Maybe I'm wrong, but I'm thinking that if Bitcoin is going to win it won't happen with non-kyc Bitcoin.
Most people won't ever go deep enough down the rabbit whole to get to the point of caring that much about KYC.
Thoughts?
#plebchain
#coffeechain
#Nostr
#kyc
#non-kyc
#nonkyc
#bitcoin
I get the same feeling, I don't expect non-techie masses to use coldcards, nor do I expect them to memorise 24 words.
#Bitcoin ecosystem must find a balance between being user friendly and secure
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This might all be cope, but I agree. NKYC is a luxury of peace of mind. Not compatible with mass adoption.
I can see several scenarios playing out. One of them is a bitcoin ban that sends most small investors panic selling.
The liklihood of the government expending resources to hunt down people who self custody BTC seems low and would backfire.
Most USD is off shore and there's no way to stop the fiat whales from escaping into BTC. However it might be easy to stop 99% of the country from buying legally.
In the end I can't think of a single example of something a government has successfully banned. We have already won.
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Non-kyc is only useful if your buying illicit products and you don't want people to find out you bought them.
Thats bs, non-kyc sats is forward looking opsec. Protect yourself from the state and malicious people knowing how rich you are and reveal parts of your stack when necessary buying a car for example. Also there is not enough Bitcoin in the world for people and institutions to be fussy about history of corn. Bitcoin is #Bitcoin.
Another way to look at is what you do when you kyc. You leave all your details together with your adress and how much Bitcoin you have in hands of exchange. Every, every single exchange leaks your docs at some points, could be in past or the future. When Bitcoin is worth millions your kyc data is going to be most sought data on internet. And while you can tell the state about your boating accident and it may work… Its not going to work against criminals they are going to get every last sat they have next to individual’s name one way or another.
Hey bro! What’s your social security number?
I think the better way to frame it is non-kyc bitcoin and the current framework around obtaining it and holding it is too involved and cumbersome for the average user so non-kyc bitcoin will not drive mass adoption.
But that is not to say that non-kyc bitcoin isn't vitally important to the ecosystem and global human freedom.
It's not the hero we deserve but the hero we need.
We need exchanges to default to NKYC. AML is bs because dollars. Terrorist financing prevention is already a lost cause (just look at North Korea’s successful use of crypto and bitcoin).
But that’s for the late stage mass adoption. Winning happens earlier though, and I agree with other responses. It’s not going to be possible to regulate - so it has won. Most people just still think it can be regulated, so that’s not as obvious as it will be eventually.
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