Be the master of your will and the slave of your conscience.
— Hasidic Saying
For the first time in history, the US has sanctioned 2 bitcoin address
U.S. Department of the Treasury (Office of Foreign Asset Control) is adding two crypto addresses to its sanctions list. (Source)
These addresses belong(ed) to two Iranian men who have launched ransomware attacks for the last 5 years.
First of all…imagine that…being in bitcoin since 2013 and still reusing addresses.
Folks, please don't reuse addresses, especially the same two for 5+ years.
So what is this list?
This list means that…
And from a legal perspective this means…
This last of Marco’s analysis is interesting.
As Marty points out, chain analysis companies have tracking techniques that are heuristic based and don’t provide 100% certainty.
Now, imagine telling someone who isn’t familiar with cryptocurrencies about bitcoin and these sanctions.
They would probably respond in a way similar to this:
Good point, right? Why isn’t there a mechanism to prevent people from interacting with folks on the SDN list (Specially Designated Nationals list)?
Well, because bitcoin doesn’t work like that.
As Pierre points out:
Steve Middlebrook@stmdc@propelforward If your current software doesn't already check addresses against a prohibited list before authorizing a transaction, then you may need code changes. But seriously, who would have built a transaction engine without that capability?????
TL:DR - This will be an interesting case study in the ability of regulators to actually regulate Bitcoin.
Oh, and again, don’t be reusing 5 year old bitcoin addresses.
And if you want some more technical thoughts on this, you can check out this tweet thread.
Tether now allows for direct redemption of USDT for USD
Last week announced that it has launched "a redesigned platform allowing for the verification of new customers and direct redemption of Tether to fiat.”
There is a minimal issuance and redemption requirements equal to 100,000 USD and $100,000 USD₮.
Hopefully this clears most of the Tether FUD.
And with that said, Tether still isn't particularly interesting and stablecoins are still stupid.
Required reading if you still think that miners control bitcoin.
You can read the article here.
That’s all for now. If you think I missed anything important, mention it in the Telegram group.
Have a great week folks!