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Technology can’t solve primarily cultural issues. The second bitcoin tries to perform the same financial services as a bank (mortgages, lending, checking, savin
by SamoyedFurFluff 4y ago
Technology can’t solve primarily cultural issues. The second bitcoin tries to perform the same financial services as a bank (mortgages, lending, checking, savings, interest, etc) that institution using bitcoin will need to do the same “know your customer” behavior that makes it hard for sex workers to get the same financial services.
- nannal 4y agoExchanges already do a decent amount of KYC. Some do not, but they typically have issues interfacing with the traditional banking environment.
- from 4y agoExactly. Backpage took crypto for instance but ultimately if you are convicted of a crime and the government gives you a forfeiture order then it is a crime not to comply. Which is what they did to the tune of millions of dollars.