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884 sats \ 14 comments \ @siggy47 21 Jul Politics_And_Law

While some in the Bitcoin community are celebrating this Act as a victory for the industry and as a good thing for Bitcoin, it seems many have forgotten why Bitcoin exists in the first place. This level of myopia and selective amnesia is shocking but not at all surprising. Fiat isn't just a payment system but it's also a cancerous mindset that afflicts many. What they aren’t grasping is that this Act’s main purpose is regulatory capture not “modernization of payment systems.” Secondly it forces every digital dollar to flow through state-controlled gatekeepers who would enforce OFAC sanctions and blacklist wallet addresses at the behest of the state.

While others celebrate regulatory capture masquerading as legitimacy, remember: the goal was never to make digital dollars more efficient. It was to make money free.

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97 sats \ 2 replies \ @grayruby 21 Jul

Couldn't put it better myself. Well said.

These bills were way more pro crypto and allowing them to imbed themselves within the tradfi fiat system than pro bitcoin.

56 sats \ 0 replies \ @KudzaiK 21 Jul

That’s it! It’s regulatory capture in the name of legitimacy where the trick is to say, bitcoin has won because the state has given it its blessing when it’s an insidious move to maintain dollar supremacy and relegate bitcoin to being a commodity

76 sats \ 0 replies \ @kepford 21 Jul

Yep, exactly.

Far too many bitcoiners have selective hearing. They don't realize how little care and understanding there is about what makes bitcoin what it is. Been hearing more and more tradfi people talk about bitcoin and crypto and they do not get it. They are at maybe a 2017 mindset at best. Still talking about blockchain and difference chains... They don't get proof of work. I mean they don't even mention it. They don't get most of bitcoin's fundamentals.

People are talking past one another.

135 sats \ 2 replies \ @freetx 21 Jul

Secondly it forces every digital dollar to flow through state-controlled gatekeepers who would enforce OFAC sanctions and blacklist wallet addresses at the behest of the state.

Can someone explain this bit in more detail? Are they saying:

P2P use of shitcoins / stablecoins will now be illegal?
Or, shitcoins / stablecoins that transact thru regulated financial markets will be subject to same regulations as everything else?

77 sats \ 0 replies \ @KudzaiK 21 Jul

What I meant by that, is to say stablecoin issuers have now been absorbed into the same fiat cartel as banks and which means laws like the Bank secrecy act and sections of the Patriot Act are now part of their compliance toolkit. OFAC can lean on and influence them the same way it does banks. Hope it makes sense

10 sats \ 0 replies \ @BlokchainB 21 Jul

This already happens with American banks!

41 sats \ 2 replies \ @Scoresby 21 Jul

In the same way that visa/MasterCard/other credit card companies and payment processors have become the primary means by which we spend money on the internet, stablecoins are likely to occupy a similar role between us and our money.

I wonder though how long they will remain useful: if they bend the knee to regulators, their big edge on tradfi (being faster and easier because they aren't as heavily regulated) goes away. So what will be their edge vs normal payment processors?

179 sats \ 0 replies \ @KudzaiK 21 Jul

This article is the warning to let you know that they have been captured. That’s why I wrote it because it’s not being pitched that way in the msm

0 sats \ 0 replies \ @teemupleb 19h

I feel like they just want to have some artificial demand for US treasuries (fiatcoin issuers buying them) so that the fiat ponzi will not collapse.

But once they put the same KYC restrictions to fiatcoins on the wallet level, fiatcoins will become cumbersome as a medium of exchange which will slowly help kickstart hyperbitcoinization.

130 sats \ 0 replies \ @Coinsreporter 21 Jul

Can't see Bitcoiner celebrating it the same way they celebrated ETFs. I don't think those who know Bitcoin, show any love for Genius. And those who're doing are just the vicious fiat maxis.

36 sats \ 0 replies \ @BlokchainB 21 Jul

I’m a hard core Bitcoiner and I think stablecoin payments is a massive improvement for digital payments.

It’s better than checks, ACH, Zelle, debit and credit card networks.

This idea that people aren’t already cucked by the system is ridiculous! Both American and Canadian banks got us by the balls. The Canadian government turned off the money for truckers and I bet you most Canadians still have a fiat bank account.

I embrace the movement forward for making fiat payments better. Until things that matter start accepting bitcoin this is what we are stuck with.

36 sats \ 0 replies \ @fd055dcc2f 21 Jul

bitcoin doesn't care

48 sats \ 0 replies \ @0xbitcoiner 21 Jul

Bit by bit, they're snatching what took years to build. And the worst part is, it's with the blessing of a bunch of big-shot "bitcoiners".

36 sats \ 0 replies \ @Macoy31 22 Jul

This hits hard. Too many forget that Bitcoin was born as an exit not an upgrade to the fiat system. Calling regulatory capture a win feels like cheering for a cage with nicer walls. The goal was never efficiency under control it was freedom outside of it.