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Today at 08:22:18 PM |
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KYC is evil, and yet it's our current reality. 🙋
I still remember a world in which Swiss banks guaranteed the secrecy of their clients' bank deposits. Then, information was provided selectively (upon request from law enforcement agencies). And now we're moving toward complete transparency of all financial flows and the introduction of central bank digital currencies.
I see this as more than just a fight against fraudsters... Governments, in alliance with tech corporations, want to completely control people's every thought and action. I'm deeply afraid that this is happening because governments have nothing to offer people except a place in a digital concentration camp. Governments want to know everything about people and control them completely, and in exchange, they might be willing to provide them with a universal basic income (in exchange for complete obedience). Or maybe not...
For Bitcoin, this state of affairs is catastrophic, since its blockchain is inherently transparent. Satoshi Nakamoto likely never imagined that people would voluntarily disclose their Bitcoin ownership and storage addresses to authorities. He might also have been surprised by the capabilities of modern analytics software.
Of course, it's good that the SEC commissioner is calling for limiting the number of documents required for KYC. But that doesn't change the fact that KYC and AML are destroying the Bitcoin we knew and loved. It will be a completely different financial asset. 🤷
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