Global Feed Post Login
Replying to Avatar utxo the webmaster 🧑‍💻

When I was running nodeless, it shocked me quite a bit to see most regular businesses were turned off by a no-kyc, unregulated payment processor. It was pretty demoralizing, that what I thought was our best feature, turned out to be a detractor. In addition to ultimately getting us in trouble with fintrac.

If I had built a non custodial zap wallet and everyone continued to use custodians, I'd feel the same way.

But ultimately the lesson I took away from this was, we need to stop building products for each other based on what is said in the bitcoin echo chamber.

We need to build Bitcoin products that are easy to use and understand for normies, even if that means making trade off that we (Bitcoin psychopaths) may find offensive - like custodians and KYC.

This is my current thesis, anyway. Maybe the market is about to teach me another hard lesson.

Avatar
Alan Siefert 1y ago

How did you get in trouble with fintrac?

Reply to this note

Please Login to reply.

Discussion

Avatar
utxo the webmaster 🧑‍💻 1y ago

Basically they reached out and said we needed a license to operate legally, which would have required us to do KYC.

Thread collapsed