If I was a trucker and my wallet got sanctioned, then I would just move the bitcoin to a different wallet.
Or
Use my bitcoin at a merchant for goods and services that accepts bitcoin. These sanctions may be enforced with exchanges but every merchant isn't going to enforce this.
Or
Transact with other bitcoiners, eventually the bitcoin would have moved hands so often, is it really sanctioned still?
Its important bitcoin starts being used to buy and sell services and goods using Lightning and on chain. I think sanctioning is going to be extremely difficult practically.
If they do some how manage to enforce these sanctions globally, then a privacy coin like Monero might be useful. The truckers that had sanctioned wallets could swap bitcoin for Monero/ privacy coin right? And then either use Monero/privacy coin on an exchange or swap back to Bitcoin. Could use a dex to do the swaps
Swapping back to Bitcoin via a privacy coin will break the trail.
I dont think sanctioning Bitcoin will work. Practically its too difficult to pull off.
They can enforce at exchanges, but else where will be much more difficult.
Writing a lot won't save you.
This won't be a slap on the wrist. You will be convicted at a court house, you will pay a fine and risk jail time.
Please STOP recommending government-approved coins that get people arrested.
I suppose time will tell, you may be right. I just don't think its as clear cut as you say.
It's not "time will tell".
It is happening, I've posted evidence of normal people suffering when using those government-approved coins to rightfully protest for their rights.
There is simply no real freedom without privacy. Not just for your money, privacy is needed elsewhere in life too. It is a human right. This is VERY clear.
Its easy to attack now, because everyone relies on exchanges to cash out and actually use their bitcoin by converting to Fiat.
But it won't always be like this. I'm not 100% certain the problems will be resolved. I have considered buying Monero. Whats the best DEX to buy Monero? Foolish to not have some in the future as a back up.
When you use transparent coins then everything you do with them is monitored, forever. You will be held accountable for taxes and donating funds to wrong groups.
With non-transparent coins you buy them wherever, it is nobody's business where or how you use them.
Yes I know, I was weary of donating to truckers using my bitcoin because I realised my support would be public if the bitcoin was linked to me. Doesn't Lightning solve this? It's supposed to be pretty much private I believe. And you can send as much as $1000 on lightning.
Lightning has demonstrated broken privacy again, again, again, again since 2015: https://muoitran.com/publications/revelio.pdf
Also, Lightning is NOT bitcoin. It is a different coin altogether, just not an obviously transparent one.
Is it worth having your possessions on transparent coins that can later be seized from you or your kids as taxes? Or to have them limited to whatever artificial amount that can be transferred?
Ask yourself why and who is motivating you to use technologies with such obvious harm to your private benefit.
I agree LN isn't private.
but sats locked up in multisig IS bitcoin.
there is no separate token issued.
Also, what that paper and where was it published?
This one dropped the other day.
https://d.nostr.build/0ua3oxgiHkycwJz8.pdf
One can attach as many monkey pictures on top of that chain as they wish, still doesn't make it bitcoin.
Same as USDT not being the same as USD. They can try, but it isn't the same. These are different coins.
Its not the same at USDT at all.
There is no "monkey picture."
When you hold sets in the lightning network, you are holding a multi-sig key and your sats are guaranteed by the main chain and its hashed time law contracts.
You are changing your *security guarantees*
until you settle to mainchain,
but the fundamental units you are holding are sats. actual sats.
You can make a pedantic argument that until it settles to the main chain it isnt "real bitcoin"
but that would be tiresome.
if you're familiar with CTV or some of the covenant proposals and their UTXO sharing ideas, its more like that than a shitcoin.
Please read again the previous text. I said it is the same as USDT is to USD.
We can argue that it is better since there is a digital guarantee of a contract but it is not bitcoin, same as USDT is not really an USD. They are both a representation or "promise" to something in a paired coin.
Right
and I told you it isn't the same at all.
Because its not.
It isn't a "digital guarentee of contract,"
It's Bitcoin Multi-Sig and hashed time locked contracts.
These are on mainchain.
Bitcoin.
either party in a LN channel can close at any time without cooperation from anybody else.
you're literally saying multisig isnt bitcoin.
And I'm reading Monkey NFT on top of a blockchain with Multisig.
That isn't bitcoin, that is just some parasite thing on top of it.
Oddbean new post about login | logout