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B.O.P

Protocol/code is law. Having UTXOs with different history has no implications of how it is spent on the protocol. Thats what matters. You can put all the goofy identifiers like “omg this was owned by this KYCd person”! But doesn’t change how it is spent or how the protocol receives it. When everyone is dead in 200 years and they find kyc bitcoin do you think they are just going to toss it aside and say “that’s not bitcoin it was KYC’d 200 years ago, toss it in the “fungibility grave yard”. Nah they are going to spend that shit like any other coin. A UTXO has a unique identifier, yes, I don’t see how this makes it any less valuable or interchangable than another UTXO with the same amount that is nonKyc. Increase your time preference and see how nonsensical this is.

Saberhagen The Nameless 2y ago

It's more that white markets won't want to deal with the risk of tainted funds because of increasing regulation. Tainted coins might not be accepted or undervalued at other places for the same reasons. So businesses and people will either refuse them and ask for coins with "clean" histories. Or they will accept them for a discount.

I think Bitcoin/Monero were always meant to be black/gray market money.

I just feel more cynical about it and don't see how this isn't the outcome. But I rather have what you are saying be true.

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Discussion

B.O.P 2y ago

Like I said earlier in this chain I truly respect the privacy ethos on the infosec coiners. But I also have to look at “who benefits the most from this rhetoric?” Which is obviously the privacy coin holders who would love to benefit off of Bitcoin’s downfall. I guess I’m just cynical in a different regard.

That said, what you’re saying is not entirely baseless shit can get pretty whacky in the next 10-20 years as governments come to terms with losing printing power of currency which is why we’re having this discussion. I think everyone wants to improve Bitcoins privacy and find a quick solution like “this coin does this!”. L2s are going to improve, and users aren’t going to know the difference between kyc/nonkyc in 20 years bc it won’t matter.