Most transactions are through a bank. Because banks have to comply with KYC (Know Your Customer) they have access to all transactions with a search warrant for ALL accounts.
There are many stories of peoples accounts being frozen for 'suspicious' activity. I don't think this is the norm. BUT it can be done with the current system in place.
The IRS can take money from accounts, and garnish wages. BUT I think it's quite rare - maybe getting more so but still very rare.
The idea these systems are in place are beyond comprehension to me - why Bitcoin wins with me.
freddms / Fred Johnston
npub1cp…8arth
2024-08-14 23:09:21
in reply to nevent1q…3sdh
Author Public Key
npub1cpv8mtgfu0h6urkfxqm24gxhqevvayznacf4nm03wcuxne49pens98arthPublished at
2024-08-14 23:09:21Event JSON
{
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"pubkey": "c0587dad09e3efae0ec93036aaa0d70658ce9053ee1359edf1763869e6a50e67",
"created_at": 1723676961,
"kind": 1,
"tags": [
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"root"
],
[
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[
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"content": "Most transactions are through a bank. Because banks have to comply with KYC (Know Your Customer) they have access to all transactions with a search warrant for ALL accounts.\n\nThere are many stories of peoples accounts being frozen for 'suspicious' activity. I don't think this is the norm. BUT it can be done with the current system in place.\n\nThe IRS can take money from accounts, and garnish wages. BUT I think it's quite rare - maybe getting more so but still very rare.\n\nThe idea these systems are in place are beyond comprehension to me - why Bitcoin wins with me.",
"sig": "58cbbb68d30f0d2f6844b8b03a785bb84d2cf494d18edd2e090d69619a11fb0cb3eb388f1953fc67f8c9d3b8b02cda7aafa329d3e9ce8c6e20b766bc3dced4f7"
}