₿ang retweeted
FinCen and the Treasury are expanding the Patriot Act to attack bitcoin self-custody and privacy.
We shouldn't live in a world where standards cater to the lowest common denominator and make things worse for the overwhelming majority of the population.
tftc.io/treasury-iexpanding-…
₿ang retweeted
In 1971, the US ran out of money and defaulted on its debts. Now, they didn’t say it that way. But by moving away from the gold standard, money as we understood it ended.
I expected the stock market to plunge, but it went on to rise nearly 25%. That surprised me. But when I looked into it, I discovered the exact same thing happened in 1933 and it had the exact same effect.
Here’s why.
#principles #raydalio #history #economics
₿ang retweeted
Wishing all the #Bitcoin bulls a very Merry Christmas! 🎄🎁
Enjoy "Carol of the Bitcoin Bells" a @BitcoinTracks original! ☺️
₿ang retweeted
WATCH NOW! God Bless Bitcoin is a documentary that takes a deep dive into the moral and ethical aspects of Bitcoin and the impact that this money can have on the world.
Watch the full film—available for FREE—below or at our website. #godblessbitcoin #Bitcoin @BrianEstes32
godblessbitcoin.com/watch
₿ang retweeted
ECONOMICS > POLITICS
No election can pay off America's $175T in debt.
Only the printing press can.
Because as Elon, Dalio, and others realize...the Western world is headed for a sovereign debt crisis far worse than 2008. Just like they’ve been lying about Biden’s senility, they’ve also been lying about the economy. And so they're going to print a lot of currency. But take a look at the data and judge for yourself.
1) MORE EMERGENCY LOANS THAN 2008
First, did you know the Fed[1] made more emergency loans in 2023 than during the financial crisis of 2008? The banking system is on life support thanks to the US government first selling billions in bonds to financial institutions and then devaluing them with surprise rate hikes.
Just look at this graph from the Fed. The blue bump below on the left is the lending from the 2008 crisis — you know, that little old thing. The purple is COVID. And the giant orange/aquamarine monster on the right is the 2023 banking crisis. See how much higher it is than even 2008?
2) MORE BORROWING THAN COVID
Second, did you know the US is borrowing more[2] under the "Biden boom" than it did during COVID? Set aside whether a coronavirus should have been treated as a financial crisis. At least the COVID borrowing was at ~0% rates. But today the US government is borrowing historical sums of money in peacetime…and at 5% rates! This is the act of a desperate man maxing out his credit cards to pay his bills.
3) MORE INTEREST THAN DEFENSE
Third, did you know that all this borrowing has made interest payments on the national debt the single largest government expense? More than defense, or social security, or anything else[3a, 3b]. The number one thing all tax dollars (and printed dollars) now go towards as of 2024 are payments to bondholders. And even still, anyone who bought US Treasuries (or other bonds) got annihilated over the past few years.
For all the warfare and all the welfare, it was buy now pay later. And as you can see from the graph, the time to pay has come.
4) MORE DEVALUATION OF THE DOLLAR
Fourth, did you know that the dollar has lost at least 25% of its value in just four years[4a]? This one you probably knew from just your lived experience of inflation. But Larry Summers estimates[4b] that purchasing power has been eroded even more radically than this, with annual numbers hitting 18% if you include the enormous spike in loan payments due to rate hikes. Compounded over four years, that’d be considerably more than 25% of the dollar's value.
But wait, there's more. Six more graphs, and references. 👇
₿ang retweeted
🚀Announcing the Peer-to-Peer Rights Fund
The mission? Safeguard the decentralized, peer-to-peer integrity of the Bitcoin ecosystem by defending non-custodial tools and their developers from regulatory overreach.
Learn more & make a tax-deductible donation here: p2prights.org
🛡️ The fund protects innovation, privacy, and user autonomy through strategic litigation and advocacy. By supporting pivotal legal cases and providing essential regulatory guidance, it aims to establish a fair legal framework for Bitcoin’s open-source community.
🔍 Why Peer-to-Peer Transactions Matter:
Bitcoin succeeded where others failed because it's truly peer-to-peer. It’s decentralized, open-source, and immune to greed, corruption, and overregulation.
Developers worldwide have built amazing non-custodial tools on this foundation...
🔐 Multi-signature wallets enhance security by requiring multiple keys, reducing theft risks.
⚡️ Lightning Service Providers help users in developing countries with low-cost daily transactions and remittances.
🕵️♂️ Coinjoin coordinators offer privacy for users like journalists and activists, protecting them in repressive regimes.
🚨 However, peer-to-peer transactions are under assault. Recent legal actions indicate a troubling shift in regulatory perspective, putting the non-custodial ecosystem at risk.
🚨 The government’s new stance treats developers of non-custodial tools as financial institutions, a misunderstanding of the technology. Users, not developers, engage in financial activities.
🚨 The broad interpretation of the Bank Secrecy Act could extend to hardware wallet developers, transaction nodes, miners, and more. If courts set unfavorable precedents, the implications are dire.
To address these challenges, the P2P Rights Fund will:
🔸 Provide resources to subsidize defense counsel and sponsor amicus briefs in pivotal cases.
🔸 Support and finance affirmative impact litigation to secure crucial legal precedents.
🔸 Offer free or subsidized regulatory advice to developers of non-custodial Bitcoin tools.
🚀 Project 1: U.S. v. Rodriguez & Hill (Samourai Wallet)
The fund's first project is defending Keonne Rodriguez and William Lonergan Hill, founders of @SamouraiWallet
⚖️ Rodriguez and Hill face charges of conspiracy to commit money laundering and operating an unlicensed money services business. The prosecution's attempt to classify Samourai's non-custodial coinjoin tool as a money service business risks setting a damaging precedent that could impact the entire Bitcoin ecosystem.
⚖️ By defending this case, the fund aims to ensure the court understands the technology and legal principles at stake, and seek a favorable result establishing that non-custodial privacy tools cannot be regulated under the Bank Secrecy Act.
⚖️ The outcome of this case will significantly impact the future of non-custodial Bitcoin tools and the broader decentralized finance landscape. The fund's involvement underscores its commitment to safeguarding the principles of decentralization, user autonomy, and privacy, ensuring that innovation within the Bitcoin ecosystem can flourish under a fair and just legal framework.
