4 ms·

Good riddance. I don't think KYC/AML are a force for good. Its just more box ticking laws that serve to give a false sense of security while poor people are bei

Good riddance. I don't think KYC/AML are a force for good. Its just more box ticking laws that serve to give a false sense of security while poor people are being excluded from the banking system and normal people have their all their data stolen from centralized databases. Real dangerous criminals don't give a damn about KYC/AML laws and operate freely within the banking framework. The European Central Bank chairwoman is a felon convicted for massive government payouts.

vkou 5y ago
> Good riddance. I don't think KYC/AML are a force for good If KYC/AML is not possible in the bitcoin world, you're not going to be getting a world with bitcoin that doesn't have KYC/AML. You're going to get a world with no bitcoin.
- Mengkudulangsat 5y ago
  Finance without KYC/AML is like air travel without TSA. Everyone remembers those times fondly, but have lost the imagination to believe they are possible again.
  - RC_ITR 5y ago
    And even more forget why we put those systems into place to begin with. Just because the response is a bad one doesn't mean that the problem doesn't exist. FWIW, even if TSA is bad at stopping terrorists, I AM glad that all of these people punching flight attendants are, with certainty c. 1, not packing heat.
    - spurgu 5y ago
      > FWIW, even if TSA is bad at stopping terrorists, I AM glad that all of these people punching flight attendants are Seriously, how often does this happen? I've flown a fair amount in my life (in Europe though) and I've never seen any commotion on a plane. I've read about some incidents, but I've read about a lot of fucked up stuff that I'm not concerned about in my life. It's along the lines with everything these days. Someone does something bad and someone else gets shocked and then everyone wants to stop something like that from happening ever again, through whatever means, without realizing the incredible inconvenience (and complexity) this causes over time when repeated ad infinitum.
      - RC_ITR 5y ago
        https://www.cnn.com/travel/article/unruly-passengers-faa/index.html https://www.cnn.com/travel/article/unruly-passengers-faa/ind... If only 1% of those people were armed, that would still be very very scary!
  - koolba 5y ago
    > Finance without KYC/AML is like air travel without TSA. The real analogy here is that the ultra rich needn’t deal with the TSA because they fly private.
  - hujni 5y ago
    Is the thought that things like Monero, ZCash, etc., will be eliminated, or that they don't provide the anonymity that people think? What about the CCs that choose to implement Mimblewimble?
Analemma_ 5y ago
Good or bad, "no KYC/AML" is not an option. If governments decide Bitcoin can’t provide KYC/AML, Bitcoin will be nuked from orbit.
- largbae 5y ago
  KYC is fine at the edges already wherever crypto meets fiat. That would be the same here right?
- csomar 5y ago
  You are over-estimating the power of governments. The last Chinese ban is a good example of how governments might not be able to ban crypto. Smaller economies will have a harder time too.
hn_throwaway_99 5y ago
> The European Central Bank chairwoman is a felon convicted for massive government payouts. Why do people feel the need to deliberately mislead by leaving out all the important details? I had no idea what you were talking about, so I looked it up, it's the second item under https://en.m.wikipedia.org/wiki/Christine_Lagarde#Controversy https://en.m.wikipedia.org/wiki/Christine_Lagarde#Controvers.... Regardless of your opinions on that particular court case, or the fact that the letter of your statement may be true, do you honestly think "The European Central Bank chairwoman is a felon convicted for massive government payouts" would give the average reader an accurate view of what happen? Because after reading what actually happened, and which IMO comes nowhere near to the deliberate malfeasance you imply, I just conclude that, to put it colloquially, "You're full of shit."
- trhway 5y ago
  >do you honestly think "The European Central Bank chairwoman is a felon convicted for massive government payouts" would give the average reader an accurate view of what happen? absolutely. Your wikipedia link is absolutely clear : "the court found Lagarde guilty of negligence" So, she is a convicted felon for conveniently looking the other way. Some of course may question whether the 400M euro is "massive" these days...
- luciusdomitius 5y ago
  I am also very curious about what exactly is the discrepency here? Which specific part of the original statement is incorrect? P.s. "My currency is signed by my own private key, yours - by a convicted felon". Whom would you trust more? P.S. Also, how come you can use such language ("You're full of shit.") and not be banned? Could a moderator take a stance on this one? I don't see the flag button for some reason.
- endofreach 5y ago
  You should look up the past of the germanys next chancellor

vkou 5y ago

> Good riddance. I don't think KYC/AML are a force for good If KYC/AML is not possible in the bitcoin world, you're not going to be getting a world with bitcoin that doesn't have KYC/AML. You're going to get a world with no bitcoin.

Mengkudulangsat 5y ago
Finance without KYC/AML is like air travel without TSA. Everyone remembers those times fondly, but have lost the imagination to believe they are possible again.
- RC_ITR 5y ago
  And even more forget why we put those systems into place to begin with. Just because the response is a bad one doesn't mean that the problem doesn't exist. FWIW, even if TSA is bad at stopping terrorists, I AM glad that all of these people punching flight attendants are, with certainty c. 1, not packing heat.
  - spurgu 5y ago
    > FWIW, even if TSA is bad at stopping terrorists, I AM glad that all of these people punching flight attendants are Seriously, how often does this happen? I've flown a fair amount in my life (in Europe though) and I've never seen any commotion on a plane. I've read about some incidents, but I've read about a lot of fucked up stuff that I'm not concerned about in my life. It's along the lines with everything these days. Someone does something bad and someone else gets shocked and then everyone wants to stop something like that from happening ever again, through whatever means, without realizing the incredible inconvenience (and complexity) this causes over time when repeated ad infinitum.
    - RC_ITR 5y ago
      https://www.cnn.com/travel/article/unruly-passengers-faa/index.html https://www.cnn.com/travel/article/unruly-passengers-faa/ind... If only 1% of those people were armed, that would still be very very scary!
- koolba 5y ago
  > Finance without KYC/AML is like air travel without TSA. The real analogy here is that the ultra rich needn’t deal with the TSA because they fly private.
- hujni 5y ago
  Is the thought that things like Monero, ZCash, etc., will be eliminated, or that they don't provide the anonymity that people think? What about the CCs that choose to implement Mimblewimble?

Analemma_ 5y ago

Good or bad, "no KYC/AML" is not an option. If governments decide Bitcoin can’t provide KYC/AML, Bitcoin will be nuked from orbit.

largbae 5y ago
KYC is fine at the edges already wherever crypto meets fiat. That would be the same here right?
csomar 5y ago
You are over-estimating the power of governments. The last Chinese ban is a good example of how governments might not be able to ban crypto. Smaller economies will have a harder time too.

hn_throwaway_99 5y ago

> The European Central Bank chairwoman is a felon convicted for massive government payouts. Why do people feel the need to deliberately mislead by leaving out all the important details? I had no idea what you were talking about, so I looked it up, it's the second item under https://en.m.wikipedia.org/wiki/Christine_Lagarde#Controversy https://en.m.wikipedia.org/wiki/Christine_Lagarde#Controvers.... Regardless of your opinions on that particular court case, or the fact that the letter of your statement may be true, do you honestly think "The European Central Bank chairwoman is a felon convicted for massive government payouts" would give the average reader an accurate view of what happen? Because after reading what actually happened, and which IMO comes nowhere near to the deliberate malfeasance you imply, I just conclude that, to put it colloquially, "You're full of shit."

trhway 5y ago
>do you honestly think "The European Central Bank chairwoman is a felon convicted for massive government payouts" would give the average reader an accurate view of what happen? absolutely. Your wikipedia link is absolutely clear : "the court found Lagarde guilty of negligence" So, she is a convicted felon for conveniently looking the other way. Some of course may question whether the 400M euro is "massive" these days...
luciusdomitius 5y ago
I am also very curious about what exactly is the discrepency here? Which specific part of the original statement is incorrect? P.s. "My currency is signed by my own private key, yours - by a convicted felon". Whom would you trust more? P.S. Also, how come you can use such language ("You're full of shit.") and not be banned? Could a moderator take a stance on this one? I don't see the flag button for some reason.
endofreach 5y ago
You should look up the past of the germanys next chancellor