Are you willing to preserve your private, un-auditable, thermodynamically unmeasurable system if it means every participant can never be registered, never proven, and the supply can never be verified openly?

At what point does privacy turn into obfuscation and destroy the intention of money?

The balance is nuanced. Bitcoin must remain a transparent thermodynamic measurement system to preserve conservation of value. KYC is not part of that structure, it’s policy not protocol. The right path is to preserve Bitcoin’s protocol-level transparency while resisting compulsory identity overlays. Bitcoin works with anonymity; its design doesn’t require surveillance, only verifiability.