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The likes of Paypal locks your funds without explanation or appeal. And the likes of HSBC launder money with impunity. (BUT BUT KYC/AML!) But hey, let's conti
by lsiq 5y ago
The likes of Paypal locks your funds without explanation or appeal.
And the likes of HSBC launder money with impunity. (BUT BUT KYC/AML!)
But hey, let's continue trusting self interested people who don't care about you to "do the right thing" and protect your funds.
- judge2020 5y agoThanks to KYC, HSBC is in the news, and the real evidence provided by KYC about their transactions makes light of evidence to actually enforce a fine for allowing the money laundering operations. If it were crypto it just wouldn't ever be found out.
- lsiq 5y agoAmazing you actually believe that. Have you considered what doesn't make it to the news, and also what gets explicitly omitted from the news? Do you even know that FATF is the main organization that goes around imposing KYC/AML? And they are a non-governmental body, no oversight - don't answer to anybody. They are literally Luca Brasi and you don't even know who the Don Corleones behind the curtain are.
- Sebb767 5y agoAn exchange can do exactly that, just like PayPal. Or simply disappear, for that matter. So you either buy that drawback and have the same system in a different skin, or you go for the self-hosting way and eat all the problems it brings (especially for non-technical people). And the hard forks did happen. And they definitely undermined the whole model of what the coins actually should do. The positive point, though, is that with crypto, the self-hosted side and the managed side can work together seamlessly, so everyone can choose their approach.