Nostr Web Client

Are you saying you could open a bank account before 9/11 without giving an address ? Or get a mortgage without lender looking at your credit score ?

HelpfulGiraffe 5mo ago

Yea that is the banks doing their due diligence on their clients, which is very different to them been forced to spy on your transactions and report them to the government.

As in the reason for KYC and AML laws (mot internal bank checks) are to stop terrorism and money laundering and my point is that those laws don’t stop terrorism or money laundering and cost society a great deal in actual cost and invasion of privacy.

BTC is a bearer asset as well like gold. In many places I can go buy gold without KYC why not BTC ?

Same with cash?

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Discussion

Satosha 5mo ago

Okay .. so you are saying before 9/11 banks were doing due diligence , and now they are reporting all Txns to gov ? I see ..

HelpfulGiraffe 5mo ago

Yea, more or less. My broader point is that the KYC AML requirements from the government pretty much had negligible benefit and massive cost to the society. My secondary point is that we should treat BTC like cash. If i move cash around then the government does not get a record of it.

Could you elaborate your point? As in do you think that for example Patriot act KYC and AML laws are net beneficial ? If so I am very interested into why you think that ?