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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†’

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SHOULD HAVE USED MONERO! #bitcoin #monero #SHUM
User's avatar npub1mznw...6mak
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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Shocking, I tell you. #monero fixes this. Are you beginning to see the problem with having normalized transparency yet?
User's avatar npub1mznw...6mak
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
User's avatar npub1mznw...6mak
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 →
This is how the game theory plays out, from their perspective and what they are attempting to prep everyone for. They propose this measure that is light touch and self policing model. Knowing full well it will be laughed at and scorned. There will know doubt be another 3 or 4 proposals in the works some getting progressively authoritarian and the final will be obscenely over reaching. In fact they had they floated this out before with outright bans and outlawing. But the goals of all these papers really is to put some form of justification in peoples minds that the BIS has an actual role to play. They are attempting to normalise their very existence in this arena.
↩ replying to Gary Woodfine
We should be cautious though, and carefully prepare the community for how to argue against - and fight against - such KYC proposals The US is offering tax breaks to miners in the US. Maybe those tax breaks will become conditional on the miner censoring certain transactions That would have only a tiny impact, as other miners will include those transactions in the next block. But those small attacks could add up over time I think it's critical the we encourage bitcoin adoption (merchants, mining, SBRs) around the world, starting with African countries and India and so on, in order to make it more difficult for one county (the US) or one bloc (the EU) to cause trouble
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.
User's avatar npub1mznw...6mak
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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Not surprising. Atlas Shrugged happening live. There will be two worlds: the free, β€œdangerous” world of the underdogs who chose to live outside the system, and the captured, β€œsafe” world of the compliant servants of central planning
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.
User's avatar npub1mznw...6mak
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:
User's avatar npub1mznw...6mak
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.
User's avatar npub1mznw...6mak
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 →
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
User's avatar npub1mznw...6mak
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 →