Olivier Roland's avatar
Olivier Roland
olivier_roland@iris.to
npub1s82r...azfe
I write about the disruption of the Nation-States by the Internet and Globalization, and how to transform from a Mono-Country to a Netizen Without Borders
Marc Andreessen's appearance on Joe Rogan discussing the debanking of crypto entrepreneurs and political opponents loosens the tongues of the many victims on X. Did you know banks' power to close accounts without reason stems from KYC/AML regulations? And these rules are completely ineffective. Imagine this: Your bank asks where your funds came from, where they're going, and demands your tax return and the size of your socks for a simple transfer. "But does my money even belong to me?" you wonder. Spoiler: It's worse than you think. KYC (Know Your Customer) and AML (Anti-Money Laundering) were introduced as noble warriors to fight fraud, money laundering, and terrorism. Sounds great, right? Who doesn’t want a safer financial world? Well, the reality is grim. Let’s start with their effectiveness. Studies show AML/KYC helps authorities recover less than 0.05% of criminal funds. Yep, 99.95% of dirty money slips through. That’s like emptying the ocean with a teaspoon. 🌊🫙 Globally, AML/KYC compliance costs ~$300B/year while $3B of criminal assets are recovered. We spend $100 to save $1. Let that sink in. What about reducing crime? Drug trafficking was a major target for AML/KYC. Since these regulations began: Global drug use has increased. Drug-related deaths have tripled. Access to drugs is easier than ever. It gets worse. These rules open the door for discrimination. Nigel Farage had his accounts closed after 43 years—no explanation, no recourse. Banks cited vague "politically exposed person" concerns. He’s not alone, As the many victims' testimonials shared over the past few hours on X show Account closures are rising globally. Often arbitrary, these decisions hit political dissidents, minority groups, or anyone banks deem "risky." Once flagged, you're guilty until proven innocent—violating core democratic principles. And let’s not forget the massive privacy risks. KYC requires companies to hoard customer data, making them prime targets for hackers. - JP Morgan (2014): 76M+ accounts breached. - Equifax (2017): 147M+ personal records stolen. - Desjardins (2019): 9.7M+ accounts hacked. And many more What’s fueling this madness? A $BILLION industry thrives on enforcing these rules: Banks fear fines more than serving customers. Consultants profit from “solutions” for inefficient regulations. Entire agencies exist to oversee this broken system. Banks spend fortunes to comply. Fines for non-compliance hit $10.4B in 2020 alone—more than authorities recover annually from criminals. And who pays for this? You. In fees, taxes, and lost freedoms. We need a radical rethink. Demand cost-benefit analyses for regulations. Challenge the status quo. Push for smarter, effective policies—not parasitic frameworks enriching a select few while suffocating society. Let’s stop pretending AML/KYC is about fighting crime. It’s about control—and it’s broken. If you found this thread insightful, please share and follow for more on how nation-states and their systems are disrupted by the Internet, globalization, and emerging technologies. The full article, with sources, is here : #AML #KYC #Crypto #Bitcoin #Ethereum
Thanks to the more than 3,000 people who now subscribe to the blog Disruptive Horizons ! Your support warms my heart ;) image
Elon Musk's decision to close the X/Twitter branch in Brazil last week (as well as the arrest of Pavel Durov) pushed me to publish this article approximately 6 months ahead of schedule : Elon Musk vs. The Nation-States - The future battles between States and the Network In particular, we look at how Starlink could disrupt nation-states by taking away one of their last remaining powers against the Internet, and how Network-States could guarantee their access to an independent Internet by launching their own satellite constellation. #disruptivehorizons #nationstates #bitcoinnostr #bitcoin #plebchain #BTC #cryptos #networkstates
Are you part of the majority of people who are born in a country, study and graduate in that country, make their career in that country, marry in that country, raise their children in that country, retire in that country and die in that country, and who probably is also only fluent in the language of that country ? If yes, you are a mono-country person. Nothing to be ashamed of, but there are many blind spots that you have, and this situation prevents you from taking advantage of all the opportunities available to you. Read on to discover them :
The risk of domestication of #Bitcoin "If you can't beat them, join them" If Bitcoin becomes part of the U.S. Strategic Reserve, this will give the U.S. government very powerful leverage over Bitcoin's future. I see several risky scenarios with this. For example, the government or the Senate could decide that Bitcoin must integrate KYC natively for it to be used legally by the US state, US financial institutions, businesses and individuals. They could pay developers to create a fork, and force all these American people and entities to use it. The rest of the community will then have to choose: - Stay with the original version of Bitcoin, which will NOT be used by the U.S. government, ETFs, #Microstrategy, etc. - Or use the version that all these American entities will use. The problem is that it's the version used by US entities that should have the highest price per Bitcoin, creating an incentive for all other users to use the new fork. What's your opinion on this scenario and the risk it represents?
Watch me pay for a beer and a guided tour in bitcoin with near instantaneous payment to a tour guy very happy to receive it in El Salvador, where bitcoin is legal tender. #bitcoin #elsalvador