It seems like there is an agenda to keep bitcoin's price suppressed by constantly pushing out new negative press and I understand why, if bitcoin were to hold its 70k all-time high and push past the 100k mark, it would have triggered an avalanche of cash and new users.
The current pullback and China pullback were massive setbacks in terms of price and sentiment, but as for the network, nothing really changed. Now we're seeing an attack on bitcoin owners privacy with the push for AOPP compliant bitcoin wallets
EU wants you to opt in for spyware
While this AOPP is confined to the Netherlands and Switzerland for now, it may roll out into other nations. If this regulation is adopted by more countries it would make it really hard for bitcoin and cryptocurrency holders to maintain their privacy and make it easier to tax digital asset holders.
I think that these conditions are also a way to censor transactions and blacklist certain users, despite the permissionless nature of these blockchain currencies, if you're going to hit an exchange with a tainted address or coins, you're going to be out of luck trying to liquidate it.
Breaking fungibility and anonymity of digital assets
This now calls into question the fungibility of cryptocurrencies with the ability to digitally taint coins. Wallet providers are naturally going to comply because they don't want to place their businesses under threat and as for consumers, they will have less place to hide short especially if they're not using bitcoin or a privacy coin.
Turing complete blockchains with their static addresses would probably be the easiest to taint and expose the funds of several people who may have wanted to keep their funds secret.
If you want to be proactive, I would say start removing your funds from exchanges if you have not already, look through running it through a confidential transaction option to break the identity of the coins with your wallet address so you can have some deniability when it comes to those funds.
The window of escape gets smaller
There are still ways around it, but these methods are not something that people are used to or would be willing to do and they will pay the price for not learning.
If you think you're going to get away with tax obligations because you're using DEFI you're shit out of luck with AOPP, these APIs can track a range of transaction history or provide the data for audits to be conducted and you won't escape as easy as previous years.
As for those who simply want to buy, break identity ties and hodl, you probably won't be affected but you will have to find a reasonable explanation as to what you did with all the money you spent buying on an exchange.
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Most governments are having a hard time economically and having access to this would allow them to tax their own citizens. I am against all of this but it won't stop governments. At least I don't think it will happen very easily in the US but I guess a few states might pass it.
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Indeed, and because people have a have low time preference instead of saving the good money they will sell for dollars or sell for another coin and create a bunch fo taxable events that strip more wealth from them
If this happens, its price will fall even more
I am not sure yet, since most people still leave their coins on exchanges, they don't even know about self custody or practice it
It cracks me up when I think that Switzerland, and The Netherlands, are all about online privacy. It seems like that is just a front because the Netherlands has been trying to infiltrate people's computing privacy ever since the internet launched.
It is kind of sad.
Lol agreed its laughable, the mental gymnastics around we protecting you by having us watch everything you do, let us invade your privacy so we have a monopoly on it is just so silly
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