⭐ Merited by d5000 (1)
https://njump.me/nevent1qqstf99gr6n408rdqqt4su3yw2agdw6ydjy69apae7pkpsgrpk7yevspzpmhxue69uhkummnw3ezuamfdejsz9mhwden5te0dehhxarj9enx6apwwa5h5tnzd9aqz9thwden5te0v4jx2m3wdehhxarj9ekxzmnyqy28wumn8ghj7un9d3shjtnyv9kh2uewd9hst0vkjz
Now, I have seen stupid bills proposed by this house before, but this is the absolute most ridiculous piece of legislation I have ever seen.
To say that not reusing an address is mixing? Man, what happens when someone only receives a payment one time and doesn't move the funds?
Also what is stopping people from creating a new transaction that sends the UTXO from the address back to itself in a new UTXO?
They don't even know anything about how crypto works and they are already greedy and trying to extract taxes from Americans and apparently non-Americans too since there is no way you can differentiate between them or force an open-source software to give you an ID.
Quote
I recently learned that legislation has been drafted on Capitol Hill to classify *not re-using Bitcoin addresses* as "mixing"
There are also efforts to force "unhosted wallet providers" to collect user info for taxes
As well as to give power to Treasury to sanction any address (even Americans)
And a whole lot more bad stuff
IMO Coin Center does vital work to fight this and to protect privacy tech
They are a compact team and do a lot with the resources they have
They sue the OFAC and Treasury
They consider the Bank Secrecy Act unconstitutional and act accordingly
I just spent some time with their leadership team, asking questions, and came away impressed, I would strongly suggest a donation today
coincenter.org
There are also efforts to force "unhosted wallet providers" to collect user info for taxes
As well as to give power to Treasury to sanction any address (even Americans)
And a whole lot more bad stuff
IMO Coin Center does vital work to fight this and to protect privacy tech
They are a compact team and do a lot with the resources they have
They sue the OFAC and Treasury
They consider the Bank Secrecy Act unconstitutional and act accordingly
I just spent some time with their leadership team, asking questions, and came away impressed, I would strongly suggest a donation today
coincenter.org
Now, I have seen stupid bills proposed by this house before, but this is the absolute most ridiculous piece of legislation I have ever seen.
To say that not reusing an address is mixing? Man, what happens when someone only receives a payment one time and doesn't move the funds?
Also what is stopping people from creating a new transaction that sends the UTXO from the address back to itself in a new UTXO?
They don't even know anything about how crypto works and they are already greedy and trying to extract taxes from Americans and apparently non-Americans too since there is no way you can differentiate between them or force an open-source software to give you an ID.
Funny, at the same time hilarious. It's obvious that this proposed bill was clearly introduced by someone or group of people with a zero knowledge. So just by not reusing my wallet address makes it mixing
, Then I think they will have a hard time digging out so many dormant wallets that has only made a single transaction.This is clearly the problem here. Lacks of knowledge will make someone ignorant and tend to spit rubbish. Unfortunately, those without the knowledge happens to be the rulers.
I think the part were "unhosted wallet providers" are forced to collect user ID for task would be a tough fight between the law and the providers. All wallet providers understand the importance of privacy, and how the Bitcoin community value it. Everyone seems to be in a tight angle, as certain decisions must be taken. But like I said, this is funny and hilarious as none crypto users are now dictating.