Yes, BIP-119 and similar proposals are an extreme threat to Bitcoin's use as a permissionless network. It can be implemented with a soft-fork so probably it will happen in time. Eventually this tech can and probably will be used to manage whitelisted addresses, combined with AML regulations.
In time it will be both illegal and technically impossible to send bitcoin to any address not whitelisted by western banking regulators.
If you need to hide your money, use Monero. If you can use KYC'ed money then Bitcoin will remain a durable store of value.
BitcoinStu
npub1uav…x9cn
2024-05-14 03:58:50
in reply to nevent1q…ztzn
Author Public Key
npub1uavkq2z6vqczd772ple0p0k44ncjcxv5lg4sq6r069aagvra47uq2dx9cnSeen on
wss://relay.noswhere.comPublished at
2024-05-14 03:58:50Event JSON
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"content": "Yes, BIP-119 and similar proposals are an extreme threat to Bitcoin's use as a permissionless network. It can be implemented with a soft-fork so probably it will happen in time. Eventually this tech can and probably will be used to manage whitelisted addresses, combined with AML regulations.\n\nIn time it will be both illegal and technically impossible to send bitcoin to any address not whitelisted by western banking regulators.\n\nIf you need to hide your money, use Monero. If you can use KYC'ed money then Bitcoin will remain a durable store of value.",
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