Ah the EU, they seem to be the one institution that keeps on giving, after failing to ban proof of work on the continent they are now looking to introduce a bill that stops users from having any privacy when holding bitcoin in a non-custodial wallet and even when you spend it to another non-custodial wallet.
For EU bros you better start securing your non-kyc stack or you're going to be in for a really bad time or if you enjoy regulatory capture, which I am sure you do, you live in the EU, then there's nothing that really changes for you.
Govern me harder daddy!
I am pretty sure very few Europeans care, and even less are going to put up a fight, they will just roll over, dox their holdings to regulators, and get squeezed out of their positions as more and more regulation gets added in the future.
It's great for 3rd world plebs like myself as these choking points force weak hands to sell and for us to pick it up even cheaper, so go right ahead, bitcoin goes to where it is treated best.
So what are the new restrictions?
- Crypto service providers HAVE to collect information on senders and beneficiaries in ALL crypto transactions and must be made available to authorities upon request.
- Removing the minimum threshold for crypto transactions and applying to transfers involving private crypto wallets (unhosted wallets) to track all movement of coins after original public key address
- Extending rules from traditional payments which obligate the validation of collected information for transactions over EUR 1,000 (US$1,107).
Reaction to the news
The proposal faced industry pushback from Coinbase CEO Brian Armstrong, who said the move
“eviscerates all of the EU’s work to be a global leader in privacy law and policy.”
But what he means is that his business will lose revenue as people with any brains would not use a regulated custodian for their coins as it would be tainted and would look to other service providers or P2P markets.
As is the case with negative news markets fell roughly 2% by Friday morning Asia time, with Bitcoin falling 3.2% which is basically nothing and a normal day.
Advertising for P2P and circular economy
Now shitcoiners and statists will cry we need better regulation, if your shitcoin needs that to survive or you want to suckle on the teet of big daddy government go right ahead.
Bitcoin doesn't bend to the will of anyone and is surely not going to be bothered by these laws. All I see is the breeding ground for a more robust, decentralised P2P market and circular economy where coins are moved between individuals without the need for touching fiat on-ramps and off-ramps.
To me, killing off the need for centralised exchanges was always going to happen. Sure normies will still purchase bitcoin through exchanges and hold it with exchanges as their goal is to get more fiat at a later stage, but they will be captured, they will be taxed, they will be forced to comply.
Those of us who are outside that system, will have no issues and it just shows why taking custody, coinswapping and running your own node is the right way to use bitcoin if you want to be anti-fragile.
Sources:
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
| Safely Store Your Crypto | Deposit $100 & Earn $10 | Earn Interest On Crypto |
|---|---|---|
 |  |  |
Posted Using LeoFinance Beta
Most people don't care about privacy or decentralization.
And we need taxes; like it or not.
Posted Using LeoFinance Beta
Cuando te cobren el 50 por ciento en impuestos varios , siendo pobre o rico y encima veas que digan que no hay dinero para bajar el precio de la gasolina o gasoil, en España por 1 euro de gasolina tienes que pagar otro euro en impuestos .
Cuando veas eso y los transportistas de toda España se paralizan por que si se mueven no ganan dinero y encima los políticos de España los tachan de minoría y ultra derechistas y te digan que como mucho les dan 500 millones de euros para que empiecen a moverse , cosa que es un insulto para ellos ya que es pan para hoy y hambre de mañana .
Y te repito que cuando veas los super mercados medio vacíos por desabastecimiento te pensaras adonde van todos esos impuestos .
Una de las grandes ocurrencias de estos asquerosos políticos es que no hay dinero para bajar impuestos a el petróleo , cosa que en todo el mundo se esta haciendo pero si hay 20000 millones de euros para políticas de genero , chorradas para financiar chiringuitos económicos feministas , para hacer ricos a unos cuantos , ahí es cuando te piensas mierda me están robando.
I agree it is theft, and there is no limit to how far they will push it, they inflate the currency supply to give you unit increased wages so they can take more through tax, and leave you with less purchasing power, inflation and tax together is theft on a grand scale.
They have no limit to how much they can steal as long as people have faith and use their currencies, and they will squander that wealth like you say on gender politics and failed climate change projects
I agree most people don't, but that doesn't mean I intend to follow most people, so I will select the path less traveled and protect my privacy. As for taxes, sure if you don't know how to effectively use your own money, rather let the government have it
Ley esa noticia , por ejemplo en España , hay un afán recaudatorio y les encanta también imitar la política económica argentina.
#foodie
#spanish
#palnet
#neoxian
#creativecoin
#musicforlife
#foodie
#proofofbrain
#HBIT
#cineytv