Nostr

There is a LOT of talk about KYC on Nostr.

And how to avoid it.

I used to be involved in financial services.

Choosing to invest in a literal audit and hoping for privacy...is mad. Can it be done? Yes. But it's very, very hard. You have to get in under the radar, and then OUT.

OUT is the hard bit. At scale, it's essentially impossible.

If you really have to worry about KYC, you shouldn't be looking at BTC. It'll end up in stranded wallets, full of money and everyone watching to see where it goes...

boston wine 2y ago

Definitely an interesting point. That’s part of why I like the idea of two separate stacks to hedge various hyperbitcoinization scenarios

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Discussion

boston wine 2y ago

Of course with the goal being of paying for regular goods and services directly in Bitcoin. Then the “out” (to fiat) isn’t relevant, and the private “in” was a valuable entrance if you prioritize privacy/non-surveillance.

Ian "nostr.naut.social" D 2y ago

Doesn't work at scale. You'll be fine for groceries and haircuts, but ticket items like cars and property come with identity collection irrespective of the currency. And it's those things that most people seem to be looking forward to buying when we hit $1M