A last-minute amendment buried in Kentucky HB 380 would require hardware wallet providers to reset users' seed phrases on request, effectively outlawing self-custody in the state.
The mandate is tech...
I think things like this just go to show that Bitcoin will actually do better outside of 'the system', and shows its value as adversarial money.
I don't think it does any harm if the system does accept us, and does bend to us, but I just don't think that it will (at least not in the short/medium term). I think that it will make technically un-enforcable demands, and that will accelerate Bitcoin's adoption outside of the system.
And I think the same is true for any privacy tech, open source in general. The more they push, the more people are forced into finding solutions that actually work for them to stay free.
But I really do see the value in organisations like the Bitcoin Policy Institute engaging in a dialogue with the system and highlighting issues. And if it tips things slightly in our favour, or slows down the rot, it's obviously very worthwhile.
At the same time though I don't know how they have the patience or the energy for it. I'd just say fuck it and assume that everyone is going to have to figure out safe custody models for themselves and merchant adoption and transactions etc all completely outside of the system.
But I guess that's why I'm not a politician, because my instinct is just to go around them. Obviously more sociable and politically savvy people have the energy/patience to get involved and that's great.
I'm just saying, Bitcoin doesn't know or care what the laws are in Kentucky either way, and that's its biggest strength.
I don't think it does any harm if the system does accept us, and does bend to us, but I just don't think that it will (at least not in the short/medium term). I think that it will make technically un-enforcable demands, and that will accelerate Bitcoin's adoption outside of the system.
And I think the same is true for any privacy tech, open source in general. The more they push, the more people are forced into finding solutions that actually work for them to stay free.
But I really do see the value in organisations like the Bitcoin Policy Institute engaging in a dialogue with the system and highlighting issues. And if it tips things slightly in our favour, or slows down the rot, it's obviously very worthwhile.
At the same time though I don't know how they have the patience or the energy for it. I'd just say fuck it and assume that everyone is going to have to figure out safe custody models for themselves and merchant adoption and transactions etc all completely outside of the system.
But I guess that's why I'm not a politician, because my instinct is just to go around them. Obviously more sociable and politically savvy people have the energy/patience to get involved and that's great.
I'm just saying, Bitcoin doesn't know or care what the laws are in Kentucky either way, and that's its biggest strength.
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