Bitcoiners, Please Help (FinCEN, Swan Bitcoin)

Learn how to coinjoin your Bitcoin:
https://www.bitcoinuniversity.com/courses/76599-the-ultimate-guide-to-bitcoinShow more

Please submit a comment on this proposed FinCEN regulation:
https://twitter.com/skwp/status/1719025440663261376

In this video, I discuss FinCEN's proposed "Bitcoin mixer" regulation and how you can submit a comment to voice your opposition to this over-reaching proposal that violates the basic human right to privacy, as well as the 1st and 4th Amendments.

This is not just an attack on custodial mixers and coinjoins. It's an attack on anyone who wants to send a Bitcoin transaction. Such proposed regulation is a clear violation of basic human rights as recognized by the UN and other institutions. It smears innocent civilians and attributes money laundering intentions where none are present.

This regulation is being sold as a way to prevent terrorist financing, but it is actually an attack on basic human freedoms and the fundamental human right to transact in a sovereign and private manner.

It will not stop terrorists (who prefer to transact using the US dollar anyway), but it will hurt honest private citizens.

Rather than targeting custodial mixers, this proposed regulation essentially criminalizes basic Bitcoin transactions such as consolidating UTXOs, or withdrawing Bitcoin from an exchange.

The correct response to this proposed regulation is to submit a comment during the 90 day comment period. If that fails, basic civil disobedience may be in order.

The incorrect response is to attack fellow Bitcoiners who are on the front lines, like Swan Bitcoin. Swan has zero control over their banks' internal policies. Swan's banking partners appear to be complying with this FinCEN regulation while it is still at the proposal stage-- and hasn't even been implemented yet. This is absolutely disgusting.

At the end of the video, I discuss why Monero fixes none of this. Having privacy at the base layer leads to blockchain bloat and the risk of undetected inflation bugs. Simply blinding sender, receiver and amounts does not solve the privacy problem.

The Monero circular economy is virtually non-existent. The Monero anonymity set is much smaller than Bitcoin. No one wants to hodl Monero because it has shown itself to be a poor store of value.

If you're not going to hodl Monero, you are going to end up with the same privacy problems when you try to convert your Monero to BTC or fiat. There are so many ways to mess up this conversion and leak privacy.

So what's the point of even accepting XMR as a merchant if you are going to have to immediately convert it to something else like BTC? You might as well ask to get paid in BTC directly.

Not investment advice! Consult a financial advisor.

UN Universal Declaration on Human Rights re privacy:
https://www.un.org/en/about-us/universal-declaration-of-human-rights#:~:text=Article%2012,against%20such%20interference%20or%20attacks.

FinCEN:
https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network

FinCEN Seeks to Impose Strict Surveillance Requirements onto Broadly Defined Class of 'Bitcoin Mixers':
https://www.nobsbitcoin.com/fincen-wants-to-outlaw-certain-bitcoin-on-chain-transactions/

Major Attack On Bitcoin (FinCEN):
https://www.youtube.com/watch?v=DCFWhH97Yik&ab_channel=BitcoinUniversity

An unfair criticism of Swan Bitcoin:
https://twitter.com/WimTweets/status/1723178230474052041

Cory Klippsten's response:
https://twitter.com/coryklippsten/status/1723487741428793661

Yan's response (must read):
https://twitter.com/skwp/status/1723444038932582414

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#FinCEN
#crypto

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