I guess 99% of all Bitcoiners will have a big problem then
Discussion
This is the practical response. The most-likely outcome is that it is impossible (due to costs) to enforce any KYC-related regulations.
NGU is incredibly important to make that cost as significant as possible.
So what’s your view?
I think KYC is “out of the bag” and by bitcoin acting as a sound money, it renders flaccid many the anti-KYC crowd’s concerns.
Would it be awesome if exchanges didn’t have KYC as a requirement, sure. But they do. And those exchanges are the best way for people in Western economies to acquire real sats and self-custody them.
Short of becoming entirely authoritarian and totalitarian in the physical world, governments won’t really have recourse. And if bitcoin moons in price then it becomes prohibitively expensive for them to administer regulations because the market will be demanding bitcoin over dollars.
Well put! Thanks for sharing 🙏🏼
