Keep calm and HODL #Bitcoin.
Everyone seems to be overreacting to the Samourai arrests, the FBI PSA, and Phoenix leaving the US. Here's my attempt to break it down.
Samourai
You have to unpack all of the different elements. Could this be a state attack on self-custody and privacy? Maybe. Probably not.
There are a few components here that need to be evaluated on their own.
1⃣ Samourai was a self-custodial wallet
2⃣ Samourai was a mixer
3⃣ Samourai was providing normal people with privacy
4⃣ Samourai were knowingly marketing the service to criminals and flaunting that fact
Reading the charges, it seems like #4 is pretty cut and dry for this case. Their getting arrested for #4, doesn't automatically mean #1, #2, #3 are under siege as well. If Samourai was a taco stand laundering money and bragging about it, I'm sure they would be taken down too.
They may be accused of running a money transmitter now, but that may or may not stick. We'll find out in the trial.
All that said, we should always be vigilant to attempts to erode privacy and the ability to self-custody. It just does not seem that this fight is *that* fight.
FBI PSA
Seems pretty normal that the FBI would advise people to use compliant services, and the entire announcement seems to revolve around potential disruptions due to Samourai being taken down, and potentially others in the future. Given they took action, they have to post some bulletin about it.
Remember that when people lose funds or have funds stolen from them, they do go to the FBI for help. From their point of view, the best thing for people to do is use compliant services where they can potentially help.
The announcement concludes saying that services that purposely break the law will be investigated - so again we go back to #4 above. This is nothing new, and self-custody is not being criminalized.
Phoenix Leaving
As jack (npub1sg6…f63m) said, it's feels completely unnecessary. Phoenix obviously is not a MSB and they are not doing anything illegal. In my view, their exit from the US app stores is a complete overreaction.
Keep Calm
Could "they" come after wallets, developers, mixers, nodes, LSPs, sidechains, eCash, VPNs, encryption, etc? It's totally possible. But if you're not breaking the law, you have nothing to worry about.
To my knowledge, there is still rule of law in the US, property rights are still protected, and privacy is enshrined in the Bill of Rights (gladstein (npub1trr…hdpu)).
It would be very difficult to change the law or stretch it to incriminate these things because it's all just information and software, which is speech. Some will try. But as they are trying, #Bitcoin is becoming more and more mainstream and integral to the world's financial system.
#Bitcoin is freedom technology and it will continue on.
Go outside this weekend and think about why you're here.
Excellion / Samson Mow
npub1ex…pn72a
2024-04-27 02:37:03
Author Public Key
npub1excellx58e497gan6fcsdnseujkjm7ym5yp3m4rp0ud4j8ss39js2pn72aPublished at
2024-04-27 02:37:03Event JSON
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"content": "Keep calm and HODL #Bitcoin.\n\nEveryone seems to be overreacting to the Samourai arrests, the FBI PSA, and Phoenix leaving the US. Here's my attempt to break it down.\n\nSamourai\n\nYou have to unpack all of the different elements. Could this be a state attack on self-custody and privacy? Maybe. Probably not.\n\nThere are a few components here that need to be evaluated on their own. \n\n1⃣ Samourai was a self-custodial wallet\n2⃣ Samourai was a mixer\n3⃣ Samourai was providing normal people with privacy\n4⃣ Samourai were knowingly marketing the service to criminals and flaunting that fact\n\nReading the charges, it seems like #4 is pretty cut and dry for this case. Their getting arrested for #4, doesn't automatically mean #1, #2, #3 are under siege as well. If Samourai was a taco stand laundering money and bragging about it, I'm sure they would be taken down too.\n\nThey may be accused of running a money transmitter now, but that may or may not stick. We'll find out in the trial. \n\nAll that said, we should always be vigilant to attempts to erode privacy and the ability to self-custody. It just does not seem that this fight is *that* fight.\n\nFBI PSA\n\nSeems pretty normal that the FBI would advise people to use compliant services, and the entire announcement seems to revolve around potential disruptions due to Samourai being taken down, and potentially others in the future. Given they took action, they have to post some bulletin about it.\n\nRemember that when people lose funds or have funds stolen from them, they do go to the FBI for help. From their point of view, the best thing for people to do is use compliant services where they can potentially help. \n\nThe announcement concludes saying that services that purposely break the law will be investigated - so again we go back to #4 above. This is nothing new, and self-custody is not being criminalized.\n\nPhoenix Leaving\n\nAs nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m said, it's feels completely unnecessary. Phoenix obviously is not a MSB and they are not doing anything illegal. In my view, their exit from the US app stores is a complete overreaction.\n\nKeep Calm\n\nCould \"they\" come after wallets, developers, mixers, nodes, LSPs, sidechains, eCash, VPNs, encryption, etc? It's totally possible. But if you're not breaking the law, you have nothing to worry about.\n\nTo my knowledge, there is still rule of law in the US, property rights are still protected, and privacy is enshrined in the Bill of Rights (nostr:npub1trr5r2nrpsk6xkjk5a7p6pfcryyt6yzsflwjmz6r7uj7lfkjxxtq78hdpu).\n\nIt would be very difficult to change the law or stretch it to incriminate these things because it's all just information and software, which is speech. Some will try. But as they are trying, #Bitcoin is becoming more and more mainstream and integral to the world's financial system. \n\n#Bitcoin is freedom technology and it will continue on.\n\nGo outside this weekend and think about why you're here.",
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}