With KYC? No thanks
Discussion
Asking for a friend.
When Bitcoin reaches $1,000,000 USD + and you want to buy a home by either A) getting a loan against your Bitcoin or B) selling your Bitcoin how will you do this?
(Playing devils advocate)
In 5 years time, online surveillance tech is going to be so evil and powerful it will sniff out KYC free 🌽 from a mile away. Exchanges won’t want it, normies won’t want it, lenders will reject it, mixing services will be non-existent and if you can mix em the surveillance tech will pick up on it.
Have you got a future proof plan to use those sweet freedom KYC free sats?
When this thing rips to a milli everyone needs a plan on how to spend it (peer to peer) or borrow against it or barter with it in an incredibly hostile and surveillance saturated world. The freedom tools that work today are likely not going to exist tomorrow.
I like the idea of a network with completely anonymous transactions but in practice you really shouldn't need them for everyday purchases, as long as the network is permissionless.
If you have a situation where you need to hide transactions there are other specialized networks for that.
So, you want to buy a home using millions of dollars of Bitcoin in ~5 years.
All the Bitcoin was purchased with BISQ, robosats, mining, HODL HODL and p2p purchases.
Chain surveillance is 100x more insidious than today.
How would you buy a house?
Exactly. KYC free networks are not practical on a large scale.
They have specific use cases.
When bitcoin is 1m, everyone will want it. They're not going to say "no thanks, we don't want your non kyc bitcoin".
Hardcore Bitcoiners and OGs say they’ll never sell. They’ll borrow against it.
Goodluck trying to get a loan from *most* exchanges in 2030 and beyond if your 🌽 UTXO has been *muddied*. Especially in the millions. The median house price for many places will be 2-3 million due to rampant inflation.
I wouldn’t put faith into the *she’ll be right mate!* mentality in a highly adversarial near future.
Plan accordingly.
I won't need to sell it. I'll be able to use it.
With real world daily Bitcoin usage at ~0.1% of the global population, do you really think you’ll be able to go to a realestate agent in 5 years, slip them a #opendime and get the keys to a house?
In the exact country, state and city you want?
Hey, if we can, I’m here for it :)
I like how you try to pack lots of details into my general statements.