4 ms·

> There is a legitimate argument for creating KYC-light rails for small global transfers Then let's do it! I keep hearing that we "should" fix regulation or we

> There is a legitimate argument for creating KYC-light rails for small global transfers Then let's do it! I keep hearing that we "should" fix regulation or we "should" improve global transfers. Competition spurs innovation. The global financial hegemony can now consider themselves competed against. The proper move is not to ban your competition, the proper move is to build a better product. If, for every citizen in every country on earth, we fix regulations, build efficient payment rails, solve corruption, and stop printing money and causing hyperinflation, crypto truly will have no use case and will quickly go to 0. I'd love to see that happen. Your move, incumbents.

JumpCrisscross 4y ago
> Competition spurs innovation. The global financial hegemony can now consider themselves competed against This isn’t how politics works. Crypto threw a flaming lint ball of fraud at the rich world. Pleading that it’s also helping the disenfranchised doesn’t help advance a KYC-light discussion as much as a regulatory-vacuum one. It’s easy to ban (or heavily tax and erect stricter KYC guardrails at the interfaces between crypto and the fiat and real economies, what I’m concluding is the best middle path) and punt the “what did we learn” bit to a committee with a few years to write a report. Especially when the beneficiaries don’t vote for you.