher fees:** You need to pay an additional fee to the service/pool on top of the standard transaction fee. * **Centralization:** Out-of-band transactions rely on #trusted third parties like services and pools, which can lead to #centralization and potential #censorship. * **Security concerns:** Sharing your transaction details with a third party introduces security risks. **Overall:** Out of band transactions offer a way to speed up confirmation times in a congested network, but they come at the cost of higher fees and potential security and centralization concerns. Whether or not to use them depends on your individual needs and priorities.

Juicy #ocean #coinjoin #lukedasjr #wasabi #plebchain https://www.bullbitcoin.com/blog/bull-bitcoin-and-wasabi-wallet-award-dollar40000-bitcoin-development-grant-to-luke-jr

#bitcoiners be like on red days #gm #nostr #bitcoin #btfd #smashbuy #plebchain #art

#zap #zapthon #zapvertise #plebchain #begchain ⚡️⚡️here ➡️ bitcoins@speed.app 🙏🏼🤘🏼

View quoted note → Very nice #plebchain

It’s definitely the beginning of a bull run when I have jummy song following me @jimmysong 🤣

Jason #Lowery proposes a bold idea: #Bitcoin, could serve as a powerful deterrent against cyberattacks. He likens Bitcoin to a "macrochip" embedded within the vast global #electric grid, capable of transforming it into a protective force in cyberspace. Lowery argues that Bitcoin's energy-intensive nature, often criticized as an #environmental drawback, is actually a crucial feature that #enhances its ability to safeguard #cyberspace. The immense computational power required to maintain the Bitcoin network, he believes, would make cyberattacks far more costly and resource-intensive, effectively discouraging #malicious actors. This #paradigm shift in understanding Bitcoin's role extends beyond mere financial transactions; it encompasses the fundamental #security of entire nations. Bitcoin's ability to deter cyberattacks could reshape #global #power dynamics, as nations increasingly rely on digital #infrastructure for critical operations. #softwar #plebchain #art

#godcandle coming #plebchain ?

Oops #40k #bitcoin

This project from www.predyx.com seems interesting. A prediction market on LND. Waiting list below. #plebchain https://getwaitlist.com/waitlist/12019?ref_id=RHPV8BM0G