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“… to ban all fiat exits” This doesn’t matter. Every fiat exit that is banned creates more friction. Like a shopping cart that has left the parking lot and has
by thephyber 3y ago
“… to ban all fiat exits”
This doesn’t matter. Every fiat exit that is banned creates more friction. Like a shopping cart that has left the parking lot and has the wheels locked, the transaction system becomes so difficult to use that it approaches impossible to use.
If someone is banned from taking a loan from all regulated banks then they are forced to deal with loan sharks / organized crime. That loss of competition and choice comes with additional friction and strings attached to every transaction. Worse transaction fees, less security, less scrupulous counterparties, less convenience of location, less liquidity (one OnlyFans creator in the story was making $500k/mo), etc.
It’s not only the fiat exits that ban specific users. Cryptocurrency exchanges are known to ban transactions to certain addresses / wallets for reasons including (but not limited to) fraud, scams, sanctions. I imagine some of the exchanges that try to follow US law also do some basic due diligence and ban some addresses based on sex work. If the sex worker’s customers can’t easily transfer the crypto to their addresses, the same problem remains.