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281 sats \ 5 replies \ @orthzar 1 Jul 2023 \ parent \ on: Kraken Ordered to Turn Over User Information to the IRS bitcoin
You are correct. But the reason this information is useful is because it disproves all the arguments that say KYC is just as good or better than non-KYC. Those arguments say that the premium for non-KYC isn't worth it. But in reality, it isn't non-KYC BTC that has premium, but rather it is KYC BTC that has a discount, because KYC BTC is more risky to purchase.
As the finances of nation-states continue to degrade, they will start ramping up their efforts to surveil Bitcoin owners. KYC/AML laws were the first step. Requiring disclosure via tax forms of Bitcoin holdings was the second. Now, they are openly seizing data from CEXs. Eventually, nation-states will begin demanding people give up their KYC Bitcoin, or seizing the non-cryptocurrency assets (e.g. wage garnishment) of those who don't give up their KYC Bitcoin. Anyone who has ever bought KYC cryptocurrencies will also be targeted.
Meanwhile, non-KYC BTC will be far harder to seize, so long as the buyer didn't advertise their purchases to everyone (i.e. on social media). Though to be clear, if you've bought KYC and non-KYC cryptocurrencies, you will still be targeted -- and they will look at your overall purchase history and try to estimate how much non-KYC BTC you might have. And if you don't give all your BTC to them, they will punish you for your insolence.
If you keep your keys secret and buried… they will never seize shit. Even if they think you have it or not. I dont care what their chain analysis says, they can never prove I own the keys to that wallet. Just because i bought it KYC doesn’t mean that where-ever I sent it after that was back to “my wallet”. They cant prove shit if you own your keys, they can only assume and assumptions dont hold up in court. They can suck my dick.
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Your keys can be totally secure, but the State will happily ruin your life simply for appearing to defy them. The State can take your house, your car, your children via CPS, ruin your marriage (resulting in divorce), freeze all your bank accounts, take your guns, shoot your pets, have the IRS audit you and all your friends/family annually for years, and then throw you into an insane asylum for the rest of your life, because "he's a crazy Bitcoiner". The State won't suffer an iota from doing all that -- they will rather enjoy the revenge they take upon you for defying them.
They can do all that, meanwhile your BTC remains forever un-seized, never to be seen again, because all your friends and family think you're insane -- because the State told them you're insane.
All your stuff can be secure, but if you aren't secure, then all your stuff is garbage.
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But they still wouldn’t have my bitcoin.
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Sure, and neither would you. If you don't have access to your keys, you don't have any Bitcoin. No keys, no coins.
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