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That's ridiculous. Most retail and institutional investors in crypto are already KYC. The current value in crypto isn't solely in moving money, there's scarcit

by fleddr 5y ago

That's ridiculous. Most retail and institutional investors in crypto are already KYC. The current value in crypto isn't solely in moving money, there's scarcity (Bitcoin), utility (ether), Defi/staking, NFTs, the metaverse, whatever. Moving money is a benefit, but the least interesting use case of crypto.

caeril 5y ago
> Most retail and institutional investors in crypto are already KYC Indeed, because they're there for speculation, not value or utility. > there's scarcity (Bitcoin), utility (ether), Defi/staking, NFTs, the metaverse, whatever. Ok, I'll grant scarcity, but it's also part of the previously-mentioned end-run around the worst parts of the current fiat system. Ether offers no utility beyond token scams. NFTs the same, except double. > Moving money is a benefit, but the least interesting use case of crypto. Moving money without the IRS/DOJ/FBI/CIA/NSA/Mossad/PLA peeking over your shoulder is literally the killer app for cryptocurrencies. BTC is obviously failing at this particular task for anyone on a KYC exchange, but cash and tumbler markets are still thriving, and there's always Monero and ZCash, as well.
- fleddr 5y ago
  Speculation is value and a utility in itself. There is nothing inherently wrong with speculating on an asset. In fact, if we're truly honest here, most holders/traders of crypto are mostly there to grow their wealth. This is currently the real killer app of crypto: spectacularly growing your wealth in record time, or the opposite: losing it all. I would generally agree that most things built on top of Ether are useless, hype-driven or simply scams. But details matters. When the dust clears, I believe there to be a future for some current experiments in a more mature form, but I won't digress too much. For sure I believe you can still go underground in crypto and dodge everything, but I don't believe it to be the killer app or highly common.

by fleddr 5y ago

caeril 5y ago

> Most retail and institutional investors in crypto are already KYC Indeed, because they're there for speculation, not value or utility. > there's scarcity (Bitcoin), utility (ether), Defi/staking, NFTs, the metaverse, whatever. Ok, I'll grant scarcity, but it's also part of the previously-mentioned end-run around the worst parts of the current fiat system. Ether offers no utility beyond token scams. NFTs the same, except double. > Moving money is a benefit, but the least interesting use case of crypto. Moving money without the IRS/DOJ/FBI/CIA/NSA/Mossad/PLA peeking over your shoulder is literally the killer app for cryptocurrencies. BTC is obviously failing at this particular task for anyone on a KYC exchange, but cash and tumbler markets are still thriving, and there's always Monero and ZCash, as well.

fleddr 5y ago
Speculation is value and a utility in itself. There is nothing inherently wrong with speculating on an asset. In fact, if we're truly honest here, most holders/traders of crypto are mostly there to grow their wealth. This is currently the real killer app of crypto: spectacularly growing your wealth in record time, or the opposite: losing it all. I would generally agree that most things built on top of Ether are useless, hype-driven or simply scams. But details matters. When the dust clears, I believe there to be a future for some current experiments in a more mature form, but I won't digress too much. For sure I believe you can still go underground in crypto and dodge everything, but I don't believe it to be the killer app or highly common.