Kraken CEO Jesse Powell has slammed the Canadian government’s decision to seize funds from its citizens’ bank accounts without due process. He warns that Kraken will have no choice but to comply with any seizure demands. Although “authorities” are able to block transfers to centralized exchanges, peer-to-peer transactions remain secure.
Article by: Andy Savage and Rustin Watt
Kraken and other exchanges are facing the prospect of unconstitutional demands from the Canadian regime. Never one to embrace cowardice, Powell is speaking out strongly and publicly against these injustices. He is acting against his own short-term self-interest to defend freedom. In a recent tweet he said:
Due process is for plebs. Might makes right in Canada. If someone dissents, you just confiscate their “wealth, revoke their licenses, exclude them from the financial system and kill their pets. No need to debate the law, policy or even rights when you have a monopoly on violence.”
Comments show that users definitely appreciate the man for raising alarm and being so honest. A Twitter user asked if Kraken would be put in a position where it is told to freeze assets by the police. Powell responded: “100% yes it has/will happen and 100% yes, we will be forced to comply. If you’re worried about it, don’t keep your funds with any centralized/regulated custodian. We cannot protect you. Get your coins/cash out and only trade p2p [peer-to-peer].”
What is interesting is that it shows the awareness around the significance of self-custody. While most CEOs of Crypto exchanges would never advise users to withdraw as they don’t want to lose liquidity, Powell educates users about risks that all exchanges and their respective users share. This is sign of his principles, vision and integrity that usually can only be seen among bitcoin-only companies.
Kraken’s Jesse with certainty is one of the most respected leaders in the industry and in the bitcoin community. Honest tweets like these, confirm that he is committed to bitcoin, and understands his difficult job of balancing the two forces. Maintaining trust of customers while battling with the cartel’s compliance attacks. Principles matter to him more than money which seems almost revolutionary considering he is a corporate leader in finance. Bitcoin changes everything.
In another tweet, he sarcastically advises followers to “sell all your assets for digital fiat and make sure to keep it in your on-shore bank account for maximum convenience to any government seeking to illegally and punitively confiscate your ability to live.”
Powell is caught in the crossfire of criticism but it’s clearly illogical nonsense
Propaganda hacks are trying to imply that Powell has brought this on himself because he is one of the funders of the Trucker Convoy who was doxed by “anonymous hackers” recently. They are also trying to blame him for the whole new set of “laws”. It’s clearly illogical nonsense but could be harmful if people fall for it.
This is not a flaw in Bitcoin, which is designed to be controlled by users. It’s not even a flaw in the exchange systems—they are just there to perform a useful function. The flaw lies in the state of a society that allows tyrants to ignore Common Law and deem people guilty just by declaring them so.
When the founder of one of the world’s biggest trading exchanges is advising people to only trade peer-to-peer, you know something has gone bad!
Marty Bent joins Tucker Carlson to promotes self-custody
Later Friday evening, following Powell’s post, host of “Tales from the Crypt” Marty Bent joined Tucker Carlson. Bent and his co-host Matt O’Dell promote self custody, privacy tools, and best practices with Bitcoin.
Bent capitalized on the moment, see it here:
Bent emphasized the importance and purpose of Bitcoin self custody and peer-to-peer transactions in order to protect against whichever way the political winds are blowing as displayed in Canada.
Powell, Bent, and even Coinbase CEO Brian Armstrong, all emphasized within a 24-hour period the importance of self custody and taking ownership of your Bitcoin, it may be more important than ever.
It is of little doubt the draconian actions from Canadian Prime Minister and World Economic Forum alumni, Justin Trudeau, not only pushed the topic of self-custody and censorship resistance to the forefront, but the authoritarian regime in has also provided a world stage for Bitcoin and its use cases.
“Not Your Keys; Not Your Cheese” –@BitcoinZay
Bitcoin was designed to be taken into self custody. Self custody isn’t advised, it is fundamental to Bitcoin and necessary to enjoy the benefits an immutable, censorship resistant, deflationary, peer-to-peer money provides as designed by Satoshi Nakamoto.
- It is important to understand when it comes to Bitcoin, it is the holder of the private keys that controls the coins.
- This private key or it’s more human memorable mnemonic seed phrase is the 12-24 word list that must be protected by the user at all costs. If the seed phrase is compromised, so is the the bitcoin. Or in other words:
Not your keys, not your coin
Not your keys, not your corn
Not your keys, not your cheese
Exchanges Are Third Parties; Bitcoin is About Removing Third Parties
- Exchanges are where individuals can go to purchase Bitcoin and centralized digital assets(shitcoins). The error many make is purchasing and leaving their coins on the exchange where they can be seized, frozen, or hacked.
- Mt. Gox
- FCoin Insolvent
- Black Swan events are unpredictable. The, “That’ll never happen to me,” response when it comes to an exchange will not cut it.
- This is now a very real and exciting moment to demonstrate Bitcoin’s capability as censorship resistant to the state.
Non-Custodial to Hardware
- Once coins are purchased through an exchange it is important to take your Bitcoin off the exchange into self custody.
- The first step a user can take is to send their purchased coins to a non-custodial wallet. There are many great options. It is essential to write down your seed phrase, keep it offline, and keep it safe. One option I use is the CryptoTag.
- Blue Wallet
- Muun Wallet
- Green Wallet
Once Familiar Here the Next Step is a Hardware Wallet
- Hardware wallets allow a user to take their coins offline and take sovereign custody of their Bitcoin.
- A user should never give their seed phrase to anyone for any reason or purpose, anyone who asks is likely phishing to hack users.
- No reputable Bitcoin company will ask you for your seed phrase.
- Always purchase hardware directly through retailers and not third parties such as EBay or Amazon.
- ColdCard Wallet
While in the U Bitcoin advocates in Government, don’t wait or rely on the state to protect you.
Take these Steps Towards Sovereignty Today
- Work in steps to take your Bitcoin off exchanges
- Learn about the steps, and seek trusted mentorship
- Use small transactions to test before using larger quantities
- Take your time
- Use best practices, study and research throughoutly
- An educational resource on Bitcoin privacy and best practices along with Q/A can be found at bitcoiner.guide
- Teach Others and Spread the Word
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