Imho the US won't attack self custody until it has a no bid treasury auction. Until then they will enjoy reaping the capital gains.
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100 sats \ 1 reply \ @Solomonsatoshi 23h
Order 6102 was in large part so successful because most peoples gold had already been entrusted to bankers.
ETFs and corporate Treasuries plus Coinbase are achieving the same high ratio of corporate custody for Bitcoin.
ETFs in particular gain custody without paying anything but rather charging the alleged owners of the Bitcoin fees for doing so.
Banning private custody can be even more effective when the majority of 'Bitcoiners' are holding for speculative gain purposes an will surrender custody (if they have it) in order to gain the government buyout price rather than being left with an asset that is illegal to trade and can only be traded on a black market.
How much Bitcoin is still held privately free of KYC? 5%?
The preparation for Order 6102B has been underway for a while.
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7 sats \ 0 replies \ @optimism 17h
100% for me. Join us, it's nice in non-compliance land.
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0 sats \ 1 reply \ @standardcrypto 14h
it'll go something like this:
#712545
("save the US Dollar act passes")
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10 sats \ 0 replies \ @standardcrypto 14h
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0 sats \ 1 reply \ @Signal312 14h
Let's see when they start trying to redefine terms.
Instead of "self-custody", they'll start saying "unhosted".
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0 sats \ 0 replies \ @byzantine OP 10h
Banker: Congratulations Mr. Smith, after reviewing your "crypto" asset holdings we have pre-qualified you for 2% home loan below the market rate. we will send you an address where you can deposit your assets to be held by our trusted FDIC insured custodian.
Mr. Smith: "When our loan is repaid can I withdraw my utxos?"
Banker: Yes Mr. Smith out terms of will allow you to receive your bitcoin at the end of the loan term to your personal account with our custodian.
Mr Smith: What about to my own wallet?
Banker: Sorry, our loan terms prohibit that but don't worry our custodian is insured by Loyd's of London and will allow you to access future credit lines.
Mr. Smith: đŸ˜•
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0 sats \ 0 replies \ @denlillaapan 15h
scheduled for next week
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0 sats \ 0 replies \ @halalmoney 17h
I think bitbonds will be tried first
The US will lose a lot of its global soft power if it goes after self-custody
#wishfulthinking
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0 sats \ 0 replies \ @rootmachine 18h
Epic question. I never thought of this but for sure at some point they will want to control everything again.
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0 sats \ 5 replies \ @SimpleStacker 23h
I don't know when, but im more interested in how they will attack self custody and whether or not the attack would be successful
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0 sats \ 0 replies \ @standardcrypto 14h
#1040193
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0 sats \ 3 replies \ @byzantine OP 23h
gov employees are pretty simple minded, they will just pass an "anti-hording" law and make treasury holding mandatory for all public companies and large institutions
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0 sats \ 2 replies \ @SimpleStacker 23h
but how will they stop individuals from holding their own private keys and using the bitcoin network directly?
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0 sats \ 1 reply \ @byzantine OP 23h
with carrots not sticks. if you want to use your utxo to get dollarsit will have to be sold only after being transferred to a registered custodian. That way it is a one way street sending in your utxo and not being able to withdraw it.
if you do a utxo transaction over $10k they will want it reported and done via a custodian
fidelity already does this. you can buy btc but not withdraw and they do it in the name of safety. same with etfs.
using the utxo on chain will move to the black market. btc is and always will be black market money
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0 sats \ 0 replies \ @SimpleStacker 22h
yeah, I can see that as a definite possibility
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0 sats \ 1 reply \ @byzantine OP 23h
of course the fed can just keep buying the 30year bonds with fake bank ledger money until it becomes worthless
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0 sats \ 0 replies \ @SwapMarket 18h
This
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0 sats \ 0 replies \ @Macoy31 15h outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.