If it spreads that won't be the case either.
Suppose you buy from a miner, or mine yourself.
Then you need to pay for something, a bike, for example.
You transfer the money from your wallet to the seller's, but then he receives a notification that his fiat gateway account has been suspended permanently, effectively ruining his life. Why? because "to the best of their knowledge" his wallet was tied to his account (inversion of the presumption of innocence.)
So the seller decides to never again sell to non-KYC plebs. He begins to require compliance, just like many traders at "p2p exchanges" decided to take the KYC enforcing job for themselves when regulations hit, remember?
There is a schism, BTC becomes non-fungible. Some utxo's will live in the KYC world, some will live in the free world.
It's a serious problem, and it requires more energetic reactions from the community, if it really wants to solve it.
gravimatrix / Gravimatrix
npub146…fqx6l
2023-11-11 22:29:20
in reply to nevent1q…uzmm
Author Public Key
npub146k0pn8qz82wjujm2suxj8rd27tvt230gth622pmq97fcdhq8x9syfqx6lPublished at
2023-11-11 22:29:20Event JSON
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"content": "If it spreads that won't be the case either. \n\nSuppose you buy from a miner, or mine yourself. \nThen you need to pay for something, a bike, for example. \nYou transfer the money from your wallet to the seller's, but then he receives a notification that his fiat gateway account has been suspended permanently, effectively ruining his life. Why? because \"to the best of their knowledge\" his wallet was tied to his account (inversion of the presumption of innocence.)\n\nSo the seller decides to never again sell to non-KYC plebs. He begins to require compliance, just like many traders at \"p2p exchanges\" decided to take the KYC enforcing job for themselves when regulations hit, remember? \n\nThere is a schism, BTC becomes non-fungible. Some utxo's will live in the KYC world, some will live in the free world. \n\nIt's a serious problem, and it requires more energetic reactions from the community, if it really wants to solve it. ",
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