Financial Privacy on Bitcoin is Under Attack!

Financial Privacy on Bitcoin is Under Attack!

all great things must come to an end and
this is true with even spot Bitcoin ETF
inflows we take a look at the historic
streak and look at how rare the success
of these ETFs have actually been
speaking of rare what is a rare set and
why did one go for $2.1 million plus in
the last 24 hours everything has turned
on a dime in the US as the economy
enters stagflation with slowing GDP and
Rising inflation and US citizens are
questioning their fundamental right to
priv y as Samurai co-founders were
arrested on charges for money laundering
and unlicensed money transmitting what
does this mean for the future privacy on
bitcoin welcome to the Bitcoin Daily
Show I’m Dante cook head of swan
business all great things must
eventually come to an end and we’re
witnessing the end of an era right in
front of our eyes with Stephen the
Warriors out of the playoffs and KD and
the Suns and LeBron’s Lakers both Down 2
it’s clear that we’re likely witnessing
the end of three alltime greats as the
new guard steps in Never Say Never but
teams that lead 20 in a best of seven
series have an all-time record of 314 to
27 but even with them losing we have to
recognize that we’re watching greatness
and that’s how I would characterize
black Rock’s 71 day streak of net
inflows being snapped Black Rock streak
of net inflows was snapped at 71 ranking
them as the 10th longest streak of all
time among ETFs but all of these funds
that they are on this list with had
these long streaks well after they were
launched not right when they launched
black Rock’s ibit has redefined the
success of ETFs all together along with
Fidelity ibit fbtc arcb and bitb all
rank within the top 10 of net asset
flows in their first 72 days of trading
and you know what else is ending right
now everybody’s fake optimism about the
US economy as reality slaps Wall Street
and Main Street in the face GDP came out
at just
1.6% compared to 3.4% when reported in
Q4 of 2023 that combined with core PC
Rising Almost 100% from 2% to 3.7% in
this last reading we have entered
stagflation with Rising inflation and
slower growth Goldman was wrong in their
estimates on GDP by over 50% as they
forecasted 3.1% in this latest reading
but what’s new Wall Street is completely
disconnected from reality and you know
what else is completely disconnected
from reality the auction of the first
set from bitcoin’s fifth Epoch going for
$2.1 million there is no first set a set
is just a unit of measurement for a utxo
as Swan friend and CEO of barefoot
mining Bob Bernett puts it there is no
way to distinguish new bit Bitcoin
issuance from existing Bitcoin issuance
which leads me to our bombshell story of
the day co-founders and CEO of Samurai a
Bitcoin mixing service were arrested on
charges of money laundering and
unlicensed money transmitting before I
dive into this let me try to paint a
picture with an analogy from Jensen hang
nvidia’s founder at Stripes recent
payment conference he compared AI to
what we did at the start of the
Industrial Revolution which was take
water and input and create electricity
as an output what he does and what he
says his company does essentially is it
builds token machines taking electricity
as an input in outputting tokens chat
gbt outputs tokens it could be a text a
large language model an image which is
why I believe that banning and
discriminating against Bitcoin mining is
wrong Bitcoin does the same thing as
Nvidia by taking electricity on one side
and outputting a token or satoshis on
another side you’re signing Mal intent
or a bad characteristic to one token and
not another token one is prohibited and
one is allowed both tokens are
performing the same task this leads me
to my fundamental issue with the charges
from the southern district of New York
without actually knowing whether money
has been obtained legally or illegally
they are deeming certain money exchanges
as money laundering or financial crimes
anytime you convert a paycheck whether
that’s a digital paycheck or a physical
paycheck for cash and you go spend that
cash at the grocery store that is a form
of mixing a private transaction where
you are exchanging one form of currency
for another form of currency but they
are like currencies you also do this
when you exchange a $100 bill for four
$20 bills and a $10 bill and a five with
five ones you are essentially mixing the
money but that doesn’t mean that you
acquired that money illegally and the
issue that I have is that they are
mixing the act of exchanging money with
illegal activity as Lynn Alden puts this
in a Noster post privacy is normal and
good now that open- Source technology
can make certain transactions private
authorities increasingly equate all
private money transfer with money
laundering even if the developer of the
open source Tech had no direct
involvement with criminals authorities
Target them regardless and sanction the
technology itself Financial privacy
becomes synonymous with crime in their
minds and in the minds of the public now
the government may have more information
than we are privy to in this case and
it’s very possible given that Samurai
and Samurai Founders have posted things
like welcoming Russian oligarchs to
their system or offering to investors
that this was a sort of service or thing
that could could be used for in
investment documents it is possible for
these two things to both be true at the
same time that privacy is a fundamental
right that we should fight for and is a
good and just thing to voice Our concern
about and there could have been criminal
activity going on here we don’t know
enough on the surface Swan co-founder
Yan pritzer highlights the nuances of
this in several tweets that we have
Linked In the show notes here are two
other issues that I have with this on
the surface one if you are charging them
with money laundering you are then
considering Bitcoin as money but I
thought for every other intensive
purpose it was considered property well
then would any time that we spent money
elicit a capital gains tax like it does
with Bitcoin why is Bitcoin considered
money in a certain instance but property
in other instances there needs to be
more clarity around this two the media
continues to spread the lie that Bitcoin
is primarily used for fraud ransomware
illegal activity like money laundering
that they’re trying to point out in this
case but even the government themselves
in this press release says that over two
billion transactions were done but about
$100 million worth were done in the case
of money laundering that’s about 5% of
the total flows that were used for this
elicit activity so even in this case
with a privacy based service if the
ratio of non ilicit or non- illegal
activity is 95% of the activity and
illegal activity is 5% of the activity
then how can you continue to paint the
picture that Bitcoin is primarily used
for illegal activities it’s not all
right let’s end the show on a lighter
note we always need an opportunity to
cheer for the good guy and that good guy
is Christian langis Christian langis if
you don’t remember was the 22-year-old
intern who held up the buy Bitcoin sign
in the middle of a hearing committee
where Janet yelling was giving the
update semiannual report to Congress
about the monetary policy coming up
unlike the first sat which isn’t real
and can’t be verified Christian
auctioned off the buy Bitcoin sign and
it went for 16 Bitcoin or just over a
million dollars yesterday here’s a small
bit of hope that can be taken from this
sort of story regardless of whether you
have influence or power it always makes
sense to say the right thing and to
stand up to power even if you don’t have
any and eventually you will be rewarded
hopefully we all get rewarded like
Christian one day with over a million
dollars but the principle remains it’s
always the right time to do the right
thing congratulations Christian from the
Bitcoin Daily Show and with that we’re
signing off for the day I’m Dante cook
sw.com happy stacking
[Music]

All great things must come to an end, and this is even true with the Spot Bitcoin ETF inflows. Also, what is a rare sat and why did one auction for $2.1 Million? Plus, in the last 24 hours everything has turned on a dime in the US economy as slowing growth and rising inflation takes hold. Also, Americans are questioning their fundamental rights to financial privacy as founders of Samourai, a Bitcoin mixing service, were arrested and are being charged with money laundering. What does this mean for the future of privacy on Bitcoin?

Yan Pritzker’s Tweet on Samourai Charges: https://twitter.com/skwp/status/1783301043561926854

► Connect with Swan Bitcoin:
✓ YouTube: https://youtube.com/@Swan_Bitcoin
✓ Twitter: https://twitter.com/Swan
✓ Instagram: https://instagram.com/SwanBitcoin
✓ Telegram: https://t.me/swanbitcoin
✓ LinkedIn: https://linkedin.com/company/swanbitcoin

► *Swan Bitcoin* is the best way to accumulate Bitcoin with automatic recurring buys and instant buys from $10 to $10 million. Start your Bitcoin journey today, and your first $10 purchase is on us
✓ https://swanbitcoin.com/yt

► Download the all-new *Swan Bitcoin App*
✓ https://www.swanbitcoin.com/app/?utm_medium=social&utm_source=youtube&utm_campaign=youtube_description

► Join us for Pacific Bitcoin Festival 2024! Purchase your tickets now before prices go up (Fully Refundable Until February)
✓ ⁠https://www.pacificbitcoin.com/collections/tickets

► Secure your bright orange future with the *Swan IRA* today! Real Bitcoin, no taxes
✓ https://www.swanbitcoin.com/bitcoin-ira/?utm_medium=social&utm_source=youtube&utm_campaign=youtube_description

► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, *Swan Private* is your guide
✓ https://www.swanbitcoin.com/private/?utm_medium=social&utm_source=youtube&utm_campaign=youtube_description

► Want to learn more about Bitcoin? Check out *Welcome To Bitcoin* a FREE Introductory course. Learn about Bitcoin in under 1 hour!
✓ https://welcome.swanbitcoin.com/

► Get paid to recruit new Bitcoiners by joining *Swan Force*
✓ https://www.swanbitcoin.com/enlist/?utm_medium=social&utm_source=youtube&utm_campaign=youtube_description

WARNING: Beware of scammers who use Swan’s image and name in the comment section. We will never ask you to contact us through YouTube. If you have any questions and want to reach us directly, follow our Twitter account @Swan and send us a message.