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Ray Youssef, the CEO of the failed marketplace Paxful rants on Citadel Dispatch CD99 about the impossible situation of Bitcoin companies serving US citizens. He says his hands are tied and that the Uncle Sam prevents him being honest to Paxful customers who's fund are frozen on the platform.

It seems to me everything successful in Bitcoin MUST be p2p, open-source, and non-custodial. Anything else is delusional in the "then they fight you" phase of Bitcoin adoption. We haven't seen anything yet.

geodesic 2y ago

100% Cryptoeconomics by Eric Voskuil further illustrates the point very well. Great book, but skip to page 67 for the good stuff on statism.

https://voskuil.org/cryptoeconomics/cryptoeconomics.pdf

Tl;dr: Bitcoin is inherently black market. States try to control markets. Anything that doesn't comply is black market. Anything that is 'gray area' has to pick a side -- join the Bitcoin black market or the statist white market. There is no in between.

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