I miss the days before these cunt institutions got into this scene.
I was saying this to a couple of guys who hold Bitcoin last night. These bureaucrats and massive financial institutions have somewhat captured Bitcoin, to a degree.
I live in the UK as many of you know. I believe it is the same in the EU but fairly recently exchanges are enforcing
The Travel Rule on us.
For those unfamiliar see here -
https://support.kraken.com/articles/updates-to-crypto-transfer-procedures-for-uk-clientsTLDR; When you deposit to the exchange they want to know where the Bitcoin came from. Was it from a cood wallet or another exchange or even from somebody else. You better hope it’s not from somebody else or they’re going to ask you a tonne of questions.
Any way, my personal story was I sold a handful of Bitcoin the first time we went over $90,000. The second sale was for 3 Bitcoin. I got an email saying I needed to confirm where the funds came from. I told them a cold wallet and then I received a support ticket saying Kraken were looking into this and will get back to me before my funds are released.
Sorry what, you are holding MY funds hostage? Any way, about 2 hours later they released the Bitcoin so I could sell. You can get a Bitcoin address whitelisted so they don’t do this again but address reuse is not good for privacy.
I just wanted to reinforce what Husristic said, Bitcoin has been somewhat captured. Trade P2P where possible and keep your Bitcoin in cold storage. These bastards are trying to make our beautiful Bitcoin as centralised as possible.