4 ms·

Theoretically companies like Mindgeek who have been kicked off of the VISA/Mastercard duopoly, would be able to use Bitcoin as a censorship-resistant way to acc

Theoretically companies like Mindgeek who have been kicked off of the VISA/Mastercard duopoly, would be able to use Bitcoin as a censorship-resistant way to accept online payment. There's additional benefits as mentioned earlier like not needing to comply with KYC laws. Of course, as Bitcoin currently stands, it's difficult for this to come to fruition because most holders are speculators rather than people interested in using it as currency.

overscore 6y ago
> There's additional benefits as mentioned earlier like not needing to comply with KYC laws. Why would Bitcoin transactions be exempt from KYC?
- Spoom 6y ago
  Because the fact that it's (in theory) anonymous means that most people think that it also cannot be regulated by laws. People just don't outright say that though because it might sound like enabling fraud, tax evasion, and other unsavory activities was the point.
oblio 6y ago
> There's additional benefits as mentioned earlier like not needing to comply with KYC laws. In many situations lack of KYC is a bug, not a feature.
- ur-whale 6y ago
  >In many situations lack of KYC is a bug, not a feature. Some people seem to be actually believe that. You just happen to be one of them.
  - oblio 6y ago
    How do you track money laundering? Not everyone doing it is a virtuous rebel Fighing The Powah. A lot of them are just plain old crooks or other kinds of criminals.
    - ur-whale 6y ago
      > How do you track money laundering? You don't. Just like free speech, tracking what people do with their money is a violation of basic human rights. Giving governments that kind of power is downright crazy. If you want to catch criminals, resort to traditional ways.
NovemberWhiskey 6y ago
>like not needing to comply with KYC laws You can also not comply with KYC laws in the traditional banking system; you're just going to get roflstomp'd by the financial authorities, c.f. $200mm fine for Deutsche Bank for insufficient AML/KYC controls in 2012-2015 time period. Why would you imagine the result will be any different for crypto-banking? FinCEN is already promoting KYC for exchange-hosted wallets.

overscore 6y ago

> There's additional benefits as mentioned earlier like not needing to comply with KYC laws. Why would Bitcoin transactions be exempt from KYC?

Spoom 6y ago
Because the fact that it's (in theory) anonymous means that most people think that it also cannot be regulated by laws. People just don't outright say that though because it might sound like enabling fraud, tax evasion, and other unsavory activities was the point.

oblio 6y ago

> There's additional benefits as mentioned earlier like not needing to comply with KYC laws. In many situations lack of KYC is a bug, not a feature.

ur-whale 6y ago
>In many situations lack of KYC is a bug, not a feature. Some people seem to be actually believe that. You just happen to be one of them.
- oblio 6y ago
  How do you track money laundering? Not everyone doing it is a virtuous rebel Fighing The Powah. A lot of them are just plain old crooks or other kinds of criminals.
  - ur-whale 6y ago
    > How do you track money laundering? You don't. Just like free speech, tracking what people do with their money is a violation of basic human rights. Giving governments that kind of power is downright crazy. If you want to catch criminals, resort to traditional ways.

NovemberWhiskey 6y ago

>like not needing to comply with KYC laws You can also not comply with KYC laws in the traditional banking system; you're just going to get roflstomp'd by the financial authorities, c.f. $200mm fine for Deutsche Bank for insufficient AML/KYC controls in 2012-2015 time period. Why would you imagine the result will be any different for crypto-banking? FinCEN is already promoting KYC for exchange-hosted wallets.