Yes, but, to be clear and make sure I get it.
The KYC Bitcoin in self custody is also real.
It's just that they know you have it.
They can attempt to confiscate it or tax it, but you still can claim you lost the keys or move to a different country, right?
Well of course unless they close the borders.
On the other hand, the non KYC-ed, if you bought it on Bisq using bank transfer, they might still trace it, because the seller will be likely known or suspicious for receiving a lot of small bank transfers from different people.
So is it that the only true non-KYC method is cash with trusted people? Or Bitcoin ATM? But then, convenience is out and costs are high and... In a dystopian scenario they will make it illegal to use this non-KYC Bitcoin anyway.
Of course, it will be hard for them to enforce but still.
Not good.
I'm worried.
If it gets really bad, it will be bad.
Bitcoin is probably the best thing we have, to protect wealth from inflation and theft, but it is far from a magically resistant digital gold that can withstand anything. If they make it illegal, it will be dangerous to use.
But even if it gets bad, I guess it will be better to have some Bitcoin than not having it.
Anyway. I'm probably unnecessarily worried.
bitcoiner7 nym
npub13q…t55wf
2023-12-02 07:42:21
in reply to nevent1q…n402
Author Public Key
npub13qmz34g8fpkhpavfsx6wq00u4nhu28w5aa787r05q3f6zkpj9jzqtt55wfPublished at
2023-12-02 07:42:21Event JSON
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"pubkey": "883628d507486d70f58981b4e03dfcacefc51dd4ef7c7f0df40453a158322c84",
"created_at": 1701502941,
"kind": 1,
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"content": "Yes, but, to be clear and make sure I get it.\n\nThe KYC Bitcoin in self custody is also real.\n\nIt's just that they know you have it.\n\nThey can attempt to confiscate it or tax it, but you still can claim you lost the keys or move to a different country, right?\n\nWell of course unless they close the borders. \n\n\nOn the other hand, the non KYC-ed, if you bought it on Bisq using bank transfer, they might still trace it, because the seller will be likely known or suspicious for receiving a lot of small bank transfers from different people.\n\nSo is it that the only true non-KYC method is cash with trusted people? Or Bitcoin ATM? But then, convenience is out and costs are high and... In a dystopian scenario they will make it illegal to use this non-KYC Bitcoin anyway. \n\nOf course, it will be hard for them to enforce but still. \n\nNot good.\nI'm worried. \n\nIf it gets really bad, it will be bad. \nBitcoin is probably the best thing we have, to protect wealth from inflation and theft, but it is far from a magically resistant digital gold that can withstand anything. If they make it illegal, it will be dangerous to use.\n\nBut even if it gets bad, I guess it will be better to have some Bitcoin than not having it. \n\nAnyway. I'm probably unnecessarily worried. \n",
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}