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Those accounts require KYC. >If you want a "legitimate stablecoin", get a savings account and/or money-market account and/or money market fund. In my state, I

Those accounts require KYC. >If you want a "legitimate stablecoin", get a savings account and/or money-market account and/or money market fund. In my state, I can walk into a bank and legally carry a concealed firearm without any ID whatsoever -- and yet not be allowed to open an account and put $20, even with a valid US passport (it doesn't show proof of address). Want to put a damper on stablecoins? End KYC/AML/FATCA. If you can be trusted to carry a gun in the bank you ought to be trusted to put $20 into a new account.

wcfields 4y ago
So, then the main purpose of stablecoins is crime.
- notch656a 4y ago
  Perhaps to you. You can confess your crimes here if you like. Where I live, in the United States, there is no requirement to conduct KYC to create a wallet that holds stablecoins and thus creating such a self-custody 'account' is not evidence of crime.
- matheusmoreira 4y ago
  Anyone opposing the financial arm of total global surveillance must be a criminal, right? What do they have to hide, and all that.
Eisenstein 4y ago
I fail to see the connection between carrying a concealed weapon and opening a bank account. How does one correlate to the other? If I am a licensed pyrotechnician and have legal access to high explosives, does that also mean I should be able to open a daycare with no additional checks or licenses? What am I missing?
- notch656a 4y ago
  Since you conveniently removed the correlation so you could complain the correlation is missing, lets re-insert it. If I am a licensed pyrotechnician and am allowed to bring high explosives in the bank, does that also mean I should be able to deposit $20 into a new account at the bank? I would hope the answer is yes; if you can be trusted with high explosives in the bank you ought to be trusted to open the account and put $20 in.
  - Eisenstein 4y ago
    > I would hope the answer is yes Why? What does holding a pyrotechnician's license have to do with opening a bank account? Can you get a driver's license automatically as well when you are a pyrotechnician? The reason that bank accounts need proper identification is not something that I can comment on with authority, but whatever the reasoning is, it has nothing to do with whether you can carry and operate a firearm responsibly. The two have nothing to do with each other.
    - notch656a 4y ago
      Allowing a patron to enter a bank with high explosives is trusting the patron with your life. I can't think of a single person I would be happy to welcome in my home/business with high explosives or a firearm, but would refuse to take $20 from in my ordinary course of business offered to the general public. Perhaps the correlation is not 1:1, but it is pretty high up there. If you can't see the connection between trusting someone with your life and trusting them with much smaller fractional pieces of life, like an hour's worth of life it may take to earn $20, then I'm afraid I don't expect you'll ever see the correlation and you are not part of the audience which I expect to benefit from my comment. >The two have nothing to do with each other. And yet they do have something to do with each other. If they had absolutely nothing to do with each other, you wouldn't become a prohibited possessor (can't have/carry guns) for committing bank related fraud and other account related felonies. The state has decided they're connected so intensely that you can go to jail for 10+ years if you committed felonies against the bank and then carry a gun. The trust, by fiat, is interconnected.
bsagdiyev 4y ago
I don't understand. Does your state issue concealed carry permits with no ID requirement? Mine required a background check and classes.
- notch656a 4y ago
  In my state you can carry concealed inside a bank (and indeed, the vast majority of places) without having a permit or an ID. There is no need to interact with the state in any way before doing so.

wcfields 4y ago

So, then the main purpose of stablecoins is crime.

notch656a 4y ago
Perhaps to you. You can confess your crimes here if you like. Where I live, in the United States, there is no requirement to conduct KYC to create a wallet that holds stablecoins and thus creating such a self-custody 'account' is not evidence of crime.
matheusmoreira 4y ago
Anyone opposing the financial arm of total global surveillance must be a criminal, right? What do they have to hide, and all that.

Eisenstein 4y ago

I fail to see the connection between carrying a concealed weapon and opening a bank account. How does one correlate to the other? If I am a licensed pyrotechnician and have legal access to high explosives, does that also mean I should be able to open a daycare with no additional checks or licenses? What am I missing?

notch656a 4y ago
Since you conveniently removed the correlation so you could complain the correlation is missing, lets re-insert it. If I am a licensed pyrotechnician and am allowed to bring high explosives in the bank, does that also mean I should be able to deposit $20 into a new account at the bank? I would hope the answer is yes; if you can be trusted with high explosives in the bank you ought to be trusted to open the account and put $20 in.
- Eisenstein 4y ago
  > I would hope the answer is yes Why? What does holding a pyrotechnician's license have to do with opening a bank account? Can you get a driver's license automatically as well when you are a pyrotechnician? The reason that bank accounts need proper identification is not something that I can comment on with authority, but whatever the reasoning is, it has nothing to do with whether you can carry and operate a firearm responsibly. The two have nothing to do with each other.
  - notch656a 4y ago
    Allowing a patron to enter a bank with high explosives is trusting the patron with your life. I can't think of a single person I would be happy to welcome in my home/business with high explosives or a firearm, but would refuse to take $20 from in my ordinary course of business offered to the general public. Perhaps the correlation is not 1:1, but it is pretty high up there. If you can't see the connection between trusting someone with your life and trusting them with much smaller fractional pieces of life, like an hour's worth of life it may take to earn $20, then I'm afraid I don't expect you'll ever see the correlation and you are not part of the audience which I expect to benefit from my comment. >The two have nothing to do with each other. And yet they do have something to do with each other. If they had absolutely nothing to do with each other, you wouldn't become a prohibited possessor (can't have/carry guns) for committing bank related fraud and other account related felonies. The state has decided they're connected so intensely that you can go to jail for 10+ years if you committed felonies against the bank and then carry a gun. The trust, by fiat, is interconnected.

bsagdiyev 4y ago

I don't understand. Does your state issue concealed carry permits with no ID requirement? Mine required a background check and classes.

notch656a 4y ago
In my state you can carry concealed inside a bank (and indeed, the vast majority of places) without having a permit or an ID. There is no need to interact with the state in any way before doing so.