re: Official CryptoTalk Thread

Some pretty unnerving rules regarding an attempt to prohibit P2P transfers of crypto:

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European Union (EU) lawmakers are tightening rules on cryptocurrency transfer, in the view of rising use of crypto-assets for money laundering. According to Reuters, the new proposal will make it mandatory for cryptocurrency companies such as exchanges operating across EU to obtain, hold, and submit information on any of their users involved in any transfers.

The proposals aims to extend anti-money laundering requirement (AML), a rule already applicable in the conventional payment space. This would make it necessary for crypto exchanges to report to the authorities if any transaction above EUR 1,000 ($1100) takes place.

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Under the new draft rules, users receiving cryptocurrency of even the smallest amount would need to be identified, including for transactions with unhosted or self-hosted cryptocurrency wallets. As per EU commission, this will help authorities crack down on laundered money.

Reuters reports that cryptocurrency exchanges handling any crypto-assets for a customer must include the customer's name, address, date of birth and account number, and the name of the person who will receive the crypto-assets. The recipient's service provider must also check if any of the required information is missing.

Further, the new guidelines will prohibit using any anonymous wallet for crypto transaction. A crypto wallet is where your cryptocurrency such as Bitcoin, Ether, etc lies. Users can create account on both KYC complied and anonymous crypto-wallets. However, as per EU anti- money laundering rules, to facilitate any transaction, users will have to use a KYC crypto wallet.

"That would make is easier to identify and report suspicious transactions, freeze digital assets, and discourage high-risk transactions, "said Ernest Urtasun, a Spanish Green Party lawmaker, as quoted by Reuters. Urtasun is helping to steer the measure through the parliament.

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The development came in spite of objections from Coinbase, one of EU's largest crypto company.

"Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros," Coinbase CEO Brian Armstrong said in a tweet. "Or if you sent money to your cousin to help with groceries, the EU required your bank to collect and verify private information about your cousin before allowing you to send the funds. How could the bank even comply? The banks would push back. That’s what we are doing now."

Armstrong firmly believes that the new policy "disproportionately punishes crypto holders and erodes their individual rights in deeply concerning ways. It's bad policy," he added in the same Twitter thread.

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LINK

Privacy is not permitted, by order of the state.

I'm thinking platforms like Bisq that claim greater levels of decentralization by facilitating peer to peer fiat to crypto exchanges are going to get a boost for people wanting to exchange BTC for fiat as a result of people trying to avoid complying with this. The people on the Bitcoin subreddit seem to love it, and it seems like the most viable option for those who don't want KYC forced upon them.

Lunatics

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Lunatics

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Let's go!

I have to admit though, I am getting a little uncomfortable. When I jumped into crypto last year, luna made up about 20% of my portfolio. It is creeping up to 60%. Feel like I need to sell some

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have to admit though, I am getting a little uncomfortable. When I jumped into crypto last year, luna made up about 20% of my portfolio. It is creeping up to 60%. Feel like I need to sell some

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its like 80% of mine rn

Bitcoin 2022 Conference (MIAMI) Live Stream: LINK

Now you get to see and listen to all the BTC Advocates you've been throwing rocks at. Here's one:

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Some of the 600 MM stolen in the hack a few months ago moved a few times today. The cleaning process has begun.

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I can' wait for these pricks to get caught. Robbing from people who are going out of their way to get ahead in life is about as low and someone can go.

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Michael Saylor buying another $205 million in bitcoin via bitcoin backed loan.

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Yep, I bought $150 of Tezos when it touched $3.25 today. He and I run in the same circles

Man this BTC conference has more star power than I ever remember

Kevin O’ Leary
Jordan Peterson
Peter Thiel
Michael Saylor
Cathie Woods

and that’s just who I’ve watched so far. Excited to see Max Keiser act like he just snorted a line of coke later.

Whatever happened to pulse? Dudes on here were acting like it was going to change the crypto world forever.

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Whatever happened to pulse?

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Hasn't launched yet. I think most thought it would be launched months ago. Nevertheless it should be soon from what we are seeing