Comment by egorfine
9 months ago
Given that this protocol is Coinbase sponsored, you can be sure that the whole KYC/AML bullshit is going to be applied to every transaction.
Want to read a paid message? Please upload your recent utility bill and confirm your identity with a video call. Sorry, you are not a US citizen with possession of the only subset of ID documents we support, reject.
> Given that this protocol is Coinbase sponsored, you can be sure that the whole KYC/AML bullshit is going to be applied to every transaction.
Unfortunately (or fortunately, depending on perspective), this is the law basically everywhere where people have money. Like, you can avoid KYC/AML checks by using small operators, but as they get larger they'll have to introduce them or be regulated out of existence.
If you really hate this (which is a valid position that I mostly don't share) then you should either run for elected office or sponsor/help other people to do this, as that's the only way to change the law.
Fundamentally, as the internet ends up mapping to just society, it will be a reflection of society, much of which is driven by government regulation.
Fortunately crypto exists. Fortunately, it is perfectly usable in real world while avoiding most of the KYC/AML crap.
Honestly, probably not for long. Like, basically any Western headquartered crypto company will have (at least in theory) KYC/AML checks.
And I'm not sure how you plan to get your crypto into fiat without hitting a bank/financial institution which will have these checks.
Like, this is part of society (for some good and some bad reasons, like a lot of other things).
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