Fasten your seat belts. The incumbents are coming.
nostr:note1dcqywytjfmsqvckkfxyw25zdhxt3uz9yutf7kcmh4hdrqase0ajs9zd5nj
Discussion
âexclude any asset that has ever passed through a no-KYC wallet from being accepted by regulated entitiesâ
Hey seems like a great way to keep my bitcoin out of the pockets of regulated entities đ
Bitcoin has just gone mainstream in the last couple years, hasn't most of it probably passed through non-KYC wallets?
Looking forward to all the miners kycing all the addresses that pay them fees. That'll work. This has been a sarcastic message.
Depends on where you look. In Western countries itâs mostly KYCed on exchanges or apps that combine bank account and BTC.
How realistic is this even? Didnât most coins pass a non-kyc address when mined?
When I look around most people telling me they hold bitcoin are doing it via a centralized KYCed service or they are using Strike or similar wallets that combine banks and bitcoin. So it doesnât matter if they are non KYC at the beginning. ⌠many corporate miners are KYCed too and if ordered they will try to ban addresses (which doesnât work anyways) and filter transactions. If there arenât enough non KYC miners that alternatively can mine them Bitcoin is basically just another censorable financial tool.
Maybe I am missing sth, but letâs say btc is actually used as a MoE in the future more than SoV. If they are talking about blocking coins that âeverâ passed a non-kyc address, I would guess that most of them did, either by early mining (lets say first 5-6y) or by just simple non-kyc addresses at some point, essentially blocking 90-95% of the ecosystem. which in that case, it would be closing the offramps and btc stays within its own ecosystem, no? Btw thanks for all your work, your book actually helped me on my journey.
Yes, that could happen.
Happy to hear that my book was helpful.