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The use case I was thinking of for individuals is more like paying a nickel to read an article. I'm not really familiar with AML/KYC requirements, but I'm not s

by pfranz 6y ago

The use case I was thinking of for individuals is more like paying a nickel to read an article. I'm not really familiar with AML/KYC requirements, but I'm not sure I see the need. I would imagine most people would want a basic account so they could revisit paid content later. Any laundering would get caught looking at your business' finances (what you do with the money) or tracking crypto accounts in a more traditional manor. I've used cryptocurrencies here and there for online services (merch and digital services) and don't remember any additional scrutiny. I reasons I had in mind are the confusion and overhead of using crypto for the average person. I guess if there were some regulatory requirements in a made-up "ideal" scenario, I would see it mirroring existing banks and credit cards where your source wallet was from a "sanctioned" account to track location for local taxes and whatnot. The onus wouldn't be put on the business other than having an allowlist (by prefix or something)--but none of that exists. I would think a lot more structure an institutions would need to exist anyway to make cryptocurrencies more palatable to individuals.

KirillPanov 6y ago
Brave got a tap on the shoulder from the government and was told they had to collect all that data in order to release crypto payments to the owners of the websites they'd been collecting micropayments for: https://preview.redd.it/52bkflf0cld31.jpg?width=462&format=pjpg&auto=webp&s=8b37760e51e638b965ca2ad0b37f4de00d77b885 https://preview.redd.it/52bkflf0cld31.jpg?width=462&format=p... https://support.brave.com/hc/en-us/articles/360032158891-What-is-KYC- https://support.brave.com/hc/en-us/articles/360032158891-Wha... I disagree with a lot of Brave's approach. However their experience shows that this problem isn't theoretical. One company has already managed to deliver frictionless micropayments, and was told by the government that if they didn't add some friction back in (AML/KYC), executives would be going to prison. Not cool. This also led to a real mess with the operators of archive.today, who don't live in the USA and apparently aren't supported by the AML/KYC process being used. So a fairly large amount of money collected in order to support them is stuck and can't be paid out: https://blog.archive.today/post/626174398020403200/please-provide-all-the-details-about-how-brave https://blog.archive.today/post/626174398020403200/please-pr...

by pfranz 6y ago

KirillPanov 6y ago

Brave got a tap on the shoulder from the government and was told they had to collect all that data in order to release crypto payments to the owners of the websites they'd been collecting micropayments for: https://preview.redd.it/52bkflf0cld31.jpg?width=462&format=pjpg&auto=webp&s=8b37760e51e638b965ca2ad0b37f4de00d77b885 https://preview.redd.it/52bkflf0cld31.jpg?width=462&format=p... https://support.brave.com/hc/en-us/articles/360032158891-What-is-KYC- https://support.brave.com/hc/en-us/articles/360032158891-Wha... I disagree with a lot of Brave's approach. However their experience shows that this problem isn't theoretical. One company has already managed to deliver frictionless micropayments, and was told by the government that if they didn't add some friction back in (AML/KYC), executives would be going to prison. Not cool. This also led to a real mess with the operators of archive.today, who don't live in the USA and apparently aren't supported by the AML/KYC process being used. So a fairly large amount of money collected in order to support them is stuck and can't be paid out: https://blog.archive.today/post/626174398020403200/please-provide-all-the-details-about-how-brave https://blog.archive.today/post/626174398020403200/please-pr...