Question 2: What impact would the proposed rule have on blockchain privacy or pseudonymity, noting that filings reported to FinCEN are not publicly releasable and the similarities of this proposal to the recordkeeping and reporting requirements of transactions using the traditional financial system, such as with wire or Automated Clearing House (ACH) transactions?
Response to Question 2:
As noted in the response to Section A, Question 1, the proposed rule fundamentally misapplies a regulatory framework intended for traditional centralized financial systems onto a decentralized financial system. This decentralized system is built on code not owned by institutions and is, therefore, subject to protections under the First Amendment, similar to protected internet uses. Furthermore, the all-encompassing nature of these surveillance requirements also make the proposed rule a clear infringement on the Fourth Amendment’s protections against unreasonable search and seizure. This also makes it inherently unable to provide sufficient due process, under the Fifth Amendment. Finally, attempting to enforce these requirements may be viewed as extraterritorial overreach, since these requirements will clearly affect international finance as well as domestic.
Question 3: Does the impact on privacy and legitimate applications identified in Section IV.B potentially outweigh the risks posed by illicit activity facilitated by CVC mixing?
Response to Question 3:
While the proposed rule acknowledges the fact that there are legitimate uses of CVC mixing, it fails to quantify either legitimate or illicit uses. Therefore, it is not possible to make a complete estimation of whether the risks outweigh the benefits. However, the burden of proof for implementing an all-encompassing surveillance mechanism which infringes on privacy rights of the Fourth Amendment, has substantial and poorly understood costs to users, intermediaries and law enforcement, and very real economic costs to innovation should rest with FinCEN. That said, there is a sufficient body of evidence that the risks do not outweigh the benefits.
Question 4: What challenges are anticipated with respect to identifying the foreign nexus of a CVC mixing transaction?
Response to Question 4:
As noted in response to Section A, Question 1, there are legal, ethical, and technical challenges. On the legal front, there are concerns with First, Fourth and Fifth Amendment Rights as well as the extraterritorial application of U.S. Law; the ethics of this proposal are fraught with moral hazard as what is proposed is in opposition to fundamental human rights of freedom of speech, privacy, and use of property; and technically the inherent pseudonymous nature of blockchain transactions as well as challenges relating to identification of participants in a CVC transaction make enforcement practically impossible. While there are technical ways of achieving identification of CVC users (e.g., Advanced Heuristics, Forensics, KYC, AI, Geo Analysis, Public Ledger Analysis), this cannot stop even reasonably sophisticated individuals, let alone foreign state actors. In effect, the proposed rule will strip law-abiding U.S. citizens of their rights while doing nothing to stop actual criminals or foreign enemies.
Welcome to a text based RPG GROUP GAME by #. Anyone can participate and affect the outcome but you MUST reply directly to each specific action message with only the action number itself. The first reply each round will decide what action is taken. A pool of 300 satoshis will be split among all that participate correctly if the game is won. Good luck! This game will time out in 6 minutes if no one responds. #games on #grownostr #bitcoin
You find yourself standing at the entrance of the Twilight Carnival, a mysterious and enchanting place. The sun is shining brightly, casting a warm glow on the colorful tents and rides. As you step closer, you notice a sign that reads, "Welcome to the Twilight Carnival! Enter at your own risk."
What would you like to do?
1. Enter the carnival and explore.
2. Look around for any clues or signs of danger.
3. Leave and come back later.
Remember, choose wisely! 
Here are some of the summaries I made:
A. CVC Mixing As a Class of Transactions of Primary Money Laundering Concern
Question 1: Is the scope of the recordkeeping requirement appropriate?
Response to Question 1:
There are several significant issues with the scope of the recordkeeping requirements including legal and regulatory concerns, practical and ethical considerations, and feasibility.
First, there are several concerns regarding legal and regulatory factors. These include overreach of the agency’s regulatory mandates, including the fact that these actions likely constitute legislative powers. These requirements could exceed the boundaries of “reasonable statutory authority” under the PATRIOT Act. Furthermore, they are so broad and poorly defined that they fail to demonstrate sufficient evidence that they are not “arbitrary and capricious” under the Administrative Procedures Act (APA). Moreover, the all-encompassing nature of these surveillance requirements also make them a clear infringement on the Fourth Amendment’s protections against unreasonable search and seizure. This also makes them inherently unable to provide sufficient due process, under the Fifth Amendment. Finally, attempting to enforce these requirements may be viewed as extraterritorial overreach, since these requirements will clearly affect international finance as well as domestic.
Second, there are practical and ethical considerations regarding the recordkeeping requirements. This includes weighing the effectiveness of the proposed requirements in enhancing AML/FT efforts against the substantial burden of financial institutions. Additionally, these stringent requirements could discourage legitimate use of CVCs and stifle innovation.
Third, there are numerous technical feasibility hurdles that the proposed recordkeeping requirements do not address. These include the inherent pseudonymous nature of blockchain transactions as well as challenges related to identifying participants in a CVC transaction, the decentralized nature of the blockchain making enforcement across the network impossible, potential conflict with existing data privacy laws, and potential technological workarounds and evasion.
Your hourly dose of #Bitcoin facts
• Binance: $44,353.52
• Coinbase: $44,416.93
• 24h High: $44,400.00
• 24h Low: $43,125.97
• Change last 1h: $384 (0.87%)
• Change last 24h: $1,084 (2.51%)
• Bitcoin Market Dominance: 54.06%
🕒 Moscow Time: 22:55
• Transactions in mempool: 205,866
• Block queue in mempool: 331
• Time since last block: 6m 58s
💰 MINERS RECEIVE (BTC):
• Last block: 1.341
• Average last 24 hours: 1.117
• Average last 30 days: 1.096
• Average last 90 days: 0.450
• Average last 365 days: 0.301
• Current block reward: 6.250
• Tx Volume (24h): $23,789,776,388.00
• Number of Inscriptions: 46,800,327
• Hashrate: 461.58 EH/s
• Current block height: 820,311
⚡ LIGHTNING NETWORK:
• Capacity: 5,054.04 BTC
• Nodes: 14,634 (11 new 24h)
• Channels: 61,247 (263, new 24h)
• Days until next halving: 136
• Halving date: 2024-04-23
DM for feature suggestions, #zaps to support server cost, Share/Boost/Quote to help spread.
Time: 22:00 CET - 16:00 ET - 15:00 CT
A virus came one day to stay / And all our leaders, come what may, / Decided It was either real / Or at the least, a way to steal, / And here we are now months ahead, / And those we loved, those grateful dead, / Even if old - one final breath / Coronavirus caused their death.
it may be perceived as dismissive to say it, but inevitably, the majority of humanity will only ever interface with #bitcoin via the Lightning Network; they'll download softwallets, receive sats, and partake in the economy on L2
in the same way early adopters yeeted 10,000's of wholecoins without knowing what they were hodling
solutions will pop-up, such ad fedimint that will facilitate smoother UI/UX experiences...
fees will only remain high as long as ordinals are a thing, and the price-of-entry will remain prohibitive - both in terms of actual financial cost and education in learning about coin management
US Dollar Strengthens on Positive Economic News and Federal Reserve's Monetary Policy
The U.S. dollar has continued to gain strength, reaching the 104.05 mark, primarily due to positive economic news and the Federal Reserve's decision to maintain its current monetary policy. Strong economic data, including better-than-expected retail sales and industrial production, has contributed to the dollar's gains against other major currencies. This indicates a robust recovery in the U.S. economy. The Federal Reserve's commitment to keeping interest rates low and continuing its bond-buying program has also boosted investor confidence in the dollar. The dollar's strength is expected to continue as long as the U.S. economy shows signs of improvement
The U.S. dollar's gains have been driven by positive economic news, including better-than-expected retail sales and industrial producti...
#newstr #UsDollar #EconomicNews #FederalReserve #MonetaryPolicy
US Stocks React to Upbeat Economic Data, Dollar Rebounds as Yields Surge
US stocks reacted positively to upbeat economic data, with the US economy adding 199,000 jobs in November 2023, surpassing expectations. This strong jobs report led investors to adjust their rate cut expectations, pushing back the start of Federal Reserve rate cuts. As a result, major indices saw modest gains, while small caps outperformed. Treasury yields rose significantly, and the US Dollar rebounded.
Crude oil prices rose, but still ended their fifth consecutive week in the red. Despite the increase, concerns remain about the oversupply of oil. Applied UV stock experienced a significant surge, rising by 77% following a cash dividend announcement.
Overall, the positive economic data and investor sentiment contributed to the market's upward movement, with investors closely monitoring t...
#newstr #DowJones #Stocks #JobsReport #FederalReserve #UnemploymentRate #EconomicData #TechStocks #Honeywell #Carrier #Magnite
U.S. Employers Add 199,000 Jobs in November, Indicating Soft-Landing for Economy
The US economy may be on track for a 'soft landing' as hiring cools and price increases moderate. The Federal Reserve has a good chance of bringing inflation down to its 2% target without causing a recession. However, there are risks, such as the economy slowing down and sliding into a recession. The November jobs report is expected to show that employers added 172,500 jobs, but this increase will be exaggerated by the addition of United Auto Workers members and Hollywood actors returning to work. Hiring has been cooling due to the Fed's interest rate hikes, which have raised borrowing costs. Economists worry that a rising unemployment rate could slow the economy and potentially lead to a recession. If data starts to point toward a recession, the Fed could signal rate cuts to lower borrowi...
#newstr #UsEconomy #JobsReport #FederalReserve #SoftLanding #UnemploymentRate #WageGrowth
Solid US Hiring Lowers Unemployment Rate, Job Market Remains Sturdy
The US job market continues to show strength as the economy added 199,000 jobs in November, surpassing economists' expectations of 180,000 jobs . The increase in jobs was driven by growth in the government, healthcare, leisure and hospitality, and manufacturing sectors . The number of long-term unemployed individuals decreased to 1.2 million, while the employment population ratio rose to 60.5%. The unemployment rate also decreased to 3.7%, lower than the estimated 3.9% .
Wages were up 4% compared to a year ago, which is positive for workers but concerning for the Federal Reserve as they aim to control inflation and spending . Average Hourly Earnings increased by 4% annually and 0.4% month-on-month . The positive job growth in November may dampen speculation about potential rate cuts by ...
#newstr #UsJobMarket #UnemploymentRate #FederalReserve #EconomicIndicators
Sunday: Sunny, Minimum Temperature: 10°C (50°F) Maximum Temperature: 20°C (68°F)
Maximum Temperature: 20°C (68°F), Minimum Temperature: 10°C (50°F), Wind Direction: Northerly, Wind Speed: 5mph, Visibility: Good, Pressure: 1022mb, Humidity: 52%, UV Risk: 5, Pollution: -- , Sunrise: 06:39 JST, Sunset: 16:28 JST
Monday: Light Rain, Minimum Temperature: 9°C (49°F) Maximum Temperature: 13°C (56°F)
Maximum Temperature: 13°C (56°F), Minimum Temperature: 9°C (49°F), Wind Direction: Northerly, Wind Speed: 10mph, Visibility: Good, Pressure: 1024mb, Humidity: 72%, UV Risk: 1, Pollution: -- , Sunrise: 06:40 JST, Sunset: 16:28 JST
Today: Sunny, Minimum Temperature: 4°C (40°F) Maximum Temperature: 19°C (66°F)
Maximum Temperature: 19°C (66°F), Minimum Temperature: 4°C (40°F), Wind Direction: Southerly, Wind Speed: 4mph, Visibility: Good, Pressure: 1020mb, Humidity: 54%, UV Risk: 4, Pollution: -- , Sunrise: 06:39 JST, Sunset: 16:28 JST
The OP_RETURN discussion is not new and dates back to 2014 when Bitcoin Core 0.9.0 was released with the OP_RETURN policy included which was intended to discourage more egregious forms of spam. At that time, 40 bytes was the default max datacarriersize limit across all node implementations; this was and still is sufficiently large for tying data to a transaction (32 bytes for a hash and 8 bytes for a unique identifier). Core subsequently increasing the default to 80 bytes was an entirely voluntary decision and in no way contradicts the design objective that OP_RETURN creates a provably-prunable output to minimise damage caused by data storage schemes, which have always been discouraged as abusive. There are also other good technical reasons which I have chosen to retain the lower default in Bitcoin Knots, and no justification for increasing it.
It is not my intention, nor that of my team at
@npub1qtv…7dze, to filter coinjoins. These present an innovative tool for increasing Bitcoin’s privacy and, when constructed properly, coinjoins can easily stay within the OP_RETURN limit (indeed, there is no reason for them to have *any* OP_RETURN data at all). I have some ideas on how to alleviate the recent issue where some coinjoin transactions were flagged as spam from Knots v25, and I am willing, with the full resources of my team, to work collaboratively on a solution in good faith.
Bitcoin does and always has allowed nodes to set filters based on multiple sets of criteria and Knots v25’s defaults are IMO what is best for Bitcoin at this time. Others may disagree and that is ok. They are free to (and should) run their own nodes - it is good for Bitcoin to have more people running nodes, including miners, and there should be a natural diversity in node policies. As was stated before, OCEAN is on a path to decentralization and very soon we are going to be in a position where hashers will be able to fully participate as miners and perform the intelligent parts of mining such as deciding which version of node software to run and what filters or other policies to apply to block template construction.
Sunday: Sunny, Minimum Temperature: 22°C (72°F) Maximum Temperature: 33°C (92°F)
Maximum Temperature: 33°C (92°F), Minimum Temperature: 22°C (72°F), Wind Direction: Easterly, Wind Speed: 9mph, Visibility: Good, Pressure: 1011mb, Humidity: 51%, UV Risk: 7, Pollution: -- , Sunrise: 07:01 IST, Sunset: 18:02 IST
Saturday: Sunny, Minimum Temperature: 22°C (72°F) Maximum Temperature: 33°C (92°F)
Maximum Temperature: 33°C (92°F), Minimum Temperature: 22°C (72°F), Wind Direction: Easterly, Wind Speed: 9mph, Visibility: Good, Pressure: 1012mb, Humidity: 52%, UV Risk: 7, Pollution: -- , Sunrise: 07:01 IST, Sunset: 18:01 IST
Tonight: Clear Sky, Minimum Temperature: 25°C (77°F)
Minimum Temperature: 25°C (77°F), Wind Direction: North Easterly, Wind Speed: 5mph, Visibility: Good, Pressure: 1012mb, Humidity: 69%, UV Risk: 1, Pollution: -- , Sunset: 18:01 IST
Sunday: Sunny, Minimum Temperature: 19°C (65°F) Maximum Temperature: 25°C (78°F)
Maximum Temperature: 25°C (78°F), Minimum Temperature: 19°C (65°F), Wind Direction: North Easterly, Wind Speed: 10mph, Visibility: Good, Pressure: 1015mb, Humidity: 62%, UV Risk: 8, Pollution: -- , Sunrise: 05:34 ART, Sunset: 19:59 ART
Tonight: Clear Sky, Minimum Temperature: 16°C (61°F)
Minimum Temperature: 16°C (61°F), Wind Direction: Easterly, Wind Speed: 16mph, Visibility: Good, Pressure: 1019mb, Humidity: 67%, UV Risk: 4, Pollution: -- , Sunset: 19:57 ART
Saturday: Sunny Intervals, Minimum Temperature: 17°C (63°F) Maximum Temperature: 24°C (75°F)
Maximum Temperature: 24°C (75°F), Minimum Temperature: 17°C (63°F), Wind Direction: North Easterly, Wind Speed: 11mph, Visibility: Good, Pressure: 1018mb, Humidity: 62%, UV Risk: 7, Pollution: -- , Sunrise: 05:34 ART, Sunset: 19:58 ART
Sunday: Light Rain, Minimum Temperature: 10°C (50°F) Maximum Temperature: 12°C (54°F)
Maximum Temperature: 12°C (54°F), Minimum Temperature: 10°C (50°F), Wind Direction: South Westerly, Wind Speed: 14mph, Visibility: Moderate, Pressure: 1014mb, Humidity: 88%, UV Risk: 2, Pollution: -- , Sunrise: 08:33 CET, Sunset: 16:54 CET
Tonight: Light Rain, Minimum Temperature: 5°C (42°F)
Minimum Temperature: 5°C (42°F), Wind Direction: South Westerly, Wind Speed: 10mph, Visibility: Moderate, Pressure: 1013mb, Humidity: 94%, UV Risk: 0, Pollution: -- , Sunset: 16:54 CET
H.L. Mencken explains why democracy is doomed in 10 points:
1. People don't want freedom but safety: "The average man wants the peace of a hog in a comfortable sty."
2. Democracy INTENSIFIES groupthink: "Democratic man is quite unable to think of himself as a free individual; he must belong to a group, or shake with fear and loneliness."
3. Democracies are plutocracies; they're run by the aristocracy of money. But the plutocracy "lacks all the essential characters of a true aristocracy: a clean tradition, culture, public spirit, honesty, honor, courage—above all, courage. It is transient and lacks a goal."
4. The plutocrats lack "an aristocratic disinterestedness born of aristocratic security." He submits. He can be bullied and broken.
5. Democracies birth their intellectual apologists - Mencken calls them "pedagogues." These are not genuine thinkers; they’re "men chiefly marked by their haunting fear of losing their jobs." This describes most journalists.
6. Democracy is anti-excellence. Freud said we repress our sex drive as it’s frowned upon...but there’s nothing that democracy frowns upon more than a CLEAR proof of superiority. Democracy says "the most worthy & laudable citizen is that one who is most like all the rest."
7. Mencken explains how this era demands we repress our greatness: "A man who has throttled a bad impulse has at least some consolation in his agonies. But a man who has throttled a good one is in a bad way indeed. Yet this great Republic swarms with such men, & their sufferings are under every eye."
8. Mencken on the two worst crimes in a democracy: "There is only one sound argument for democracy, and that is the argument that it is a crime for any man to hold himself out as better than other men, and, above all, a most heinous offense for him to prove it."
9. Mencken: "The democratic politician, confronted by the dishonesty and stupidity of his master, the mob, tries to convince himself and all the rest of us that it is really full of rectitude and wisdom." To gain power in a democracy, men sacrifice their self-respect...
10. Mencken believed democracy will cancel itself out: "Democracy may be a self-limiting disease, as civilization itself seems to be. There are thumping paradoxes in its philosophy, and some of them have a suicidal smack."
-a tweet from @oldbooksguy
One could significantly reduce bots on a social network by enacting a price on users. While X is messing with the idea of charging everyone, NOSTR could simply enact a relay processing cost on users, making bot armies resource intensive.
Skin in the game should benefit the network, not the owner. That said, I think Musk is genuinely trying to progress toward true freedom, but is dealing with a different set of confines than a decentralized solution.
Grok confirms. #Nostr is the platform of freedom
"Nostr, being a decentralized social protocol, offers a more open and flexible system where users have more control over their data and content. It's like a wild, untamed frontier where users can create and explore without the constraints of a centralized authority...
If you value freedom, decentralization, and a more experimental approach, Nostr might be the platform for you."
"Austin, Deltona, Fla., and Phoenix are off 5.5%, 3.2%, and 2.1% respectively, while Phoenix, Las Vegas, Boise, Colorado Springs, Raleigh, and Cape Coral, Fla., all showed smaller declines, meaning that they’ve also widely trailed a consumer price index that’s been running at about 3% since last August."
Read this story from "Fortune" for free without being tracked.
#market #estate #Pinto #Midwest #Sunbelt #EdPinto #AmericanEnterprise
Hong Kong and China's Exports Show Signs of Recovery Amidst Ongoing Challenges
Hong Kong's exports grew by 1.4% year-on-year in October, marking the end of a 17-month decline. The value of goods sold abroad rose to HK$379.9 billion, while imports increased to HK$405.6 billion. However, exports in the first 10 months of the year still experienced an 11% decline. Despite the positive growth in October, the Hong Kong government warns that challenges will persist due to heightened geopolitical tensions and a difficult external environment. Shipments to mainland China rose by 5.6%, and there were also increases in exports to India, Vietnam, and Thailand. Economists predict continued growth in exports for the last two months of the year, but the trade environment will remain challenging due to uncertainties in global consumer sentiment.
China's exports increased by 0.5% i...
#newstr #HongKong #China #Exports #Imports #EconomicOutlook #TradeChallenges
This is a pretty ignorant and close minded comment. Also pretty toxic. Marijuana /is/ bad for dopamine if you over consume. Anything that provides an immediate dopamine hit and doesn’t provide intrinsic value is bad for dopamine. Like social media, YouTube videos, etc. Over consumption of any of these are bad for your dopamine production and release. I’m not believing everything I’m told, I’m sharing my own experiences from smoking marijuana for multiple years, every day, multiple bowls a day. Stop assuming you know more than everyone else.