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In practice, we still require ID verification to participate in markets.
by jchook 5y ago
In practice, we still require ID verification to participate in markets.
- knownjorbist 5y agoSome markets. All kinds of financial transactions are happening as we speak in various DeFi ecosystems on a permissionless basis - you don't need an account, just a wallet. Before say "your wallet is your account", only sort of. You can have any number of wallets through any number of applications that support it, including rolling your own if you so chose. Certainly nothing like the KYC/AML required of, say, Robinhood.
- jchook 5y agoExamples?
- knownjorbist 5y agoLoans, derivatives, providing liquidity to AMMs, lots of other things going on. Here's a list of the big ones on Ethereum: https://dappradar.com/defi https://dappradar.com/defi
- BuyMyBitcoins 5y agoWe’re talking about the government here, it’s entirely reasonable to assume they’re going to start regulating this kind of thing by imposing rules on citizens.
- yaa_minu 5y agoHow are they going to regulate defi?
- BuyMyBitcoins 5y agoThe most likely thing is to add onerous reporting rules on US citizens since they can’t directly change any of these protocols. Or, declare that participating in DeFi without a license is illegal. Again, they can’t ban DeFi because it’s decentralized but they can certainly regulate you and I’s interaction with said systems.
- sneak 5y agoThat's not true for most markets in the world.
- jchook 5y agoMakes me wonder the total volume of anonymous trades compared to ID-verified trades.
- pharmakom 5y agoNot really. And for those cases that do, we only require it with the merchant, not the central bank.