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184 sats \ 0 replies \ @gabybaby 20 Oct 2023 freebie
By FinCEN's logic banks should also be outlawed since most money laundering activity takes place through the legitimate banking system. Also, with regards to their "responsible third parties" comment, responsible for what? And accountable to whom? Certainly doesn't seem to be to the plebs in their jurisdictions.
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297 sats \ 4 replies \ @Rsync25 20 Oct 2023
P2P coinjoins instead of centralized coordinators is our way
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0 sats \ 3 replies \ @davidw OP 20 Oct 2023
Perhaps just as important, not on coins purchased through traditional KYC exchanges. Those entire histories will have to surveilled be reported.
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41 sats \ 2 replies \ @Rsync25 20 Oct 2023
Non KYC > Mixer
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0 sats \ 1 reply \ @kristapsk 20 Oct 2023
For onchain you should use both non-KYC exchange of BTC vs fiat as well as coinjoins anyway. Each protects you against different advisories.
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21 sats \ 0 replies \ @Rsync25 21 Oct 2023
Exactly
Non-KYC + CoinJoin
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211 sats \ 3 replies \ @Car 20 Oct 2023
This seems all to coincidental and convenient.
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1100 sats \ 2 replies \ @davidw OP 20 Oct 2023
It does. At the moment, they are referring to mixing, but it is easy to interpret their words as any onchain address:
Thatâs Bitcoin, basically đ
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1200 sats \ 1 reply \ @JustinNakamoto 20 Oct 2023
This is precisely how exchanges send funds to the users! They hop through "one time use addresses"
Here's the actual US Code:
https://www.law.cornell.edu/uscode/text/31/5318A
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200 sats \ 0 replies \ @davidw OP 20 Oct 2023
This is why itâs laughable.
Only possible way to avoid this, use ETFs, but avoid custodyđ§
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356 sats \ 2 replies \ @davidw OP 20 Oct 2023
FinCEN Proposes New Regulation to Enhance Transparency in Convertible Virtual Currency Mixing and Combat âTerrorist Financingâ
Interesting choice of words given recent developments.
More reporting.
Pretty broad definitions, by design.
Is this how BlackRock benefits, as one of the few âlegalisedâ custodians?
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1100 sats \ 1 reply \ @davidw OP 20 Oct 2023
The full document of interest is here. The title of this post is perhaps a little disingenuous, as for now they are asking for reporting of each single transaction under these definitions. But the direction is clear....
"The critical challenge is that Convertible Virtual Currency (CVC) mixing services rarely, if ever, provide to regulators or law enforcement the resulting transactional chain or information collected as part of the transaction.
Mixing does not, however, wholly rely on the use of CVC mixers. There are certain
methods that CVC usersâand CVC mixersâoften employ in an effort to obfuscate their transactions. These methods include:"
Their 'logic' for enhanced reporting is here:
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0 sats \ 0 replies \ @JustinNakamoto 20 Oct 2023
I'll have to think on this for awhile. I think this rule will only apply, at least for now, to exchanges etc... in the KYC world.
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10 sats \ 0 replies \ @tnstacker8 20 Oct 2023
Here's the thing about money and Finance, most people have and desire no clue. So, this kind of shit will happen.
But for us...
stack sats, stay humble.
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0 sats \ 0 replies \ @JustinNakamoto 20 Oct 2023
Ready to fight!
"It's not about death, but life" - Mortal Kombat
https://media.tenor.com/yfphYgy4S1oAAAAC/shang-tsung-it-has-begun.gif
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0 sats \ 0 replies \ @chovyfubar 20 Oct 2023
yeah good luck with that.
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