IF THEY TRY TO BAN SELF CUSTODY RHR GONNA BE LIT THAT WEEK
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Replies (36)
THE BANK RUNS CONTINUE
They can try. LFOD
Que intenten tranquilo 😂
Banning 2+2=4
Let them come
That episode deserves burger consumption live on air.
What is RHR? 😳
Live reading of BIP39 word list?
Hate them so much. I really want to see them in pain.
Thanks! 🤙
Good luck with that 😂
The biggest priority
bacon bacon bacon bacon bacon bacon bacon they can go fuck themselves bacon
You should make a new bet with @Marty Bent if that will happen
How could a ban on self custody even be enforced if they tried?
…Actually don’t answer that. These control freaks don’t need any more ideas.
I like that hat
You said bacon one too many times! 
I think we need to start a serious discussion about how to respond should proposals such as Warren’s gain momentum. The hand of the state can be very heavy, and there are segments of the anti Bitcoin crowd who enjoy nothing more than the throwing around the hammer of state power against people they believe are heretical. I definitely do not think that “boating accident” should be the only default way forward. Bitcoiners might have to more seriously start participating in a process I know most find distinctly nauseating….politics. There are some good people involved right now, but more is needed.
Opt out to save the nation. Come at me, label patriots and citizens as criminals and terrorists all the while you terrorize and steal. The West coast is my home and I am ready to fight for it. Are you ready bitcoiners? And then they will fight you... Thank you Matt, I'm ready!
Resting heart rate
bacon bacon bacon bacon bacon bacon bacon bacon bacon bacon bacon bacon
View quoted note →
Sadly I lost my hardware wallet in a tragic 2 steppin accident I am now a no coiner 🤠
It’s always lit
The future of Bitcoin is custodial. That's a mathematical reality.
They could try a few different ways, none will work in the end. Satoshi was kinda smart
You’ve confused RHR with Bitcoin Audible 😂
Regards Honoring Regards
How could it be implemented when this bill or similar one eventually passes?
Financial institutions
Banks, LSPs, mining pools, independent miners, exchanges, custodians,... fully KYC, KYB, AML compliant.
Bitcoin Network
Settlement network for financial institutions. Individuals and businesses have accounts with those financial institutions.
Lightning network
Payment network for businesses and individuals. Requires registration for individuals and businesses with a financial institution to gain access to the network.
Lighting channels
Legal channels are all owned and operated by financial institutions.
Lighting payments
All payments are compliant as they are processed and settled by financial institutions.
Miners
Purchases and sells of miners require KYC/KYB. Pool operators have to KYC/KYB hashers.
Nodes
If you are not a financial institution, you don't need a node. Financial institutions use their compliant nodes for their customers' transactions. Only people involved with illicit transactions need nodes.
Opting out
P2P will still exist, black market will emerge and the rest of the world will transact with US Bitcoiners, especially in jurisdictions where it's legal. After all, over 50 years of war on drugs hasn't stop the industry.
Foreign financial institutions
Reporting requirements on US customers will be extended to Bitcoin.
Enforcement
Enforcement doesn't have to be perfect to have a chilling effect. New laws and regulations will be added overtime to improve control. And for those who get caught, it will be a painful experience (asset confiscations, fines, jail time).
Impact on crime
The net positive will be an increase in activities dreamed criminal by the government. So crime will go up, and more means will be needed to combat those new criminals and jails to hodl them.
Why would the government pursue compliance and traceability of all financial transactions except for Bitcoin transactions?
Appreciate the thorough note. The part that really got me, “Enforcement doesn't have to be perfect to have a chilling effect.” Can only hope it works itself out, I suppose.
It’s like PHP but for pirates. 🏴☠️
I keep hearing and reading that they can't do anything about Bitcoin, that they can't enforce what is in Elizabeth Warrent's bill. But nobody has a good argument, if any.
Sure they can't stop Bitcoin. The software is on thousands of servers around the word. Developers around the world are working on Bitcoin applications, some of them anonymously. The US government can't have all of the arrest and extradited.
But they have control over financial institutions and the businesses who depends those institutions. Also businesses have to register, obtain licences, provide detailed accounting, file tax.
Individuals transact with both. So they don't need to actively enforce the rules at the individual level.
All they have to do is to set rules for financial institutions and businesses, and make sure that they do follow the rules.
As most of the transactions are B2B and B2C, they have effectively enforce the law and regulations on the vast majority of transactions.
And don't forget that the individuals who don't follow the new legislation, and get caught, they won't only face criminal charges for that, the IRS will have their own charges for not reporting the disposition of Bitcoin and the payment of the taxes on capital gains.
We'll see how many of those who say they will not comply, will actually not comply. Which ones will be ready to potentially loose it all: assets, family, and liberty.
Bitcoiners represent a small fraction of the US population. The government wont loose much in terms of enforcement if a small portion of those Bitcoiners is not compliant.
Remain humble reminder
RHR LIT EVERY WEEK ANYWAYS