Oddbean

What happens to #btc adoption and btc price, or any other #crypto for that matter, if Uncle Sam starts convicting nationals of money laundering, or require the extradition of foreigners for that same reason, only because that poor person bought a KYC coin that was later used by someone else in some shaddy business? Isn't this a great way to instill fear in the average Joe bitcoiner so there is no hard threat to the almighty #dollar? #gold was confiscated in the 30s, maybe this time they try something else with this new internet funny money? Whats your take? #asknostr #bitcoin #government #freedom #privacy #money #hardmoney #liberty #confiscation #law #rights #sovereign #sovereignty

But wouldn't this affect very negatively the whole community, not only normies? The only "safe" way to "have" #btc would be via an #etf, since your name\ip\whatever is never linked to a specific #utxo that is going to be used in the future in some illegal stuff, no? I find it scary that the initial idea I put forward could be used by the government so every bitcoiner just gives up in fear of incarceration for a crime someone else commited. I feel this is one of the biggest risks in bitcoin. Don't you? Why?

You do not need to sell it. Just use a utxo to buy a soda in El Salvador and after 10 transactions someone uses it to commit a crime. They go back in the transactions and your name is the only one that comes up because you used a KYC exchange to buy #btc... Next thing you know you are in a cell somewhere. Possible scenario?

Sell/Spend whatever. You sold your utxo for a soda. You spent your utxo for a soda. Obviously if you are afraid then only sell/spend to an exchange. If you are brave, spend it in El Salvador. You do you. The issue is people aren't aware of the risks.

Buy Monero - use it as a store of value / or if you think BTC is better in that regard despite having x2 inflation and a higher supply exchange trustlessly via atomic swap - then once you want to sell either to a DEX/CEX for more fiat shitcoins or a merchant simply go back to Monero and enjoy the power of uncompromised privacy and true fungibility. The fee for the conversion you pay is the price for using BTC as a store of value.

I believe you should have both and just hodl them for a rainy day. If that day don't come, just leave it for the kids. Spending BTC would become increasingly dangerous I suppose. When the kids spend it you are already dead so KYC won't matter then, since they have the plausible deniability of not knowing about your stash, which was lost in a boating accident.

Happened already something of sorts? nostr:nevent1qqsqqqqpkx4z4uczyu50stgn4awrcfw05gt3g42a49pemqq7w8vunpcprpmhxue69uhhyetvv9ujucnvv93kkcnew3jjumnvqgs2c0m2lct4j0mpsyz38kkf58j5f6rmnn53kf7n0wywck8m42gpf2srqsqqqqqph9pnls

This case lead me to this discussion. What do you think? nostr:nevent1qqszv6zlyz3mzv6s0zly0htruf8zae0uks4apjfsaz8zgsjdqkaem5qprpmhxue69uhhyetvv9ujucnvv93kkcnew3jjumnvqgsrjyh8qujemk9gwv0rapfj3cmadz7vleas2lde8z2zgacf20c33hgrqsqqqqqprmtpsf

I don't know how Bitcoiners will react. But I know that Monero cypherpunks prepare for that exact threat. If your life or freedom is on the line you better rely on Monero than on BTC. And as time passes on and BTC becomes less attractive as an investment people will start to seek shelter in Monero. Privacy for rich people no matter if in USD or BTC in today's world is priceless.