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Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’

Replies (69)

This is an emergency and we need to establish rights to self custody, privacy and revision of AML laws instead of focusing any more attention on the bullshit strategic reserve. If there is any ounce of truth to the current white house being β€œfriendly” to bitcoin then we have to stop wasting our political capital immediately.
Pardon my French but Unregistered sats are the true "fuck you money." Tell it to the BIS.
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
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SHOULD HAVE USED MONERO! #bitcoin #monero #SHUM
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
View quoted note →
Shocking, I tell you. #monero fixes this. Are you beginning to see the problem with having normalized transparency yet?
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
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E lΓ‘ vamos nΓ³s
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
View quoted note →
I never understood KYC.. especially when it is pushed by the very same criminals that run free in the world. Bis being an organized thieft institution pushing for KYC to protect the criminals from what? The perversion is blood boiling.
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
View quoted note →
Since the majority of bitcoin exists in self-custody wallets, the BIS is proposing that the majority of bitcoin should be considered "bad" bitcoin. Why stop at bitcoin? They should be able to say which cars, houses, pieces of art, or gold coins are "bad" too! To them, value isn't subjective and determined my market participants...it's whatever the hell they say it is.
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
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#PSA Intellectually disabled & pathologically predatory individuals with Neurodevelopmental Entitlement Disorder will seek to seize & control what/when & wherever possible to facilitate nefarious fuckery. They lack critical neurobiology & intelligence required for finding other options that could serve the interests of anyone outside of themselves. 🌻 Example:
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
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This is the future of all Blockchain tokens. The only way to avoid is is to use an anonymous Blockchain by design. AKA Monero. But even that won't help. The regulator would find a way to make Monero unpractical. Yes, tech savvy individuals will find a way to use it. But the normal Joe on the street will be to afraid of it. Thus rendering Monero a geek novelty. There is only one solution. It's not an easy one, but it would work. A philosophical revolution. When the people will understand that privacy is a right (and hold a correct concept of rights), these proposals will be rejected just like slavery.
I will stick to my dirty money and dirty social protocol, thanks anyway.
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
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The moment they talk to anybody who knows how Bitcoin works, they'll realize this is impossible. Or they already have, and it's a non-serious proposal just meant to spread FUD for some reason. Probably Larry Fink just wants to stack some cheaper sats.
TradFi and its watchdogs are building a beautiful, regulated cage for a beast that has no physical form. And they will ultimately end up by paying for the privilege. #bitcoin
L0la L33tz's avatar L0la L33tz
Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services. The economists argue that their approach would enable a culture of self-policing, or β€œduty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC. image View quoted note β†’
View quoted note →