Remember that movie where Sandra Bullock crisscrosses the country blindfolded? Because reaching the top outside means basically facing certain death?
That must be what it feels like to build something with Bitcoin right now.
Everyone is just moving blindly. The US government is taking everyone, but no one knows where we are going. There are no instructions you can read or rules to follow. You might take a step in the wrong direction, make an unfortunate shitty post, or tweet Elizabeth Warren on a bad day. His head will be cut off.
Imagine you are one of the Samourai Wallet developers. One day you decide you’ve had enough and take off the blindfold.you will do your best to Work with regulators Take 20 people on board. We pay top dollar and hire the best lawyers in the industry to help everyone navigate the regulatory fog.
4 months later, chopped.
Beyond the human tragedy unfolding here, this should be a cathartic moment for the industry.
We’ve spent the last 10 years trying to curry favor with regulators. We have asked for permission, rolled out the red carpet, and essentially asked for consideration. Millions of dollars have been donated to lobbyists, and many more have been pumped into operations by companies seeking to do business with American citizens.
If last week was any indication, it was all for nothing.
Did you think only shitty coins would make you tough?
It’s true that the samurai guys seem to be an easy choice. An incendiary personality or bombastic statements are enough to convince a casual observer that they are guilty, even if they only have the wrong idea. Inciting individuals to openly challenge the government and take control of their financial privacy seems to be a crime these days.
Even in the Bitcoin world, the “moderates” argued that, well…they’re all cocky and mean, so it makes sense. As far as they’re concerned, there’s no need to overreact.
“There’s nothing to see here.”
When I returned to the real world and started reading the indictment, my head started to spin. His language is weak. The technical concept is absurd. Even the most sensational accusations are incredibly tenuous. There’s one loose Twitter DM, one fairly vague presentation slide, and one casual post. Given the history of the defendants, I’m actually surprised they couldn’t remember anything more incriminating. Maybe they have a few aces, but at first glance, none of them add up.
That is until you zoom out and see the big picture. What if the reality-warping field is intentional? What if Kionne Rodriguez and William Hill were the fall protagonists of something much bigger than themselves?
No need to guess. No intrigue is needed here. The day after Samurai Team’s arrest, the U.S. Attorney for the Southern District of New York revealed everything. US lawyers have submitted evidence in the case against Tornado Cash developer Roman Storm. response In response to the defense’s motion to dismiss, Besides, is that stupid?. It is alleged that not only were we operating blindly, but everyone was breaking the law all the time. His 10 years teaching FinCEN? Irrelevant.
Based on the conditions set in this document, all Bitcoin transactions should probably be KYC. Peer-to-peer software is illegal and self-storage should be prohibited.
criminal intent
Don’t be fooled by famous lawsuits or cheap tricks of punk rock developers. The US government is not trying to prosecute criminals, but rather to reset the rules of the game and redefine the law so that anyone without a license to operate is considered a criminal.
Samourai Wallet and Tornado Cash aren’t the only companies being sued. It’s also your financial freedom.
Of course, some of us who make a living kissing the feet of politicians and have plenty of regulatory moats will try to convince you otherwise. They’ll say you’re not lobbying enough. Perhaps they genuinely believe that if the worst were to happen, we too would be voted out of it.
Some people are already paying attention to the warning shots. On Friday, his ACINQ, creator of the Phoenix Lightning wallet, announced that it would be removing its product from U.S. app stores.
Recent announcements from US authorities have raised questions about whether self-custodial wallet providers, Lightning service providers, and even Lightning nodes will be considered money services businesses and regulated as such.
— ACINQ (@acinq_co) April 26, 2024
Some criticize the move as a bluff by the government. take a stand. Denying service to U.S. customers may help reduce debt in the short term, but it also feels like kicking the can down the road. The precedent that may be set in this case presents a real risk of being used as the basis for similar policies by other countries. Give them an inch here and they’ll take a mile.
The battle has been brought upon us and we must respond in kind. The rule of law is being challenged. Courtrooms are becoming weaponized. For Americans, this is a battle over constitutional rights. For the rest of the world, this is a warning.
For Bitcoiners, this is an opportunity to let go of divisive rhetoric and align against the actual enemy at hand: the state.
Pigeon: You live in a place where counterattacks have been successful. The rest of us live in the rest of the world where we were crushed.
mircea_popescu : That’s a good point, yes.
mircea_popescu : But I’m going to keep that legacy alive.
