4 ms·

Nah, it's about censorship-free finance vs censorable finance. If not for AML, KYC and basically the fact you just can't really use cash any more in significan

by throwaway_2009 5y ago

Nah, it's about censorship-free finance vs censorable finance. If not for AML, KYC and basically the fact you just can't really use cash any more in significant sums for anything we wouldn't have had to bother. I have 200,000 bitcoin, or maybe I have 0.2, no-one knows other than me. Good.

Nursie 5y ago
KYC and AML are considered positives by most people, being great ways to cut down on fraud, make banking hard for criminal enterprises etc etc.
- miracle2k 5y ago
  Legislation requiring a backdoor in e2e encryption, such as WhatsApp, is also considered a positive by most people even now, but wait after it's been in place for 10 years, it will be as universally unquestioned as KYC or AML policies.
  - Nursie 5y ago
    I don't think that's an argument against KYC and AML, personally.
    - miracle2k 5y ago
      Yes, it's more not an argument, merely an invitation to consider the parallels. It is of course possible to embrace both e2e encryption and KYC.
- ashtonkem 5y ago
  Also, KYC and AML are mandatory the moment you actually interact with the regular US banking system or USD at all. So any place where you can buy crypto or sell it is going to do KYC and AML on you, including asking uncomfortable questions if your behavior looks suspicious.
kabes 5y ago
How is it censorship free? The government could decide to make Bitcoin illegal. Sure, you could move it to another country without these laws or do things illegally, but that's no different for cash and the issues you mention.
- throwaway_2009 5y ago
  It is censorship free because I can send you a million bitcoin and no-one can stop us without physical force. The same is far from being true via other means such as the legacy banking system or cash. I mean, you can try and send a briefcase full of notes in the post cross-border, it might work, I wouldn't know or care to try. Obviously the Government can attempt to, or pass laws, to censor anything at any time for any reason. In my country it was illegal for me to visit family for about 6 months this/last year, there's nothing special about Bitcoin, power will attempt to fuck with you simply because they can.

Nursie 5y ago

KYC and AML are considered positives by most people, being great ways to cut down on fraud, make banking hard for criminal enterprises etc etc.

miracle2k 5y ago
Legislation requiring a backdoor in e2e encryption, such as WhatsApp, is also considered a positive by most people even now, but wait after it's been in place for 10 years, it will be as universally unquestioned as KYC or AML policies.
- Nursie 5y ago
  I don't think that's an argument against KYC and AML, personally.
  - miracle2k 5y ago
    Yes, it's more not an argument, merely an invitation to consider the parallels. It is of course possible to embrace both e2e encryption and KYC.
ashtonkem 5y ago
Also, KYC and AML are mandatory the moment you actually interact with the regular US banking system or USD at all. So any place where you can buy crypto or sell it is going to do KYC and AML on you, including asking uncomfortable questions if your behavior looks suspicious.

kabes 5y ago

How is it censorship free? The government could decide to make Bitcoin illegal. Sure, you could move it to another country without these laws or do things illegally, but that's no different for cash and the issues you mention.

throwaway_2009 5y ago
It is censorship free because I can send you a million bitcoin and no-one can stop us without physical force. The same is far from being true via other means such as the legacy banking system or cash. I mean, you can try and send a briefcase full of notes in the post cross-border, it might work, I wouldn't know or care to try. Obviously the Government can attempt to, or pass laws, to censor anything at any time for any reason. In my country it was illegal for me to visit family for about 6 months this/last year, there's nothing special about Bitcoin, power will attempt to fuck with you simply because they can.