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0 sats \ 6 replies \ @IanMalcolmPhd 11 Nov 2023 freebie \ on: Swan Bitcoin not allowing coinjoined Bitcoin deposits or withdrawals. bitcoin
I don't see how they can possibly even do this. Blocking a withdrawal to a different address type? Also most withdrawals are already queued into a single transaction to save on fees, which is a join of sorts.
Waiting to @DarthCoin to chime in with a relevant meme.
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105 sats \ 5 replies \ @DarthCoin 11 Nov 2023
Swan was over reacting on this one. They should just ignore it.
  • The FinCen are just "recommendations" in this moment, not a specific rule in place that these kind of companies must comply.
  • Swan, for far I know are just brokers, you can only buy BTC, not sell. That means every user could have always a new BTC address to withdraw. So I do not see why/where is this rush to implement restrictions for coinjoin wallets. Is meaningless.
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10 sats \ 4 replies \ @fiatdenier 12 Nov 2023
Supposedly they check where you transfer your coin and if you coinjoin it later, they still freeze your account
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0 sats \ 1 reply \ @fluff_stack 12 Nov 2023
Nope Swan doesn't give two F's about your mixing, they encourage it. However their Fiat Banking partner does care, as a matter of risk management against unregulated state agencies (FinCEN). A fiat bank doesn't give 2 shits about your bitcoin. That Fiat bank doesn't want to RISK (that word again) their entire business on a couple customers of a customer who the Communist/Statists have magically targeted as a "TerRoRisT!!"
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11 sats \ 0 replies \ @IanMalcolmPhd 13 Nov 2023
thanks for the detailed explanation. Timothy May is right yet again:
https://en.wikipedia.org/wiki/Four_Horsemen_of_the_Infocalypse
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0 sats \ 1 reply \ @ez 12 Nov 2023
this
currently it's being explained as only direct deposits/withdrawals from/to mixing wallets are at risk but its trivial to expand for who knows how many hops in the future.
Also, it's not up to Swan to impose or retract these rules - it's not their infrastructure so they can't do much apart from shutting down.
It's still on them that this is affecting their customers privacy and they should take basic responsibility for their service design, especially considering all their troubles with custodians this year.
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0 sats \ 0 replies \ @IanMalcolmPhd 13 Nov 2023 freebie
the usa bitcoin companies who sell to the average joe (ie not River etc) is shooting themselves in the foot, because a huge majority of coins will have touched a coinjoin in the future. And then we will have payjoin which really ups the theoretic gamesmanship, to quote Jason Lowery.
At least Strike has their own infrastructure/custody.