sms on Nostr: CoinJoins, a method for enhancing privacy by mixing transactions from multiple users, ...
CoinJoins, a method for enhancing privacy by mixing transactions from multiple users, are not inherently illegal.
However, their ability to obscure transaction details has drawn the attention of authorities aiming to combat money laundering and other illicit activities.
At their core, CoinJoins are tools; just like any other tool, they make tasks more efficient.
But how they’re used depends entirely on the user.
Punishing the creators of these tools for the actions of bad actors is misguided, and banning the tools altogether is an overreach.
Privacy is a universal need, not just for those engaging in illegal activities, but for individuals and institutions alike.
We don’t need competitors or malicious actors tracking every financial move we make.
Privacy protects everyone, from the individual safeguarding their personal finances to institutions securing large transactions.
While the idea of a KYC/AML compliant CoinJoin service might seem contradictory, if it’s the only legally viable way forward, it could still provide some level of privacy.
After all, something is better than nothing.
Interestingly, the use of privacy-focused transactions has tripled since 2022, with participants from both private and public sectors driving this growth.
Whether these transactions involve KYC compliant services or not, the trend underscores a clear truth: privacy is a legitimate and essential feature for everyone.
Don’t let anyone convince you otherwise. Privacy isn’t a loophole or a flaw in #Bitcoin; it’s an optional feature that strengthens its utility and protects its users.
Striking a balance between privacy innovation and regulatory compliance is challenging, but simply rolling over isn’t an option.
Privacy matters, and it’s worth standing up for.
However, their ability to obscure transaction details has drawn the attention of authorities aiming to combat money laundering and other illicit activities.
At their core, CoinJoins are tools; just like any other tool, they make tasks more efficient.
But how they’re used depends entirely on the user.
Punishing the creators of these tools for the actions of bad actors is misguided, and banning the tools altogether is an overreach.
Privacy is a universal need, not just for those engaging in illegal activities, but for individuals and institutions alike.
We don’t need competitors or malicious actors tracking every financial move we make.
Privacy protects everyone, from the individual safeguarding their personal finances to institutions securing large transactions.
While the idea of a KYC/AML compliant CoinJoin service might seem contradictory, if it’s the only legally viable way forward, it could still provide some level of privacy.
After all, something is better than nothing.
Interestingly, the use of privacy-focused transactions has tripled since 2022, with participants from both private and public sectors driving this growth.
Whether these transactions involve KYC compliant services or not, the trend underscores a clear truth: privacy is a legitimate and essential feature for everyone.
Don’t let anyone convince you otherwise. Privacy isn’t a loophole or a flaw in #Bitcoin; it’s an optional feature that strengthens its utility and protects its users.
Striking a balance between privacy innovation and regulatory compliance is challenging, but simply rolling over isn’t an option.
Privacy matters, and it’s worth standing up for.