Great article. I agree that "Smart, capable people will not tolerate being treated like criminals for transacting freely and helping others to do so".
When I heard the recent news that the EU had banned custodian wallets, I was furious. In the end, it turned out not to be exactly that, but the new regulation makes it harder to pay in cryptos to merchants with a non KYC’d self custody wallet, which is still a very bad decision, especially when you know that KYC and AML have abysmal performances, a direct cost more than 100 times higher than what they bring in, not to mention an even worse indirect cost on society, as I share in https://disruptive-horizons.com/p/kyc-aml-destroying-world
This decision and the future decisions it foreshadows clearly motivate me not to return to live in the EU (I was born there but currently live in Dubai) and to continue to fight for a world in which paying without mandatory KYC is considered normal.
appreciate it. yes agree w those points. it's not a matter of 'if' but 'when' for the attempted clamp down. why I find it completely inevitable is detailed in The Vietnam Thesis. I'd love to read about your experiences in Dubai and how it compares to european life. these are the kind of details that will help us inform when a tradeoff needs to be made.
Yes I will write about Dubai at some point. I think for that for someone like me (a web entrepreneur who is not American), it is the closest thing to perfection possible.
Great article. I agree that "Smart, capable people will not tolerate being treated like criminals for transacting freely and helping others to do so".
When I heard the recent news that the EU had banned custodian wallets, I was furious. In the end, it turned out not to be exactly that, but the new regulation makes it harder to pay in cryptos to merchants with a non KYC’d self custody wallet, which is still a very bad decision, especially when you know that KYC and AML have abysmal performances, a direct cost more than 100 times higher than what they bring in, not to mention an even worse indirect cost on society, as I share in https://disruptive-horizons.com/p/kyc-aml-destroying-world
This decision and the future decisions it foreshadows clearly motivate me not to return to live in the EU (I was born there but currently live in Dubai) and to continue to fight for a world in which paying without mandatory KYC is considered normal.
appreciate it. yes agree w those points. it's not a matter of 'if' but 'when' for the attempted clamp down. why I find it completely inevitable is detailed in The Vietnam Thesis. I'd love to read about your experiences in Dubai and how it compares to european life. these are the kind of details that will help us inform when a tradeoff needs to be made.
you'll prob like this piece on KYC I did, will publish it to substack one day: https://twitter.com/BackTheBunny/status/1690963880774946816
Yes I will write about Dubai at some point. I think for that for someone like me (a web entrepreneur who is not American), it is the closest thing to perfection possible.
The Vietnam Thesis is very interesting. I would love to have your take about the different end-game Bitcoin scenarios outlined in this article https://davenadig.substack.com/p/bitcoin-endgames-and-the-new-hyperagents
looking forward to that read my friend.
I'll give that post a read and will circle back if I have anything useful to offer.