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10 sats \ 4 replies \ @fiatdenier 12 Nov 2023 \ parent \ on: Swan Bitcoin not allowing coinjoined Bitcoin deposits or withdrawals. bitcoin
Supposedly they check where you transfer your coin and if you coinjoin it later, they still freeze your account
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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thanks for the detailed explanation. Timothy May is right yet again:
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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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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.