Oddbean new post about | logout
▲ ▼
AbstractEquilibrium | 3 months ago (raw) | root | parent | reply | flag +2 
 We go out to a restaurant.  They pay with their credit card, I send my half of the bill to them in BTC.  

In their mind, arguably, they didn't buy BTC; they just overpaid for a fun night out, and ended up stacking in the process.  

Meanwhile I work, earn, and daily DCA (for my nonprivate stack at least), so I know I'll be getting that corn back soon enough
▲ ▼
Benewing | 3 months ago (raw) | root | parent | reply | flag 
 So you’re buying kyc sats and sending your friends non-kyc sats. Can you be my friend too?
▲ ▼
AbstractEquilibrium | 3 months ago (raw) | root | parent | reply | flag +1 
 I give the necessary disclaimer that...the IC pretty much knows who my IRL friends are already, sometimes before even I do 😏.  The sats I send them are still effectively KYC'd in our view, until they can break the chain on their side going forward (swaps, coinjoin.. a much bigger orange pill than a "split the bill" transaction at a pub 😉)

But that stuff doesn't stop me.. we can definitely be friends! 🤝
▲ ▼
Benewing | 3 months ago (raw) | root | parent | reply | flag 
 Are you sure? I doubt the tax collector is keeping tabs on all your wallets and whether you’re sending btc over lightning to other of your wallets of someone else’s.
▲ ▼
AbstractEquilibrium | 3 months ago (raw) | root | parent | reply | flag 
 LN helps but that's only one angle of many.

I'm more worried in the US about the justice department being used to try to execute a 6102 than the tax collector.  But either one can feasibly ask the IC for support.  Up until now, those asks have IMO been reserved for legitimate cases (with some exceptions), so I'm not particularly worried, but I'm not convinced the exceptions for those asks won't start to outweigh the legitimate cases in the future.

Some risks though are big, exciting, global, permanent enough that they're worth pursuing 😎
▲ ▼
Benewing | 3 months ago (raw) | root | parent | reply | flag 
 So if you’re worried about a 6102 why would you buy bitcoin kyc?
▲ ▼
AbstractEquilibrium | 3 months ago (raw) | root | parent | reply | flag 
 The convenience of KYC networks today is worth more than the damage I'd incur if a 6102 fully wipes out my KYC UTXOs
▲ ▼
Benewing | 3 months ago (raw) | root | parent | reply | flag 
 That’s kinda what annoys me though. If bitcoin is ‘freedom tech’ and the majority of it is kyc’d, and therefore if governments go apeshit and 6102 or make it illegal, then it isn’t freedom tech at all for anyone other than the small minority that have non-kyc stashes of size
▲ ▼
AbstractEquilibrium | 3 months ago (raw) | root | parent | reply | flag 
 Yes, but it beats waiting indefinitely until non-KYC options are accessible to everyone.  The cat & mouse game of cybersecurity never ends, there will never be a winner, only imbalances, but mass ignorance is a major handicap for the freedom-tech side in the current state of the game.