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> But given that the ledger data is public I could see it become regulate so that to buy and sell crypto you need to go through a Know your customer(KyC) proces
by csomar 6y ago
> But given that the ledger data is public I could see it become regulate so that to buy and sell crypto you need to go through a Know your customer(KyC) process.
You already need KYC today for most exchanges. This status quo is unlikely to remain, however, given that Decentralized Exchanges are likely to become cheap and efficient in the future.
> The can pretty much track in real time when illegal transactions are taking please by cross referencing if transactions from black listed to white listed addresses are taking place and fine instantly.
I think when this happens most people will realize how important the current Proof Of Work concept is. It basically means this white/black listing becomes very hard vs. PoS where the big holders could be manipulated by some government.
- Kbelicius 6y ago> This status quo is unlikely to remain, however, given that Decentralized Exchanges are likely to become cheap and efficient in the future. Decentralized exchanges are not the solution to the given problem unless I'm missing something. AFAIK on a decentralized exchange I can trade my BTC for ETH but I can not trade my USD or EUR for ETH. > I think when this happens most people will realize how important the current Proof Of Work concept is. It basically means this white/black listing becomes very hard vs. PoS where the big holders could be manipulated by some government. Are you implying that miners, unlike POS holders, are not humans, or are a special breed of humans, and thus can not be manipulated by governments?