You may have heard about Treasury Secretary Steve Mnuchin's draconian regulations on self-hosted wallets. I guess regulators got too scared of freedom and sovereignty and they have to do something about it.
This is not a problem. Government can't stop us, and here are the ways that you can get around it.
- Get your money off of centralized exchanges. The government has no way of regulating the software that is on your computer. They can only regulate the centralized exchanges in an effort to force KYC at the exit point. Well if your money isn't IN the exchange, you never have to subject yourself to these ridiculous measures (which will of course come with a transaction fee). Tell Coinbase good bye and learn to use the ever-expanding decentralized world of finance that is opening a new epoch of innovation to us all
- Create a few more wallets. Should you accidentally give away some of your information that could link you to a wallet, simply create a few more. You can use the old wallet for transactions that you don't mind being tracked, but you can keep the majority of your transactions on an unidentified wallet for more privacy.
- Stay away from centralized or custodial wallets. If you are in Celsius, get out. Eventually, governments will regulate these wallets in the same way that they regulate exchanges. Companies like Celsius and Energi are in this game for the money, not for decentralization or freedom. They are in partnership with government. The less you use companies like these, the better. There are countless other wallets to choose from.
- Secure your hardware and memorize your passwords. Government may attempt to regulate future versions of hardware that provides a window to your blockchain assets. Memorize your passwords so that no one can separate you from your assets by taking your computer or phone. Secure your hardware with difficult passwords, and make sure you delete their hard drives remotely if they are stolen.
- Cash out using P2P services. You may not be able to avoid potential monitoring if you only have bank accounts in your home country. The perfect solution is to get bank accounts in other names outside of the country. But if you don't want to go that far, you can avoid some monitoring by using P2P services to change your crypto into fiat. Make sure the seller is non-US. At least then there is no trail of what you are receiving money for, which will help conceal from the government how much crypto you actually own.
It's most important to understand that avoiding regulation is not enough. Government is stupid as fuck and doesn't understand the technology NOW. Later, this may change. This monster will keep coming back over and over until we stop it for good. Our endgame must be stopping regulators from trying to control the crypto space.
Posted Using LeoFinance Beta
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STOPDo not miss the last post from @hivebuzz:
Good topic, this is a real problem that needs to be talked about!
Posted Using LeoFinance Beta