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0 sats \ 4 replies \ @028559d218 OP 11 Oct \ parent \ on: "Bitcoin Vs Altcoins" according to Proton Wallet, a Remarkable Summary bitcoin
I don't know how they are going to ban self-custody. There are more tools than ever... TAILS, linux, desktop wallets with good signatures and PGP, cheap open-source hardware wallets... all of which can generate private keys.
And people can still buy bitcoin today fortunately - it's widely available kyc and all. I don't know how the state, how governments are going to keep people from transacting in it, trading their fiat for it, and using it pseudonymously.
I haven't been able to use the Proton Wallet product yet (on the waitlist) however it sounds really neat. With one anonymous email address, paid for through Bitcoin, all the 'key rotation' can be handled by Proton (according to them in a private way, encrypted). Instead of posting an address online, just post your anon proton email address... and a new address will be auto-generated for every Bitcoin utxo sent to you with a message. No address reuse, all the UTXOs sent to you separated as easily as reading an email.
It's like silent payments meet email if I understand it correctly with just an email address.
I don't know how the **** governments will be able to stop that.
The cgt stuff going on is imo completely unworkable and totally impractical. We need legislative reforms to address it imo.
Same way they did with gold.
The vast majority of custody is within the US and most western coutries are monetasrily and militarily subservient to the US.
A ban on private custody in the US would further deplete the amount of Bitcoin held in private hands and capable of use P2P.
How much Bitcoin is not already KYCed? 10%
They will tell you its better handled by the banks to prevent terrorists or other undesirables using Bitcoin.
They might even admit its threatening the USAs most important strategic asset- its global fiat debt hegemony.
They have taken all the steps required to prepare for a very effective Order 6102B- KYC, selected CEXes (killing any establishment of large scale p2p or DEX trading volumes, and the ETFs...they don't care if a few hold outs hold out- the important thing is to kill widespread and open legal use of Bitcoin as a competitor to fiat MoE.
The CGT is central to the overall capture and control strategy and its not being reversed- its being increasingly enforced.
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I honestly don't know how the dollar is going to go on forever (yes I know people have been saying that for years but...) the debt in the US is just unsustainable. It's all monopoly money now.
50 trillion in the next 10 years and people are like... eh what debt? what's that eh who cares?
I look at Bitcoin the same way I look at guns... the government may know who has them, and there are records of the gun purchases. But there are way too many of them in private hands for government to seize them all. I just hope we have enough self-custodied/real Bitcoiners for when and if the government comes knocking for the Bitcoin. The Bitcoin simply cannot be seized without the private keys.
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They will probably offer compensation at a market price...as they did with gold.
So hodlers have a choice accept the offer or become an outlaw holding Bitcoin that cannot legally be used.
What happened with gold the vast majority citizens complied.
The Bitcoin already held by ETFs and exchanges is already captured.
How many private hodlers are in it for the revolution and prepared to lose their liquidity in the fact of government acquisition offer? 5%? Less?
Until/unless the CGT nonsense is removed and our right to use Bitcoin as a practicable and legal MoE without absurd government imposed 'tax compliance'-obstruction is recognised the threat and viability of a ban on private custody is only growing.
At current rates the ETFs (+ CEXes) will hold a majority of the market cap within 5 years.
The decline of the dollar only increases the government incentive to capture and control Bitcoin.
The other primary challenger to the USD is the Chinese CBDC Yuan which is already operational and enabling trade payments outside of SWIFT with Russia and Iran.
The collapse of the dollar does not inevitably result in Bitcoinisation...
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bitcoin to me at least is so much fun to use. it's money.... just with a personal touch, it's really transparent, and everything is just so accountable. it doesn't feel like a distant centralized monopoly money like government money does. it's way more personal and interesting.
about the dollar... i'm hoping that people are realizing what's going on, and they will flock reflexively to bitcoin or other hard assets... and there will be just so many bitcoiners. 'the race to avoid the war' they call it.
i believe, and ive posted about this, that the 'crypto' phenomenon has confused the public about bitcoin and lumped it all together with scams. i think that's slowly changing... but it does feel like making up for lost opportunities sometimes. proton is a respected company and i hope they do a good job with their 'wallet'. some of the comments elsewhere about proton and the release of their wallet are to the effect of... oh no we don't want crypto. 'no more crypto tokens' lol 'we don't want the proton token' facepalm lol
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