2016-05-27 observer.com - The Man Who Wrote the Book on Bitcoin Calls ‘Know Your

[cr1776]

The USA PATRIOT Act required that all banks in the United States verify the identities of their depositors, in order to undermine the ability of terrorists to use our financial system. So it’s ironic that Andreas Antonopoulos called the practice “dangerous” in a YouTube post that went up recently. The concept has come to be known as “know your customer,” or “KYC.” It’s bandied about a lot at fintech and bitcoin gatherings.

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http://observer.com/2016/05/andreas-antonopoulos-kyc-bitcoin/

[Kprawn]

This is the perfect excuse {scare tactics} of a police state to undermine people's financial privacy. If you tie KYC to Bitcoin at a service level, you effectively kill pseudo anonymity associated with this

technology. You get more anonymity from cash, if you do that... The only reason why anonymity with fiat cash is allowed, is because they are printing it and they do not have a better alternative.

Satoshi handed them the perfect tool to kill cash and to kill all financial privacy with KYC regulations.