gravimatrix on Nostr: If it spreads that won't be the case either. Suppose you buy from a miner, or mine ...
If it spreads that won't be the case either.
Suppose you buy from a miner, or mine yourself.
Then you need to pay for something, a bike, for example.
You transfer the money from your wallet to the seller's, but then he receives a notification that his fiat gateway account has been suspended permanently, effectively ruining his life. Why? because "to the best of their knowledge" his wallet was tied to his account (inversion of the presumption of innocence.)
So the seller decides to never again sell to non-KYC plebs. He begins to require compliance, just like many traders at "p2p exchanges" decided to take the KYC enforcing job for themselves when regulations hit, remember?
There is a schism, BTC becomes non-fungible. Some utxo's will live in the KYC world, some will live in the free world.
It's a serious problem, and it requires more energetic reactions from the community, if it really wants to solve it.
Suppose you buy from a miner, or mine yourself.
Then you need to pay for something, a bike, for example.
You transfer the money from your wallet to the seller's, but then he receives a notification that his fiat gateway account has been suspended permanently, effectively ruining his life. Why? because "to the best of their knowledge" his wallet was tied to his account (inversion of the presumption of innocence.)
So the seller decides to never again sell to non-KYC plebs. He begins to require compliance, just like many traders at "p2p exchanges" decided to take the KYC enforcing job for themselves when regulations hit, remember?
There is a schism, BTC becomes non-fungible. Some utxo's will live in the KYC world, some will live in the free world.
It's a serious problem, and it requires more energetic reactions from the community, if it really wants to solve it.